A worried first time buyer!

mr.broderick

dannyboycey wrote: »

Don't get too down - remember that the houses you're looking at in the 150k price bracket will be much less next year* *disclaimer: probably.

Doesn't matter what the price drops to you'll never get a mortgage if they crash, just rent it's not that bad, there's people on here who actually sold their homes to rent, me included.

ickledee

dannyboycey wrote: »

Same boat? I think not!! Vicky has yet to buy. You have just bought. BIG difference.

Ok - sorry - WERE in the same boat - so it can be done and will be worth it

Dogz111

mr.broderick wrote: »

Dont bother saving, property is finished just rent and spend your money on nice cars, holidays etc just enjoy your life forget about buying, the days of it being a great long term investment are over, just rent.

I would save as much as possible which will put you in the strongest financial position when you are ready to buy - hopefully when house prices are at the bottom of the cycle. Renting will probably cost less than an interest only mortgage for that same property which can only be good.

I'd dissagree with houses being a bad longterm investment. Currently it is not wise to buy as house prices are overinflated, banking liquidity crisis and general sentiment is low in the economy. I also forsee a glut of BTL property coming on the market as yeilds decrease for landlords who are highly geared due to mortgage costs thus pushing housing prices down.

If you buy at the bottom, or near to, of the market in 1,2,3,4 ?? years times you should see some decent capital appreciation in the long term.

BLOO_LOO_2

ickledee wrote: »

Ok - sorry - WERE in the same boat - so it can be done and will be worth it

Ill give you a hug now, youll be needing it in a couple of years time

ValuableYouth

Does ya need a decrative donky? £1200. Lovly, got a few in newtral culurs too.

ValuableYouth

BLOO_LOO wrote: »

Ill give you a hug now, youll be needing it in a couple of years time

:T :T :T :T :T LOL!!!!! 1111111

SquatNow

It's worth noting that in a years time £150k will buy you a 5 bedroom detached house with a pool, conservatory, gym, quadruple garage, stables, helipad etc.

Of course, in a years time no-one will be able to get a mortgage on a £150k house unless they have a 50% deposit.

People who think a house price crash will allow them to get on the housing pyramid or "increase their portfolio" are in for a massive shock.

PasturesNew

SquatNow wrote: »

It's worth noting that in a years time £150k will buy you a 5 bedroom detached house with a pool, conservatory, gym, quadruple garage, stables, helipad etc.

And when they are, I'll snap up a nice 2-bed house for £60k

mr.broderick

Dogz111 wrote: »

I would save as much as possible which will put you in the strongest financial position when you are ready to buy - hopefully when house prices are at the bottom of the cycle. Renting will probably cost less than an interest only mortgage for that same property which can only be good.

I'd dissagree with houses being a bad longterm investment. Currently it is not wise to buy as house prices are overinflated, banking liquidity crisis and general sentiment is low in the economy. I also forsee a glut of BTL property coming on the market as yeilds decrease for landlords who are highly geared due to mortgage costs thus pushing housing prices down.

If you buy at the bottom, or near to, of the market in 1,2,3,4 ?? years times you should see some decent capital appreciation in the long term.

Disagree housing and decent capital appreciation are no longer allowed in the same sentence. We had the greatest boom ever, now its busting, don't see that rate of hpi happening again.

mr.broderick

SquatNow wrote: »

It's worth noting that in a years time £150k will buy you a 5 bedroom detached house with a pool, conservatory, gym, quadruple garage, stables, helipad etc.

Of course, in a years time no-one will be able to get a mortgage on a £150k house unless they have a 50% deposit.

People who think a house price crash will allow them to get on the housing pyramid or "increase their portfolio" are in for a massive shock.

Totally agree.