We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Take out mortgage or wait and see?
youandiaredominoes
Posts: 67 Forumite
My partner and I are thinking if buying our first home. We live in London and the plan is to buy a 2 bed flat, live in it for about 2 years and then rent it out and move out of London and rent a similar property at a much lower rent and then start building up another deposit for a house outside London.
We can't tell what will happen in the future but there's lots of talk about a housing bubble crash, house prices drastically decreasing and interest rates going up.
I'm not sure whether it would make sense or get a mortgage but risk the price of my property drop and pay potentially much higher interest OR to wait and see what happens and capitalise on any housing price crash (but still pay high interest rates)? Just wondering what the pros and cons might be of this approach ?
We can't tell what will happen in the future but there's lots of talk about a housing bubble crash, house prices drastically decreasing and interest rates going up.
I'm not sure whether it would make sense or get a mortgage but risk the price of my property drop and pay potentially much higher interest OR to wait and see what happens and capitalise on any housing price crash (but still pay high interest rates)? Just wondering what the pros and cons might be of this approach ?
0
Comments
-
London seems pretty much unaffected by housing crashes. If you buy a flat in London now I think it's unlikely you would lose money on it.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards