FTB with Interest Rate Q.

formulaonefan

Guitario wrote: »

Hi all.

Been reading for a while, but this is my first post .

All advice greatfully received!

Situ: Me and Wifey are FTB's and have saved a 10% deposit. We made a cheeky offer on 2yr old 4 bed detached that has been accepted (the property is owned by a national building company under a part ex).

Sold for 189k 2 years ago, we offered 133k and it's been accepted:beer:
I think most would see that as a good deal?

Now the mortgage bit, the only option that seems to be available with our rather measley 10% are some fixed rate deals (3&5yrs), but with interest rates forecast to come down by a decent amount, is there anyway of having my cake and eating it? Great price on the property and enjoy the rate cuts?

Thanks for reading!

2 yr old 4 bed detached for 133k sounds like a very good deal! May I know where it is? North? South? Wales? Scotland?

Any rightmove link if you don't mind?

We are looking at BOE BR tracker at the moment because interest rates will probably go down for the next 2 years at the very least. BOE BR tracker looks very good at the moment.

Realy

formulaonefan wrote: »

2 yr old 4 bed detached for 133k sounds like a very good deal! May I know where it is? North? South? Wales? Scotland?

Any rightmove link if you don't mind?

We are looking at BOE BR tracker at the moment because interest rates will probably go down for the next 2 years at the very least. BOE BR tracker looks very good at the moment.

Welcome back. Is this a new bullish formulaonefan.;)

ad9898_3

Guitario wrote: »

Hi all.

Been reading for a while, but this is my first post .

All advice greatfully received!

Situ: Me and Wifey are FTB's and have saved a 10% deposit. We made a cheeky offer on 2yr old 4 bed detached that has been accepted (the property is owned by a national building company under a part ex).

Sold for 189k 2 years ago, we offered 133k and it's been accepted:beer:
I think most would see that as a good deal?

Now the mortgage bit, the only option that seems to be available with our rather measley 10% are some fixed rate deals (3&5yrs), but with interest rates forecast to come down by a decent amount, is there anyway of having my cake and eating it? Great price on the property and enjoy the rate cuts?

Thanks for reading!

Hi Guitar Hero:D( good username), It seems you have had a reasonable deal, however my opinion would generally be the only interest rate a FTB should be thinking about at this time is the rate on their savings that they are putting away each month as house prices plummet...... mortgages and mortgage rates ?, the mere thought of servicing one at this time makes me shudder.

formulaonefan

Realy wrote: »

Welcome back. Is this a new bullish formulaonefan.;)

:beer: Thanks I'm not a bull or bear from the start!

hethmar

I still think fixed rates are the safest bet for peace of mind. Ive lived through recessions but Ive also seen the interest rate double in the early 90s to more than 15%

Realy

ad9898 wrote: »

Hi Guitar Hero:D( good username), It seems you have had a reasonable deal, however my opinion would generally be the only interest rate a FTB should be thinking about at this time is the rate on their savings as house prices plummet...... mortgages and mortgage rates ?, the mere thought of servicing one at this time makes me shudder.

If it is cheaper than renting?
Never gets reposessed?
Does not enter NE?

There is a lot more to look into than some people make out on here.:rolleyes:
If it suits your circumstances, and make financial sense it wont hurt.
Make it your own decision there will be a lot on here giving you a right drubbing. Just look out for your family and no 1.;)

Realy

hethmar wrote: »

I still think fixed rates are the safest bet for peace of mind. Ive lived through recessions but Ive also seen the interest rate double in the early 90s to more than 15%

I would argue a fix rate of over 6% would not give me peice of mind over the next two years as borrowing will for certain become cheaper.
He could look to fix when it looks like rates are going to go up as there is rarely a redemption with a tracker or just look at a two year deal then fix.

mitchaa

Guitario wrote: »

this is my first post .

I bet you it's not:D

Guitario wrote: »

We made a cheeky offer on 2yr old 4 bed detached that has been accepted

Sold for 189k 2 years ago, we offered 133k and it's been accepted:beer:
I think most would see that as a good deal?

Any links to prove where you can get 4 bed detached houses for the price of typical 2 bed flats?? No, i thought not;)

Either you live in the bronx or you are bullsh*tting for a wind up.

FAIL!!!!

I wonder who has been sad enough to create a new account to windup the HPC bulls :rotfl: A quick IP check of the user account may reveal all:p

Some of you lot are so gullible.

Evidence required for this 1 please:D

Realy

mitchaa wrote: »

I bet you it's not:D



Any links to prove where you can get 4 bed detached houses for the price of typical 2 bed flats?? No, i thought not;)

Either you live in the bronx or you are bullsh*tting for a wind up.

FAIL!!!!

I wonder who has been sad enough to create a new account to windup the HPC bulls :rotfl: A quick IP check of the user account may reveal all:p

Some of you lot are so gullible.

Evidence required for this 1 please:D

Is that not to wind up the bears.
If you were a bull (at the moment) you would be looking to buy in to the market where you think is going to fall to.
I did.

ad9898_3

mitchaa wrote: »

I bet you it's not:D



Any links to prove where you can get 4 bed detached houses for the price of typical 2 bed flats?? No, i thought not;)

Either you live in the bronx or you are bullsh*tting for a wind up.

FAIL!!!!

I wonder who has been sad enough to create a new account to windup the HPC bulls :rotfl: A quick IP check of the user account may reveal all:p

Some of you lot are so gullible.

Evidence required for this 1 please:D

Here we go, I know the area and its not too bad at all, not quite priced at 133k however I reckon you could go in at 129k on that and have a good chance.

http://www.rightmove.co.uk/viewdetails-17575036.rsp?pa_n=2&tr_t=buy&mam_disp=true