UK CPI inflation steady at 3.1 pct as expected in Sept

DervProf

Heyman wrote: »

Quick, better put interest rates up! That'll solve everything innit?

It may have done, about 5 years ago. Mind you, they didn`t want to spoil the party, did they ?

des_cartes

RenovationMan wrote: »

Great news for those of us who are overleveraged debt junkies!

Let the low BoE rates and high mortgage overpayments continue!

Nah just use the extra dosh to buy bread and fill the car up, either that or eat cake and get a bike.

RenovationMan

Graham_Devon wrote: »

I do, however, have more savings.

If you have more savings than the outstanding balance of your mortgage, why dont you pay off the mortgage? With saving rates so poor at the moment and jobs so insecure it might make sense.

Your in a great situation whichever way you go.

Graham_Devon

RenovationMan wrote: »

If you have more savings than the outstanding balance of your mortgage, why dont you pay off the mortgage? With saving rates so poor at the moment and jobs so insecure it might make sense.

Your in a great situation whichever way you go.

Theres method in the madness!

Shared ownership is notouriously hard to sell. So basically I want to have the option of a big deposit for the next place, and to be able to buy chain free.

I can then sell my current house, and it doesn't matter too much if it takes a few months longer than a normal sale.

If I've put all the money into the mortgage, I'm more likely to be tied to selling this first.

lemonjelly

lemonjelly wrote: »

Are retailers concerned about christmas spending this year? Retail spending doesn't appear to be too badly affected at the moment.

With VAT going up, & the pressures on food prices & the recent increase in fuel duty, I feel inflation is going to be above 3% for a while yet.

I'll answer me own question then...;)

http://www.bbc.co.uk/news/business-11526175

Looks like consumers are worrying about their own budgets, at least.

RenovationMan

Graham_Devon wrote: »

Theres method in the madness!

Shared ownership is notouriously hard to sell. So basically I want to have the option of a big deposit for the next place, and to be able to buy chain free.

I can then sell my current house, and it doesn't matter too much if it takes a few months longer than a normal sale.

If I've put all the money into the mortgage, I'm more likely to be tied to selling this first.

Why dont you buy out the other half of the share with these savings? It would then be easy to sell the house when your ready to move and you'd get more for it without the added hassle of a co-owner. I believe that they have to sell it to you and at a fair market value set by independant surveyors.

My mate had a shared ownership 2 bed house near Tower Bridge, he saved up and then bought out the Housing Association's half via a combination of savings and additional mortgage.

I understand now why you want a housing crash. My mate was the same when he was looking to buy the 2nd half of his place cheaper. Good luck to you, Graham.

Graham_Devon

RenovationMan wrote: »

Why dont you buy out the other half of the share with these savings? It would then be easy to sell the house when your ready to move and you'd get more for it without the added hassle of a co-owner. I believe that they have to sell it to you and at a fair market value set by independant surveyors.

My mate had a shared ownership 2 bed house near Tower Bridge, he saved up and then bought out the Housing Association's half via a combination of savings and additional mortgage.

I understand now why you want a housing crash. My mate was the same when he was looking to buy the 2nd half of his place cheaper. Good luck to you, Graham.

I believe it would be harder to sell.

I can only buy 80% of mine anyway, but if I did buy more, the next person would have to buy more. At that point, they may aswell just buy a house outright. I'd be limiting my pool of potential buyers quite a bit if I bought more.

At the moment, just like myself, the buyer later on may see the share as an ideal way of living for a while, as at the moment, the mortgage and rent combined are cheaper than renting the equivalent house in the area.

Basically, theres a plan, and it's to make it as easy as possible for myself to get out, and also to save. I treat it like I'm renting it really. It's in no way a home, but after leaving the parents place at around 20, had to go back around 24, at 25, they needed to move (IO mortgage, no way of paying at the end, so took the equity and bought outright), so I had to get out. Easiest option for me, was what I have. Was nearly sold something which I would have definately lost by now. Was advised against what I have now, and was really pushed into a new build "apartment" with a massive mortgage and personal loan attached to it. Been ridiculed for buying shared ownership ever since. But hey, I'm still sitting in it, rather than having lost it

I'd like to see prices correct. But I would pay for that. I'd only have a percentage of the neg equity though. And a percentage of any positive equity.

It's the next house I'm concerned about.

RenovationMan

Sounds like your doing the right thing Graham, especially as you cant buy the property outright. I dont know why people have an issue with shared ownership, it helps a lot of people get onto the housing ladder who would otherwise have found it impossible. Its certainly better than renting if you want some sort of security of tenure and want to be able to decorate to your own taste. My mate would never have been able to afford a house in Central London without assistance.

I thought with the right to buy legislation (which doesnt just cover LA housing) you could buy the house outright, but obviously not. When are you thinking of making a move, once the crash has bottomed out or are you on your own timetable?

Graham_Devon

RenovationMan wrote: »

Sounds like your doing the right thing Graham, especially as you cant buy the property outright. I dont know why people have an issue with shared ownership, it helps a lot of people get onto the housing ladder who would otherwise have found it impossible. Its certainly better than renting if you want some sort of security of tenure and want to be able to decorate to your own taste. My mate would never have been able to afford a house in Central London without assistance.

I thought with the right to buy legislation (which doesnt just cover LA housing) you could buy the house outright, but obviously not. When are you thinking of making a move, once the crash has bottomed out or are you on your own timetable?

The timetable is how much I can save. If I miss any bottom, so be it. Just want to have a decent, 30/40% deposit, mainly because I've enjoyed the freedom the low housing costs afford me now.

That's the plan at the moment anyway. Anything could change depending on what the future holds!

Unfortunately, I need a new car right now, so that's putting a dent in the deposit!

RenovationMan

Graham_Devon wrote: »

Unfortunately, I need a new car right now, so that's putting a dent in the deposit!

I know that feeling. I'm a bit 'two steps forward, one step back' at the moment with my renovations & OP fund.