Well.. i finally did it. Purchasing my first properdee innit :)

RenovationMan

Generali wrote: »

The cost of any fall in value over a lifetime of property ownership is likely to be negligible. If prices fall then your next purchase will be cheaper anyhow. As long as you don't do anything stupid like expect your house to be a pension as well as a home you should do fine.

My house is a pension as well as a home! Why is that stupid?

Conrad

Generali wrote: »

As long as you don't do anything stupid like expect your house to be a pension as well as a home you should do fine.

You are utterly wrong on this one Gen.

There will always be price differentials which retirees can take advantage of and use towards a pension, indeed I have some clients who mortgage to the hilt on huge house with the sole intention of releasing a wall of tax free cash one day, and get to enjoy it in the meantime.

Furthermore in retirement a pension dies with you, property equity does not.

I did a thread early last year calling the bottom and none of you listened, but I was right for sure and now I'm deffo seeing the early shoots of the next boom, which I know you will chuckle about, but I am right on this - I've been through these cylcles before. Unemployment is having no impact here, and as ever I remind people to get out there and get thier heads out of the backward looking newspapers.

Boom here we come - I 'll remind you of this posty in a year eh:rotfl:

nembot

Got a piece of paper here with the queens head on it and I'll quite happily send it to you... if you're right. By that time, it may only get you half a pint, but hey anything is better than nothing.

You don't even have to reciprocate.

Aubergine, so I can find the thread

RenovationMan

Conrad wrote: »

You are utterly wrong on this one Gen.

There will always be price differentials which retirees can take advantage of and use towards a pension, indeed I have some clients who mortgage to the hilt on huge house with the sole intention of releasing a wall of tax free cash one day, and get to enjoy it in the meantime.

Furthermore in retirement a pension dies with you, property equity does not.

This is what I'm doing as well. We have a huge interest only mortgage on a farm house and we basically get to enjoy an amazing house while we're young and when we retire we'll sell up and release a lot of cash that's free of capital gains.

Our mortgage is so large that we'll never pay it off before we retire, even with the large overpayments I'll be making over the next three years. We just want a bit of security and affordability with our mortgage by taking our LTV to 50% and then we'll just enjoy life.

chucky

RenovationMan wrote: »

This is what I'm doing as well. We have a huge interest only mortgage on a farm house and we basically get to enjoy an amazing house while we're young and when we retire we'll sell up and release a lot of cash that's free of capital gains.

Our mortgage is so large that we'll never pay it off before we retire, even with the large overpayments I'll be making over the next three years. We just want a bit of security and affordability with our mortgage by taking our LTV to 50% and then we'll just enjoy life.

you may not be too popular on here unfortunately

but good on you with the plan

tommy75

The 3.99% 5 year fixed will be removed later today. Had a phone message from britannia yesterday telling me to hurry up but my purchase fell through anyway

neas

Yea the guy in branch said i was lucky to get in in time. Its be removed by friday he said. It will go to 4.19% there after. So get in today . I paid my arrangement fee, got accepted and returned forms yesterday.

Batchy

That does sound like a good rate, I always wanted to save up a decent deposit, But im jumping a rung on the ladder, so my 25% or 30% expectation is blown out the window now, as im only going in with 15% but spending money on the house, so retaining a little.

But work out that once its had work done it should be back up to about 30% LTV. If prices remain stable over the next two years. If they fall another 10%-15% then I should still be in a 85% situation which I'd rather not but it could even be worse, but, hey ho... should at least be happy living there, and not stressing about banks and falling shares and how to make a quick buck and make my money grow, without tying it up for ages!

nollag2006

Always good to see another bear quit the game, and then try to post-rationalise it.

Good luck in your new home

neas

I feel sorry for you that you feel life is just a game... Or maybe you should suggest i wait another 3-4 years renting away just to make you feel happier? I have overpayed for my house, and probably it will lose value but i can afford that loss and that means the 'wait' isnt worth it anymore.

P.S the 3.99% rate just went back up to 4.69%! got in there last minute it seems woop woop.