Been house hunting.............

[VWR Lupo]

5% deposit sounds about right, not bad deal, you get that sort of offer on a lot of new build places. Just had a gander, cheapest new builds in your area starts at 170k, double ouch. 170k would buy you a massive new apartment here!

Anyway, I'd do as Jon and Ardent suggested, have a good shop around for mortage deals. It might be a lot of effort and work to get your own place, but it'll be worth it.

Yes Milton Keynes is expensive, see my problem now style="vertical-align:middle" emoid=":lol:" border="0" alt="laugh.gif" />, I dont mind shopping round for deals as it will be worth it.

Think me and Kady will do a years worth of decent saving and see what happens in our jobs then see what we can afford style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" />

Edited February 7, 2006 by VWR Lupo

[Ardent]

VWR

As per AndyW keep an eye on Rightmove so you can can see what is coming on the market. I would then cross reference with

http://www.nethouseprices.com/ This site pulls its info from the land registary site. These are the prices that have actually been paid, not asking prices. Tap in the road or postcode and see what no 93 Lupo gardens went for in march 2005, or your neigbours for that matter. Goes back to 2000 and is FREE!. After 2000 it is £2 to the land reg site for a d/load PDF of the owners, price paid and covernants.

J Oh the joys of this interwebynety thingy

[VWR Lupo]

VWR

As per AndyW keep an eye on Rightmove so you can can see what is coming on the market. I would then cross reference with

http://www.nethouseprices.com/ This site pulls its info from the land registary site. These are the prices that have actually been paid, not asking prices. Tap in the road or postcode and see what no 93 Lupo gardens went for in march 2005, or your neigbours for that matter. Goes back to 2000 and is FREE!. After 2000 it is £2 to the land reg site for a d/load PDF of the owners, price paid and covernants.

J Oh the joys of this interwebynety thingy

Thats very intresting mate, nice to see the price there sold at, Have had alook on Rightmove but cauldnt see any keyworker homes which is all we cauld realistically afford at the moment.

Thanks for the info and finding that site for me!

[montythemole]

Have you thought about shared ownership? It is a way to get on the market and whilst you pay rent on some you are at least paying off some of the house which hopefully will go up over time?

As for a second job, pizza delivery ain't bad, Dominos or Pizza Hut just down the road and pay not bad and you get a lot of tips you can forget to declare?

The problem is MK is very popular with investors, so first time buyers are competeing with people building their property empire for rentals.

But I would agree with what someone else said about offers, we just put a 270 offer on a 300k house, thinking we'd be told to feck off and the owner accepted it as we were in a good position! So when you do find somewhere, go in low, having already agreed a mortgage in principle, and really sell your position and that you're first time buyers etc. Plus some people don't like selling to investors as the mess you about something rotten.

[high on dirt]

Luke as you no i moved out of rents to find a place in MK best way for me at the time was to house share with a mate we split the rent and all bills 50 50. It works out including all the bills i pay around £350 a month which isnt bad at all. You will have to come round as see what we got for the money its a nice place with garage etc etc.

A mate from work and his GF share with another couple now i no this can become a problem if you fall out etc but thats what contracts are for.

My main plan in Life is the other lad i do all the bike work for, we are getting a joint morgage on a house that needs some work with our backgrounds it wont be a problem doing the house up. But it really gets my foot on the ladder - can always move in or sell my share.

Its a matter of keeping your eyes open.

There is always somewhere out there where you can create your SHAG PAD!!

Nick

[Whyme]

I get abit of work off here fitting suspension kits, come on people help me out, dont charge much style="vertical-align:middle" emoid=":P" border="0" alt="tongue.gif" />

O.K dont rub it in style="vertical-align:middle" emoid=":lol:" border="0" alt="laugh.gif" />

*cough* cambelt in 5k *cough*

On a serious note, me and the missus bought shared ownership 2 years ago after renting for 6 months and I can really sympathise with you here mate. We were on the shared ownership 'list' for 3 years and had not 1 phone call! However it is now possible to find shared ownership through the estate agents. If you can save a deposit/premium this might be the way to go as it gives you more variety of the % you own, to bring down the monthly outgoings. We own 30% of our house, I know it doesn't sound like much but you can buy the rest whenever you want (10% increments) and it means your on the ladder. We've got a nice 2 bed in Kents Hill which was valued at 125k in 2003 but our mortgage is only 37.5k. In terms of money it works out about £200 for the rent and £200 for the mortgage. We were paying £475 to rent a 1 bed in Emerson Valley!!

Edited February 8, 2006 by Whyme

[stevewp]

Take a look at http://www.moneysavingexpert.com/

The bloke's a genius with money, and you'll find loads of really helpful hints on how to organise your money to best make use of it.

There's also links on there to several sites that'll help you work out the best mortgage for you, and show you what deals are on offer at the moment.

