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Right time to buy?
Comments
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Willsnarf1983 wrote: »the thing is, buying a house whenever is down to personal preferance, if your going to buy and live in the house for a fair amount of time...ie 5-8 years and you can afford the mortgage then the price is irrelivant.
How can it be irrelevant to be paying a huge chunk of your income every month, and owning a huge amount of capital to boot?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »How can it be irrelevant to be paying a huge chunk of your income every month, and owning a huge amount of capital to boot?
Perhaps because most people will buy the biggest property they can afford at the time. Therefore the payments won't change but the size of property will.0 -
Name and shame the irresponsible lender please.
http://www.scarboroughbs.co.uk/mortgages/calculators/borrowing_calculator.asp0 -
They will only offer 3.5% for a joint application, and 4.25 for a single. Isn't that about normal? I've used banks calculators and seen them lend higher even since the credit crunch...0
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I've just bought and could get up to 4.25x salary with only a 20% deposit.
Fair enough, I might edit it up to 4.25x then
My statement still stands about colinsc's situation though... His 20% deposit has a maximum value of 15k, meaning the most he can borrow is (15000/20%)-150000 = £60k [3x salary] 0 -
Fair enough, I might edit it up to 4.25x then My statement still stands about colinsc's situation though... His 20% deposit has a maximum value of 15k, meaning the most he can borrow is (15000/20%)-150000 = £60k [3x salary]
Depending on where he lives he could get a nice house for £75k. Saying that it'll be worth 20p in a few months.0 -
But lifting stamp duty will not be money in your pocket as FTB. It will go straight to the seller. The biggest help to FTB is the credit crunch, followed by FTBs turning their noses up at shared ownership, followed by sellers responding to the changed circumstances.
To live anywhere you must rent. The choice is rent a house or rent money. People have been renting too much money and buying not enough house with it. Even if you don't need to be told [I don't think you do], there are many others who do.
I guess to us, anything right now would be better than nothing - be it £2-3k that we don't have to pay on stamp duty (so it sort of would be in our pocket, or, allow us to buy £2-3k more of property), or a 15% discount off the asking price as we are FTB with no chain. I don't think given today's headlines that the credit crunch is helping FTB as we'd all hoped so much it would - because they are now talking about needing 20-40% deposits, which is just crazy :rolleyes: It will take us 2-3 more years, which solves our problem of whether to buy now or not neatly :rotfl:
Like most FTB we're therefore forced to continue renting regardless of what we'd ideally like, and reading the headlines, seeing what we narrowly escaped when we considered buying in 2006 Here's to hoping we'll pick up a bargain in 2009/2010 (unless the deposit is by then 50-75%!) MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover
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I dunno, I'm just going by what was available when I looked a couple of weeks ago... I don't think they should go by salary multiples anyway to be honest, they should work out what you earn each month and work out how much you can afford properly...
It could be that I was earning £60,000 per year but had debts of an amount which would make me worse than someone earning £20,000 per year.
I know most banks do look at this, but I think it is a bit academic to discuss the 'traditional' salary multiples, because they have sure been skewed somewhat in the past 10 years...0
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