We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First time buyer is it the right time now?
Comments
-
Good for you father, good for you!I wouldn't say I'm rosetinted, despite the name... :rolleyes:
Our mortgage is 2.4x our joint salary, and going by a smaller property that sold 100m away very recently, we have 23% equity if we sold for the same.
The cost of renting would be £150 a month more than the mortgage interest, and although we currently have 18 years left on the repayment mortgage, we're also saving £2k a month on top of that, so could potentially be mortgage free in 10 years.
Oh, and the property is big enough incase we have a kid or two, and we have no debt.
See, I'm kinda boring and sensible when it comes to money. And I have a lovely home too.:D
0 -
Good for you father, good for you!
each application will be dealt with individually so you might get it at 5.39%, but then again you might not,we will see in 2 years.
get saving it could be good for you too!!!!:DI am not a Mortgage AdviserYou should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you are buing a home and not just a house and you see the one that is right for you then there is no wrong time to buy.
Have a look around for the house where you walk through the door and think "this is me". If it feels right and its a long term investment then go for it, saving a few thousand pounds maybe won't be worth the years of pleasure the right house will give you.0 -
Depends if the seller is being realistic and will knock off 35% off 2007 prices! Then yep, no wrong time to buy!0
-
Depends if the seller is being realistic and will knock off 35% off 2007 prices! Then yep, no wrong time to buy!
a few properties will drop down 30%, but not properties in the 130,000 pound bracket at what you are looking for, it will be the higher priced ones with the biggest drops.I am not a Mortgage AdviserYou should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What is your budget? Try offering about £125k and find out what they say.0
-
i think now is a good time to buy if you need to move. bargins can be got now days. i have just had an offer accepted on a 3 bed house. was on market for 160k, hen was reduced to 150k. i put offer in for 140k and they accepted a week later.
You have just got yourself into a mess and future negative equity because you never even got a double figure amount off....you got 6% off the price of a house....you must be mad...what are you going to do when they fall another 20% and you have your ltv to think of....It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
You have just got yourself into a mess and future negative equity because you never even got a double figure amount off....you got 6% off the price of a house....you must be mad...what are you going to do when they fall another 20% and you have your ltv to think of....
who says there going to fall 20% ?? thats just a guess0 -
That Is Not A Guess If You Have You Look At The Markets You Will See Its Priced In For More Than 20%.. Thats Why Banks Want A 40% Deposit.
http://www.marketoracle.co.uk/Article4404.htmlIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
there are loads of places that you only require 10% deposit still. no one can know what is going to happen in the future, its just guess work. maybe in the next couple years they will drop more (maybe) the mortgage im getting is 5 yrs. its a chance im willing to take0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards