Really confused about what I want :(

Scotbot

danlightbulb said:

MFWannabe said:

danlightbulb said:

I fear this all could be for nothing anyway now, as it looks like there are still very few 10% deposit deals available and the rate is far higher on them. My previous deal was with HSBC, 90% LTV at 2.09% fixed for 2 years. HSBC have a new minimum of 15%. I simply don't have 15%, it would cut my max purchase price from £190k down to circa £150k.

Why would it have to be with HSBC? 
Go to a good broker and ask if there are any 10% deals around 
When you say rates are far higher how much are they? 
We had a much higher rate to start off with because we really wanted our own house and to stop throwing money away on rent but now it’s come right down 

Im waiting for my L&C broker to come back to me with an appointment. But from using some comparison tools it looks like its gone from 2.09% up to 2.65%. That's adding about £60 per month on £190k, or £40 per month on £160k. It perhaps doesn't sound like much but all these little extra bits eat into your budget don't they.

But you are paying rent at the moment I assume. In 10 years time any house will probably have risen in value and you will have paid off some of the mortgage.  Or you could have lost 120 months of rent. 

MFWannabe

Scotbot said:

danlightbulb said:

MFWannabe said:

danlightbulb said:

I fear this all could be for nothing anyway now, as it looks like there are still very few 10% deposit deals available and the rate is far higher on them. My previous deal was with HSBC, 90% LTV at 2.09% fixed for 2 years. HSBC have a new minimum of 15%. I simply don't have 15%, it would cut my max purchase price from £190k down to circa £150k.

Why would it have to be with HSBC? 
Go to a good broker and ask if there are any 10% deals around 
When you say rates are far higher how much are they? 
We had a much higher rate to start off with because we really wanted our own house and to stop throwing money away on rent but now it’s come right down 

Im waiting for my L&C broker to come back to me with an appointment. But from using some comparison tools it looks like its gone from 2.09% up to 2.65%. That's adding about £60 per month on £190k, or £40 per month on £160k. It perhaps doesn't sound like much but all these little extra bits eat into your budget don't they.

But you are paying rent at the moment I assume. In 10 years time any house will probably have risen in value and you will have paid off some of the mortgage.  Or you could have lost 120 months of rent. 

This! 
68k in rent or 68k paid off a mortgage? No brainier imo 

Scotbot

Atlas234 said:

Crashy_Time said:

MFWannabe said:

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

The response to Crashy is your best response so far! 😂🤣

Most people just respond to media sentiment.
https://www.mirror.co.uk/money/house-prices-start-fall-1505-23016461

Not exactly a huge fall though is it, down 0.5% on last month but still 6.3% higher than this time last year

10% higher in my area and like another poster if I had rented instead of buying over the last 3 years I too would have spent around 50k in rent. I  do expect prices to fall but   also expect them to go up again, it may take 10 years but that is hundreds of thousands in rent

getmore4less

Op said something over £500pm in rent
At 2.5% £500pm will rent £240k.

danlightbulb

Just on renting, yeah Ive been renting for 10 years but had no other choice. Its only been the last 3 years that I could have bought my own place, and I did try for a while to do that but had some personal issues mixed in. Then this year is a write off pretty much.

But with mortgage availability falling, deposit requirements up, prices still spiking (the last gasp panic buy before a fall?), mortgage interest rates up, then right now at least, I am very consious of buying at a time when all the indicators are pointing the wrong way. Its certainly not a time to be pushing my finances to the wire to get a house I dont think? If I have to put in more deposit AND take a higher rate AND pay more for the house, then maybe Im better off waiting a while. Crystal ball stuff though.

MFWannabe

danlightbulb said:

Just on renting, yeah Ive been renting for 10 years but had no other choice. Its only been the last 3 years that I could have bought my own place, and I did try for a while to do that but had some personal issues mixed in. Then this year is a write off pretty much.

But with mortgage availability falling, deposit requirements up, prices still spiking (the last gasp panic buy before a fall?), mortgage interest rates up, then right now at least, I am very consious of buying at a time when all the indicators are pointing the wrong way. Its certainly not a time to be pushing my finances to the wire to get a house I dont think? If I have to put in more deposit AND take a higher rate AND pay more for the house, then maybe Im better off waiting a while. Crystal ball stuff though.

Yes you could wait but I would say in that time interest rates will most likely continue to rise 🤷‍♀️ And you’ll be in even worse position than now 🤔 But who knows 🙇🏻‍♂️ 
I don’t think things are going to magically improve as the government has got to make all these billions back somehow 😮
But that’s my personal opinion
Its up to you; it’s your decision 

danlightbulb

Yeah I still think I need to buy, but its a good reason to temper my ambitions and take on something smaller/cheaper rather than aiming for those bigger places I was looking at earlier. In a way its good that the decision is made for me really, can no longer get the bigger mortgage so have to go smaller.

MFWannabe

danlightbulb said:

Yeah I still think I need to buy, but its a good reason to temper my ambitions and take on something smaller/cheaper rather than aiming for those bigger places I was looking at earlier. In a way its good that the decision is made for me really, can no longer get the bigger mortgage so have to go smaller.

Absolutely this! Will have turned out for the best and it doesn’t have to be forever if you don’t want it to be; could aim for bigger in a few years time or you may find you’re perfectly happy advise you are! 
So.... viewings? 

Tiglet2

Tiglet2 said:

These are cheaper properties in your detailed drawn area on Rightmove.  Might be worth viewing.
https://www.rightmove.co.uk/properties/73760262#/
https://www.rightmove.co.uk/properties/78425198#/
https://www.rightmove.co.uk/properties/92646506#/
https://www.rightmove.co.uk/properties/74892636#/
https://www.rightmove.co.uk/properties/74578401#/

Danlightbulb - what did you think to these?

danlightbulb

Tiglet2 said:

Tiglet2 said:

These are cheaper properties in your detailed drawn area on Rightmove.  Might be worth viewing.
https://www.rightmove.co.uk/properties/73760262#/
https://www.rightmove.co.uk/properties/78425198#/
https://www.rightmove.co.uk/properties/92646506#/
https://www.rightmove.co.uk/properties/74892636#/
https://www.rightmove.co.uk/properties/74578401#/

Danlightbulb - what did you think to these?

They all share the similar layout where the living/dining rooms are adjoining the party wall, which is not ideal for the piano really although I take on board what people have been saying about that. It would be better avoided though if possible.

They are ok yeah and I should probably view a couple of them. Out of the list i would say the 1st one and the 4th one look to be the better in terms of layout and condition. The last one is a step too far I think in terms of work needed.

Ive just viewed a house though, which was a tale of two extremes. The house itself is a traditional 3 bed semi, been extended so its got great space inside and its in really good condition throughout. However the road its on is not very good, and its garden is extremely steep/terraced, but a good size and very private. If the house was on any other road it would have sold no problem but because of where it is, and the garden, its been on the market for a while. Due to me likely now needing 15%, I can get nowhere near it's asking price but there may be a substantial deal to be had with it because of its issues which would immediately put many people off. Its not in the core area of where I wanted to be but about a mile away from where I live now, so taking on board what people have been saying, its doable. So how do I decide whether the house trumps the location or not?