Rics: Prices falling.

geneer

Good news for those with decent deposits looking to buy post crash.

Pimperne1

geneer wrote: »

Good news for those with decent deposits looking to buy post crash.

Yes but is it better to buy now rather than post crash?

peakoil_2

geneer wrote: »

Only if they were throwing poop at the walls.

do bear not poop (in the woods)?

Jegersmart

crash123 wrote: »

I think it is hard for some to admit that they may have been wrong. Indicators can change so you have to change also. Even though I still think property is too high I know there are bargains out there, you just have to look for them.
I am interested to know what you think at the moment?

Being able to admit one is wrong is the key as far as I am concerned, we all are at some point and it is how we react that matters.

There are many ways to look at this in my opinion - what is your interest so we can narrow down the discussion:)

PJD

Heyman wrote: »

Fantastic - where was that from? And what was the LTV? Were you an existing customer?

The 4.09 no fee was with Nationwide, but there other lenders offering similar deals, Yorkshire Building Society is one example, - and no, I'm not an existing customer.

geneer, - I understand the hair that you're splitting, but have absolutely no idea what point you're making.

I agree that property (in some areas, including where I've just brought mine, Surrey) is still somewhat over-priced. But, off-setting this, is the fact that currently money is cheap.

But who cares about asking prices? If you think property is over-priced, then offer what you think is a fair price (even if it is 40% lower than asking) - that's what I did.

The market is so dodgy at the moment, there are bargains around if you look. Any buyers looking at these uncertain times are in a good position.

I have a 5 year fix and I intend to overpay the mortgage as much as possible in that time, just in case rates are much higher in 5 years time.. - by which time I would've reduced my mortgage sufficiently to be able to cope with a large increase.

If inflation continues to rocket, that, effectively reduces debt further.

My mortgage will be less than the rent that I have been paying now.

The property will be MINE. I can do what I want with it. It will be my HOME. Not just a place I rent from someone else.

I have stayed off the property ladder for four years waiting for a crash... - not sure it'll ever really happen in the kind of (decent) areas that I want to live in. I decided a few months ago that I was fed up with renting, - I want my own place, my own home, and I want to start chipping away at a mortgage. I dont care what happens to property prices, as my repayments are very affordable and I own my own home.

geneer

PJD wrote: »

.
geneer, - I understand the hair that you're splitting, but have absolutely no idea what point you're making.

Given that I've specifically stated the same (post 29), the problem would appear to be yours rather than mine.

Pimperne1

geneer wrote: »

Given that I've specifically stated the same (post 29), the problem would appear to be yours rather than mine.

Indeed, that's a pretty good explanation by Gimpere standards (but a bit obscure for most of us).

abaxas

I never understand why people hate high fees.

Look at the deal offered, not at parts of it.

PJD

BixWier wrote: »

You did well, but can everyone get the same? No.

The 30% deposit (although there are deals not far off the above at 25% LTV) I have, I worked and saved very hard for.

Heyman_2

abaxas wrote: »

I never understand why people hate high fees.

Look at the deal offered, not at parts of it.

I just think it's a swiz, the fees can be anywhere from £0 to £2499 for what is essentially exactly the same product i.e. the bank aren't doing any more or less for that money, it's just a different way of breaking out the costs.

Plus it's yet another upfront cost (admittedly you can add it to the loan usually) and it discriminates against people who are borrowing a smaller amount.

I understand what you're saying but I think it should be made simpler.