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

Pierre0001

First of all thanks for all your replies.

My salary is about £32,000 as of last year. I rent with a best friend, we have a great deal of £350 all in. I could sit tight as I know this is a very good deal.
I save about £700 a month the rest I spend wisely on drink and gambling That last bit is a joke just in case.
I've been to a few banks and it looks like the maximum mortgage I can get is £170,000

I work in Bedfordshire so would be ideally looking in this area although Buckinghamshire and Hertfordshire are options. I'd use the full amount offered as I'd like a few bedrooms for future kids, a garden for my not yet bought puppy to run around in and a place the not yet found Mrs Pierre could be happy.

zaphod_beeblebrox_2

If you think house prices have 'bottomed' then buy ....

Doomcow

thelawnet wrote: »

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.

troll.

its still something to aspire too.

otherwise you could throw money away all your life because its nicer appartment.

i understand about job security though and you should only buy if you feel comfortable.

and point 6 is total crap. soon enough there'll be less houses for sale with people not wanting to take the hit and more people to buy and demand will go up again.

bought my house last year, fixed for 5%ish with a 10% deposit.

if you can afford to buy a house and want to buy a house, would you rather wait till prices increase and then bought a house?

cloud_dog

zaphod_beeblebrox wrote: »

Ooooh, scary graph...........

sammyjammy

Pierre0001 wrote: »

First of all thanks for all your replies.

I work in Bedfordshire so would be ideally looking in this area although Buckinghamshire and Hertfordshire are options. I'd use the full amount offered as I'd like a few bedrooms for future kids, a garden for my not yet bought puppy to run around in and a place the not yet found Mrs Pierre could be happy.

Ahh you sound like a lovely boy, are you open to offers?

We'd have to discuss the puppy further though.

Decadent_Fool

zaphod, your graph also shows that downturns in 78 and 83 were minor compared to the gains shown either side.

If you really think that graphs such as that are an accurate portrayal of the intricacies of the housing market, area by area, then no wonder you got burnt last time.

It means absolutely nothing of value, and the whole point about making a success of the housing game is to know and understand the market you're going to invest in, not follow the herd.

thelawnet

Decadent_Fool wrote: »

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:

Hmm? As long as there are mugs like you to keep me in my 4-bed detached house fully maintained at a cost of under 4% per year, I'm very happy. Looks like we need to drink to each other. :beer:

thelawnet

Pierre0001 wrote: »

First of all thanks for all your replies.

My salary is about £32,000 as of last year. I rent with a best friend, we have a great deal of £350 all in. I could sit tight as I know this is a very good deal.
I save about £700 a month the rest I spend wisely on drink and gambling That last bit is a joke just in case.
I've been to a few banks and it looks like the maximum mortgage I can get is £170,000

At what LTV, and what interest rate and arrangement fee? As I mentioned in a previous post, it seems that you will be paying a very high rate of interest (6%+) unless you have 25% deposit.

tara747

Doomcow wrote: »

bought my house last year, fixed for 5%ish with a 10% deposit.

.... oh dear. You have my sympathy.

Cat695

Doomcow wrote: »

troll.



bought my house last year, fixed for 5%ish with a 10% deposit.

?

So your already in NE.....and why would the OP want to buy now when house prices still have a long way to fall.....or are you another one that thinks they will rise in a few months time even though the country is in a recession with thousands losing their jobs every month and the banks are only lending to people with HUGE deposits.

yeah demand is going to be REAL big.....I think not