In addition to/failing that, the suggestion about an independant financial advisor is a very good one. When we bought out house, we found a couple of different ones on a new build estate. They were the smaller houses, and we thought they were lovely. There was a significantly bigger house going too, which we loved but knew was way out of price range.

Anyway, when we started going through things with the advisor, it soon became clear that we could do it. Admittedly, it was always going to be tight, and we'd have to make sacrifices, but it was so worth it, as it will for you.

The first 1-2 years are always crippling. Not just when you buy your first house, but each time you move up the property ladder too. But after a while it just becomes second nature and you don't even think about it.

Good luck with it all anyway.

[Slicknick]

Sell both Lupo's put money into deposit.

Also save for deposit

Having property is so much better than having a car that loses money every time you drive it.

Purchased my flat 2 years ago for £171K, just had it valued by a m8 who is an estate agent, he said i could sell in the region of 200k as i have put hard work into the DIY, although the DIY was just decorating in very plain colours so not to put peeps off when i sell which should be next year.

Start saving best thing i ever did !

[VWR Lupo]

Problem is we both need our cars and my lupo dont owe me anything.

We are looking at shared ownership keyworker homes.

Take a look at http://www.moneysavingexpert.com/

Thanks mate will have a look properlyat that later style="vertical-align:middle" emoid=":D" border="0" alt="biggrin.gif" />

[AndyW]

The guy that runs that website does a segment on the Jeremy Vine show on a Friday lunchtime sometimes, smart chap and great info and advice.

[VWR Lupo]

The guy that runs that website does a segment on the Jeremy Vine show on a Friday lunchtime sometimes, smart chap and great info and advice.

Well looks like im off work with the flu for the rest of the week style="vertical-align:middle" emoid=":(" border="0" alt="sad.gif" /> will have to watch it, thanks again style="vertical-align:middle" emoid=":D" border="0" alt="biggrin.gif" />

[thehammer]

Go on

www.moneysavingexpert.com

This is a wicked website. Lots of advice and formums on mortgages and saving etc

hammertime

[stevewp]

Um....look up a few posts!

[VWR Lupo]

Um....look up a few posts!

Dont matter, cant beleave how much great advice ive been given from you lot

*clublupo hug*

[thehammer]

whoops ..should probably read all the thread bfore posting , but that site is very very good .

hammertime

[VWR Lupo]

Will check it out mate, we need all the help we can get at the moment style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" />

[Ramirez]

Give it a few months and youll be fine!

Reason I say this is theres a new deal being set up at the moment, were by you pay for 50% of a mortgage. So a £200k house is a £100k mortgage, the bank owns 50% but you get a better house. You do have the option to buy out the bank on the other half at a latter date (or change providers)

This deal will only be for first time buyers.

[VWR Lupo]

Give it a few months and youll be fine!

Reason I say this is theres a new deal being set up at the moment, were by you pay for 50% of a mortgage. So a £200k house is a £100k mortgage, the bank owns 50% but you get a better house. You do have the option to buy out the bank on the other half at a latter date (or change providers)

This deal will only be for first time buyers.

Thats intresting, so i just pay the morgage and the bank own the other half of the house, dont have to pay them rent?

Have you get a web link for this mate?

[Ramirez]

Thats intresting, so i just pay the morgage and the bank own the other half of the house, dont have to pay them rent?

Have you get a web link for this mate?

Not as yet, no.

As its still being set up. Only reason I heard of it is because i used to be an estate agent (boo hiss style="vertical-align:middle" emoid=":lol:" border="0" alt="laugh.gif" /> ) and still have contacts.

Your mortgage is the rent as it were, and provided house prices keep going up its a win win situation.

[VWR Lupo]

Not as yet, no.

As its still being set up. Only reason I heard of it is because i used to be an estate agent (boo hiss style="vertical-align:middle" emoid=":lol:" border="0" alt="laugh.gif" /> ) and still have contacts.

Your mortgage is the rent as it were, and provided house prices keep going up its a win win situation.

OOO o.k i see, if you do here any thing more about it let me know mate style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" />

Thanks style="vertical-align:middle" emoid=":D" border="0" alt="biggrin.gif" />

[Ramirez]

No probs mate. Apparently it should be official in a couple of months.

[tdwindustries]

Its almost official!

No fear Luke, you are exactly who this is aimed at! Good Luck

http://www.mortgagesorter.co.uk/first_time...r_fifty_50.html

edit: ok so its not out yet but prob will be in 6 months

Edited February 8, 2006 by tdwindustries

[VWR Lupo]

Its already official!

No fear Luke, you are exactly who this is aimed at! Good Luck

http://www.mortgagesorter.co.uk/first_time...r_fifty_50.html

Thats great, thanks!

Dont look like its up and running yet, looks like a good idea style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" />

[tdwindustries]

Yeah sorry I got too excited

[VWR Lupo]

Yeah sorry I got too excited

Dont matter, its deffo worth keeping an eye on mate style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" />