First Time Buyer - Help Needed!!!

Lucy-Wales

Ok, my partner and I are in our twenties and have been house hunting for the past 10 months. We have recently discovered that 100% mortages are no longer available which means that we are going to have to use our savings as a deposit which was not our original intention.

In light of the above / the credit crunch and the potential housing market crash, we are undecided about purchasing a property in the current climate at all. Over the past few months, house prices have been dropping - even more so in Wales. So whats the general feeling? Do we get on the property ladder a.s.a.p or do we wait a while?

Decisions, decisions - your opinions would be very much appreciated!!!
Many Thanks,
Lucy

Smashing

If you can afford to wait and are in no particular rush then do so. There's nothing to achieve by jumping in now other than a big f-off mortgage.

Dan:_4

If you are in no rush to buy and are quite happy to stay where you are in the meantime it is probarly not a bad idea to sit it out for 12 months to see what happens to prices and try and save a bigger depoist to reduce your LTV as much as possable.

Remember, price drops / rises vary region to region so you need to look into what is happening in your area.

space_rider

Wait and save. That way you have everything to gain.

Bf109

We have also been looking for 10 months and have now officially suspended our search.

Either prices come down 20 to 60% over the next few years or we leave the country. Damned if I'm paying hundreds of thousands of £s for the priveledge of owning some sodding little pokey little grotty little box in chavsville when I could live the life of riley somewhere else.

saveralot

I'm a FTB too in Wales and don't know whether to wait or not. Not a lot out there. Sick of estate agents bull. Avoid D*rlows biggest bull ever. One cheeky woman in there told me I was wasting my money renting but as I said to her, better rent and sleep at night than live in the dump that I could afford on there books and worry.

You are in your 20s not a rush. save save save - get a good ISA. Reduce the waste of magazines/meals out but enjoy a few treats or it will drive you mad.

Lucy-Wales

Thank you all for your comments. Wait and save is not really the answer i was hoping for but i value your opinions and well - that's life!!!

I'm just really frustrated with it all at the moment. We have been house hunting for ten months and nothing has really caught our eye - but now, just as we say goodbye to 100% mortages and any confidence in making an offer..... guess what - three lovely properties, just on the market, all within our budget. Typical hey!

BF109 & Saverlot - It's good to hear we're not alone.
If anyone has any more opinion they would like to share - keep them coming. Many Thanks,
Lucy

Lucy-Wales

Thank you all for your comments. Wait and save is not really the answer i was hoping for but i value your opinions and well - that's life!!!

I'm just really frustrated with it all at the moment. We have been house hunting for ten months and nothing has really caught our eye - but now, just as we say goodbye to 100% mortages and any confidence in making an offer..... guess what - three lovely properties, just on the market, all within our budget. Typical hey!

BF109 & Saverlot - It's good to hear we're not alone.
If anyone else has any more opinions they would like to share - keep them coming. Many Thanks,
Lucy

maryotuam

Make sure you offer at least 10% below the asking price for any house you wish to proceed with. That's the least the price will fall over the next 12 months so why pay more than you have to. Take it slow and don't rush in with the asking price as these houses will be unlikely to sell quickly. The fact that there are three you like means you can choose the one that is most realistically priced.

House prices may drop 20%-30% so if I was in your shoes I'd wait to see what happens over the next 12 months before buying.

Bf109

Likewise Lucy-Wales!

We are in the fortunate position of having a very large deposit and could easily afford a house but quite frankly think that property offers such poor value, it isnt worth it. Remember that a £150k mortgage will cost you around £300k in the long-run. Ask yourself is it worth it for what you are getting? My answer has always been "NO"

I'm very sorry, but there are better things I can think of doing with such obscenely vast wads of cash than buying some horrible box in the worst location... like leaving the country and living somewhere else where such money could actually buy something worth living in, where hard work and prudence are rewarded and !!!!less irresponsibility is punished.... unlike in this place where the opposite seems to apply.

Edit - What, is fe ckless now an obscene word?

neas

your original logic is flawed... didnt want to use savings on a 5-7% loan... oO... unless get good returns on your investment with cash you cant beat that.... in terms of value for money long term.