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Oh Bugger, we've found our Dream House....

(28 Posts)
NotDoingTheHousework Fri 18-Jul-08 13:56:54

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missblythe Fri 18-Jul-08 14:00:47

That is a bugger!

I think for compact and bijou properties there is still a a market, esp. I areas like West Sussex which have a large 'young' population.

Where we live, the 2 bed terraces around £200k are still selling really quickly, it's teh bigger houses that are sticking on the market.

So hopefully, you'll find a buyer!

No idea on the mortgage though, 5x sounds a lot, but I guess it depends on lots of factors that they take into account.

Good luck!

Flamesparrow Fri 18-Jul-08 14:02:41

some things are meant to ahppen

MN power of positive thinking is needed!

Fimbo Fri 18-Jul-08 14:03:05

Do show us a link of the dream house please??

I think 5 times is stretching a bit too far.

NotDoingTheHousework Fri 18-Jul-08 14:04:38

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noddyholder Fri 18-Jul-08 14:04:51

Don't panic there are not many people snapping up properties atm so I'm sure you'll have time if you can get a buyer.I would chexk out the mortgage first 5x is a lot but you have a big deposit so should be easier

Carmenere Fri 18-Jul-08 14:05:20

I think that your situation is very hopeful, Having a large chunk of equity will stand in your favour.

TheFallenMadonna Fri 18-Jul-08 14:05:29

Can you afford the repayments on that mortgage?

norkmaiden Fri 18-Jul-08 14:05:58

it could work out - you only need one buyer after all. is dream house new to market or has it been on a while? Why not hold off a bit on the dream house until you can see what might happen with yours?

NotDoingTheHousework Fri 18-Jul-08 14:07:14

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artichokes Fri 18-Jul-08 14:07:45

They have really tighened up the guidelines for mortgage offers at the moment. They are unlikely to offer 5x a salary IME butou may be lucky. Whether it would be real luck is questionnable though as there is a good chance that the market has a significant way left to fall and if it does you could end up in negative equity. Think hard before putting yourself in such a vulnerable position.

NotDoingTheHousework Fri 18-Jul-08 14:09:38

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TheFallenMadonna Fri 18-Jul-08 14:09:58

Go on yor mortgage lenders website and see if they have a payment calculator.

The repayments on a 150K mortgage on your DP's income would be a stretch I think.

Sorry to be negative.

noddyholder Fri 18-Jul-08 14:10:53

as long as you plan to stay years as it will fall in value over the next year or two

TheFallenMadonna Fri 18-Jul-08 14:10:56

Oh, x post.

You must just squander less than us then smile

NotDoingTheHousework Fri 18-Jul-08 14:11:26

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Carmenere Fri 18-Jul-08 14:13:56

I would see if you can get the finance and then offer 220

LilRedWhiskGers Fri 18-Jul-08 14:14:56

Not to pee on your party - but please DO NOT count on your endowment actually paying out its worth.

Fimbo Fri 18-Jul-08 14:15:19

Hopefully yours will sell quickly and then you can go for it. I would start negotiations at £200k though.

NotDoingTheHousework Fri 18-Jul-08 14:17:18

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NotDoingTheHousework Fri 18-Jul-08 14:19:57

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Fimbo Fri 18-Jul-08 14:22:31

Before I met dh, I was in the same job for 9 years and live dalone in a 1 bed flat.

Since then I have had 4 different jobs, moved the same amount of times and finally moved from Scotland to England.

I have only been in our (brand new) house since October but have itchy feet to move again. hmm

Fimbo Fri 18-Jul-08 14:23:53

Start low and then go up. A house is only worth what someone is prepared to pay.

<<adopts Kirstie & Phil attitude to buying>>

NotDoingTheHousework Fri 18-Jul-08 14:24:45

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NotDoingTheHousework Fri 18-Jul-08 14:26:09

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