Unsure FTB

ViolaLass

brit1234 wrote: »

If you think prices will rise ignore myself but be careful not to get burnt.;)

Only you can ignore yourself but I ignore you.

D55

I had a feeling this thread would turn into a crashy crashy thread

woodsey2002

We're in a very similar situation, we're not technically FTB's as we owned property in the UK prior to moving abroad in 2004 but the last time we bought here was back in the good old days of only needing 2X income to buy a very nice house with interest rates at a much more realistic level of 7%.

We still have a property abroad but rent it out. We are desperate to buy here again, been in 3 different rentals since coming back 2 years ago so want some stability for our son. Without kids I doubt I'd ever buy a house again..

Been looking at properties up to 500k but having obsessively tracked house prices over the last two years the higher end houses are simply not dropping in price in my search area mainly due to deluded boomers expecting people like us to fund their retirements so we've changed our plans somewhat.. Lower down the market with much more competition prices have dropped significantly and we've found a house in our desired location with a fabulous garden and 3 bedrooms with plenty of room to extend for 175K..with a 20% deposit and 50K to extend we need to borrow only 1X income and with a 7 year mortgage with healthy overpayments each month we could possibly be mortgage free in under 5 years.
It's not what we imagined we'd buy but there is too much uncertainty in the market for us to commit to spending so much money even though we have the income to afford a far larger mortgage, so this is a perfect compromise for us. I still get to walk my son to school, he will be close to many of his school friends and we'll still be able to afford all the things we enjoy doing now whilst renting.