tbourner Posted September 19, 2005 Author Share Posted September 19, 2005 Well my dad owns nothing at all, doesn't earn much, has no pension or life insurance, and actually already owes me 3.5k so I can't exactly ask him for help!! There's absolutely nothing that me and the girlfriend could get on our own, we just simply do not earn enough. A 1 bedroom flat in the shittiest part of the area costs about 400pm!!! Even to buy they are upwards of 120k!!! We just happen to live in an expensive place (and no I'm not moving off the island). I think our only option is what we're planning, just gotta try and live with sharing for another couple of years. Still need to find out how I go about renting a garage though. Link to comment Share on other sites More sharing options...
Pete Posted September 19, 2005 Share Posted September 19, 2005 Time to move to Scotland. Link to comment Share on other sites More sharing options...
penguin Posted September 19, 2005 Share Posted September 19, 2005 Don't do it... its a real headfluck and will put you under a lot more stress then you need... Link to comment Share on other sites More sharing options...
far Posted September 19, 2005 Share Posted September 19, 2005 dude if you and your missus are earning 35k JOINT you can get a mortgage for 120k easy! on a very good rate - use the supe money as a deposit and you are onto a winner ! I made 40k on my property in 4 years (bought it when I was 24 when all my mates where buying bikes and fast cars and going on phat holidays) I sacrificed the supe and now I am in a much better position and about to buy a house for 250k - I would never be able to have done that if I didnt have the deposit from this place Link to comment Share on other sites More sharing options...
dangerous brain Posted September 19, 2005 Share Posted September 19, 2005 Other thing to investigate is part housing association ownership. I'm sure the government was touting this as one of their big coups weren't they. Agreed that if you don't allready have a toe in the door or someone to assist you in the equity dept then you are going to find it rather difficult to buy our own property. You would be very surprised by the mortgage products that are available (part of the reason prices have gone so high is because the lenders are no longer sticking to the traditional rules of lending). the market place is very competetive in the mortgage stakes and contrary to the bank of englands rates some fixed rate and early starter deals are still dropping percentage wise. Spend some time sifting through the market and maybe you'll get lucky and find a property that needs a little attention with that reflected in the price (very rare that builders or developers don't get in there first though) Look at properties that are pig holes as they can be cleaned and are more pliable when it comes to negotiating. Spend some time researching mortgages theres thousands of them out there. If you do go down the rental road I'd say yeah for sure if it was just you and a good mate and the girls came as extras then I'd say go for it. As its 2 defined cpls I'd be very wary. Only way I would contemplate it is if either you took the flat on and sub let a room to them or the other way around, summat goes wrong and the sub lettee has to go and the letter gets someone else in. All the good intentions in the world come to nothing if its a shared let. Link to comment Share on other sites More sharing options...
DaveRex Posted September 20, 2005 Share Posted September 20, 2005 dude if you and your missus are earning 35k JOINT you can get a mortgage for 120k easy! on a very good rate - use the supe money as a deposit and you are onto a winner ! I made 40k on my property in 4 years (bought it when I was 24 when all my mates where buying bikes and fast cars and going on phat holidays) I sacrificed the supe and now I am in a much better position and about to buy a house for 250k - I would never be able to have done that if I didnt have the deposit from this place Agreed, I think there comes a point when you need to realistically think bigger than the car, in 5 years time you could be sitting in a rented property with a nice car,or be in a property that you own, with a load of equity and a ncie car etc. I bought a flat when I was 18, sold it and bought another one year later, then sold that after two years. I pissed a lot of the money up the wall pretty much apart from a share in a house in France, and now I'm back on the ladder developing a property to sell on. The car might go fairly soon to help pay for the work Notice the smiley there not a frown, its hard to let go off, but you can always buy another one. A house is a bit harder ! Link to comment Share on other sites More sharing options...
far Posted September 21, 2005 Share Posted September 21, 2005 its all gone quote - looks like getting rid of the supe isnt an option at this stage - fair enough Link to comment Share on other sites More sharing options...
tbourner Posted September 21, 2005 Author Share Posted September 21, 2005 No fraid not. Currently arguing about who's name is going on the rent book!! It's going to be a long process!! Link to comment Share on other sites More sharing options...
Kopite Posted September 21, 2005 Share Posted September 21, 2005 I sacrificed the supe I thought you wrote it off? or did you crash it on purpose or something as a sacrifice to God? Link to comment Share on other sites More sharing options...
far Posted September 21, 2005 Share Posted September 21, 2005 lol i meant didnt get another one and sacrrifced insurance money Link to comment Share on other sites More sharing options...
bens747 Posted September 21, 2005 Share Posted September 21, 2005 I think you should give it a go, but have a backup plan in place if things go tits up, that way u cant lose mate ... Link to comment Share on other sites More sharing options...
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