Do you think I can buy this house?

Thrugelmir

mpg wrote: »

A £260k house would more than likely more than double in price in 25 yrs. so the sums still stack up.

On what basis? The assumption that something must double in 25 years is speculation.

telfordwhite

Catblue wrote: »

And the people to blame for this situation? Their own parents (either directly or through the people that their parents chose to elect).

Bit harsh this one. You only really have 2 options on who to vote for, your individual vote makes little difference anyway and you can't really control the F**k ups of those that do get in.

telfordwhite

Thrugelmir wrote: »

On what basis? The assumption that something must double in 25 years is speculation.

I would say this is a pretty safe bet with regards to the housing market.

Thrugelmir

telfordwhite wrote: »

I would say this is a pretty safe bet with regards to the housing market.

On what grounds?

Danjames90

Fire_Fox wrote: »

Three mortgages is a heck of a risk - what will you do if you get made redundant, partner falls pregnant unexpectedly, you become ill or injured and cannot work, one or both of your tenants stops paying the rent or trashes a BTL?

What if none of this happens what if what if...

Danjames90

Thrugelmir wrote: »

Seems a logical time for the landlord to pocket the capital gain. Both Capital Gains and Income Tax tax is likely to rise in the near future. Better returns can be had elsewhere at the moment.

Not sure why the OP doesn't live in one of his BTL's. Rather than pay rent (dead money) may as well pay the mortgage off. As I guess the BTL mortgages are interest only not repayment.

I had to move to get my child into a good school. Believe me I didn't want to move but had no choice. As you say I have two perfectly good houses so why the hell rent. It breaks my heart to pay rent each month...

Danjames90

hamblettamaud wrote: »

I too have no sympathy for people who buy-to-let. They are party responsible for the hugely inflated prices of the mid 2000s.

Who is asking for sympathy.....I am not daft i know the risks but believe me you don't get rich and make a better life for yourself and your family without taking risks. People told me I was stupid when i purchased my first one (which I lived in) the same people told me I was stupid when I purchased my second one (which I also lived in) I am looking at TRYING to buy my third and people are still telling me it is a bad idea....

I wonder if they will be saying the same thing when I buy my tenth...

The rules of the game are the same for anyone. I was not handed cash in a brown envelop i worked three job and sacrificed a hell of a lot to get my first house. Anyone can do it the game is there. I am not robbing anyone of a future...

Danjames90

trumpton wrote: »

I can't see you getting a mortgage on the figures you've given. I would estimate you will need a 25% deposit on the house you want to buy. We moved without selling the first and the BS was less interested in how much equity was in the first property, more interested in LTV of 75% on the second to cover their back when/if prices go down. It's not so much about affordability anymore.

I know you say you have worked hard to get the BTL's, but 3 mortgages is a lot to juggle in the current climate. How long could you manage them if interest rates go up a few percent? In the days of the housing boom I would have said hang on to them, but now I would say sell them and buy a family home. Or keep renting.

edit: when our house was on the market for £200k, we had a mortgage of £5k on it. We still had to find a £60k+ deposit on the second house.

Thanks that is very useful.

Danjames90

Catblue wrote: »

I could see your point if the OP had purchased any of the houses with his own money earned by his own hand. However, he is in £100Ks of debt already and is talking about taking on more £100Ks of debt.

How is being in £100Ks of debt bettering yourself? Saddling yourself and your family with so much debt is a real risk to your future. And if it does work, then you've priced your own children out of the housing market (but that's okay because you've bettered yourself at the expense of your own children).

And do you then have the same hopes for your own children when they are adults? Do you lie in bed hoping that your children are half a million pounds in debt when they are adults? Presumably so, because that means that they are bettering themselves.

Strange these days that being in so much debt is not even considered shameful any more - it is positively admired in some quarters. And even stranger is that some parents even want it for their own children.

I dont like being in this much debt believe me but I have had to move house due to schools.

Which is best.....

Taking a risk and getting more in debt to live in a nice area and get my children in a good school. I do mean good, one of the best in the country..

or

Staying put in the house we have now rented out and sending my child to an awful school.

Not really a choice on my eyes........

poppysarah

Danjames90 wrote: »

What if none of this happens what if what if...

The more complex something is the more likely a bit of it will go wrong.