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Original poster

Wwyd house situation

74 replies

BusStop32 · 28/10/2018 08:39

We have the opportunity to buy a house mortgage free in the town we want but will be a 30 minute walk from the train station or rent for a year and get a mortgage for £75k and be a 10 minute walk from station.

Dh needs the train daily and driving to the station isn't an option. He thinks he can cycle or take a bus, but I think we should wait a year and buy closer.

The mortgage free house is big enough, good outdoor space and next to a park but needs some work. The mortgaged house would be in great condition. Both are in good school catchments.

Wwyd, wait for a perfect house or be mortgage free?

OP posts:
7salmonswimming · 29/10/2018 01:31

If the priority is time at home with pregnant woman / babies / toddlers / small children, I’d wait, spend the extra money, and be close to the station.

Often a daily 30 mins x2 PLUS the train ride itself can mean the difference between seeing your child(ren) that day and not.

cittigirl · 29/10/2018 01:44

I agree with ADM , with that loan to value there must be a willing lender out there surely?

PurpleFlowersInMyHair · 29/10/2018 06:48

cupmug fair enough Smile

flissfloss65 · 29/10/2018 07:50

,I’d put up with 30 minute walk. Later, If you are going to be sahp can you drop off your partner in the car? I would put up with the hassle of this to avoid a mortgage. That money could go towards family holidays.

CupMug · 29/10/2018 09:32

PurpleFlowers
🙂. TBF it wasn’t the best suggestion 😅

GreenTulips · 29/10/2018 09:41

I agree someone will lend you £75,000 and that would be cheaper than a years rent -

One salary would cover it - speak to another advisor. The bank would be rolling in it if you defaulted

dangerrabbit · 29/10/2018 09:46

Mortgage free as it is in a good school catchment.

Getitdonet · 29/10/2018 10:42

While 30min walk is a bit tiresome, in the grand scheme of things it is not that bad. As others have mentioned the house you want may not be available in 12 months time yet in that time you would have built 12 month equity in the current home. I would suggest buying now, something that works which I assume this does as the main point you have raised is the commute, the condition of the house is not of real concern. This way you can take your time to look for whenever a property does come on the market & hopefully if you do not have one atm purchase a car which you could both do the drop off in for the winter days.

ForgivenessIsDivine · 29/10/2018 11:05

What does the rest of the commute look like? For most people, the trade-offs of commuting for an hour or more need to be significant.

How old are your children? Are the schools really that good in both areas? What about secondary?

What are your long-term plans? What are the costs of renting versus buying and moving more than once? Can you afford the cost of removations?

The mortgaged house is not an option for now and does not even exist so this is a pipe dream. The question is buy now mortgage free or rent for a year possibly closer to the station maybe? This is the decision you need to make.

Original poster
BusStop32 · 29/10/2018 11:50

I absolutely can't get a mortgage, I've been in the country for 6 weeks and working contract for 3. 100% i cant get a mortgage! I was disappointed to find this out but suppose it makes sense.

I've now talked dh out of buying while he's talked me into it. It's actually a ridiculous dilemma to have Hmm

We can't talk about it in RL (have friends really struggling with big mortgages and it would just be a shit thing to speak about) so I really do appreciate everyone's replies.

To answer a pp, I'm just not comfortable riding a bike. Dh will be fine though, apart from crap weather.

We have 2 young dc so having to drop him at the station at 7.30 in the morning is not going to happen on a regular basis.

The house we like is a 5 min walk to a busy bus route to the station which dh thinks is fine.

He's looking at the house tomorr, so will see how it shapes up.

OP posts:
Original poster
BusStop32 · 29/10/2018 11:52

@ForgivenessIsDivine

Your last paragraph sums it up. Buy now or rent and wait.

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GreenTulips · 29/10/2018 12:25

How long has DP been a resident?

How long has he been in a job?

You can go on the mortgage and not be taken into account as far as earnings but it is possibles

AvoidingDM · 29/10/2018 14:14

In that situation I'd rent for the year and wait for the right house.
Also gives you the chance to be sure of the UK and the exact area where you want to live. Britex could mean you think "lets get out of here asap", house prices are unlikely to rise (and may drop) over the next few months.

pinkdelight · 30/10/2018 07:10

Wait and get the "perfect house". Perfect is a compelling case. I live a 30min walk from train and while sure, it's good to walk, it's a pain in the arse after a night out. Plus £75k is still an eviably small mortgage and you sound early on enough in life to take it on. Mortgage free is ideal of course but not even an option for most so I don't think it's essential. Might as well get what you really want. It's only a year and worth the relatively small amount extra for the gains.

TiddleTaddleTat · 30/10/2018 09:39

I think for those saying £75k mortgage is enviably small... it's true, but I wonder if there is a London/SE bias on here. £75k is about a third of the average UK house price (something like £220k, isn't it?)

poppyseed2 · 30/10/2018 09:54

It might be worth trying a couple of other mortgage advisors. When I returned to the UK initially the bank said no, but a broker managed to find a lender who would make me an offer based on a valid employment contract and average of last 3 years earnings abroad. I had been back in work less than a month when it all went through. It wasn't the best rate, but better than wasting rent for 12 months while we waited.

That aside, given your finances, if proximity to the station is important, I would wait until you can have that.

AvoidingDM · 30/10/2018 10:05

Regardless of where you live £75k is a small mortgage. Average house price is £220k how many people have £145k to put down on their first house?

Even in areas where houses cost less salaries normally reflect that.

TiddleTaddleTat · 30/10/2018 16:01

@AvoidingDM agreed, but still a proportion of the overall value of the house is worth considering in this case

Original poster
BusStop32 · 05/11/2018 07:00

update

We found another house we really like that is a 15 minute walk from station and put in an offer today, fingers crossed!

House needs some work which we'll have to save for as went top above budget.

Really appreciate all your input as was wavering with decision.

OP posts:
wewillrememberthem · 05/11/2018 07:38

The other thing I don't think anyone has suggested is buy another car to use to and from station, a cheap little run around would be worth having for this journey.

MinesATreble · 05/11/2018 07:53

Congratulations, I hope all goes well with the purchase.

Kirbs1979 · 05/11/2018 10:35

Glad you've possibly found something. I was going to suggest finding a house closer to the station which has the potential for you to extend and then when you are able to get the mortgage use that to fund it if needed

MrsGollach · 05/11/2018 14:21

Mortgage free and think of the 30 minute walk each way as part of the daily exercise.

Original poster
BusStop32 · 09/11/2018 10:57

We've had to pull out of house after survey returned.

We're going to rent for a while and think about our options.

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