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.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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!
Just bought a house, wrong move?
Comments
-
Not going over how you have got into your situation but you need to work yourself out of (or minimise) negative equity now as two years isn't a long time. You need to save and you need to improve your property doing a quality job without it costing anything. Obviously, nothing won't be possible, but you get my gist and no more borrowing.
If a crash doesn't come you still want to get as low a borrowing v value as you can for remortgaging. If a crash does come you need to have as high a savings behind you as possible.
On the basis you came into this sitaution with 12.5k debts you are, perhaps, not the best at living within your means. I would read the other boards here and see how you can start to spend less.0 -
If you've bought a home and have no plans to sell, rather than a short term investment, then I wouldn't worry at all. SO long as you can pay the mortgage and bills each month without any problems, I wouldn't fret about it.
People have been crying wolf about price drops for years now, and if alot of people had taken them seriously, they wouldn't have made so much money, or even gotten themselves a family home. Life is one big gamble, and a long term investment in a home is much better than buying one just to do up and sell on.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Cheers Guys for all the advice/comments
My debt come about when i was a teen, i had no direction from parent (violins?) And i had lived on my own since i was 17. But since being with my girlfriend who has no debt, basically put me on the straight and narrow. So my debt is getting smaller and smaller (was about 17k 2 years ago) and ive also taken on a lot more wage. So I feel il be ok for repayments.
Suppose I intend staying in this house for 5-7 years, before wanting to buy a 3 bed...0 -
Isn't there a penalty if you switch mortgage provider after only two years?
It is very likely we will see a tightening in lending criteria such that it will be very difficult to get 100% mortgage in the future and if you do you will be paying over the odds (as you are to some extent now). So you may find it more expensive to remortgage.0 -
I'm another that says clear your debt then buy, but too late now. Never mind, keep clearing it & saving like a ninja.
Contrary to what DG said about finding a new kitchen in a skip, one of my colleagues did pretty much that, taking some lovely mahogany desktop from a skip in the uni I work in (physics dept, not chemistry;)). Stripped & cleaned it, then re-varnished it for a beautiful result. There have also been countless belfast sinks in the skips too.
So my advice is keep an eye out for buildings that are being refurbished & go skip diving for some great stuff."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Good Luck
You should always shop around mortgage advisers. I bet you get more than one quote for any building work you get done. The mortgage advice sounds terrible. I hope you do not become another unfortunate statistic in a debt ridden market gone crazy.
Concentrate as much of your income now on reducing your loan and mortgage. Assuming house prices do not fall then with the loan gone and the mortgage reduced slightly you should be able to get a deal in 2 years time. A lot of lenders are tightening criteria and may look at a LTV of 90% or less in the future for anyone with other debt. Whatever you do do not miss any payments on any of your debt in the future as any non prime lending will cost a bomb.0 -
where in essex are you? cos if its near to london, the house prices will go up due to london 2012..so don't worry too much! :dance:smile everyday...cos its free
Live everyday to the Full..cos there is no tomorrow:dance:0 -
where in essex are you? cos if its near to london, the house prices will go up due to london 2012..so don't worry too much! :dance:
What nonsense. Why should a few weeks of games make any difference to house prices?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
where in essex are you? cos if its near to london, the house prices will go up due to london 2012..so don't worry too much! :dance:
Why?
"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
What nonsense. Why should a few weeks of games make any difference to house prices?
I "think" the theory is that the re-generation of the olympic sites will increase house prices in those area and there will be a ripple effect on the surrounding areas that haven't been re-generated as people are forced to move further out to the cheaper areas0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards