First Time Buyers!

porkiepine

Well Andy, I asked for advice about where I should look for a mortgage rather than the merits/pitfalls of my prospective purchase. I did not come here for people to imply that the property I may be purchasing is not worth as much as I believe nor for anyone to provide criticism. I have thought this through and know that we are in a good position and have found the family home which we want to buy.

Might I suggest that if you do not have any helpful advice you don't post? People love to get involved in 'heated' discussions on sites such as these. I came for advice and someone was kind enough to provide it.

olly300

porkiepine wrote: »

Well Andy, I asked for advice about where I should look for a mortgage rather than the merits/pitfalls of my prospective purchase. I did not come here for people to imply that the property I may be purchasing is not worth as much as I believe nor for anyone to provide criticism. I have thought this through and know that we are in a good position and have found the family home which we want to buy.

Might I suggest that if you do not have any helpful advice you don't post? People love to get involved in 'heated' discussions on sites such as these. I came for advice and someone was kind enough to provide it.

In your 3rd post you mentioned the house a few doors down being put up for much more. This implies, rightly or wrongly, to a lot of readers that you don't understand what you may be entering into.

Next time you post a question and answer people's questions who want to give you advice, don't post information that is not relevant to your own situation.

BTW I found this the difference between solicitors and barristers.

porkiepine

I personally do not believe that such a thing has been implied, it has been assumed (wrongly).

What do you believe is the difference between solicitors and barristers??

_Andy_

What a charmer.

porkiepine

Indeed.

It's good to see that you are thanking each other for posts that have nothing to do with moneysaving. Bravo.

Olly300 might I ask what you do?

0james0

porkiepine wrote: »

Well Andy, I asked for advice about where I should look for a mortgage rather than the merits/pitfalls of my prospective purchase. I did not come here for people to imply that the property I may be purchasing is not worth as much as I believe nor for anyone to provide criticism. I have thought this through and know that we are in a good position and have found the family home which we want to buy.

Might I suggest that if you do not have any helpful advice you don't post? People love to get involved in 'heated' discussions on sites such as these. I came for advice and someone was kind enough to provide it.

It does make me laugh. You post a question on here only for people to provide their opinions rather than answers. Then when it gets responded to people unleash their days frustrations with some good old e-slappng!

porkiepine wrote: »

I understand the implications of negative equity (I am training to be a solicitor). However, the house two doors up the straight which is literally exactly the same is on the market for £150000. The reason this is such a good deal is because it is a part exchange which a developer is selling.

I kind of got the feeling he was smart enough to know the risks, any idiot does, given the fact its in your face every day! TV, papers etc, everyone is an expert now.

Even if the house up the road is not sold and worth far less than £150,000 I can't imagine it is worth less than £105k. If it realy is near enough the same. We get part ex's all the time, if it's not sold then the developer drops the price until it is. Often leading to future proof priced houses, even if another 25% price will drop off, still could end up being good value.

I think if you don't do it, in 10 years you'll regret it

porkiepine

Thank you 0james0

bubblesmoney

this is a free forum for ordinary people. i didnt see it mentioned in the terms and conditions of this forum that we need to be 'experts' to answer queries. in any forum like this it is to be expected that u will see many replies that u dont like and some that you do like. as long as one isnt rude or insulting then any opinion gets posted. anyone having problems with answers can obviously report the post as abuse by clicking the link next to the post.

if u wanted only a property expert to answer your queries then u would have found a suitably qualified forum meant only for 'experts' and not a forum like this one meant for ordinary people (which may or may not include experts).

if a developer drops the asking price because it is not selling and then sells it by undrcutting the asking price of nearb houses then that price becomes the new market value for the area. no way does the lower sale price make that property future proof. atleast not in my eyes.

i suppose u also didnt imply that only mortgage advisors were to be considered as property experts in your eyes and to answer ur queries. (btw i didnt imply that they werent 'experts' in the property business and neither did i imply that they were experts). it is an open forum and will attract responses that you or i might not like. deal with it or form a forum suitable to your tastes and run it by your own rules. :beer: . just because some responses are not what u wanted, it does not mean that they were trying to belittle you or took you to be stupid. others might just have been stating their views and nothing wrong in that as long as they werent rude or insulting. have a nice day

0james0

bubblesmoney wrote: »

this is a free forum for ordinary people. i didnt see it mentioned in the terms and conditions of this forum that we need to be 'experts' to answer queries. in any forum like this it is to be expected that u will see many replies that u dont like and some that you do like. as long as one isnt rude or insulting then any opinion gets posted. anyone having problems with answers can obviously report the post as abuse by clicking the link next to the post.

if u wanted only a property expert to answer your queries then u would have found a suitably qualified forum meant only for 'experts' and not a forum like this one meant for ordinary people (which may or may not include experts).

if a developer drops the asking price because it is not selling and then sells it by undrcutting the asking price of nearb houses then that price becomes the new market value for the area. no way does the lower sale price make that property future proof. atleast not in my eyes.

i suppose u also didnt imply that only mortgage advisors were to be considered as property experts in your eyes and to answer ur queries. (btw i didnt imply that they werent 'experts' in the property business and neither did i imply that they were experts). it is an open forum and will attract responses that you or i might not like. deal with it or form a forum suitable to your tastes and run it by your own rules. :beer: . just because some responses are not what u wanted, it does not mean that they were trying to belittle you or took you to be stupid. others might just have been stating their views and nothing wrong in that as long as they werent rude or insulting. have a nice day

You again! :beer:

getmore4less

For a FTB the key measures of value when buying a home are

1. Can I afford it.
2. Is it cheaper than renting.

With the renting comparison this is rent against interest on a 100% loan and you need to factor in the incresed costs of ownership against the value of a home.

Once you have both these in place then buying a home is a worth while long term move.

For the rental comparison I would use current mortgage rate 6%(0.5%pm) as the point where value starts , so for a £100k place if the rent is £500pm or less it is not a bargain if the rent is £500pm or more then it is becoming a bargain the higher the rent the better the bargain.

In a falling market there is a risk that your curcumstances change and you need to sell and can't due to negative equity but if the rental yield is OK then you have some protection.

For speculation gross yields closer to 10% are needed to make a purchace worth while