Should we buy this one now, or wait?

S

Setanta12

Registered User
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Ok. House identified E300k and mortgage for 90% svr agreed with UB by my partner applying in her sole name. Partner has the 10% deposit and a further 10% in savings. Sale & Mortgage agreements both unsigned.

Currently we pay approx E100 less than market-rent but would expect this to increase. With house/life-insurance all added in, our monthly outgoing would rise by E400.

Partner is in well-paid permanent job. I'm a contractor-seeking permanent work these past three years in what was once a great profession (still is, if you've permanent work). Recently its been 9-10months work and 2-months off. Doing some interviews but never quite nailing the permanent ones - did I add I have a 3rd interview next Monday (with 2 rivals also in the frame). I rent out for a monthly shortfall of E100 what was a PPR but is now in Neg-Eq by about E35k (value currently E90k).

We can v easily manage if I land the permanent job. Otherwise it will be tougher. A lot tougher.

a) Are we mad to go ahead and buy now? And wait to land that elusive permanent job - I am prepared to sweep streets to bring in cash but think it best to focus on profession as best chance to regain work.
b) Are we mad to wait until I land the permanent job next Monday and then sign ?
 
If it's only only Monday, I'd hold off.

Otherwise you've answered the question yourself - 'Otherwise it will be tougher. A lot tougher'. You're not happy to proceed without the cushion of the permanent job.

That said the fact you partner secured the mortgage in her own right counts, how does she feel?
 
She's nervous. The house is new, which means her savings would be required to furnish it. (Don't worry; we've every intention of 'lawyering-up' in the event of a break-up to ensure she's not carrying the can down the road - but of immediate concern is immediate loss of nest-egg/savings).
 
Kildavin said:
(Don't worry; we've every intention of 'lawyering-up' in the event of a break-up to ensure she's not carrying the can down the road - but of immediate concern is immediate loss of nest-egg/savings).
Click to expand...

Don't wait until the breakup to lawyer up - make sure everything is in writing from the outset. Breakups have a way of turning nasty when it turns out you didn't both expect the same thing.
 
Sounds like c) you'd be mad not to wait til Monday so you'd have more information to allow you make the right decision for yourselves.
 
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