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Probably going to get a mortgage but not 100% sure I want one

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B80
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2011/04/01 13:50:14 (permalink)
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Probably going to get a mortgage but not 100% sure I want one

Hi all,
 
It looks like me and my girlfriend are going to get a mortgage together. We've been to a couple of independent advisors and Santander. One of the independents has done a soft credit check with Halifax, who are prepared to lend us up to 180k. Santander have said they will be able to lend us between 170k and 200k.
 
At 1st I was excited about the prospect of owning a house, I still am to an extent, but I can't help thinking I'd like to keep things as they are now. At the moment I live in a posh 2 bed apartment over looking water, band e council tax.etcWhen I buy it will probably be a 2 bed semi on an ok estate. I'm not interested in DIY or decorating, never have been, maybe this will change when I have my own place. It just seems like a hassle and takes up time where I could be doing things I enjoy.
 
I don't like the idea of blowing all 30k of my cash savings. Then again, what will I ever spend this on? I don't want to buy flashy cars, rarely buy clothes. As long as I can buy food each month, watch AFCB and go the gym I'm happy. We don't spend much on going out each, we're happy with the quiet life.
 
Still, I'm really not liking the idea of not having savings behind me in case I lose my job, white goods need fixing, boiler needs changing, I need to spend loads on the car getting it fixed etc.
 
I can't help thinking I'm getting a mortgage because its the done thing, rather than its what I want to do.  It almost appears to be something that adds a lot of stress to your life.
 
Just looking for peoples experiences with mortgages and if you feel having your own place added to your life, or has taken away from it.
 
Cheers,
Mark
 
post edited by B80 - 2011/04/01 13:52:33
#1

17 Replies Related Threads

    ALHADO
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 13:56:43 (permalink)
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    With that sort of lending , you will get more than a 2 bed semi on an ok estate mate.
     
    I understand where you're coming from , seems like a daunting thing but once you take the step you will be fine.
     
    As long as you can afford the mortgage & have a safe income then do it.
    #2
    klein
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:18:50 (permalink)
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    I love having my own house. I take pride in it and enjoy furnishing/decorating/renovating it. I enjoy knowing that it is 'mine' (well for the pedants, the bank still owns a few % of it). For me, someone who likes to be in their house and who enjoys having it done up to a nice standard, I just couldnt feel the same way about a rental, especially as you just know that rent money is just lining someone elses pockets and doing you no long term good.
     
    Actually this discussion has happened before, it will be much more entertaining if you could change your original question to include that 'daddy has given me a big deposit for a house'
     
    Basically I am rambling a bit but IMO you should go for it, especially now when the market is a bit low.
     
    You must live in an expensive area though, where I am 200k will get you a 4-5 bed detached house with a double garage in an excellent area with good schools etc!
    #3
    B80
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:21:45 (permalink)
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    Cheers guys. I live in Poole, next to Bournemouth. It is expensive compared to most places in the country I think.
    #4
    ALHADO
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:25:03 (permalink)
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    what klein says I agree with about looking after your place.
     
    also mate , I dont live far from you as we are looking at selling our house and getting bigger. We live in a top estate and 3 bed house with drive , garage etc etc and thats within your price range.
     
    So you will get a lot more for your price than you think.
     
    190-200k will get you a 4 bed place
    170-180 will easily get you a 3 bed.
    #5
    ALHADO
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:26:09 (permalink)
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    B80

    Cheers guys. I live in Poole, next to Bournemouth. It is expensive compared to most places in the country I think.

    Ahh poole is more expensive that bournemouth.
     
    Have you been looking at places with a water view?lol
    #6
    B80
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:30:37 (permalink)
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    YEah, I've mainly been looking at Sandbanks and Canford Cliffs so far mate
     
    3 bed places on Creekmoor are about 215-220, but from what people have said guess you can go in at 190k and see what happens from there
    #7
    ALHADO
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:31:25 (permalink)
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    B80

    YEah, I've mainly been looking at Sandbanks and Canford Cliffs so far mate

    3 bed places on Creekmoor are about 215-220, but from what people have said guess you can go in at 190k and see what happens from there

    Ok I take back what I said about what you can get for your money LOL
     
     
    #8
    RichG123
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:51:19 (permalink)
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    I love owning my own house,
     
    if i could which isnt an option at the minute i would buy more, i think the thought of owing that much money does scare you at first but what youve got to think is that theres a good chance that you will get all that money back sometimes even more....
     
    Its almost just like saving your money really just  my opinion
    #9
    Red_Alert
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:53:44 (permalink)
    +2 (1)
    Couldn't you spend the £30k on buying Bournemouth AFC?


    "I believe in taking care of myself" - Patrick Bateman
      
    #10
    Red Bull
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:56:50 (permalink)
    +2 (1)
    Id probably just spend the deposit on a new corsa and some surgery!

    Festar: You can't plead poverty with 2 cars. That's like a little Kenyan chap pleading poverty with 2 packets of uncle bens rice hidden under his bed.
    #11
    ALHADO
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:58:17 (permalink)
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    lol
    #12
    ALHADO
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 14:58:18 (permalink)
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    lol
    #13
    Aks
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 15:46:53 (permalink)
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    The rent you are probably paying at the moment is high at the moment by the sounds of it. With this, you are basically paying someone elses morgage off. Why not just buy it and pay your own morgage off? Get all the relevant insurance to protect yourself and look at it as an investment.

    "Train hard or don't bother training at all!"

    #14
    normanstanleyfletchr
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 16:07:47 (permalink)
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    buy a house  just make sure its not in this country 



    #15
    lewis2000
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 17:16:03 (permalink)
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    You could probably buy the Steve Fletcher stand! And if we get promoted, think how much the value will rise.
     
    In fact, thats such a good business deal, your gf would be angry at you if you didn't.....
    #16
    dementia
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/01 20:28:30 (permalink)
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    Go for it i say. I remember my first mortgage £26,000 and i was absolutely bricking it . It was not long before council rent was more than my monthly payments tho.







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    #17
    j55ttc
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    Re:Probably going to get a mortgage but not 100% sure I want one 2011/04/02 08:52:40 (permalink)
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    Aks hit the mail on the head.

    I got my first mortgage aged only 22, I was desperate to be paying for my own house and not buying someone else theirs.

    10 years later, a few rungs up the property ladder and making overpayments for a few years and I have over £100k equity in my house. Mortgage free by the time I'm 40 if I stay where I am but no doubt there will be a jump to a bigger and better place sometime soon.

    Do it, you'll never look back and once you're in the swing of things you'll regret not doing it sooner!
    #18
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