What reason for a first time buyer to jump in now?

confused31_2

andy_c_c wrote: »

Only put my details in online (not been taking it further yet) and the computer said yes

I have about 25k deposit, and been looking at places around 80/90k (fair few of them now a days which are really nice imo)

Nop not insane.

How much is your rent??

pandamonia

most of the mortgages at the moment arent aimed at FTB since they pose the most risk and they have limited capital

confused31_2

he would get a cracking mortgage deal with the deposit he's got.

RetroBob

Provided credit history is clean. I'd assume so with a 25 deposit though.

bob79

Cat695 wrote: »

Fixed rates follow LIBOR rates and not the BOE rate......so if your gonna fix then get the BOE rate out of your head.

Trackers follow LIBOR (or more precisely: how far above the BOE rate the mortgage tracks is determined by LIBOR), fixed rates follow something called 'swap rates'. There is a different swap rate for each fixed period. See e.g.
http://www.swap-rates.com/
for current swap rates.

Michael_H_2

Im a first time buyer and i bought my place in November to rent out. (I am 20 and live with my parents!) I was quite lucky as it rented out within days of going on the market, and the tenant even paid 6 months rent up front!

So my plan is to sit rent it out for a couple years before i eventually move in to it!

I think buying was the best financial move i ever will make. If i had another deposit like the sum you have - i would definitly be looking to buy now!

If you look at it long term (providing you can pay the mortgage) you cant really loose.

Goodluck!

brit1234

Michael_H wrote: »

I think buying was the best financial move i ever will make. If i had another deposit like the sum you have - i would definitly be looking to buy now!

If you look at it long term (providing you can pay the mortgage) you cant really loose.

Goodluck!

I have a very hard saved deposit and there is no way I'm wasting it by buying now as property values fall at the fastest rate ever and still have a long way to fall.

Buying now even for the long term property is a bad/suicidal choice. There are far better ways to invest your money.

Michael_H_2

brit1234 wrote: »

I have a very hard saved deposit and there is no way I'm wasting it by buying now as property values fall at the fastest rate ever and still have a long way to fall.

Buying now even for the long term property is a bad/suicidal choice. There are far better ways to invest your money.

I see were your coming from.

From my point of view i bought the property at 19% less than what it was valued at. I found out the sellers circumstances and put in a silly offer. You would be stupid to buy at asking price without sticking in an offer that would insult the seller.

So even if house prices have fallen by 10% since november (which they havnt) im still better off now.

Its all about buying at the RIGHT PRICE!!!

confused31_2

brit1234 wrote: »

I have a very hard saved deposit and there is no way I'm wasting it by buying now as property values fall at the fastest rate ever and still have a long way to fall.

Buying now even for the long term property is a bad/suicidal choice. There are far better ways to invest your money.

thats your choice he's made his and he seems to be doing okay, wouldnt you even be tempted if you could get a real bargain??

pandamonia

with the economy and banks looking so insanely toxic, i doubt getting linked to assets which are still inflated is a good idea.

mortgage lending stays like this then homes will have to fall even more