We really can't afford the house we want/need will things get better for us or just forget it?

Davesnave

getmore4less said:

Davesnave said:

getmore4less said:

Davesnave said:

Tokmon said:

Why were my post and someone else's randomly removed from this thread in the last hour?

Pretty rubbish moderating to just remove posts and not even say anything about it.

Probably because they were considered off topic, although the economy and factors that are likely to affect it now and in the immediate future are things I would think about very carefully myself before deciding to take on extra debt, such as when purchasing a house.

it was after it went I remembered

you can't talk covid even on the covid boards

My reply to the death data also went.

here is one of the admin posts that explains a bit.

https://forums.moneysavingexpert.com/discussion/6115330/coronavirus-posts-on-the-forum#latest

That doesn't explain why data published by the government caused such consternation, but no matter, the point I would have gone on to make is that sitting tight might be the best thing to do right now, rather than join in the bun-fight that's been the property market recently. The other poster was bigging-up the economy without reflecting on the fact that much of the money sloshing about has been borrowed, not earned, and there will come a time of reckoning.

One may be supportive by urging caution.

I think the issue was you were scaremongering with the death data for the delta variant claims.

So posting official government data is scaremongering now? I must try to keep up!

If people understood it, my comment suggested things possibly weren't so negative as they appeared, but it's hardly my fault if civil servants produce data that doesn't support the official narrative.

The title of the thread is, "We can't afford the house we want/need. Will things get better for us?" and I am daring to suggest that the nation and its economy is far from out of the woods, so stretching oneself financially might not be wise.

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

mrsmortgage

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

getmore4less

Davesnave said:

getmore4less said:

Davesnave said:

getmore4less said:

Davesnave said:

Tokmon said:

Why were my post and someone else's randomly removed from this thread in the last hour?

Pretty rubbish moderating to just remove posts and not even say anything about it.

Probably because they were considered off topic, although the economy and factors that are likely to affect it now and in the immediate future are things I would think about very carefully myself before deciding to take on extra debt, such as when purchasing a house.

it was after it went I remembered

you can't talk covid even on the covid boards

My reply to the death data also went.

here is one of the admin posts that explains a bit.

https://forums.moneysavingexpert.com/discussion/6115330/coronavirus-posts-on-the-forum#latest

That doesn't explain why data published by the government caused such consternation, but no matter, the point I would have gone on to make is that sitting tight might be the best thing to do right now, rather than join in the bun-fight that's been the property market recently. The other poster was bigging-up the economy without reflecting on the fact that much of the money sloshing about has been borrowed, not earned, and there will come a time of reckoning.

One may be supportive by urging caution.

I think the issue was you were scaremongering with the death data for the delta variant claims.

So posting official government data is scaremongering now? I must try to keep up!

If people understood it, my comment suggested things possibly weren't so negative as they appeared, but it's hardly my fault if civil servants produce data that doesn't support the official narrative.

The title of the thread is, "We can't afford the house we want/need. Will things get better for us?" and I am daring to suggest that the nation and its economy is far from out of the woods, so stretching oneself financially might not be wise.

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

You said(iirc) more vaccinated people are dying from delta than unvaccinated.

I think it was something like 50 to 38

Scaremongering.

Which is a fact but 

when the vaccinated group is around 10-20 times the size of the unvaccinated group for that age group the relative rate sends a very different message.

Vaccines are saving us.
....

GeordieGeorge

Crashy_Time said:

GeordieGeorge said:

Crashy_Time said:

https://www.bbc.co.uk/bbcthree/article/dd1d3768-0450-4b07-99e4-fee8e9fd9895

A LOT of people will celebrate if it crashes, they want things to get better.

How many years is it now since you started renting and waiting for the crash, and how much would your house now be worth if you’d bought back then?

Are you ever going to accept how wrong you’ve been and buy, or have you given up now and accept you’ll rent forever?

The BBC ran the story not me, a LOT of people want it to crash, not just me.

Yes, but very few have made a conscious decision to wait for what is it now, a decade, while renting?

You’ve seemingly been predicting a crash, not only hoping for one, and have been wrong for a very long time now. Had you done the sensible thing and bought you could have the mortgage half paid off by now, and be well on the way to paying off the rest, but you’re instead still throwing away money on rent while prices rise ever higher.

GeordieGeorge

Scotbot said:

mrsmortgage said:

Can the buyer's solicitor really ask why I'm selling my house? Isn't that a VERY personal question? 

Presumably they didn't ask you they asked your solicitor and you can instruct your solicitor how to answer. I don't think it's that personal but I don't see how it's relevant to the conveyancing. Perhaps they are trying to find out how motivated you are to move.

It’s a question that I always ask, and if a seller refused to say I’d think very carefully about walking away. If they hide anything relevant in response to a direct question it can make a difference later.

If someone is upsizing, or downsizing, or moving jobs then why would they not say?

If they don’t want to say anything then there’s a fair chance that they are driven mad on the days the wind comes across the pig farm, or their Neighbour with the drums or the drugs is just too much, or the Native American burial ground under the house is causing outbreaks of poltergeists.

