My first house my first mortgage nightmare please help

G-G_4

I am a qualified mortgage advisor, but i don't work as a mortgage advisor because i am a bankrupt, and i hate the job aswell.. training to hopefully one day be an architecht, but that's a long way off.

Went bankrupt because my business failed, and I spent too much money..

People may not listen to me because i'm bankrupt, but that aside, I have learnt lessons from it, and one of them is to not always put money first! Happiness is much more important, and if you can afford the house then go for it, obviously make sure you really can afford it.. but don't let people scaremongering about house price crashes etc put you off.. if it happens it happens, it will prob happen a million times over, but if you want a home then that is what you are getting x

sas1_3

Hi Trollfever, well I got for this 100% mrtg the principal agreement, so i think it is guaranteed.

Hi G-G, I do listen as I always learn. :beer:

TBeckett100

no my mortgage deal was honoured. i am now on a tracker, boe plus 0.25% so I am happy

macaque_2

sas1 wrote: »

Yes i heard the news it is everywhere hence my first post. The bottom line is that i am not buying for 5 years but for life and historically property prices will go back, yes they go down but will go back. It happened after the 90s recession.
My mortgage is a tracer 1.34% above the base rate, fixed for 2 years so I am already paying more interest than many other people coming off 4.somthing rates and suffering because off the extra payment.
And yes I calculated how much it would cost me if the interest rate went up to 12% I could still manage. But I really hope this won’t happen for the Empire sake.

Your belief that property prices will 'go back' reflects a failure to understand what is going on. In the past few years, people have been borrowing more than they could afford to repay. Some have even resorted to buying rundown properties on 100% loans and relying on tenants to cover some of the mortgage.

The housing market will not 'go back' to the prices of 2007 until both lenders and borrowers have forgotton what a mess loans of 4 and 5 times income can create.

The bottom line is that you are a sub prime borrower and the lender has probably saved you from yourself.