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Rent or Sell?!
Comments
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moneysavingpom wrote: »Australia.... A long way away from any rental property!
Do you know what the current mortgage interest rates are in OZ?0 -
Thrugelmir wrote: »Do you know what the current mortgage interest rates are in OZ?
Haven't looked to be honest. Going to rent while we find our feet. I have heard that getting credit, mortgages etc is very easy.
Rumour is though that the oz housing market is due for a big fall... Over inflated prices etc, so there may be a bargain to be had in a year or so (but people have been saying that about the Uk Market for years!).0 -
moneysavingpom wrote: »Haven't looked to be honest. Going to rent while we find our feet. I have heard that getting credit, mortgages etc is very easy.
Friend who lives in Sydney is currently paying 7.50%.0 -
If the BOE rate is low then the mortgage remains low - the OP said they are on a tracker so other rates would have no effect at all.
That's completely incorrect. 2007 trackers were a fraction above base rates now they are a few percentage higher despite BOE rate being 0.5%. If the economic troubles continue this divergence will increase furtherIn a few years when the market picks up you can then sell and hopefully get a better price.
PWC were talking about a return to 2007 prices by 2020, is it worth worrying about a property for 9 years. A lot can happen in 9 years and it is a long flight to sort out problems let alone the cost of the flights.
The buy to let model is broken hence the higher percentage of repossession compared to any other group.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Time to update that sig Brit.....
LR 0% MoM, and Nationwide +0.2% MoM.
All three indices showing prices not falling.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
moneysavingpom wrote: »
They also want to "officially" pay £250K and then pay £20K on completion to avoid stamp duty... is this normal I wonder, or asking for trouble.
Not only is it not 'normal'... it is fraud, and there is no way of enforcing the extra payment if they don't pay up. Your solicitor would be at risk of being struck off if they went along with the plan, as would their's. It isn't going to happen, don't get involved in those sort of scams.
I'm in the sell up and make a fresh start camp.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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