Torn over a house

[Emma&Freya]

I dont know if anyone seen my thread about mortgages but my parents have said that they will help me out over it.

Anyway, this thread is basically just about me being confused.

I am in a lovely home now, 3 bedroomed house with a big living room but its the long type of living room if you get me. My kitchen is tiny too.

In this house there has been so many problems with it such as ballifs knocking on the door, and more.

We were planning on speaking to our landlord about the house price and if he was planning on selling it, he told me OH a few weeks ago he just wants rid of the house but I dont know if he was just saying it.

If I was to buy this house we would need a new kitchen, new bathroom and I would like an extension to make the house bigger as I am planning on having more children, and I was also brought up with my own playroom.


Now, there is a house a few doors down, its a 3 bedroomed house and 3 bathrooms and has a garage extension on it which I would like to turn into another living room.

The house is 110,000 and I do like it, but my OH is happy in the house we are in now.

I dont know why really Ive done this thread but what would you do?

Im not in the position now to buy the house but in approx 6 months I will be

and it works out cheaper for the mortgage there

 

[supertabby]

I'd wait - if the house you want is not within your reach in next 6 months then don't think about it till then. If its still for sale then great, you may even get a deal if its been on the market a while. If it goes in that time then it wasn't meant to be as you know you couldn't have bought it then. If your landlord does decide to sell in the meanwhile then you can reassess the situation at that time - he can't sell it without warning you in advance as tenants anyway so you'd get your chance to put in an offer - but until then don't put ideas in his head so to speak.

Also, where do you live? We're looking for a house and no way could we get 3 beds 3 baths round here for 110k we're in Manc

 

[suzib76]

First step I would find out now if you will be able to get a mortgage. It's ok your parents saying they will help you out but if you can't show the mortgage company that you have sufficient income then they are unlikely to lend to you
I remember the thread as it was brought up that you don't have a job, however if you oh is on a decent wage you will stand a good chance

It could get complicated with parents helping out, as if you need this to be able to afford it, they could insist they are on the mortgage, along with your oh if he is earning

If they are only helping out deposit wise, then it's easier, but it depends how they and your oh would feel about sticking money in something so big that your oh would have a major part in

 

[supertabby]

If they're giving you the deposit rather than loaning, your parents may need to sign something for the bank to show they are "gifting" the money. My sil and fiance are doing this with their mortgage currently, to assure the bank that the mortgage is the only loan against the house and they won't be budgeting loan repayments to her parents iykwim.

 

[Emma&Freya]

Im from Liverpool and my parents spoke tot he bank and they said that I can have a mortgage, 100k, 10k deposit with 550 a month for 40 years.

Ive said 6 months so I will definatly be in work

 

[booflebump]

Remember that taking a mortgage out over 40 years means you will pay back 264,000 over your lifetime, rather than the 165k you would over 25 years, so bear that in mind when you are doing your calculations

 

[Tasha]

Im from Liverpool and my parents spoke tot he bank and they said that I can have a mortgage, 100k, 10k deposit with 550 a month for 40 years.

Ive said 6 months so I will definatly be in work

I think that would be a hypothetical yes though. As in you would need credit checks, a look at your finances and so on

 

[Emma&Freya]

Ive gone on the reedsrain.co.uk website and it looks so good.

But even if I get a good price for this house I dunno what to do