LAND REGISTRY data finally shows FALLS in House Prices

mystic_trev

Melissa_Hewett wrote: »

My partner added it for our pleasure :j

Don't let the Council know 'cause they'll stick you in a higher Council tax banding! :rotfl:

Unknown1234_2

dannyboycey wrote: »

When your house is worth 40% less than it is now and you come off the fixed rate period and move on to your lenders SVR, I suspect that might dampen your 'happiness'. I just hope your 'happy' to stay in the same house for the next decade or so.

So do i, but whether i rented or got a mortgage i would still loose my home if repayments went up significantly.

phlash

Melissa_Hewett wrote: »

Or that i have to have somewhere to live and renting and a mortgage is the same amount here.

I agree with you about something. The rent on a place can be the same AMOUNT as a potential mortgage. HOWEVER, the RISK profile is fundamentally different.

For some reason, risk isn't a factor in many people's minds, I suspect due to the past decade of unsustainable house price inflation. People feel invincible.

You were 19 when you bought, and are 20 now.(think thats correct) You took out a 100% mortgage. It makes you one of the most susceptable people in the Country if there's any downturn in the market.

brasso

olly300 wrote: »

You shouldn't have gone to university you should have worked your way up in life.

In my day people didn't go to university to get jobs they worked hard and studied in their spare time.

BTW I know if you haven't got a degree now and are of a certain age many employers will not touch you. Maybe phlash it's time for you to emigrate.......

Are you being serious?

Everyone who wants to go to university, and who has the ability should be entitled to a funded place. It's in the interests of society at large that we have a well-educated and articulate workforce. I've yet to discuss this with anyone who has a different view.

As for how higher education is paid for, I can't for the life of me see what's wrong with a 'graduate tax', payable by all graduates whose earnings rise above a certain level -- perhaps above £25K?

I certainly would be happy to pay it.

brasso

Melissa_Hewett wrote: »

So do i, but whether i rented or got a mortgage i would still loose my home if repayments went up significantly.

And with the greatest of respect, you sound like another total halfwit.

Having your house repossessed is significantly different from having to trade down to a place with lower rent. If you lose (or "loose" as you put it) your house, you'll struggle to get credit for many years, and you will still owe the bank the shortfall in the mortgage once they sell off the property. This could be many tens of thousands of pounds. You're mad to underestimate the danger of repossession.

100% mortgages in a time of very high house prices and a market on the verge of a decline are very dangerous things. All things being equal, I generally wouldn't put anyone off buying a property BUT there are caveats. In the current market, NO to 100% mortgages, NO to interest-only, NO to BTL. YES to repayment mortgages if you have a sizeable deposit, and if you won't realistically have to move for say 5 years. If you think you may have to sell your house for some reason (e.g. planning to emigrate, divorce, whatever), then 100% mortgages at this time should be avoided or you may well find yourself in the negative equity trap.

noyk

Chill bill, she's young apparently and is obviously just trying to do the best for herself as we all are. Insulting people won't work, they just make people angry so they stick to the their position even more (some people do that anyway!), but gradually with an explanation of the real facts people will learn and understand.

Ad

Melissa_Hewett wrote: »

No i have an 100% mortgage and am happy with it

As long as you can afford it, best wishes anyway.

Nice picture by the way

keeperbear

phlash wrote: »

I agree with you about something. The rent on a place can be the same AMOUNT as a potential mortgage. HOWEVER, the RISK profile is fundamentally different.

You took out a 100% mortgage. It makes you one of the most susceptable people in the Country if there's any downturn in the market.

The property market has NO impact unless you choose to sell. At 19, you could buy a property that you live in for the remainder of your life. I bought at age 20 with a 100% mortgage, and am still in the same property with my mortgage paid off. I also have loads of equity. There is absolutely no risk if you consider the life of a 25 year mortgage. There is no way that property will be valued less in 25 years time. Alternatively, if you rent, you have the risk of increasing rental costs and the transaction costs of finding a new property every six months.

Jennifer_Jane

Just want to thank Brasso for his post number 64. Brilliant reply and all I would have wanted to say, but so much more articulately than I could have done. I bought in UK at age 53. Also thought I had missed the boat. Thank you in particular for saying that not everyone of the baby-boomer generation is doing well. I am pretty poor!

Thanks, Brasso, am enjoying all your posts - apart from damning the interest only mortgage, which has been my salvation!

keeperbear

dannyboycey wrote: »

When your house is worth 40% less than it is now and you come off the fixed rate period and move on to your lenders SVR, I suspect that might dampen your 'happiness'. I just hope your 'happy' to stay in the same house for the next decade or so.

A 40% fall in property prices. In your dreams mate.

Also, most buyers are perfectly happy to live in the same house for a decade or so. Who the heck wants to move every six months? Someone who rents thats who. Not my cup of tea mate. I like to put down roots and build a comfortable living environment.