tbourner Posted September 19, 2005 Share Posted September 19, 2005 Me and Zoe really need to move out now, but can't afford it, so against my better judgement we may be sharing with another couple. I've never liked this idea, but it's better this than struggling with bills on our own, and we spend almost every day with these people anyway. We've found a 3 bedroom flat that we're going to look at, seems very nice, and we can afford it just about between the 4 of us. Anyone have any experience of this? Good idea to share? It's similar to sharing at uni I suppose except me and Zoe are at the stage where we want to live together now. Also, it's a reasonably dodgy area compared to where I am now, and there's only rom for 2 cars to park! I have 2 myself, let alone my mates car - and the girls will be getting cars soon too!! So I'm going to have to look for a garage to rent - anyone know of any garages letting on Hayling Island? Or where to look for renting a garage? Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 Hmmm I would say bad idea mate.......unles you are really freindly with the couple.....you and your partner will want your own space......and there wil be arguments between the 4 of you for sure......this is my opinion though, I could be totally wrong...go with your instinct Link to comment Share on other sites More sharing options...
DaveRex Posted September 19, 2005 Share Posted September 19, 2005 why not buy your own place, and let them pay part of your mortgage by way of rent Well worth it if you can Link to comment Share on other sites More sharing options...
tbourner Posted September 19, 2005 Author Share Posted September 19, 2005 Can't get a mortgage as I owe too much money, would need 120% mortgage!!! Link to comment Share on other sites More sharing options...
DaveRex Posted September 19, 2005 Share Posted September 19, 2005 oh well, if you haven't shopped around I would reccomend it, speaking from experience its amazing how much mortgage places will lend you or buy some where cheaper ! Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 How much do you owe??? im upto about 17k with my student loan and supra loan, and managed to get one.......have you had a word with and financial advisors?? sign up with some estate agents, they usually let you use theres for free normally?? I thought the same as you but managed to get one......how about going for a two bed flat......I know it sucks but if its your first place, you need to start of small.....its a buyers market at the mo, so I would try your upmost to get on the ladder if you can... there are a lot of ways round it......all sorts of options are out there its just finding the right one for you Link to comment Share on other sites More sharing options...
tbourner Posted September 19, 2005 Author Share Posted September 19, 2005 This 3 bed is pretty cheap for what it is, haven't found any 2 beds for less around here!! Must be something wrong with it TBH we need to find out. In total I owe about 30k, my credit history is perfect though I always pay on time etc so it shouldn't be that bad. Can you get a mortgage between 4 people? We could look into getting one between the 2 of us and charging rent, then we get problems with 'friends' not paying because they're 'low on funds' one month!! Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 I believe you can get a joint ownership deal, but not a good idea!!! have a talk with some advisors they will let you know all you options.....they can do house visits so get em over.....they work late as well so thay can come to you after work Link to comment Share on other sites More sharing options...
STOX Posted September 19, 2005 Share Posted September 19, 2005 Anyone have any experience of this? Good idea to share? It's similar to sharing at uni I suppose except me and Zoe are at the stage where we want to live together now. I'd advise against it. If you're at the stage where you want to live together then you'll find living with another two people not quite private enough. As easy going as they might seem now if any of you start running into relationship problems serious or even minor it'll have an effect on everyone, sides will be asked to be taken, etc etc. In my experience sharing does not work with couples. But that's only my opinion. Link to comment Share on other sites More sharing options...
Pete Posted September 19, 2005 Share Posted September 19, 2005 It's a bugger that all the house prices have gone up the way they have. Makes it impossible for people to get on the first rung. Sympathies with your situation. Link to comment Share on other sites More sharing options...
tbourner Posted September 19, 2005 Author Share Posted September 19, 2005 A mate here at work earns the same as me, with his gf they bring in about 35k, they bought a 1 bed flat 2 years ago and so far have lost 2%!!!! They now have a mortgage which is worth more than the flat, and still has to ask himself if he should buy that cd this month or not!!! What kind of life is that!! Link to comment Share on other sites More sharing options...
Pete Posted September 19, 2005 Share Posted September 19, 2005 A mate here at work earns the same as me, with his gf they bring in about 35k, they bought a 1 bed flat 2 years ago and so far have lost 2%!!!! They now have a mortgage which is worth more than the flat, and still has to ask himself if he should buy that cd this month or not!!! What kind of life is that!! They reckon this is going to be the trend. There was zero rate change this month. IMHO buying now is a pretty bad idea. I know they say renting is dead money etc...but I'd rather that for a short term to see what the market does than have a mortgage for more than my property is worth. But then they might go up 5% in that time...yer takes yer gamble. 2 Years ago and lost money? That seems like an anomoly or very bad buy in the first place. Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 A mate here at work earns the same as me, with his gf they bring in about 35k, they bought a 1 bed flat 2 years ago and so far have lost 2%!!!! They now have a mortgage which is worth more than the flat, and still has to ask himself if he should buy that cd this month or not!!! What kind of life is that!! Dont be put off by this......prices fluctuate all the time.....in a yr or so time, that property could be worth 3-4% extra....they are always highs and lows, its always a risk but its actually very difficult to get into serious negative equity there will be a surge again for sure.....more people are coming to the uk to work.....which can only mean more and more houses needed which again will bump up prices Link to comment Share on other sites More sharing options...