Bonniepurple

GeordieGeorge said:

Scotbot said:

mrsmortgage said:

Can the buyer's solicitor really ask why I'm selling my house? Isn't that a VERY personal question? 

Presumably they didn't ask you they asked your solicitor and you can instruct your solicitor how to answer. I don't think it's that personal but I don't see how it's relevant to the conveyancing. Perhaps they are trying to find out how motivated you are to move.

It’s a question that I always ask, and if a seller refused to say I’d think very carefully about walking away. If they hide anything relevant in response to a direct question it can make a difference later.

If someone is upsizing, or downsizing, or moving jobs then why would they not say?

If they don’t want to say anything then there’s a fair chance that they are driven mad on the days the wind comes across the pig farm, or their Neighbour with the drums or the drugs is just too much, or the Native American burial ground under the house is causing outbreaks of poltergeists.

One of the downsides of covid has been that we haven’t been able to knock on the neighbour’s door and have a chat.  Both previous times that chat sold the house to us.  We are I suppose fortunate that we live locally and DH’s cousin lives in the next street down so I’m pretty confident that there’s no unknown pig farms, pagan burial grounds or a medieval midden around.

Davesnave

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

As it's very rare for £150k to drop through one's letterbox, it might be safe to assume that it will take some time to amass that much, or something else will have to change, but others have been through alternative options ad infinitum.

I recall we were similarly short in or around 2002. Our our situation left us wanting, as we'd outgrown what we had in various ways. Despite trying to think out of the box, we concluded factors related to family and not just money were the true stumbling block. We couldn't be properly creative until the kids were off our hands. It was late 2007 by the time we became free to sell up and make a move, but we all know what happened then and we were caught up in it.

My caution derives from that time. I realise it won't please anyone to suggest economic pain is on the horizon, but with every major change comes opportunity. We wouldn't be where we are now without the last recession reducing competition and ourselves positioned in rented with no encumbrances. If your income is secure and as buoyant as you suggest, I doubt if you'll have wait as long as we did.

mrsmortgage

Davesnave said:

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

As it's very rare for £150k to drop through one's letterbox, it might be safe to assume that it will take some time to amass that much, or something else will have to change, but others have been through alternative options ad infinitum.

I recall we were similarly short in or around 2002. Our our situation left us wanting, as we'd outgrown what we had in various ways. Despite trying to think out of the box, we concluded factors related to family and not just money were the true stumbling block. We couldn't be properly creative until the kids were off our hands. It was late 2007 by the time we became free to sell up and make a move, but we all know what happened then and we were caught up in it.

My caution derives from that time. I realise it won't please anyone to suggest economic pain is on the horizon, but with every major change comes opportunity. We wouldn't be where we are now without the last recession reducing competition and ourselves positioned in rented with no encumbrances. If your income is secure and as buoyant as you suggest, I doubt if you'll have wait as long as we did.

If I think of the day the older kids have left for uni/adult life.... Then I would be able to move to/closer to London, so I can get my career back, but most importantly my salary will then be what it should be. By then, my stake in the family business would be in cash, and would be able to sell my other properties abroad. We're talking at the very least of £500k total. I'll still be youngish (with 25 years of working life) so I see this as completely temporary. But this 8 years living in a place I don't want to live at all feel like an eternity...

getmore4less

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

From what you have said the mortgage is a limiting factor.

Your deposit ~£70k is big enough to get property
£700k at 90% £630k
£467k at 85% £397k
£350k at 80% £280k

Max mortgage you said (iirc)£285k
That's is restricting your options.

It is looking like to may well be in the 80%-85% LTV window but can't max out borrowing in that range due to the mortgage limit.

Even with £60k deposit 85% would be £400/£340.

I think you said £700pm property income and that place is worth £300k that's a low yield at 2.8% if your mum is the block there can she find some cash to help out.

Have you looked at options that may stretch the mortgage affordability to get a bit more like longer term or  are income multiples at the limit.

mrsmortgage

getmore4less said:

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

From what you have said the mortgage is a limiting factor.

Your deposit ~£70k is big enough to get property
£700k at 90% £630k
£467k at 85% £397k
£350k at 80% £280k

Max mortgage you said (iirc)£285k
That's is restricting your options.

It is looking like to may well be in the 80%-85% LTV window but can't max out borrowing in that range due to the mortgage limit.

Even with £60k deposit 85% would be £400/£340.

I think you said £700pm property income and that place is worth £300k that's a low yield at 2.8% if your mum is the block there can she find some cash to help out.

Have you looked at options that may stretch the mortgage affordability to get a bit more like longer term or  are income multiples at the limit.

You're right that the extra lending would translate into a £350 extra every month. We had committed payments of £250 (we don't any more but we set that money aside) what I'm trying to say is that real "impact" that we would feel in our pockets is of £100 / £150.

You're also right, that the issue is that we have very average salaries for not very average house prices. My dear mother  is lovely but not someone you can rely on to lend/give you money. She always has conditions/restrictions. She already thinks we shouldn't buy a bigger house and our teenage son should suck it up and sleep in the living room.