Looked at a couple of houses last weekend. Both very nice bijou dwellings, one for 5k more had a garage, a lovely upstairs but a funny shaped boundary. The cheaper one had an allocated plot for a garage but a larger, nicer garden, and a larger, nicer kitchen. But it was situated at the end of a three-hour* drive over speed bumps.
* subject to speed of driving, rest breaks etc. aw, ok, about 6 minutes of speedbumps.
I don’t think I can afford either. Well, I could, but if interest rates went up by a single percent that would be it. Without the interest rate rise it would be two years of rice & cabbage, taking my own bottled water to the pub and fixing my bicycle with bits of string I’ve found in the gutter.
I got a nasty awakening when I went for my last mortgage interview. They’re lending over 35 year period nowadays, which means it’s cheaper to borrow, so you can BORROW MORE. Except I’m too old, so I can’t borrow as much more.
Every year that passes now, my borrowing strength decreases.
I have to come up with a convincing scenario that doesn’t end in impoverished old age, nor a sudden repossession due to negative equity.
7 comments so far...
It’s called winning the lottery, isn’t it?
the whole house thing scares me! I don’t think I’d ever be able to afford a place on my own, would have to be either win the lottery, or a joint ownership.
I’m too scared to even go for a mortgage interview! which is really stupid I know.. The age thing had never even occured to me!
“Without the interest rate rise it would be two years of rice & cabbage, taking my own bottled water to the pub and fixing my bicycle with bits of string I’ve found in the gutter.
” You are miarke, AICM £5 :)
What you want is a ‘modern marriage’. This is where people just share the purchase of a house (and depending on how much they’ve put into it - either as capital, or repayments - they get a proportion back when it’s sold. Does mean that you’ve to share with someone, and I don’t know if you’re currently doing that, but apparently it’s all the rage.
Alternatively, you could always move to Merthyr Tydfil ;)
Hmmm. I’ll have to see about teleworking.
I can only afford mine because I intend to rent out the 2nd bedroom. Not the ideal solution though as I’d prefer to live on my own.
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