Buying a house for the first time?

[curly~sue]

Hello!

My partner and I are hoping to get on the property ladder sooner rather than later, but is now the right time? Any advice would be appreciated, thank you.

[raysparx1]

Hello curly, well it is quite a good time to buy, prices are down slightly although I think they could still go down a bit more, when you start looking, don't fall in love with the first place you look at, go back 2-3 times to see any properties you like, check out the local area for crime rates, schools, doctors, transport etc

Never offer the full asking price most properties are over valued anyway, so go in lower, at the moment I would go for a fixed rate mortgage for as long as possible, you will then know fro the next few years exactly how much you will pay monthly.

Don't on any account be tempted to borrow more than you can afford, pay off a little more than the required amount each month even if it is only a couple of pounds more. also, take your time with furnishings,carpets, appliances etc. you don't need everything before you move in.

Lastly keep the house in good order, and enjoy your life together, good luck, Ray

[curly~sue]

Thank you for taking the time to post your reply Ray. Excellent advice, thank you again. Sue.

[raysparx1]

Hello sue, well I hope it may be of some help to you, should also have said, when you find a property you really like, if you have any relatives or friends that are in the building trade, take them along on the second viewing so they can check the house out for you with regards to repirs, window condition etc. good idea to go visit the area at night as well to see how quiet it is, take care and happy house hunting, Ray

[innocenti]

I wouldnt worry about the house prices too much. My partner and i are house hunting at the moment. If like us you want to buy with a view to living in the house for the next 10+ years then the house prices wouldnt really affect you as the house is to live in, not a short term investment.

If you were buying as a buy to let then you should study the market more as prices may still dip.

[Jenga]

Any time is better than throwing money away on rent. Just make sure you can pay the mortgage repayments and don't exceed yourself because interest rates can go up again. If money is tight you can always go for an interest only mortgage and sell it on later, you will always make some profit.

Sometimes you can get a shared ownership property to get you on the housing ladder. Just be careful with the neighbourhood the properties are in!!!

[cornish01726]

I Think interest only morgages are the way to go if your moneys limited, like most of us youngsters! And would be better off having a seperate savings account for any extra money you wish to put towards the house. This way if you loose your job,leg etc etc you can use this then.
Do that for 20 years and 140 grands going to look more like 30/40 grand.