Am I mad?

R

rebelchick

Guest
I'm seriously thinking all day about taking the plunge and buying a house! I'm 28, have an income of 35k per year, no debt but no savings either. I have seen a house i like close to work, 160k asking price, but i have no deposit. I have a good credit rating, I could borrow the deposit too, but that is fairly risky isnt it! Any advice?
 
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Brendan
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rebelchick said:
I'm seriously thinking all day about taking the plunge and buying a house! ........I could borrow the deposit too, but that is fairly risky isnt it! Any advice?
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Don't borrow the deposit. Save for it instead. Houses will always come on the market. Banks won't give you a morgage unless you have a 10% deposit, and a sudden influx of money into your account (from a loan) will be looked at askance.

Prices are still reducing so you have time to save up.
 
Yes, you are mad. House prices are going down in flames.
 
rebelchick said:
I'm seriously thinking all day about taking the plunge and buying a house! I'm 28, have an income of 35k per year, no debt but no savings either. I have seen a house i like close to work, 160k asking price, but i have no deposit. I have a good credit rating, I could borrow the deposit too, but that is fairly risky isnt it! Any advice?
Click to expand...
You're half mad.

It's perfectly natural to want a home of your own. If your job is relatively secure, you can afford the repayments, then there's no reason why you shouldn't buy. The problem, is that borrowing the deposit is risky.

Save for at least a year.
 
Sit tight for another while and save your money. This time next year you would be in a very commanding position.
 
Hi, I am a FTB and got mortgage approval recently. The banks want to know absolutely everything. They will want to see account statements - I think you will have to have a good bit saved!!
Anyway, it is best to save hard i think.
 
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