Property Price Drop

chucky

kier333 wrote: »

Do you think a conversion/ older flat is a better buy? i do hence going for a small block with low service charge.

no not really - i'd rather a good flat in a small block in a good location than a terraced flat in a rough one. it's really up to you to factor in all the pros and cons.

things being equal i'd rather a flat in a terraced property than a flat - but if it's a good flat by all means go for it.

good luck in whatever decision you make

kier333

chucky wrote: »

no not really - i'd rather a good flat in a small block in a good location than a terraced flat in a rough one. it's really up to you to factor in all the pros and cons.

things being equal i'd rather a flat in a terraced property than a flat - but if it's a good flat by all means go for it.

good luck in whatever decision you make

Chucky,

I agree i'd also prefer a nice flat in a victorian conversion although many are small and not a great layout however i have only looked at a few dozen plus seem to demand a higher price.

I truely believe many people on here have no real idea about prices in London, ie when i told my brother i'd purchased a 1 bed bed flat in London for 155k he said i was mad. When i consider travel cost at the moment £400pcm taking just over an hour compared to £100pcm when in new flat and 30 mins travel time surely it makes sense to liv in London.

I think you either love or hate London, i enjoy the fast pased and 24hr life.

pandamonia

kier333 wrote: »

Chucky,

I agree i'd also prefer a nice flat in a victorian conversion although many are small and not a great layout however i have only looked at a few dozen plus seem to demand a higher price.

I truely believe many people on here have no real idea about prices in London, ie when i told my brother i'd purchased a 1 bed bed flat in London for 155k he said i was mad. When i consider travel cost at the moment £400pcm taking just over an hour compared to £100pcm when in new flat and 30 mins travel time surely it makes sense to liv in London.

I think you either love or hate London, i enjoy the fast pased and 24hr life.

6.79% interest rate is extortion. just wait.

chucky

pandamonia wrote: »

6.79% interest rate is extortion. just wait.

yes it is - it wouldn't be for me but if that's all you can get...

kier333

pandamonia wrote: »

6.79% interest rate is extortion. just wait.

Pandamonia,

Are you blind all 90%LTV are around 6%+ i think 6.79% is around what anyone who has 10% will pay at the moment?

Would you not agree? As i stated before i would rather pay at a rate the SVR will more than lightly increase to in a few years. Most people had fixed rates at 5% which when the rates increase and they will shall find they cannot afford the repayments.

I can easily afford the repayments plus make an over Payment of 20% per month, lucky for me my company pay me a £3700 London living allowance all tax free.

chucky

kier333 wrote: »

Pandamonia,

Are you blind all 90%LTV are around 6%+ i think 6.79% is around what anyone who has 10% will pay at the moment?

Would you not agree? As i stated before i would rather pay at a rate the SVR will more than lightly increase to in a few years. Most people had fixed rates at 5% which when the rates increase and they will shall find they cannot afford the repayments.

I can easily afford the repayments plus make an over Payment of 20% per month, lucky for me my company pay me a £3700 London living allowance all tax free.

Panda boy thinks that 90% mortgages don't exist - you'll need to explain that to him

kier333

chucky wrote: »

Panda boy thinks that 90% mortgages don't exist - you'll need to explain that to him

Well they do unless HSBC lied to me today when adding the Mortgage to my online account!

6.79% is around average for a 90%LTV Mortgage at this time.

Does he live in a dark room!

lostinrates

For a long time the historical average of mortgage interest was a very popoular topic of conversation here...a much discussed 8% IIRC?

kier333

The point is i can afford the repayments and surely thats whats important, if the increase to 8 or 9% then i can still afford the repayments if lower after my fixed period then all the more money for me to save or spend

kier333

Well i would hate to think what people like pandamonia will do if they ever reach 8%, lets hope for some they don't