As I've mentioned before (I think!?), I really really want to move house, well buy my own house actually. Must be an age thing!! Although I earn reasonably good money now (£26k), at most I would probably only get a mortgage for around £100k, which will buy you practically nothing in my part of the world, and still cost about £600-700 a month to repay. Just not realistic or feasible for me buying on my own!!
So, I have been looking at some "affordable housing", which basically means you buy 50% and rent 50% until you can afford to buy more, and eventually you can potentially own the whole thing or sell your share and move up the housing market, etc etc. Now this is really the only feasible option to get me on the housing market, other than hook up with someone with a house, put in a few years and then claim some of it as my own. Something, frankly, I'm absolutely not prepared to do!!
Well, I have my eye on some new build (including requisite 10% affordable housing) properties in my hometown, 5 of the planned which would be suitable for me (3bedrooms), 2 due for completion this month, 2 next summer and 1 next Nov. I duly sent off the forms to get myself registered etc and today received an application for one of the 2 now/nearly completed. Yay!!!!
However, there is one drawback!!! On the form it asks if you have £2000 saved to cover the immediate costs of moving, and if not, how will you find this money. Damn!!!!! Damn, damn, damn!!! I don't, of course! Do you think I could write down bank robbery...?
Any ideas on how to get your hands on that kind of money and quick (preferably, but not necessarily, legally!) or donations gratefully accepted... ;-)
Wednesday, November 01, 2006
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7 comments:
Heard on the news yesterday that Abbey are going to introduce 5x salary mortgages. Not sure whether they'd allow 100% mortgages with that... probably not.
Mind you, even £125k wouldn't get you much in your part of the world. You'll have to move to Wales or Cornwall or something.
Having got a nasty bank statement this morning I'll be watching carefully for any suggestions.
Good luck with it, babe!
The Abbey thing is only for people who earn £50k + and can afford a £25k deposit, plus other caveats.
If the £2k is (I'm assuming) for legal, search fees, removal expenses etc, there is no way out of that one, although it may not be as much as that if you do a 'DIY' move.
You could ask if the £2k could be added to the mortgage, which would depend upon the valuation and if they would do over a 100% mortgage.
When my ex and I looked at doing that in London 6 years ago, it worked out the 50% mortgage and 50% rent was more expensive than a normal mortgage!!! Have the told you what the repayments would be? That's why we moved out of London, headed further north.
They will look for the cash, but if its what you want, beg borrow or credit it to get yourself in. Just make sure the budget covers the mortgage and paying back someone the 2K.
Thanks all for your comments. I've still got some digging to do, but hopefully I will sort it out. I have so promised myself to have moved by end of next year. Though may have to resort to an Anna Nicole Smith type of mortgage....!
i put my legal fees etc on credit card when i bought my first flat in london - cos i didnt have the 1500 pound rqd. always a way around it, without having to resort to escorting!
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