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

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    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? ?
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    30k house with 3 bedrooms? Jesus christ that is cheap where is it?
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    30k for a house is this in syria or something?
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    Where is this house!? sure that isnt an auction starting price?
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    (Original post by 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? ?
    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/mortgage...s/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..
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    (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??
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    (Original post by Eloise 1987)
    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??
    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
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    (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
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    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.
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    PS don't forget stamp duty.
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    (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
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    Wow where on earth do you live to be able to buy houses that cheap?!
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    (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.
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    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.
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    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

    BTW - Properties under 125k do not attract stampduty.
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    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

    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 -_-
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    (Original post by Eloise 1987)
    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

    Click here
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    What is it, a wendy house?
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    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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