First time buyer advice needed

ixwood

Can we ban EAs from advising?? I'm not sure what are worse, them or banks.

ixwood

Sorry, to the nice one(s)!!

ixwood

I want to know whether the advert came off cos it was againts the rules, or cos the site was that bad?

steb4life

I respect the rules and ethos of this site - It is a valuable resource to anyone living in the UK. My background is IT, although I will qualify I do have a links to the site in question - thank you for your feedback on it, positive or negative it all goes to hopefully improvement!

I also have NO VESTED INTEREST in getting anyone into debt - I also have no dealings in financial services WHATSOEVER!!!!

Ace01

Thanks for everyone's advice and interest in this matter. We have been to see an independant financial adviser who is a friend of a friend so to speak who has no interest in making money out of us but to just advise us.

He has advised rolling the mortage and also to cover some of the debts owed all into one. He said that way, we can pay everything off on a lower APR and have some money between us each month left.

I will need the facts and figures etc, but my philosophy is that the sooner we get on the property ladder, the better.

The amount of people i know that have made £20 - £30 - £40,000 on property over the last few years is unbeleivable, money we could never SAVE at all!

We could be much better off earning this amount this way, than saving up and paying off debts, and then realising that house prices have gone up again and again!

jonewer

Ace01 wrote: »

Thanks for everyone's advice and interest in this matter. We have been to see an independant financial adviser who is a friend of a friend so to speak who has no interest in making money out of us but to just advise us.

He has advised rolling the mortage and also to cover some of the debts owed all into one. He said that way, we can pay everything off on a lower APR and have some money between us each month left.

I will need the facts and figures etc, but my philosophy is that the sooner we get on the property ladder, the better.

The amount of people i know that have made £20 - £30 - £40,000 on property over the last few years is unbeleivable, money we could never SAVE at all!

We could be much better off earning this amount this way, than saving up and paying off debts, and then realising that house prices have gone up again and again!

I wasnt going to comment here but you seem to be assuming that the current stratospheric rate of property price inflation is going to continue indefinately. How can you be sure? Do you have a crystal ball? Have you been keeping track of interest rates recently? Do you know that prices can go down as well as up? What will happen if you take out a 125% mortgage and your house drops by 10%? You do realise that if prices drop 10% you will then owe (effectively) £128,250. Since you cant save money, how will you pay this dead money back? I hope you plan on investing in some good strong locks - you will need them to keep the bailliffs out!

Even if houses go up, how are you going to realise this money that your house has "earnt"? Without selling your house and making yourself homeless?

Just a few questions you should be asking yourself - and dont lie to yourself - before you buy.

dolce_vita

Ace01 wrote: »

We have been to see an independant financial adviser ......He has advised rolling the mortage and also to cover some of the debts owed all into one.
Well, there's a f*cking surprise!

He said that way, we can pay everything off on a lower APR and have some money between us each month left.
Yeah, paying for the next 50 years no doubt

I will need the facts and figures etc, but my philosophy is that the sooner we get on the property ladder, the better.
Oh dear

The amount of people i know that have made £20 - £30 - £40,000 on property over the last few years is unbeleivable, money we could never SAVE at all!
HPI will not come to your rescue

We could be much better off earning this amount this way, than saving up and paying off debts, and then realising that house prices have gone up again and again!
Your home is not an ATM

Lambs to the slaughter.

Classic end of bubble activiy

ixwood

Ouch. I wouldn't underestimate the risks involved personally. I'd guess there's more chance you'll lose money and be shafted than making an easy buck.

That's part of the problem now, cautious people have seen too many other lucky people getting "rich" (only if they realise the profit somehow of course. Most seem to think they're won the lottery and spend, spend, spend) for too long and now want some, regardless of the risk.

Whilst at the same time, the smart money is getting out.

It's the fedup gamblers that will get hurt.

My bro of all people is determined to get himself a BTW soon. Talk about missing the boat.

Doozergirl

It's just wrong. Really wrong.

I hope you come out of this unscathed, I really do. You are asking for trouble and you obviously have no idea about the realities of the property market. If you split up with your girlfriend you've landed yourself with half her debt and a house you won't be able to sell. You need the house to increase by 20% in value just to break even. If the price of the house fell by 10%, her debt would increase by 50%.

Your girlfriend has issues that need to be addressed, not 'rolled up'

How can a financial adviser have no vested interest in selling you something? :wall:

ixwood

"Ace", you'd we advised to take these warnings seriously. We have no interest in selling you anything and only have your best interests at heart, What have we got to gain?

I'd think long and hard about jumping on board now.