first time buying - is it a good time for us to buy?

luke84_2

Hey ppl,

me and my girlfriend are in the process of buying a house... was on the market for £106,000 then reduced to £99,500 as they needed a quick sale due to splitting up. We put and offer in of £92,000 but rejected, so we put another offer in of £94,000 and it was accepted. we have a £10,000 deposit....but i keep reading stories saying house prices are going to drop etc... i am just starting to wonder whether now is a good time to buy for a first timer? i am happy with the deal we have got with the house.

any thoughts on the situation?

thanks
Luke

fatpig_2

Lets keep this short and sweet:

No!!!!!! No!!!!!! No!!!!!!

Willsnarf1983

if your happy then yes...prices will probably carry on dropping but if your gonna be in it for years and you can afford the mortgage then pay no attention to the media...your happy with the price u paid for the house so go for it

Will

GDB2222

Willsnarf1983 wrote: »

if your happy then yes...prices will probably carry on dropping but if your gonna be in it for years and you can afford the mortgage then pay no attention to the media...your happy with the price u paid for the house so go for it

Will

Grrr, I keep hearing this, and it makes no sense to me. Sure, it's a home. Sure, you may be happy there for years. Even so, buying it now at £94k makes no sense to me when the same (or similar) house will probably be available at £70k-£75k in a year or two. That's a quarter off the mortgage payments for the next 20 years.

SquatNow

Now is one of, if not the, worst time in history to be buying a house.

If you buy a house now you will be finacially crippled for the rest of your natural life.

wymondham

My views on this:
http://forums.moneysavingexpert.com/showthread.html?t=1125655
hope it helps...

sugarpants_2

wow thats cheap..Where you looking?

Go with you heart on buying the house

Dinah93

Personally, I would say go rented. Renting at the moment is generally cheaper than paying the mortgage on a comparable house of similar size. Plus if you rent you are more likely to take somewhere a bit smaller and cheaper, and can continue to save a deposit. As a rule every £1000 you take out on a mortgage you will pay £2000 back. To me in a falling market I would sit tight and be putting as much of my money into savings as I could so I could take on a smaller mortgage and have a higher standard of living in a few years time. Renting is NOT dead money in todays climate.

On a more personal note, this is buying with your gf, not your wife. I obviously have no idea of your relationship circumstances, she might have been your gf for 30 years, but if this is the first time you live together and things do go sour, if you look to sell in a year by almost every account going the house will be worth less than it is now, and you will be stuck in negitive equity. If things go well with you and you are looking to sell in 3-5 years because you need to buy bigger as you have a bairn on the way, again you may be in difficulty if prices have not risen back to todays levels and you are in negitive equity as most mortgages won't allow you to carry over the loss to a new proerty. On the plus side it would likely be a relitively small ammount of negitive equity, but its all relative, if you only earn £30k between you making up a £20k deficit would be very tough.

Clearly I don't have a crystal ball anymore than you do, but don't let your heart run away with you on such an important decision. Best of luck in whatever you decide, Dinah x

geoffky

if you buy now you could get the same house or similar for15 thousand pounds cheaper as the market fall...so why buy now?

Willsnarf1983

because the house might not be on the market then?

the point i am making is that if your sure and your happy and you fairly confident your going to be there for years to come then just buy it (plus u can afford repayments obv)

Will

GDB2222

Willsnarf1983 wrote: »

because the house might not be on the market then?

Will

Surely, there are umm, how can I put this, .... o t h e r ... h o u s e s.