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Mortgage advice first time buyer
Legacy_user
Posts: 0 Newbie
Hi, I am looking for some advice about mortgages.
About me: I currently live at home with parents and this has helped me save money. I plan to leave here in August with 30K in the bank which is intended to be a deposit. I live in the south of England so I cannot get much down here compared to whats on offer up North
. Basically I do not know much about finance/banks/mortgages etc. (They should teach these things in school) and I would just like some advice as with the 'current economic climate' things look uncertain.
From articles I have read online knowone seems to know what is going to happen in terms of potential falls in house prices. Some experts have predicted 10%, 20% some even 40% drops. Does anyone know the reality or is it simply impossible to know?
Basically what advice would you give to a young person with a 30K deposit who is looking to get on the property ladder.
ie:
Would you recommend keeping the 30K in my bank and rent for now or should I get straight on the property ladder? and why?
In the future.....
Are house prices going to drop?
Are Mortgages going to be even harder or maybe even easier to get?
Is interest going to increase?
The last thing I want to happen is I buy a house and a few months later it drops in price. How much of a risk is it?
Thanks for your help
About me: I currently live at home with parents and this has helped me save money. I plan to leave here in August with 30K in the bank which is intended to be a deposit. I live in the south of England so I cannot get much down here compared to whats on offer up North
. Basically I do not know much about finance/banks/mortgages etc. (They should teach these things in school) and I would just like some advice as with the 'current economic climate' things look uncertain.From articles I have read online knowone seems to know what is going to happen in terms of potential falls in house prices. Some experts have predicted 10%, 20% some even 40% drops. Does anyone know the reality or is it simply impossible to know?
Basically what advice would you give to a young person with a 30K deposit who is looking to get on the property ladder.
ie:
Would you recommend keeping the 30K in my bank and rent for now or should I get straight on the property ladder? and why?
In the future.....
Are house prices going to drop?
Are Mortgages going to be even harder or maybe even easier to get?
Is interest going to increase?
The last thing I want to happen is I buy a house and a few months later it drops in price. How much of a risk is it?
Thanks for your help
0
Comments
-
If you are buying a house as a home then as long as you are happy with it and comfortable with the repayments then you can rise out any falls in price.
If you are buying with the intention of making money then do not buy. There is always a risk with house prices but if it is a home rather than an investment you can get through it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No-one knows for sure what will happen with house prices, interest rates, or the economy in general. Find a mortgage adviser and work out how much you might be able to borrow, and work out if it is affordable for you. Only you know what your attitude to risk is, and only you can weigh up the benefits of renting vs the benefits of home ownership.0
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