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Debate House Prices
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Sticking Their Head In The Sand
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Me too! But at least we will be prepared. There are others who work with us have booked 2 main holidays for this year! We are in a better position than them with no mortgage and decided to leave it!0
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Downsizers are people who will lose out if prices fall.
The 'rungs of the ladder' get closer together so when you trade down you don't get to pocket as much cash.
I can certainly understand a couple nearing retirement in a big house not being too happy about price falls
But will they really? Surely if you bought your house 10-25 years ago the price would have gone by untold amounts so what ever you get for your house now is still good, even if downsizing.In Progress!!!0 -
As for my own view..I'm scared ! I want to buy a house but I'm scared of losing loads if the houses do crash...so I'm hanging fire!!...but if I hang fire too long...will I still be able to get a mortgage?? who knows!!
As long as you have a decent deposit and decent credit history, this shouldn't be a problem. I am in a similar boat. I have a deposit ready and a bit of interest free debt. I am paying off as much of the debt as possible, whilst waiting for the market to settle, and then I will pay off the debt with my savings and have a sizeable deposit to put down on a mortgage.John :beer:
Life's too short.........0 -
As long as you have a decent deposit and decent credit history, this shouldn't be a problem. I am in a similar boat. I have a deposit ready and a bit of interest free debt. I am paying off as much of the debt as possible, whilst waiting for the market to settle, and then I will pay off the debt with my savings and have a sizeable deposit to put down on a mortgage.
Yes hopefully this will give us opportunity to get a decent deposit together!
:ABeing Thrifty Gifty again this year:A
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But will they really? Surely if you bought your house 10-25 years ago the price would have gone by untold amounts so what ever you get for your house now is still good, even if downsizing.
Well, you'll gain less is a better way of putting it. I'm sure just about anyone in this position must have loads of equity.
If you are retiring though, I'd imagine that every pound less from cashing in your housing asset is an issue, though you really should have made separate financial provision for your retirement instead of just depending on HPI to see you right.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Just reading thru all the comments they are obviously from all ages across the board. My husband and I returned from abroad in 1989 slap bang in the housing recession of that time. We were both in our late 40's and the house we bought crippled up financially. Interest rates were 15% and we had to put down £25,000 to afford it. Price was £85,000. It took up a few years of hard work to climb out of the misery. 20 years later the house is worth £300,000. This "downsizer" will not be a loser.member # 12 of Skaters Club
Member of MIKE'S :cool: MOBYou don't stop laughing because you grow old,You grow old because you stop laughing
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Merrywidow wrote: »Just reading thru all the comments they are obviously from all ages across the board. My husband and I returned from abroad in 1989 slap bang in the housing recession of that time. We were both in our late 40's and the house we bought crippled up financially. Interest rates were 15% and we had to put down £25,000 to afford it. Price was £85,000. It took up a few years of hard work to climb out of the misery. 20 years later the house is worth £300,000. This "downsizer" will not be a loser.
But of course you cannot attribute your gain to hard work. Its blind luck.0 -
It's the main answer to the housebuying conundrum!Yes hopefully this will give us opportunity to get a decent deposit together!
The more you save = Less you need to borrow/payback.
From a lenders point of view, the less you borrow the smaller the risk you are - Making it easier to get the mortgage you need.
Sounds so obvious but gather together every penny you can afford for your deposit!John :beer:
Life's too short.........0 -
I can certainly understand a couple nearing retirement in a big house not being too happy about price falls
My parents own significant properties - not BTL, just a house in London, a country house, and an office building in central London (via a SIPP). They are delighted that house prices are likely to fall, because they don't think people in their 20s and 30s should never be able to buy without taking on a crushing debt....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
he more you save = Less you need to borrow/payback.
From a lenders point of view, the less you borrow the smaller the risk you are - Making it easier to get the mortgage you need.
Sounds so obvious but gather together every penny you can afford for your deposit!
The only thing is that there are so many people who do not want to sacrifice their luxuries to save and just want to get into debt!0
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