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Debate House Prices
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Land Registry Prediction
Comments
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I'm confused. A few posts ago you were suggesting interest rates were going to be increasing, now you're telling us they will be exceptionally low long term.
Even if prices remain unchanged it will also make perfect sense to carry on saving that deposit.
Yes, maybe I wasn't clear. You can get exceptionally long low term interest rates on mortgages now (ie 5 year fixes at 3.x%).
Not sure your second point makes sense. There are a lot of variables in whether you should continue to rent and save for a deposit - part of which is whether prices remain unchanged (but they could in fact go up).0 -
I'm sure there is.
Equally, its not possible to buy without doing the saving first.
Is rent wasting money? Strange, I thought it put a roof over your head.
Y'know, in the same was as paying banks interest does.
Perhaps I should have put it a different way you can't save what you are paying in rent.0 -
Not sure if this has been said before but whilst paying rent puts a roof over your head paying interest both puts a roof over your head and allows you to own that roof at some stage.
Not sure if its been discussed before, but paying rent to put a roof over your head whilst prices are crashing increase your chances of one day owning a similar roof at a much reduced cost.
As does saving up for a good sized deposit.
Which of course reduces your monthly payments, obtains a preferential interest rate, and considerably reduces your total payments over the duration of the mortgage (but mainly in the first half).
Good eh?
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Geneer, loathe as I am to provide oxygen to the odious site why don't you promulgate the LR figures to the bears on Cc?0
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Not sure if its been discussed before, but paying rent to put a roof over your head whilst prices are crashing increase your chances of one day owning a similar roof at a much reduced cost.
As does saving up for a good sized deposit.
Which of course reduces your monthly payments, obtains a preferential interest rate, and considerably reduces your total payments over the duration of the mortgage (but mainly in the first half).
Good eh?
Yep, I think I can see the problem with that scenario currently.0 -
Not sure if its been discussed before, but paying rent to put a roof over your head whilst prices are crashing increase your chances of one day owning a similar roof at a much reduced cost.
As does saving up for a good sized deposit.
Which of course reduces your monthly payments, obtains a preferential interest rate, and considerably reduces your total payments over the duration of the mortgage (but mainly in the first half).
Good eh?
Stagnation anyone?Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
You can't save what you are paying in anything carper.
So perhaps you shouldn't have eh.
The way I understand it Percy wants to buy a house that he will stay in so the mortgage he pays on that will be all his housing costs so if he rents for a couple of years that will be additional spending. He might be lucky and house prices might fall more that the rent he pays but then again he might not.0 -
Yes, maybe I wasn't clear. You can get exceptionally long low term interest rates on mortgages now (ie 5 year fixes at 3.x%)
I like how 5 years has just become an exceptionally long time. :rotfl:
So when you said exceptionally low long term interest rates, you mean currently avaliable fixed rates.
Does that mean you expect interest rates to significantly increase in the next few years. I wonder how that will effect house prices.
In the interim, I'm pretty sure theres a key qualification required to access those exceptionally low fixed rates. Can you guess what it is?
Not sure your second point makes sense. There are a lot of variables in whether you should continue to rent and save for a deposit - part of which is whether prices remain unchanged (but they could in fact go up).
An even bigger part is whether you can buy without a deposit.
Which you of course cannot.
As to prices, they won't go up. The may stay unchanged. They will probably fall. 0
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