should I buy? advice needed pretty please :)

skyepark

wait so you have 40k deposit, you earn approx 45-50k after tax? is this more or less consistent? You should try and get a mortgage through a broker anyway see what they say, depending on how much of a mortgage you want, because as it stands you are losing money, inflation is higher then savings interest rate, there is no point having money in the bank, at least see what a broker says.

ValHaller

skyepark wrote: »

because as it stands you are losing money, inflation is higher then savings interest rate, there is no point having money in the bank, at least see what a broker says.

As it stands, the comparison should be made against the house price inflation rate, not general inflation. If house prices hold steady or fall, then the savings interest rate will make it worth delaying a purchase.

But given that the inflation and savings rates are historically low, there is no point in risking an expensive mistake being rushed into making a purchase, any purchase to avoid losing a few hundred pounds over the course of a year.

These forums are seething with people who acted in the wisdom of the moment in 2007, put all of their money into the wrong sort of property and who are now regretting it.