To buy or not to buy... a house!

[keeks]

I am in a position where I could in theory buy a little house of my own. I am still employed and make a reasonable wage and I have a very good deposit to put in. My question to all you wise people here is: What happens if I buy before I leave my job, and then I have to remortgage? Would that be a problem when I'm self-employed and can't show 3 years of books etc? I know I obviously need to go see a mortgage advisor but I thought I'd hear what people here think first.

xx

[Carol M]

If you want to buy I would certainly do it whilst employed.
Take advice from your FA. When self employed you are right in saying most mortgage companies look for 3 yrs trading accounts even if they are self assessed accounts. I like to keep my profit to a minimum so as not to pay much tax but for mortgage purposes it would be better to show a higher profit! IYSWIM.
Whatever you decide, there are no gaurantees with the housing market and the mortgage companies change their criteria daily, I would recommend buying whilst employed.
Good luck
Carol xx

[keeks]

Thank you Carol, I'll investigate further. I know you are right, if I am to buy I should do it whilst employed. I'm a bit reluctant to buy though, I owned my house before moving to the UK and it made me feel very tied down. I like the freedom of renting and knowing I can move on whenever I want. Although people always tell me how silly I am throwing rent money away when I could be paying "to myself".

I'll contact an advisor and then we'll see...

xxx

[sandy64]

its a very good time to buy as houses are cheap at mo so go for it just make sure you really can afford payments evan when interest rates go up not likely at mo. good luck and happy house hunting:)

[nannymcflea]

I agree, with both of us being self employed and dh for just a year, we had a choice of 1 mortgage when we wanted to move!

Moving is expensive and if you like to be free then perhaps it's not for you, keep saving, you never know you may find your dream.:) (or buy a campervan too!)

[estrelas]

I would love to be in a position to buy!!
Its my dream, my own house, decorate how i want, not what some landlord says. Go for it x

[Chatterbox Childcare]

I would get your house NOW. The ING are at 2.99% and fix it for as long as you can.

[keeks]

Thanks again for replies and good advice! :)

You are right, it makes sense to buy now, that's what I keep coming back to in my mind. I'm just such a flutter-by... :blush: Apparently my family way back on my mum's side were travelling people from Belgium. My mum never stayed long in a house and every spring she wanted to go somewhere new. :D

Perhaps nannymcflea is right, a campervan may be the solution. I think I will go see an advisor next week to find out what my options are.

xxx

[caroline1560]

Owning your own home does not tie you down, you can rent it out to somebody else at any point you wish. Then, not only will you not be paying out rent but you will be receiving it, which will help to fund your travels. Most people would buy if they had the chance and those who never did usually regret it. Go for it.