Our lender said to do the sums and make sure you can afford for the interest rate to be 1% higher that it is now.
good idea we hadnt thought of doing that! i think our rate is 7.8% so maybe calculate it at 8.5% or higher?
this wont help with the managing of your money but have you heard of the first home owners grantits a one time payment of 7000 that you dont have to pay back i'm not 100% of the conditions of getting it
but if neither of you have owned a home before you should be elidgable (sp)
not eligable as DH owned a house in his 20's im eligable as long as hes not on the mortgage or loan and i have to do it under my own income lol yeah thats not alot ahh well as i said were borrowing the deposit from the ILs
dont forget the cost you will pay for home /contents insurance and those lovely council rates. Banks never tell you about paying those. Those only consider the repayment and not extras that come with owning a house. goodluck
we forgot about insurance, weve taking into account rates and a few other things..stupid insurance lol
hmm when we take all that into account our max loan amount we can afford goes down considerably sad
but the home we want need s a bit of TLC and DH is really handy so its a fixer-uper job over a good 10 years. but definately live-inable now well just have to be really pushy with the price