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Original poster

seen 'the' dream house. would we be able to afford it or would mortgage broker laugh in our faces??

102 replies

belcantavinissima · 29/07/2008 17:10

i love it so much. it is destined to be ours. i want it. nay, i need it. it is £370,000 (could poss get it for 350,000 [hopeful emoticon]). dh earns £50,000, we have approx £80,000 equity in ours to use as a deposit. would it be do-able do you think esp in current mortgage-lending climate??? i think as market is a bit weird may be a great opportunity (itsa perfect 6 bedroom house btw and just what we need)

OP posts:
NorthernLurker · 31/07/2008 15:38

Just to add my voice to the chorus of gloom - you cannot afford this house! The mortgage would be crippling on your dh's salary even asuming you could find a lender to make you the offer. Also you have three perhaps four children - you don't 'need' five bedrooms. Look for three or four with large living space and more than one bathroom!! And take 100 000 off your aspirations as well.

I know this will be disappointing - but everyone has given you good advice here.

edam · 31/07/2008 16:41

You can't afford it and it's overpriced. You'd be paying money you haven't got for the owner's taste - and all those pretty possessions will be going with them.

Buy a house you can afford and leave some money in the kitty for fripperies if you like the owner's style.

lovelysongbird · 31/07/2008 16:50

am i the only one that thinks it looks abit like a prison?
only on the outside mind.
mhmm not keen on that dark grey.

Jampot · 04/08/2008 10:56

house is beautiful find out what other similar properties have sold on the road for although I suspect its a bit of a one off - and then offer 15-20% below for starters. Its been on with this agent since April of this year so not too long but hey you never know.

Good luck

Jampot · 04/08/2008 10:57

sorry didnt look at things like your financial situation - just got caught up with the house

WideWebWitch · 04/08/2008 11:00

it's a nice house but is overpriced.
I wouldn't want that size mortgage on £50k tbh.

I think you either offer asking LESS 40% = £228k. If you get it for that, go for it. It will def be worth under £300k later this year, early next, agree with Noddyholder.

WideWebWitch · 04/08/2008 11:02

£228k less your £80k ASSUMING YOU CAN SELL yours and that's a big assumption atm, = £148k which is MUCH more reasonable on that income.

WideWebWitch · 04/08/2008 11:08

KristinaM, is it really?
It does look similar to the photos in your profile! (nosy)

zippitippitoes · 04/08/2008 11:19

i think its been styled

straight onto pavement what is the stret like and the neighbours

would need to convert one of the bedrooms to a bathroom

have you been inside

that often knocks thins on the head

with 6 bedroom i think you would expect two bathrooms and an ensuite to be honest

TheQueenIsDead · 04/08/2008 14:44

We're buying atm with a mortgage of 345k. Total income is about 75k. It's a stretch but it's doable.

TheQueenIsDead · 04/08/2008 14:45

WWW, nobody's foolish enough to accept 40% under the asking price.

RusselBrussel · 04/08/2008 14:53

WWW, I think Kristina is joking, as her profile shows an aga and the dream house does not [equally nosy]

I am in the same boat as belcantivissima, my dream house is on the market at offers over £325,000 our house, realistically would go on the market for £275,000 but would probably sell for £250,000. (poor guesswork based on what in the road has and has not sold in the last 3 months) We do have £140,000 equity, but would still have to increase the mortgage hugely, it just cannot be done.

So I have put it out of my head. (well, am trying but failing miserably...)

Belcantivissima, I think you would struggle to afford that house. I also think you would get fed up with it being right on the street and people looking in. Plus I think it does not look 'friendly' from the outside.... But I can see why you love it so

noddyholder · 04/08/2008 16:09

we have had 27% under accepted last week so 40 in the near future quite possible

MrsMattie · 04/08/2008 16:13

Are there any other Londoners on this thread crying at how much £350,000 buys you outside of London?

Original poster
belcantavinissima · 04/08/2008 16:19

crikey i didnt realsie this was still going!!! well i have put it off my radar after realising how much the mortgage would actually be . told you i was rubbish at figures. still, its on the market still, the road isnt great but its not that busy and we are directly on the pavement with our house atm and people do look in. i am used to it now . but yeah its the price thats putting me off. i still think its a good price for what you get, its just its too much for us atm. thanks to all who have commented. and kristinam am a bit of your kitchen.

OP posts:
WideWebWitch · 04/08/2008 17:17

Mark my words, 40% less than asking price is completely realistic, you wait and see, time will prove me right, betcha!

Dream house and Kristana's both have Agas don't they? Hate Agas personally, would negotiate £10k off for them to take it with them

findtheriver · 04/08/2008 17:20

It looks beautiful. But taking out a mortgage 6 x one salary? Madness!!

prettybird · 04/08/2008 17:26

The English market is so different to the Scottish market! Up here, at least in Glasgow, we are still doing "Offers Over" (annd that's after a survey) but maybe it's just that the Eastate Agents are ultra conservative as to what they exepct you to get - so we are brainwashed into assuming the need to offer over

BTW - while belcatavisinissima's dream house does only have one bathroom, it does have two other toilets - so you'd not end up having to cross your legs! [grin[

GordonBrownKickingHisHeels · 04/08/2008 17:28

you need to buy a house that is like that but with swirly carpets and has beds with the sweaty imprints of the previous deceased occupants. honestly buying a place that done up at that price is madness. hell you can buy your own bunting make up your own silly spelling for your children.

also in this climate i would sell first.

RusselBrussel · 04/08/2008 17:31

WWW, sorry, you are right. Am suffering from Aga confusion

RusselBrussel · 04/08/2008 17:31

WWW, sorry, you are right. Am suffering from Aga confusion

pookamoo · 04/08/2008 17:54

Don't know if anyone's said this before (haven't read the whole thread) but don't forget you'll have to pay 3% Stamp Duty on the whole price you pay (as well as the other fees etc)

It is GORGEOUS though!
Good luck!

KristinaM · 04/08/2008 17:58

sorry i was just joking!

WWW - wash your mouth out with soap for saying that about my Aga

prettybird - you are right, Scottish house prices have only fallen slightly or not at all in some areas

WideWebWitch · 04/08/2008 18:02

Oh ok KristinaM, sorry, should have realised. Although someone once linked to a house on here and said OH THIS IS A VILE BATHROOM (it wasn't imo) and it was a mumsnetters!

anyhoo, I detest Agas, had one once and never again. Expensive clothes airer, shite for cooking imo

RusselBrussel · 04/08/2008 19:17

Never cooked on an Aga, but always fancied them, have a romantic image of them really...