Why FTB should Resisit buying now and Save instead! explained

Really2

housesitter wrote: »

Really2: My father's done exactly the same thing with a Volvo this month.

Best Credit Crunch buy as soons as those ex Virgin atlantic ones go they will go back up in price.
I think it could be two years depreciation free driving.:)

twirlypinky

I only got up to page four of this thread because I've only got limited time online, so I'm sorry if this has been mentioned already.

"Lets say for example you have 10% deposit saved and ready to buy a 130k home.

The best mortgage on the market now is C&G 27 month fixed at 5.69% - The payments would be £731.82 plus about £1400 fees

Now if instead you held fire and continued to save for the next year or so and you managed to get 20% rather than 10% which would be 26k instead of 13k

You could get a HSBC tracker mortgage which is currently 3.69% - Your payments would reduce to £531.31 with about £1300 fees. - on the same £130k house!

Saving £5400 over the 27 months! - This saving will probably increase since interest rates are set to go near zero over the next year and stay quite low until signs of recovery are truly underway.

There is also the benefit from being immune to asset erosion as prices are currently falling about 1% per month saving you a possible £1300 per month on that house!"

So, I'm renting a flat costing £650 per month, and you want me to wait for for a year before buying somewhere because I'll save £5,400 on my repayments. What about the £7,800 I would've spent on rent in that year? Sorry if I'm being daft here, but you can't look at savings on these things if you're not willing to look at costs.

housesitter

If I could show you some out and out fun B road blaster and trackday car for around 2K might it change your mind?
Thanks to car market dros there is a lot to behad. Plus you don't feel so bad stacking a 2K car into a pit wall than a 35K BMW

It's suggested to me that I'll get it out of my system, but going fast is fun

stevetodd

pandamonia wrote: »

you have now given up on trying to dispute the original post and now try and pick holes in me? lol

its pretty sad dont you think?

just because you have a few little friends also trying you think its clever lol.

fact is that im young and im doing well and im living life how i like. im not tied to a mortgage which is dragging me down unlike most. i nearly did it this year but i worked out why i think its best to wait. so i posted and tried to help people also looking at the current market. alot of ftb do only have 10% and its hard for them to get to 25% especialy on homes worth 150k.

so maybe a few have benefited from my OP but you people just seek to try and destroy it.

well how sad is that

Benefited from your original post? oh you mean the hoardes of FTB's that are rushing out to buy a house that is falling about 15% pa, rather than waiting until the price drops. On the plus side though it's a good job you started the thread to save all those hangliding bathers that didn't know the dangers of flying into pylons.

confused31_2

pandamonia wrote: »

i nearly did it this year but i worked out why i think its best to wait

So i was right>>>???

You are best to wait, with such a small deposit, but like i said before and most other people have said not all first time buyers have got small deposits.

You generalise all first time buyers being in the same situation has yourself, which is clearly not the case.

It is sad you have not got a big enough deposit, but its no good you trying hold back the people who do, does it??

mr_jetlag

housesitter wrote: »

If I could show you some out and out fun B road blaster and trackday car for around 2K might it change your mind?
Thanks to car market dros there is a lot to behad. Plus you don't feel so bad stacking a 2K car into a pit wall than a 35K BMW

It's suggested to me that I'll get it out of my system, but going fast is fun

What car is that? I'm definitely thinking of jumping back into the car market - my last purchase in 2003 was a '72 MG roadster for 4k and spent as much again on repairs, to no avail :rolleyes: this time I want something fast and disposable that I can just dump in a lake when it dies on me

confused31_2

Ive been looking at cars you can get some right good deals now especially the ones over 2 litre.

ess0two

Buy a bike,been a biker for years currently got an R1,plenty of sportsbike bargains to be had for 4k tops.

Really2

confused31 wrote: »

Ive been looking at cars you can get some right good deals now especially the ones over 2 litre.

Yes my 2.4 Geartronic brings tears to my eyes round town (29MPG)happy with it though.
I now drive 1.5 Miles further to work now so I can be on 60MPH roads but now getting 37mpg.

patch3228

twirlypinky wrote: »

I only got up to page four of this thread because I've only got limited time online, so I'm sorry if this has been mentioned already.


So, I'm renting a flat costing £650 per month, and you want me to wait for for a year before buying somewhere because I'll save £5,400 on my repayments. What about the £7,800 I would've spent on rent in that year? Sorry if I'm being daft here, but you can't look at savings on these things if you're not willing to look at costs.

So OK you could have spent that rent money (£650/ week) paying off the mortage ... but what about the hundreds of pounds you may have lost on your property's value?

Depends on your deposit, if it is low then you will be hit by negative equity quite quickly and when it comes to remortgaging - it could prove costly over the life of the mortgage

...just playing devil's advocate