Why FTB should Resisit buying now and Save instead! explained

Really2

pandamonia wrote: »

[FONT=&quot]i disagree with what you are saying.[/FONT]

[FONT=&quot]in actual fact ive changed my own mind about buying by reading things on the news, forums and talking to IFA's [/FONT]

[FONT=&quot]its not until you sit down and look at the numbers do you realise what you are doing.[/FONT]

[FONT=&quot]this is exactly what i have done for fellow FTB's in a similar position.[/FONT]

[FONT=&quot]isn’t this moneysavingexpert.com? haven’t i just potentially saved people money? this 5k a year challenge everyone’s on is pennies compared to the cost savings to be had here?[/FONT]

[FONT=&quot]doesn’t Martin Lewis always say your biggest cost is your mortgage - get it right?[/FONT]

So if you have a 20% deposit it is a good time to buy then?

I think you are a bit patronising to most potential buyers, just because the last 18 months were not a good time to buy does not mean only you have spotted that.

pandamonia

Really2 wrote: »

So if you have a 20% deposit it is a good time to buy then?

I think you are a bit patronising to most potential buyers, just because the last 18 months were not a good time to buy does not mean only you have spotted that.

if you have 20% then your in a much better possition because less chance of negative equity and also better mortgages. but waiting 12 months would be better.

i dont think ant ftb would feel patronised. i think alot are looking around for help at the minute.

Really2

pandamonia wrote: »

if you have 20% then your in a much better possition because less chance of negative equity and also better mortgages. but waiting 12 months would be better.

i dont think ant ftb would feel patronised. i think alot are looking around for help at the minute.

For you or for them.

You really have a view people are so dim they can not add up.

pandamonia

Really2 wrote: »

For you or for them.

You really have a view people are so dim they can not add up.

well i was talking to someone who just paid 150k for a 2 bed semi on a 6.99% fixed for 5 yrs. now the house down the road is at 125k almost identical apart from the cheaper has a conservatory.

i also know the house is probably worth about 110k in reality.

it happens.

chucky

pandamonia wrote: »

well i was talking to someone who just paid 150k for a 2 bed semi on a 6.99% fixed for 5 yrs. now the house down the road is at 125k almost identical apart from the cheaper has a conservatory.

i also know the house is probably worth about 110k in reality.

it happens.

can you tell me how much my house is worth please?

ess0two

chucky wrote: »

can you tell me how much my house is worth please?

After talking to a random stranger in your street,they say in 'reality'..........2 pork pies and a cheese sarnie.
Could possibly buy number 9 for 1 pie and 2 sarnies of your choice.

Cleaver

pandamonia wrote: »

This is for FTB looking to buy at some point in the next 12-18 months.

<lots of preachy, sermony stuff>

So all in all if you only have 10% which most people do then there is almost no benefit from moving out of rented or your parents until you have 20% deposit!

One of the weirdest things about the recent rise in property prices and the corresponding crash is posts such as this. It's as if buying a property in 12 months time will be like buying a share at the bottom then quickly dumping it when it doubles again. My main advice to FTBers would be that you'll probably see between 3 and 5 bubbles and crashes by the time you shuffle off this mortal coil, there is no 'bottom' and there is no 'top' (no sniggers at the back please). Of course, we're getting heavily in to a trough rather than a peak at the moment, but no new buyer should be misguided enough to think that if and when you buy now you won't be in a trough again in possibly ten, twenty or thirty years from now.

I should add that if I were a FTBer now I would be waiting a while. However, if you see a house you like, you can afford it, you're in it for the long term, have a good deposit and it will benefit your life then you shouldn't be judged as 'wrong' for doing it.

Pandamonia: you seem to be an oracle on things. Is there any chance you know where Scousethife's head torch is?

confused31_2

I think what Pandomonia is worrying about if people start to by now, which it has been reported houses are picking back up it will stop further falls.

I would be worried to, if you have got a good deposit now and the house is at the right price i would go for it, you can get a fixed 2 year deal 3.49% at the RBS and thats with 75% LTV.
or a 5 year deal at 4.59% with 75% LTV

Now these deals havent been around for years, maybe thats why people are starting to buy again.

now they are cracking deals for anyone buying now, but how long will they stay like it as soon as the rates go back up, so do the fix rates.

Your going by what someone who has obviously not done there homework, houseprices will fall but i think you will find it wont be massive falls.

Rates are only going to go one way after a few months and thats up.

If your willing to take the risk take it, but i know if i was a first time buyer with a 25% deposit i would get it fixed for 5 years for security now whilst fixed rates are low.

Now if someone wanted to borrow buy a house for 130,000 and they had a 25% deposit they would pay 546 pound fixed for 5 years, you go on about going on a tracker, trackers are okay but what happens in three years when the interest rates have gone up?????????

And the other thing that makes me laugh about this post, is who in the right mind would buy a house with a 10% deposit??? I dont think any mortgage compay would touch you with 10% and if the did it would be abot risky in todays climate.

StevieJ

If I was betting man I would say that panpamonia is a missionary from HPC, I think they are starting to worry slightly that the planks that may form the market bottom may soon be laid. I still think that the end of the stamp duty duty concession may provide a catalyst for a gradual build up (although I think they have put it back to Sept)

pandamonia

please read my original post and post something relevant.

how is 25% deposit relevant to 95% of FTB

also do you think RBS want you to fix to save YOU money? lol - i think RBS are through with giving money away