Halifax +0.1%

geneer

chucky wrote: »

crash?

ahem...

· Prices in March were 2.9% lower than a year ago as measured by the average for the three months to March against the same period a year earlier. This is the biggest annual decline since October 2009.

:rotfl:

House prices in the first three months of 2011 were 0.6% lower than in the previous three months,

ultrawomble

neas wrote: »

Yep, pay the low interest on a mortgage or pay someone elses mortgage +profit and chance of losing out with rising interest rates.. i.e. my mortgage is unavailable now 3.99% with 1k arrangement fee is 4.19% with 2k arrangement fee..

Fair enough. The way I look at is whilst prices are are falling/flat-lining, for every £1k added to the deposit, I'm ridding myself of £755 per £1k borrowed in interest payments (assuming an average rate of 5% over 25 years). Considering that every £1 repaid costs about £1.40 i.e. before tax and NI etc., you need to earn £2457 to pay off each £1k borrowed.

neas

While that does match i thought the same way.. unfortunately for me then and you now that is a flawed reasoning.

Theres nothing to stop you paying off that £1k off your mortgage.. which is what im doing now (im overpaying mortgage by £500 a month). For every £500 a month i pay off i save the same as you do :P.

DO you see that point? When comparing buying now to saving the interest element to keep the mortgage is usually the same as your rent you are shelling out anyways. And saving for a deposit is the same as just overpaying your mortgage both reduce the amount you will have to pay back over the term. A funny side effect with my mortgage is cool as well.. because i got my mortgage at 3.99% Shortly over the 5 year term i will stop overpaying mortgage and put the money into a 4%+ savings account. I will then be earning money because i got a lower interest rate. WHile you could save at 5%.. your mortgage will likely be at 5% at that point too.

ONly after 6 years will i be limited by a 10% cap of overpayments per year.

Also my mortgage interest is 350 quid ... my rent was £500... i am thereby saving an extra £150 a month by paying off mortgage by this amount. Even tho my mortgage is 500 quid a month and rent was £500 a month £150 of it actually pays off capital so is saving.

Plenty of ways to look at it... but as i said.. with interest rates low and mild falls/stagnation buying would've been the right choice. As you can 'save your deposit' after buying too ..i.e. overpay mortgage. After buying i've overpayed by 4,000 now and mortgage has gone down by £5k overall.

IveSeenTheLight

neas wrote: »

overpay mortgage. After buying i've overpayed by 4,000 now and mortgage has gone down by £5k overall.

When I realised the benefits of overpaying my mortgages, it's when I truly saw the light.

StevieJ

AD9898 wrote: »

My default is still the same, but unlike many on here I do say what I feel given the evidence before me, if that means I stray from what I believe is perhaps best then so be it.

If you're not willing to change your mind somewhat at different times then debate is useless.

Well, when the facts change I change my mind, don't you? (now who said that?) I think you hit the nail on the head too many people come from the position of what they want not what the evidence points to.

julieq

Rush touring any time soon then?

Wheezy_2

julieq wrote: »

Rush touring any time soon then?

Yes, the O2 on 25/5
Get your tickets or you'll miss the boat.
I'm quite bullish it will be sold out.

julieq

Prefer Lanterns on the Lake these days anyway.

geneer

IveSeenTheLight wrote: »

When I realised the benefits of overpaying my mortgages, it's when I truly saw the light.

I'd hope no one in the forum doesn't understand the benefits of keeping interest payments down.

Overpaying is good.
Seeking a lower price is better.

chucknorris

GHUOLS_BACK_IN_TOWN wrote: »

Sibbers will be along shortly to rip you ghuols to pieces. House prices RISING and yet ANOTHER month of paying off the landlords mortgage. Such generous souls.

It looks like you and Sibbers only have to dispatch one more ghou'l then your work is done.