Flamin' 'Eck, English House Prices Are Cheap.....

puddy

Graham_Devon wrote: »

I work it out that you are paying 9% interest.

Unless of course you have the mortgage over a shorter period.

oh, yes, i forgot, its 13 years,,, sorry!!! that obviousy would halve it for a part buy part rent situation, hence my argument is built on sand!!

MRSTITTLEMOUSE

I can't speak for anywhere else but as far as the North East is concerned a house for £99,500 probably would'nt be up to much,either that or in bad area.

puddy

Really2 wrote: »

Its still cheaper than a £125k mortgage at your IR rate?

does the average FTB get a 125 mortgage?

Cleaver

MRSTITTLEMOUSE wrote: »

I can't speak for anywhere else but as far as the North East is concerned a house for £99,500 probably would'nt be up to much,either that or in bad area.

Well according to Generali's source £99,500 would buy you the average type of house in the North East. Are you saying that the source is wrong?

Really2

puddy wrote: »

does the average FTB get a 125 mortgage?

It is used as a comparison. if a house is £125K and to part by is £62.5K mortgage + £XXX rent you would work out a cost based on 100% mortgage (they are not available but it is a like for like cost comparison)

otherwise you are not comparing like for like.
You do it as a fair financial comparison for costing, in reality you would have a deposit

Really2

Cleaver wrote: »

Well according to Generali's source £99,500 would buy you the average type of house in the North East. Are you saying that the source is wrong?

There are 530+ 3 bet propertys in Northumberland under £100k?
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61333&sortByPriceDescending=false&maxPrice=100000&minBedrooms=3

Cleaver

Really2 wrote: »

There are 530+ 3 bet propertys in Northumberland under £100k?
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61333&sortByPriceDescending=false&maxPrice=100000&minBedrooms=3

http://www.rightmove.co.uk/property-for-sale/property-13297455.html

Not bad for £35k!

Graham_Devon

Really2 wrote: »

There are 530+ 3 bet propertys in Northumberland under £100k?
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61333&sortByPriceDescending=false&maxPrice=100000&minBedrooms=3

It's hard to argue that isn't affordable.

3rd one is a 3 bed terrace for 34k. Needs some renovation, but I'd expect so at that price level.

Just wonder if I'd make it a week before I'm mugged, or assualted for simply walking down the street. I don't know anything about the area, so a house prices that much screams problems to me.

4th one down has reduced all but 50%, 3 bed semi. Even looks to be functional. Even at 64k, it would not sell. 54k? Nope. Not selling. 45K, erm, nope. Maybe 35k. Been on Market over 6 months.

All I'm saying is, price isn't the be all and end all. Sure, it's affordable (i'd hope!). But as BTL landlords on here have said so often "I'd take 10 at that price"....why then, do they leave these?!!?

Theres something up with them. I don't know what it is, but the price will be reflecting it.

Cleaver

Graham_Devon wrote: »

Just wonder if I'd make it a week before I'm mugged, or assualted for simply walking down the street. I don't know anything about the area...

Stop assuming that you'd be mugged in it then.

Loughton_Monkey

puddy wrote: »

does the average FTB get a 125 mortgage?

Probably not. But as I posted on another thread, it seems where most FTB go wrong is wanting full 3-bed semi minimumn whereas in my day, you bought dingy terrace just to get on the housing ladder, and then trade up.

But don't forget, £125K is "Average". FTB don't buy average (or tough sh*t if that's what they are trying to do). So they would buy at £100K. Therefore, mortgage £75K.

Perfectly possible. Saving up the £25K is far more difficult than getting a miserable £75K mortgage.