First time buyer

Just wondered if anyone of you out there are first time buyers like me, or have just bought?

I need to find somewhere, at a rough caluaution I reckon I could afford a place of 200k, but thats really pushing it. You know what that doesn't seem to buy much at all does it?

I was thinking how has everyone else got with a buying place? I know that in about 5 years, my student loan will be paid which will mean I will be over £100/month better off.

I want to find something in north west london and heading furter out in the that direction if price is better for what you get.

I also get the key workers grant thing, but at the current prices it really doesn't seem to make that much difference! The other worry I have is if that I buy a place and the market crashes or mortages go through the roof what then? I know that woud be very heavily in debt which be honest is a little scary., if it goes wrong what would happen then?

TBH I wouldn't go for a place where I was "pushing it" at all. Even if you are on a fixed rate mortgage from the start, at some stage that deal will end. If interest rates have gone up, and/or the housing market has dipped (or crashed) then you could find yourself in a situation where you can't re-mortgage, and get stuck on a very high rate.

I know you don't get a lot for 200k atm, but I'd seriously look at other options. Are you living with your folks atm, or renting with mates or alone.

Guy I work with is looking for his first place, and was adamant that he wanted to buy, so I sat him down and showed him what it would leave him with a month, even on a best case scenario. He's now looking at renting with a mate to save up more of a deposit than the big fat 0 he has atm.

Its been all over the press at the mo about prices dropping, as rigor say's its not really a good time to buy i personally would wait as see what the next few months bring.

Quite. We could do with moving now as we need more space, but I'm going to wait. Why buy a property now, at the top of the market and get stuck with a huger mortgage, when I might get a more affordable property in as little as a year's time. Seems like ages when you're getting on the ladder, but believe me, you'll be glad you waited in the long run

[Biker Biggles]

I think we are on the verge of a considerable "readjustment"in house prices.
Credit is tight,banks are reporting multi billion dollar losses and no one can afford the prices.Something has to give and by quite a margin.

Well I'm renting at the moment, its not too much but I really thinking off going to my parents to save some serious money up next year, but thats such a step backwards, its miles from work. Which could make it hard when I'm doing overtime ect.

Its a nightmare but what to do eh? Everyone says get on the market asap. But when you can't afford to live where you work, and work doesn't care about the fact you live miles just to find a place you can't afford to live in anyway and its effects in in terms of having to travel it has you. What are we supposed to do?

Perhaps I should go back to living on a beach in mexico?

Originally Posted by bluethunder

Perhaps I should go back to living on a beach in mexico?

that doesnt sound like a bad idea.

Originally Posted by bluethunder

Perhaps I should go back to living on a beach in mexico?

Throw a towel down for me mate

Why do you have to buy in London. You could buy a BTL place somewhere else that's not so expensive and sell it again in a few years' time.

i dont know how anyone can afford to buy in the city, move out and commute.