thebrits

We saved hard in the UK and have the money for a house deposit, but can't get a mortgage on my income alone. I am very lucky that my parents agreed to borrow against their (mortgage-free) home so that we could buy a house when my partner moved over instead of waiting for him to find a job. So I'm paying the interest-only mortgage on the full cost of the house (cheaper than rent) until we can get the mortgage on our own.

This has been extra advantageous as house prices have just started going up in our region - the house is making more $$ than me this year.

My partner is down to the reference check for a great job so hopefully soon we will be living the dream!!

Best of luck to you, I hope it all works out!

outback sunset

Awesome on all counts. I love it too when my property is earning more than I am! Best of luck

Justcol

But wont the cost of every other house in the area be going up aswell, cancelling out any gain ??

chocolate cake

Yep, you hit the nail on the head there, increasing house prices are doing nothing for anyone but those who might be downsizing. Many in good jobs without a leg up, are getting further and further away from buying a house, especially in Auckland.

MrsFychan

my assumption is that they will just take over the existing mortgage from the parents if the mortgage company allows it.

SSky

I think it's do able, if you've no dependants and no mortgage.
It's amazing too how you find ways to make little bits of money here and there if you think out the box. Also if you're just coming here for fun you can have lots of adventures for not a lot of money in NZ and if you don't have to be a slave to work.
I feel really excited for you, it's not like it's going to be forever and there's no rules are there as to how you should live your life so just have fun :-)
PS. I'm an extremely impulsive person though so I just jump in before I think and we are far from well off but NZ seems to have worked for us so far.

outback sunset

Thanks so much, always great to hear from someone with something to add to the thread rather than someone just jumping in to try to start an argument. I agree with you, it doesn't have to cost much to have adventures and I'd rather do the long and cheap version than be a slave to work and have an expensive 1 or 2 weeks. As you said, worst case scenario there will always be work or opportunities to make a living somewhere, if you look for them.


I'm impulsive too. I think it pays off though, stops you doing the same thing all the time because of analysis paralysis. You sound quite a bit like me, so if you're making it work then I think we should be fine too.