first time buyer for next summer of 2009 advice?

Asked By: jasont09
Category: First Time Buyer Mortgages

I am about to start saving from scratch for a mortgage for next summer or one after. What advice would anyone buying as a single person right now have for me and others? Is it worth streching finances for a 2 bed rather than a 1 bed? what things are most important? is is really worth getting mortage payment insurence? and life insurence? what about the british gas boiler etc insurene, that seems good. i am watching the location progs a lot to try and get some idea. THANKS x

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sheloves_dablues
Posted 10 months ago

I have heard that a person should buy the most space they can with thier budget. This means that if you can find a two bedroom in your budget that you should buy it over a one bedroom. And yes, mortgage insurance is worth it. Think about what would happen 5 years in if you weren’t able to work and had no way to pay your mortgage.. Would you be willing to lose your house and all that you’d put into it? Don’t risk it..

the Phoenix
Posted 10 months ago

You will need to assess the housing prices in your area first. You can be offered a mortgage of between three and five times your annual salary- so if its only 12 or 15 thousand your chances are not fantastic. You will have no option about insurance- you must have mortgage and life insurance- no one will give you a mortgage without. You will also have to buildings and contents insurance- buildings again not optional. It is a good idea to have a boiler insurance etc- but these things will be something you can look into nearer the time. Owning a house is expensive because the upkeep is all yours. You will need to pay council tax, water rates, fuel bills- all as essentials and thats without daily living- travel to work, food, clothes and going out. Oh and then you will need to furnish it. It sounds daunting but you have to consider all of it. Thats why its better to only go for 3 times your salary on a mortgage and not stretch yourself. Good luck.

DF
Posted 10 months ago

Mortgage payment insurance isn’t necessary, neither is life insuracnce unless you have dependant children or are buying with a partner you don’t want to leave in the lurch if you die.

It can be very difficult to get MPPI to pay out but if you really must have the “peace of mind” of payment protection insurance, make sure you shop around for the right kind and don’t just take whatever your lender or financial adviser tries to sell you. The price difference is MASSIVE for exactly the same cover.

Read these articles to find out more about these blatant rip-offs.

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