Planning on buying a £30,000 house but......

Eloise 1987

There is a 3 bed roomed house for sale at £30,000, I'm considering on buying it and doing it up, I suppose there will be a 10% deposit which on this occasion would = £3000!
What do you think the monthly payments mortgage will be after deposit? £220 - £260 per month over 20 years say? ?

Reply 1

cyfer

30k house with 3 bedrooms? Jesus christ that is cheap where is it?

Reply 2

internetguru

30k for a house is this in syria or something?

Reply 3

Chris_23

Where is this house!? sure that isnt an auction starting price?

Reply 4

blueflower114

Original post by Eloise 1987

If you want to know how much mortgage repayments are have a looked at these calculators, they won't give you exact figures to your finances but will give you a roundabout one: http://www.nationwide.co.uk/mortgages/calculators/overview.htm

I find it funny the amount of student debt I will be getting in (like everyone else) I could buy a 3 bed house with too..

Reply 5

Eloise 1987

Original post by cyfer

30k house with 3 bedrooms? Jesus christ that is cheap where is it?

Original post by internetguru

30k for a house is this in syria or something?

Original post by Chris_23

Where is this house!? sure that isnt an auction starting price?

Its in an okay place in my home town, not the best nor worst place to live tbh. That' why I'm so keen to buy it and perhaps do it up if needs be,

So after the £3000 deposit what do you reckon the minimum monthly repayments will be over 20 years per month? about £240 per month? more , less??

Reply 6

Chris_23

Original post by Eloise 1987

Assuming you're a first time buyer.. for a 5 year fixed rate fee free repayment mortgage it would be £178/month with first direct

Reply 7

The_Internet

Original post by internetguru

30k for a house is this in syria or something?

We call it, the north

But in all seriousness, I've seen some one bedroom, and perhaps some two bedroom houses over here for 30K, but not a three bedroom house, unless of course the OP lives even further north

EDIT: I'm from the north as well. It's not exactly news to people that house prices are going to be cheaper in the north of the country. At least in my lifetime, that's how it's always been.

The average house price around here seems to be around 140-160K, but there are definitely some places where you can get houses for around 40K - perhaps not 30K, and they tend to be a one bedroom house, but I think in an even poorer area, you could probably find what the OP is describing

(edited 11 years ago)

Reply 8

Origami Bullets

I'd view the house, and get a surveyor to do a report first. Any house in the UK that is being sold for that price is likely to have serious (seriously expensive) structural problems, and there's no way that it will be habitable - even with a lick of paint.

Reply 9

Origami Bullets

PS don't forget stamp duty.

Reply 10

Eloise 1987

Original post by Chris_23

Assuming you're a first time buyer.. for a 5 year fixed rate fee free repayment mortgage it would be £178/month with first direct

Great, I get a minimum of £300 per month for the rest of my life so I will definitely always have the money in to cover the mortgage, Will the mortgage company or whoever it is allow me to buy a house if I am only getting about £300 spare cash (to buy home) per month or will they expect me to be earning more before buying a house?

EDIT: What is a 5 year fixed rate fee? haha

(edited 11 years ago)

Reply 11

ihaveyourcat

Wow where on earth do you live to be able to buy houses that cheap?!

Reply 12

KCLeblanc

Original post by Origami Bullets

PS don't forget stamp duty.

If it's a £30K house actually he can forget about it.

But as people have said, if it's got big problems then it could cost a lot of money to put right.

Reply 13

Pitt1988

A 30k run-down, former crack den in Bradford? Before jumping in you need to get estimations on repair costs to see whether it's even viable.

Reply 14

hunter0510

Eloise,

Most lenders do not lend on properties below a certain market value. It's best to speak to a broker first.
If you get finance, the lender might keep a retainer until certain work has been done. If the property is extremly rundown eg. no kitchen at all, it might be unmortgagable.

Please don't let this put you off. Where's a will, there is a way :wink:

BTW - Properties under 125k do not attract stampduty.

Reply 15

cl_steele

Your guess sounds about right, i'd go ask your lender for a rough guess though theyll be in a better position to help you as these things vary so much :smile:

how i wish they had houses for £30,000,00 around here ... i have yet to see even a small house go for something reasonable ... god bless the SE commuter belt -_-

Reply 16

Chris_23

Original post by Eloise 1987

Click here

Reply 17

Harry Callahan

What is it, a wendy house?

Reply 18

Ryan_94

It will work out to more in the end l, mate. The work will probably be far more expensive that you're estimating in the long run

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