AIBU to ask your advice on what to do about house purchase?

[Notthebossofnetflicks]

I need to buy a house. I mean really need too - last few years renting have been a nightmare and I feel my life is on hold until I can actually buy a property. Kids are young but in school only just about have some money now for a very small mortgage.

Have found a great house but it needs a lot of work. We are happy to do the work but realistically couldn't afford to do a proper job for 2yrs. The area is amazing, perfect. The house could be perfect, plenty of scope for extension. It's very old fashioned, funny lay out (but I like quirky and could be easily improved with re jig).

The area would be a day to day life change for us as we are currently In the country and this house is in lively village with a pub, bus stop and would improve my commute by 30-40 mins a day return.

House is 1930/40 and needs re wiring and there is some damp. What should we do?? Buy now, clean it up, put down cheap flooring & paint throughout and live with the funny lay out. Save & top up with loan in 2 yrs or extend mortgage (is that even doable)?

Anyone with any advice?? First time buyer obviously...

But to answer time question on an increased mortgage to update, beyond purchase price no. 100% mortgages are illegal now let alone 110% ones sadly. However if you mortgage now you can increase your mortgage later when you have upgraded it if it has increased in price.

I'd leap at it. Most houses we have had have been like that,but while it is a pain at times it has been worth it.

Don't know where you are but we just paid £3500 for a full rewire on a 3 bed detached. ( in the south west)

Go for it! I bought a Victorian fixer upper 5 years ago and it's just about finished!

No the offer was not made by us! We have looked at the figures and it is just not doable right now - it might be in 6-9 months so I am not going to get too downhearted, the market is moving pretty quickly so I am sure there will be other opportunities.

Thanks so much for all the input - I will be back on to pick your brains in the coming months!! Exciting times :)