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FTB - get on the ladder now or wait?
Comments
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Our interest on our loan is about £790/month, and renting would have cost us £875 - £1000 per month for a suitable property, so buying was definitely worthwhile for us. .
Oh really? And if you take out the deposit (for which you're sacrificing the opportunity cost of earning MUCH more via stocks and shares?), how does it stack up?
Oh, and you might as well factor in two rate rises.
Looks like a bad move to me.0 -
OP, we feel very similar, however, due to our over crowding and the area becoming progressively worse, we want to move now.
I am really worried about a crash, not because I want to move, but because of interest rates rising, but we've got 2 years fixed rate, so will have 2 lots of pay rises by then, plus I'll be going full time, so this will hopefully counteract the increase.
If I were you, I'd work out an honest budget and see exactly what you have coming in and going out and work out if you would be able to afford your mortgage if rates rised.
Best of luck."I did then, what I knew then. And when I knew better, I did better"0 -
Have a look at this:
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/06/17/nrdebt117.xml
Margaret[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0
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