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Debate House Prices
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what do you think?
Comments
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I suppose it’s better than interest only though0
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Loan for £175000, over 40 years at £1000 per month, the total amount repaid is £480000! Interest rate is around 6%.
What type of mortgage is it? Is it fixed or variable - if var, the payments are likely to go up.
What if they split up or want to move house. Is there a early repayment charge?
If he plans to go ahead with it, perhaps the best thing to do is wish him luck.0 -
Well yes. There seems no chance in stopping him. It is on a fix at the moment but 40 years is a very long time. Ah the passion of youth. Don`t think there is any point in saying that they might split up.0
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Let's just pray nobody will even consider him for a mortgage ...0
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Break down:He is just 21 and his girl friend is 20.
they have £20,000 to put down. The house is £195,000 :eek:
God son earned £20,000 last year
as a trainee builder
Gf is on about £12,000
both of these incomes are pre tax + bit on the side
He tells me that the mortgage is over 40 years
will be about a grand a month.
I hope you can dissuade him somewhat mate. He's young and looks to be in need of some advice. If he has to buy now, why is he even looking at houses around the 200k mark?0 -
An utter disaster waiting to happen, use all your powers of persuasion to stop him, take him to HPC if you need to, Dr Bubb has a good thread going about the current dead cat bounce.0
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Good luck to them.Not Again0
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An utter disaster waiting to happen, use all your powers of persuasion to stop him, take him to HPC if you need to, Dr Bubb has a good thread going about the current dead cat bounce.
Dr Bubb hasn't got a clue, but he writes his posts well - he's been claiming Dead Cat Bounces each week and the below is from 2005!!
http://www.housepricecrash.co.uk/forum/index.php?showtopic=12638&hl=dead+cat+bounce
as for your relatives Pobby - the fundamentals don't add up.
buying doesn't suit them due to the size of the deposit, i would say at least 20% - unless they pay more in rent compared to their mortgage fixed rate.0 -
Dr Bubb hasn't got a clue, but he writes his posts well - he's been claiming Dead Cat Bounces each week and the below is from 2005!!
http://www.housepricecrash.co.uk/forum/index.php?showtopic=12638&hl=dead+cat+bounce
as for your relatives Pobby - the fundamentals don't add up.
buying doesn't suit them due to the size of the deposit, i would say at least 20% - unless they pay more in rent compared to their mortgage fixed rate.
Ok chucky, fair point, I guess he had to be right at some point, 4 years isn't bad:o, it will probably be about the same time until the Daily Express's recent headlines come true as well.:D0 -
Ok chucky, fair point, I guess he had to be right at some point, 4 years isn't bad:o, it will probably be about the same time until the Daily Express's recent headlines come true as well.:D
to be fair he predicted the credit crunch reasonably well but claimed it was happening in 2006 and couple of times earlier - he's based out of Hong Kong I think.
he's using the tecnique of splatter predictions of a crash with a nailgun, one will eventually hit the mark.
if anything he is a good read0
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