Buying reposessed houses

kelloggs36

when interests rise you may find even more repossessions available if people have mortgaged themselves up to their limits without thinking ahead to whether they could afford to pay it at a higher rate. When we looked to move, we went to an EA mortgage advisor who advised that we could borrow up to £250k on my hubby's income of about £34k (a few years ago). There was no way in the world that we would have ever considered doing this as the repayments at 2% may have been affordable, but if they rise to 7 or 8 or even God forbid back up to 11-15% we would have found ourselves in a position of not being able to pay it. I fear that there are some people who have done that as they were blinded by the lovely house they wanted and they will be stung later this year.

knightstyle

Go to a few auctions to get a feel for them, then set up finances and have a go. It is worth noting that if a property doesn't reach its reserve you can approach the auctioneer and find out what the reserve is then offer between the reserve and the price it reached at the auction. You may get a bargain.

MegaMiniMouse

I think this thread lays bare the contradiction between property ownership as a business and property ownership as having your own place to live in - the two are not compatible, but it took the events of 2008 to make it clear...

MMM