We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Debate House Prices


In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

what do you think?

245

Comments

  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I suppose it’s better than interest only though
  • ray123
    ray123 Posts: 659 Forumite
    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.
  • Pobby
    Pobby Posts: 5,438 Forumite
    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.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Let's just pray nobody will even consider him for a mortgage ...
  • tommy75
    tommy75 Posts: 583 Forumite
    Break down:
    Pobby wrote: »
    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?
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    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.
  • Good luck to them.
    Not Again
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    ad9898 wrote: »
    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.
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    chucky wrote: »
    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.:D
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    ad9898 wrote: »
    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 read
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.