Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To save up to buy a house outright?

74 replies

applenblackberrysmoothie · 02/04/2017 17:22

Two/three bed houses can be bought around here for less than £100,000.

If I put my mind to it I think I can raise this within six years. Is this a stupid thought or has anyone else done it?

OP posts:
EssentialHummus · 02/04/2017 18:04

Speak to a mortgage broker OP - get a sense of when you can feasibly borrow, and how much (based on current salary).

As roomster said in other circs it would make more sense to buy now with a mortgage, as rates are low, but we can only work with the circs we're in.

justdontevenfuckingstart · 02/04/2017 18:05

apple I was soo ashamed of the idiot I had been in the past that I was adamant that I didn't wan't to go on the mortgage. Oh couldn't understand my reluctance. It may take time and things CAN change.
Good luck.

Mummyoflittledragon · 02/04/2017 18:13

The problem is in 6 years time that house may be worth 200k. Not likely with Brexit, but plausible. So you could potentially be in a worse off position in terms of loan to value than you are now if you wait 6 years. I would speak to a very experienced mortgage broker. Not necessarily one attached to an estate agency - I've had issues with them on two occasions, where they got their figures wrong. You need someone, who's been round the block and comes through.

Original poster
applenblackberrysmoothie · 02/04/2017 18:14

I know mummy but realistically what can I do? I don't think they will go up by that much as I sold house here in 2013 and they are still similar prices.

OP posts:
Viviennemary · 02/04/2017 18:15

Somebody told me that almost anybody can get a mortgage these days if you have the deposit.. You just go to a mortgage broker and they shop around for a mortgage and you might get less favourable rates. Not sure how accurate this is. But you should look into it before deciding that you absolutely can't get a mortgage for six years.

DevelopingDetritus · 02/04/2017 18:21

Sounds good to me OP.

Mummyoflittledragon · 02/04/2017 18:22

Well go and talk to a broker. Then you will be able to see if there's something you can do.

todayshey · 02/04/2017 18:24

YANBU. I never understand how people have mortgages for 50k houses. Really?!

kingscrossnoodle · 02/04/2017 18:25

It's true that things drop off your credit file after 6 years, hwevere that doesn't give you a good rating. You will have a very poor rating at that point because you will have no credit history. You are looking at another few years after the bad stuff disappears to repair a credit rating to the point of getting a mortgage. I would save save save and try to repair the credit rating, then see where yo at in a few years. Buying outright may not be possible at that point, but you will have a MASSIVE deposit and a better credit rating, so more options.

kingscrossnoodle · 02/04/2017 18:26

YANBU. I never understand how people have mortgages for 50k houses. Really?!. Oh dear. Yes really. People do it because that's the only way they can buy a 50k house.

Original poster
applenblackberrysmoothie · 02/04/2017 18:37

Well I've got a credit card now so I'm hoping I can build up my credit history this way

OP posts:
todayshey · 02/04/2017 18:41

But in the real world 50k is a standard deposit.

TrinityForce · 02/04/2017 18:44

50k is a standard deposit?

'real' world? I'm not sure you're in it, love.

JaxCD · 02/04/2017 18:48

If you can't get a mortgage, then why are you asking the question?

Softkitty2 · 02/04/2017 19:10

The house will not be 100k in 6 years

Original poster
applenblackberrysmoothie · 02/04/2017 19:21

Jax I suppose to see if it's doable or if anyone else has. The threads been really helpful anyway. If it's not worth the same in 6 years well we don't know that as prices have def been stagnant here for 4 years.

OP posts:
welovepancakes · 02/04/2017 19:28

You can order a copy of your credit history online (I think Experian, Call Credit & Experian are the main agencies). If your deposit is high enough, then a lender may be content to lend you the rest, even if your credit history isn't great.

sooperdooper · 02/04/2017 19:44

Save enough for a decent deposit then get a mortgage, a 100k house might not be a 100k house in 6 years but if you've got 50k in 3 years you'll be able to get a mortgage no problem no matter whether you've had issues in the past

kingscrossnoodle · 02/04/2017 19:47

But in the real world 50k is a standard deposit. I think by 'real' world you mean your own world. Up here that's half the price of a 3 bed house. It's also where people often start on the ladder, we can't all be spending half a million on a property first off.

Original poster
applenblackberrysmoothie · 02/04/2017 19:47

I've done that welove, it's dire as expected.

OP posts:
AnathemaPulsifer · 02/04/2017 19:51

Start saving hard and when you have a hefty deposit - 20% maybe - check and see whether you can get a mortgage. The sooner you can buy the less it's likely to cost and the less rent you'll waste. If you can't get a mortgage when you have 20% try again at 40% or 50%.

HardcoreLadyType · 02/04/2017 19:52

You keep saving, and property prices are likely to start falling, and they'll meet you in the middle.

todayshey · 02/04/2017 19:52

You misunderstand, the 50k is for a modest 2 bed around 200k.

scaredofthecity · 02/04/2017 20:49

Err... we paid just over 20k deposit for our just over 200k house. Who on earth can afford a 25% deposit... not us for sure!

Mammylamb · 02/04/2017 20:56

Today; where I am 200k has bought a 4 bedroom Victorian semi with 3 reception rooms, a conservatory and two bathrooms. 50k would buy a one bed flat. Our first flat wasn't much more than that 12 years ago, and colleagues were shocked that we had paid such a high amount for a one bed flat

Swipe left for the next trending thread