ARRGHH. Persuade me to sit on my hands!

fimonkey

lynzpower wrote: »

Just hang on Fimonkey!!!

I remember you looking for those flats ages ago, and when you gave up and lets face it you were right to!

Have you looked at auctions- Iver seen some amazing prices of unsold stock at auction from dorset ( allsops) I keep an eye on the poole & bournemouth side of things. One of our freinds has just had offer accepted on garden flat in Poole, and it was 85k less than what he was looking at before Xmas. He has a growing family, and needed a home. so he bought now , but if i were him Id have hung on and gone to see whats at auction.

You never know this very house could end up there in a few months time.

Hi Lynzpower,
You're right, you have a good memory!! My big deal was that there are far too many leaseholds down this way and I was holding out for at least a two bed freehold, which seemed to be out of my grasp, but now this three bed would suit every need.

Auctons not an option for me as need a mortgage and not sure could get one that would complete in 4 weeks, plus buying without survey etc is too risky for me (as is spending money out on a survey then other ppl then may outbid me).

I had a lucky escape last year, though the flat I was going to buy was freehold. It's still up for sale btw, vendor not lowered her price once.

Hi moneysavnigmonkey
= the same property would be more than my mortgage to rent, but only cos I'd be getting a mortgage of 125K. If I theoretically got a 100% mortgage, I reckong rent and repayments would be the same.

fimonkey

wymondham wrote: »

over what period has the above drop occured?

First came to market between Jan-March this year, they started to drop their price pretty recently by 10K, then sale fell through, then they dropped price again.

fimonkey

Gorgeous_George wrote: »

Look at the numbers.

Take a £125K mortgage today and you will pay £883.47 at 7%.

Fast forward two years and you will still owe £121,187 (i.e., spent £21,203 to pay £3,813 off the mortgage). If house prices fall by a conservative 10% per year, your house will be worth £121.5K. You will have almost NO EQUITY and NO SAVINGS.

Buy it at your peril.

GG

PERFECT!! That's exactly the kind of talking to I needed. Always easier to take emotion out of it when the cold facts of money are presented to you. Thanks muchly :j My hands are back under my bum, away from my dreams!

(Is a nice house though, I have e-mailed the agent and asked if the vendor would consider 125K then get back to me to arrange a viewing - hopefully for my sake they won't, otherwise this thread continues)!

kazwookie

sorry got mixed up with something else....................

fimonkey

What right of way to the rear garden?

andrewmp

fimonkey wrote: »

PERFECT!! That's exactly the kind of talking to I needed. Always easier to take emotion out of it when the cold facts of money are presented to you. Thanks muchly :j My hands are back under my bum, away from my dreams!

(Is a nice house though, I have e-mailed the agent and asked if the vendor would consider 125K then get back to me to arrange a viewing - hopefully for my sake they won't, otherwise this thread continues)!

Arrange a viewing, bid £125k. Then watch the market, at least you'll have seen it and can bid again if prices fall.

I'm buying a house at the moment, similar position to you, I know prices will probably fall further but I've got a decent price for now and the payments on repayment are lower than my rent. I will be spending 35% of my net income on my mortgage, this is about as much as I think is really affordable for me.

If you got the same interest rate as me (6.09% fixed for a long as I need) then you'll be paying £821 per month back (for a 25 year term).

Although I could be kicking myself for fixing long term at this rate, at least it takes away any risk of a remortgage being required at negative equity and being stuck on SVR.

ruggedtoast

Be patient young apprentice. If you approach the housing market before it is completely dead it may still lash out and injure you.