first time buyer advice

[timwilky]

Well they have an appointment tomorrow with an adviser.

When his girlfriend (Ruth) told her dad, he again raised the old chestnut of converting one of his "outhouses" into a 2 bedroom house for them. The problem with that is he doesn't get on with my lad and has currently banned him from the house etc. Petty stuff and he would have to change, I know he wouldn't and would never stop telling them that it is his property and they will do as he says etc..

I am seriously considering buying a house to rent. Trouble is I would never consider the likes my son as a tenant.

[fizzwheel]

The media have been talking about a housing price crash for 3 maybe 4 years. Yet its still not happened.. if anything its still creeping up. Yep it might nto be leaping up like it was a few years back, more of a slow steady growth. I agree about lack of first time buyers to prop the market up. I just dont see any signs of it crashing.

Tim, if it were me I would be encouraging them to get a place on their own away from parentals, if they don't get on its probably going to cause problems long term. They need their own space if they are going to survive as a family unit. Be good for your lad to, standing on his own two feet, own bricks and mortar, makes you grow up quick. Or it did me anyway.

Me and the Girlfriend bought our house for 125k last year with a 5% deposit over 35k. Luckily we got it before the interest rates started to climb

The way i see it is that I will be working for 30 years and in that time, i should climb the career ladder enough to be able to bring the length of repayment down to the 30 year mark, therefore completing my mortgage on retirement.

The way the market is rising, they may have to look to raise stamp duty again to get 1st time buyers on the ladder.

Tim, we went down the mortgage advisor route and haven't regretted it so far. Hope they get on OK. As for the father in law converting a house for them don't blame you for having doubts about that

does he have to buy to move out? as has been mentioned maybe he could rent. i read somewhere a little while ago that in the "old days" it wasn't everyone buying houses at 18...apparently most people would rent until 30ish before buying a place. I know that seems a little forgotten these days in the rush to get on the housing ladder.

when i was referring to financial advisor's i can only talk about my personal situation years ago when i had my first mortgage which was of the dreaded endowment type this endowment should have grown 3K per year but instead was only growing £600 per year! after looking into this problem it was the slice the FA was taking for the first 5 years of the policy! which they was taking no matter what the interest rates were doing. i got rid of that and went the repayment way 8 years ago.

If you see a mortgage advisor linked to a bank he will get his fees from the bank but an imdependant morgage advisor on the high street can charge up to 1% of the house price. But not all do that like ours and only charge around 250 quid which is a bargin for the amount of work they put in.

I agree with Fizz and prices arent going to crash and as people are taking out big loans already if the prices did dip then people arent likely to move or sell up due to the expense of it all.

Speak to Ed also as he is a mucho good solicitor and he knows the game quite well.

Originally Posted by timwilky

I am seriously considering buying a house to rent. Trouble is I would never consider the likes my son as a tenant.

Originally Posted by rubberduckofdeath

We're buying a semi which we're paying £315k for.

'kin 'ell