10 years of hard saving for a house, what should I do now?

thelawnet

Doomcow wrote: »

maybe they do - there are wi-fi hotspots about the place.

also, there are internet cafe's OP may use.

point still stands, a home is always a good thing and if you can afford it, why not?

Let me think of some possible reasons:

1. Because you can rent a nicer home for less money
2. Because you already have a nice rented home and don't need to move.
3. Because you don't earn enough money under the new rules to be lent a mortgage to buy a home that's as nice as the one you've already got, or as nice as you aspire to have.
4. Because you'd don't have a 25% deposit and don't want to be paying 6-7% interest.
5. Because your job is not 100% secure, and your savings would keep you out of trouble, whereas blowing them on the deposit for a house would mean that redundancy would lead to more-or-less immediate homelessness.
6. Because the house will cost £4,000 less next month, and £20,000 less in a year's time.

I'm sure there are more reasons.

Calchas

Mort_Gage wrote: »

You use the following syntax:

(url=<the full URL of the link>) better (/url)

but you replace all the () brackets with [] square brackets (couldn't use square brackets in my example as the text string wouldn't appear otherwise) and you omit the <> brackets around the URL all together.

So in the example posted by G_M the full URL was:

http://www.investec.com/UnitedKingdom/PrivateBan/BankingandTreasuryServices/High5.htm

So the syntax would be:

(url=http://www.investec.com/UnitedKingdom/PrivateBan/BankingandTreasuryServices/High5.htm) better (/url)

but remember to replace the () with [] square brackets !!

Try experimenting by replying and using the 'Preview Post' option to get it right.

Alternatively you could read the MSE FAQ on this subject .

Like So

Thank you Mort Gage. It is appreciated.

Decadent_Fool

thelawnet wrote: »

At 90% LTV (the best available), the OP is looking at a £250k house:

£2.5k stamp duty
£1.5k survey, conveyancing, etc.
£25k deposit
£99 mortgage arrangement fee (C&G 90% mortgage)

= £29.1k

Leaving him with only £900 of savings.

Like I said, for every doom monger there's someone who sees something a little more positive, and of course it depends on where he lives:

£63,000 Repossession:

£0 stamp duty
£700 survey, conveyancing
£6,300 deposit
£99 arrangement fee

Leaving him with just under £23,000 in savings.

That said thelawnet, thankyou for holding those beliefs and preaching them, as that's what keeps my by to let portfolio fully let :beer:

nzseries1

For me personally, if I buy a house soon, my mortgage payments will be only 60% of what I'm paying in rent, plus I will have an extra bedroom so I can get in a lodger for some more money.

So even if my house doesn't increase in value over 2 years, I still think it will be worthwhile!

Sure, I'll have to move further out in London into a worse neighbourhood, but I don't mind. It really depends what your priorities are, and how much of a deposit you have.

zaphod_beeblebrox_2

Decadent_Fool wrote: »

Why? For every doom monger, there is someone else saying now is an ideal opportunity.

To the o/p, I say go with what you feel is right. Imho though you'll there'll be no more money wasted on rent, you've low interest rates, and cheaper homes. If you're in it for the long term, why wait so long as you can afford to stay on the log?

Doom mongering or not the original poster asked a question, read the article and make a decision from that, if you feel the article's rubbish, then buy now !

Decadent_Fool

zaphod_beeblebrox wrote: »

Doom mongering or not the original poster asked a question, read the article and make a decision from that, if you feel the article's rubbish, then buy now !

I have - I had my most recent offer accepted last Friday, a three-bed for £63k although I'm using a 30 percent deposit. Second purchase this year.

zaphod_beeblebrox_2

Decadent_Fool wrote: »

I have - I had my most recent offer accepted last Friday, a three-bed for £63k although I'm using a 30 percent deposit. Second purchase this year.

Then bookmark/print this thread and read again in 3 years time. I was a victim of the last recession, I wish I'd listened

Decadent_Fool

Gladly; I've been buying property now for a while, and one of my properties valued in December 2008 was 10 percent higher than the purchase price I paid in December 2007.

All my property is in a regeneration area, and in the closest street to a new academy being built, and rental yield typically 3 times the mortgage payment.

It's called 'due diligence'.

JMW77

I would start looking for the perfect house,proprty values may still go down a little further but they will recover eventually and also its a buyers market you will get a great deal right now especially if someone is desperate to sell you will gat a bargain.
Go for it!

bazster

When you think house prices have bottomed, buy one. As to when that is, your guess is as good as anyone's.