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[Marks DTM Calib]

If going down that road then sit and consider it very carefuly and budget  and plan it.

Remember, the best you will get is about a 90% mortgage at the moment based on the purchase price and you may need significant funds to re-furb the house (dependent on what needs doing but, from what you are considering its going to need serious work).

If you need help and advice on the plan and costs etc then just shout and remember its hard graft!

[Field Marshal Dr. Opti]

I think looking at a percentage is not the right approach.....I would sit down and work out what your monthly out goings would be with a house.....and then try to save that amount per month.
Not a dig, just trying to advise on how to prepare for a home of your own.  

Yes sound advice.......When we took out our first mortgage in 1990 interest rates were 15%......but we paid 16.5% for the first year as we had a 100% mortgage......because we had no deposit.

Luckily our first house cost only £41000.....initial mortgage payments were about £500 per month................this dropped to below £200 per month as interest  rates fell.

If you have savings ...........now and in the next year or so would be a good time to buy a house in my opinion......as we have the combination of falling house prices and dropping interest rates ....so making houses more affordable IF....you can pull together a sizeable deposit.

Idealy i would like to buy a house in need of some work, nothing major, but not at its best.

I don't want to / need to buy a home thats had all the work done and is polished up.

What would be perfect is something thats not been touched since the 60's and is need of general update work.

I could still live at home, but work on it at weekends to bring it up to scratch.

I am tempted to go down to the local estate agents this weekend and ask if they have any properties in need of work.

Get an advert in the paper asking to buy property or go to auctions, there's alot of repossesions out there at the moment

Yes auctions are the best ,quickest   and cheapest way into buying houses...usually though they require full payment within 28 days or less........great for wealthy people with spare cash to pick up a bargain.

[Richie London]

you be probably better off just finding a nice woman giver her all your money and starting again. saves all the stress and solicitors fees  

[tunnie]

Thanks all, not gone along to a property auction yet.

But as you say lot of repossessions going on, which i belive usually go to auction?

Might be worth going to one, but i have googled it and can't find any near me  :-/

[Marks DTM Calib]

Thanks all, not gone along to a property auction yet.

But as you say lot of repossessions going on, which i belive usually go to auction?

Might be worth going to one, but i have googled it and can't find any near me  :-/

It depends on the company.....some stick them through estate agents (i.e. Halifax tend to do this)

[Kevin Wood]

Not sure a property auction is an ideal environment for a first time buyer. If you're taking out a relatively large loan the lender is going to want to know what you're buying, have it valued, etc. You are going to want to get it surveyed, searches done, etc. and there simply isn't time to do most of this in advance of an auction, and if it's your first time you don't want to rush into it. Hence they are, as said, the playground of those who have the money sitting around and, to an extent, can take some risk with it.

The risks of not getting the property, and having to right off the cost of getting yourself into a position to bid is high too.

I would look for a property in reasonable order that's had some old farts living in it since the '60's and requires some modernising. That's what I did with my first house purchase. Bought in what seemed like a bouyant market at the time and still doubled my money.

Estate agents will bend over backwards to find you something in the current climate.

Kevin

[tunnie]

I would look for a property in reasonable order that's had some old farts living in it since the '60's and requires some modernising. That's what I did with my first house purchase. Bought in what seemed like a bouyant market at the time and still doubled my money.

Estate agents will bend over backwards to find you something in the current climate.

Kevin

Exactly what i was thinking.

Seen reports of estate agents selling 1 house a month, i bet they have hardly anyone walking in there these days.

Can also go and view the house as well...

[Marks DTM Calib]

As an idea of costs....here is my current budget:

Solicitors fees: 1000 (although I am selling to so should be around 500-600)
Survey: 500 (dont skimp)
Mortgage fees: 1000 (might get it for less but beware of the deals)
Stamp duty: 9000 (not applicable for you)
Estate agenst fes: 4000 (not applicable to you)

Plus others: 2000 (paint etc)

So you will be looking at upto 3-4 grand just in costs (although you can get this down, you need to consider it as its all off your deposit)

[tunnie]

As an idea of costs....here is my current budget:

Solicitors fees: 1000 (although I am selling to so should be around 500-600)
Survey: 500 (dont skimp)
Mortgage fees: 1000 (might get it for less but beware of the deals)
Stamp duty: 9000 (not applicable for you)
Estate agenst fes: 4000 (not applicable to you)

Plus others: 2000 (paint etc)

So you will be looking at upto 3-4 grand just in costs (although you can get this down, you need to consider it as its all off your deposit)

Might call on mother tunnies legal abilitys!

If a house is a repossesion for example, it would just be given to the estate agents to sell?

I would not have to pay a solicitor if i could ask mother tunnie to do it? (shes a fully qualified barrister)

[Marks DTM Calib]

The fees are only part of it, there are still searches, land registry fees etc to fork out sadly.

Obviously a survey is essential and the mortgage fees are pretty unavoidable (they will also do a survey etc)

[Field Marshal Dr. Opti]

The fees are only part of it, there are still searches, land registry fees etc to fork out sadly.

Obviously a survey is essential and the mortgage fees are pretty unavoidable (they will also do a survey etc)

We bought our second house from Auction.....borrowed £80000 from the bank on the pretence to expand a business we were running at that time.

Then bought a house "unseen"and without surveys etc..etc.....a risk ...yes but one that is taken quite often at auction.....sold the house 3 years later for a huge profit.

Much depends on your attitude to risk......ask yourself the question....How risk averse am I?.

[Richie London]

Thanks all, not gone along to a property auction yet.

But as you say lot of repossessions going on, which i belive usually go to auction?

Might be worth going to one, but i have googled it and can't find any near me  :-/

i know my brothers m8 has been buying repossesions for yrs, hes absolutley loaded now, estate agents will give you names of auctions

[craig]

Well done mate But don't you pay any keep to your parents??
Because when i was at home i paid £75 to help with the household bills a week and then me and my sister would help buying food throughout the month