DaveRex Posted September 19, 2005 Share Posted September 19, 2005 agreed, its never gonna crash like the 80's Personally I wouldn't bother renting with friends, you'll want your own space and may as well get on the ladder asap. Make it cheaper by getting your friends to pay rent, and get a flexible mortgage so you can reduce your payments if they ever move out etc Link to comment Share on other sites More sharing options...
Guest chiefvinso Posted September 19, 2005 Share Posted September 19, 2005 Two women under the same roof - trouble waiting to happen IMO and thats because I have experience of seeing it happen. No matter how good friends you are there will always be something that crops up and fester. Its hard enough to make things easy going with your own bird. Also the car situ will cause probs eventually and not just with your room mates but neighbours. Hope you find something that works. Link to comment Share on other sites More sharing options...
DaveRex Posted September 19, 2005 Share Posted September 19, 2005 Actually what I have suggested sounds like a dream mortgage, I wonder if its even possible to reduce your payments, must be, anyway........ My final take on it is to buy a cheaper place Link to comment Share on other sites More sharing options...
far Posted September 19, 2005 Share Posted September 19, 2005 mate it sounds like selling the supe to release some cash could be a sensible option until you get your foot on the property ladder. Link to comment Share on other sites More sharing options...
tbourner Posted September 19, 2005 Author Share Posted September 19, 2005 mate it sounds like selling the supe to release some cash could be a sensible option until you get your foot on the property ladder. I'll sleep in it before that happens. Link to comment Share on other sites More sharing options...
attilauk Posted September 19, 2005 Share Posted September 19, 2005 mate it sounds like selling the supe to release some cash could be a sensible option until you get your foot on the property ladder. i would rather shove wasps up my *rse than sell my supra to buy a few bricks! i will only buy when the house prices drop down to a realistic level Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 i would rather shove wasps up my *rse than sell my supra to buy a few bricks! i will only buy when the house prices drop down to a realistic level They wont drop though dude......not significantly for all of us to jump on the ladder Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted September 19, 2005 Share Posted September 19, 2005 well i bought my house last Janary when i was 21 and i had to use my dad as guarntor and infact on the morgage basically i could pay morgage but the way they work it out from your ncomings the morgage people told me i couldnt so with dad's wage as well. Made it easier for me to get the morage as it showed between us both we could pay it. I bought a £140,000 house with 95% morgage and on a 3 month fixed rate, with the the option to change The house was revalued last month as had work done on it and it now worth £169,000 but it does have a new kitchen and bathroom. Im now working out how much i need to pay off to get it down to 80% morgage. I dont live in the house but rent it out instead, im only 22 now, plenty of time for that later on The rent pays for almost all the morgage for me P.s i will never sell the soop for a house!! Id buy somewhere smaller for just you and your missus, what price range you looking in?!? Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 well i bought my house last Janary when i was 21 and i had to use my dad as guarntor and infact on the morgage basically i could pay morgage but the way they work it out from your ncomings the morgage people told me i couldnt so with dad's wage as well. Made it easier for me to get the morage as it showed between us both we could pay it. I bought a £140,000 house with 95% morgage and on a 3 month fixed rate, with the the option to change The house was revalued last month as had work done on it and it now worth £169,000 but it does have a new kitchen and bathroom. Im now working out how much i need to pay off to get it down to 80% morgage. I dont live in the house but rent it out instead, im only 22 now, plenty of time for that later on The rent pays for almost all the morgage for me P.s i will never sell the soop for a house!! Id buy somewhere smaller for just you and your missus, what price range you looking in?!? Agree........I had to do something similar.......asking my dad for an equity release on the property he owns to pay the extra we needed for a deposit and boost the mortgage.....so now I have mortgage payments and the equity release to pay....still I will now be living like a pikey for the next 3-5 yrs but im not sellling the supra....I will eat beans on toast for ever if it means keeping the supra Link to comment Share on other sites More sharing options...
attilauk Posted September 19, 2005 Share Posted September 19, 2005 They wont drop though dude......not significantly for all of us to jump on the ladder i know what you mean mate the big problem i have with house prices is i do a lot of work for housing companies and i know how much they cost to build... Link to comment Share on other sites More sharing options...
mikeyb10supra Posted September 19, 2005 Share Posted September 19, 2005 i know what you mean mate the big problem i have with house prices is i do a lot of work for housing companies and i know how much they cost to build... True.... houses are way over priced for what they are Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted September 19, 2005 Share Posted September 19, 2005 Agree........I had to do something similar.......asking my dad for an equity release on the property he owns to pay the extra we needed for a deposit and boost the mortgage.....so now I have mortgage payments and the equity release to pay....still I will now be living like a pikey for the next 3-5 yrs but im not sellling the supra....I will eat beans on toast for ever if it means keeping the supra welcome to the club But without my dad i would of been screwed!! Link to comment Share on other sites More sharing options...
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