Bored of renting

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mmlm
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#1
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#1
As the title says I am bored of renting a flat which I can’t decorate how I want. Everything is so outdated and I can’t say to my landlords “hey renovate the flat for me”. So I’m looking for advice on buying a house, what’s the market like just now and what do I have to do in order to buy a house?
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RedGiant
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Save up for a deposit, make sure you have established/good credit history and keep a good debt to credit ratio. Stay on the electoral roll; keep all of your payslips; monitor the property market in your area. Try to stay in the same industry and with the same company to show that your employment is stable. Once you're in the right position, speak to a broker and see what you can afford. All of the above (including the local property market) are variables, so it's impossible to say what sort of position you're in without further context. As for decorating your property, for the most freedom you'll want a freehold (most houses) rather than a leasehold (most flats/maisonettes).
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mmlm
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(Original post by RedGiant)
Save up for a deposit, make sure you have established/good credit history and keep a good debt to credit ratio. Stay on the electoral roll; keep all of your payslips; monitor the property market in your area. Try to stay in the same industry and with the same company to show that your employment is stable. Once you're in the right position, speak to a broker and see what you can afford. All of the above (including the local property market) are variables, so it's impossible to say what sort of position you're in without further context. As for decorating your property, for the most freedom you'll want a freehold (most houses) rather than a leasehold (most flats/maisonettes).
Thank you for replying! How much is a deposit usually? And by credit do you mean credit card? I wasn’t wanting to get one but if it means it’ll help me buying a house then I might. Thank you though!
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RedGiant
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(Original post by mmlm)
Thank you for replying! How much is a deposit usually? And by credit do you mean credit card? I wasn’t wanting to get one but if it means it’ll help me buying a house then I might. Thank you though!
Depends on what sort of LTV you want (90%, 80%, etc), this is the ratio of the actual loan to deposit for the total property price. And indeed, you'll ideally want a credit card that you use (below 25% of limit is ideal) and pay in full each month, this way you'll build up a credit history. As I say there are lots of variables, every application is different, but you'll ideally need at least a few years of credit history (i.e. being on the electoral roll, maintaining credit, paying utilities, etc).
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Kutie Karen
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Also depends where you are buying your home. In London you real would struggle as prices are way too high. You will need a hefty deposit. Interest rates are also going to go up so you really would need to work out what you can actually afford and where in uk you want to live.
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Muttley79
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(Original post by mmlm)
As the title says I am bored of renting a flat which I can’t decorate how I want. Everything is so outdated and I can’t say to my landlords “hey renovate the flat for me”. So I’m looking for advice on buying a house, what’s the market like just now and what do I have to do in order to buy a house?
You will need to show you can afford a mortgage. My son had to provide several months of bank statements to get one. he savd a chunky sum to put down.

Martin Lewis has a useful section; https://www.moneysavingexpert.com/first-time-mortgage/
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mmlm
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(Original post by RedGiant)
Depends on what sort of LTV you want (90%, 80%, etc), this is the ratio of the actual loan to deposit for the total property price. And indeed, you'll ideally want a credit card that you use (below 25% of limit is ideal) and pay in full each month, this way you'll build up a credit history. As I say there are lots of variables, every application is different, but you'll ideally need at least a few years of credit history (i.e. being on the electoral roll, maintaining credit, paying utilities, etc).
Perfect! Thank you so much for your help! Looks like it’ll be a couple more years of renting for me before I can buy so I can build all that up. I appreciate your help a lot
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StriderHort
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Have you considered asking your landlord?

I asked one if I could repaint and their sole question was "You aren't going to do anything crazy are you?", another one twice asked if I wanted a painter round to freshen anything up, both commercial landlords.
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mmlm
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#9
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(Original post by StriderHort)
Have you considered asking your landlord?

I asked one if I could repaint and their sole question was "You aren't going to do anything crazy are you?", another one twice asked if I wanted a painter round to freshen anything up, both commercial landlords.
i dont think thats an option unfortunately
Last edited by mmlm; 4 weeks ago
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Kutie Karen
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#10
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(Original post by mmlm)
i dont think thats an option unfortunately
Why do you feel that might not be an option?
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