FTB ... Should we buy now or wait?

moanymoany

One forecast says that house prices could well fall 30% from 2007 prices in 2009. That means another 20% from now.

You would be crazy to buy now. I think you should be careful as your OH clearly has no sense of financial matters. You will also need at least 15% of the price of any house you buy.

Don't forget, any mortgage you have in joint names you are jointly and severally liable for. This means you could end up liable for the whole lot. A joint mortgage doesn't mean you pay half and he pays half.

He clearly has a lot to learn.

GDB2222

That's beautifully put, Nenen, and well done for selling out at the peak of the market. It's nicer to be settled in your own home, but just at the moment it's financially much better to be renting.

LittleStar

Thank you for your post Nenen! After a bit of discussion yesterday with the other half he has agreed that we shoudl hold out and continue saving, however he wants to review the situation again in Feb/March ... therefore if we don't seem like we are in a better position then hopefully I can convince him to hold out even longer!!

Thanks again everyone for all your advice ... any more will still be much appreciated!! .x.x.

andys15

I would never listen to advice in here about wether to buy a house. Its like going on a man united web site and asking who to support. This forum is overrun with people who missed the boat last time. If you look at the "this is money" website and go back in time to 2000 on the forums, the same people are saying dont buy a house now etc etc.
I have never cared about the future in terms of house prices. I have effectively been a FTB 3 times due to career changes, relocation etc etc. Each time I have just used the principle of 3 times my salary and am i safe for the fixed deal if i stay employed and nothing about my income changed(no-one can predict this).
I bought in May this year. Yes on paper it looks bad, but its just numbers at the moment. If in 3 years I am in negative equity then i will have to cross that burden. Truth is and noone can dis agree, noone can predict anything. I married at 22 and had a mortgage. Dont turn into some people on here and have it run your life. They will never buy a house.