We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
A worried first time buyer!
Comments
-
What always amazes me is that when people are told how much they will have to pay up front then they are shocked SHOCKED! at how much money they will need.
Hello! Like £150,000 isnt a lot of money? remember the amount you are going to have to repay? And double that for the interest!
If you think £20k up front is a lot, have you even considered the remaining £300k?
I think people have lost the ability to comprehend how expensive a house is in this country. The price is astonomical!
I know it's a lot of my and I wasn't so much shocked at things in the long term. But maybe as a 22 year old student who currently lives with her parents, being told that to be able to have my own place I will have to stump up at least £20,000 hard cash wasn't the nicest thought. Yes I may be a bit naive but oh well.
And I think some of the other posters are right, I won't be needing a £150,000 mortgage in a year and a half's time!Money Saved for a house deposit so far = July 2008 £3331.09, August £4396.40, September £5,048.37 (Target = £9,000 by July 2009) 56% there already!:j
If I have helped you in any way, please thank me!
0 -
mr.broderick wrote: »Doesn't matter what the price drops to you'll never get a mortgage if they crash, just rent it's not that bad, there's people on here who actually sold their homes to rent, me included.
And when you reach 65 and dont receive an income the landlord will still be wanting his rent.
Not a wise move. House should be bought and paid for well before retirement.0 -
vicky_kidder wrote: »I'm planning with my boyfriend to buy a house next year together, but with everything going on at the moment, I'm a bit worried.
Firstly, we are in our early twenties and our combined income will be about £50,000 so will be looking to buy around £150,000. What sort of figure will we be expected to put down as a deposit and fees and stuff because everyone is saying to us that there are loads of other costs to buying a house!
Also, on a house of around this price, what would monthly repayments be likely to be? Sorry if these seem simple questions, but I'm really not savvy with all these things at all! THanks to anyone who can help at all. :j
There is a lot of scare mongering on this site. You do not NEED a 10% deposit. There are lots of mortgages still available at 95% LTV.
In fact Bristol and west look to have re-instated their 100% mortgage.
http://forums.moneysavingexpert.com/showthread.html?p=10457095#post10457095
So if you go with them you need no deposit then.
Stamp duty £1500
Solicitors £1000
So far from the £18500 some people are leading you to believe.
Also dont listen to this HPC brigade nonsense, i bought my house June 07 and yesterday i had it valued at +£40k from what i paid for it only 10 mths ago.0 -
There is a lot of scare mongering on this site. You do not NEED a 10% deposit. There are lots of mortgages still available at 95% LTV.
In fact Bristol and west look to have re-instated their 100% mortgage.
http://forums.moneysavingexpert.com/showthread.html?p=10457095#post10457095
So if you go with them you need no deposit then.
Stamp duty £1500
Solicitors £1000
So far from the £18500 some people are leading you to believe.
Also dont listen to this HPC brigade nonsense, i bought my house June 07 and yesterday i had it valued at +£40k from what i paid for it only 10 mths ago.
Yes, good advice from mitchaa
Buy in haste, repent at leisure0 -
There is a lot of scare mongering on this site. You Also dont listen to this HPC brigade nonsense, i bought my house June 07 and yesterday i had it valued at +£40k from what i paid for it only 10 mths ago.
Try selling it. Asking prices are irrelevant unless someone is prepared to pay it. Which they aren't.0 -
In fact Bristol and west look to have re-instated their 100% mortgage.
....
Also dont listen to this HPC brigade nonsense, i bought my house June 07 and yesterday i had it valued at +£40k from what i paid for it only 10 mths ago.
7.19%!!!! Enough said.
Your house is worth what someone is prepared to pay. I'd eat my hat if you sold at a 40k profit today. Asking prices are still over inflated... a quick play with property bee will illustrate this.0 -
-
I am just in the process of purchasing as a FTB. If people read these boards and take on board what is said, then noone would ever buy a house ever again.
If you read forums like this one back in 2000 and took on the advice then you would be kicking yourself. There is noone on here who has a clue what will happen. Most people on here are praying for a crash, but when are you prepared to jump on the ladder yourselfs.. There appears to be hundreds off you all acting like vultures ready to pounce on the sale of the centuary, but wont that just lead to higher demand again. I reckon the guys on here expecting a crash are the same fools who refused to buy in 2000 expecting one, and are just bitter as hell. I know you will come back to me with statistics etc, and I am not disputing that it looks bleak, but advice like wait 2 years and the house prices will be 40% lower is nonsence. They might be who knows, but I sure as hell wont wait 2 years on the hope they might be. As in 2 years time, they might still be going down in price, and you will be saying "wait another 2 years and they will be etc etc.
I came on here originally asking for advice, because I was worried about the situation, but if I spent every day worrying about it then I would be waiting for ever.
My view now is, I am buying a house which is 3 times my salary, I could have had 5 1/2 times my salary, but I want to have a good standard of living too. I am fixed for 3 years, wish it was 5 but never mind. I now know for the next 3 years I have no worries in terms of my house. I am paying repayment and overpayments, another good reason to go for a house 3 times my salary.
If I am in negative equity in 3 years, then I wont be happy, but I have got a mortgage well within my means, I would have to go on an SVR, which will hopefully be ok. If I took on the advice of some of the people on here, I would never ever buy a house, I have never seen a posting by anyone, anywhere, saying prices are going up in value buy one now.Debt free. March 2020
Mortgage free-August 2021
Planned retirement date- 19/5/2026
£29500 saved. Target £420000(19/05/2026)0 -
If I took on the advice of some of the people on here, I would never ever buy a house, I have never seen a posting by anyone, anywhere, saying prices are going up in value buy one now.
If you buy now you are jumping into the top of the market as it is clearly starting to fall. Its not a matter of being shocked to be in negative equity in 3 years because this will happen in one year due to lending criteras effect. House prices were 50% over value and falling fast.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
0 -
I totally agree with andys15.
If you can afford to buy, then buy. I could have bought a house in 2000 but I didn't as I, like many, waited for a drop in the market. Yes I have some regrets, but what's done is done.
The rent on the house next door to me has gone up by £175 a month in the last 4 months and it is being rented under a new lease. If you work out the increase in the rental over the same cost on a mortgage, I would view that as throwing my money away.
Just remember that we have an issue with housing these days and rental property in my area is being snapped up within a day or two.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards