FTB when to buy?

mr.broderick

brit1234 wrote: »

I strongly wouldn't get a shared equity property in a falling market, especially a new build. You will loss out financially.

You are going to need to save a far bigger deposit, say about +£15K. The best mortgage rates are with the higher deposits. So the more you save now the better you will be in the long run.

Saving can get very addictive especially with internet banking where you can set a separate account and give it a personalized name such "my house deposit". I find great pleasure in transferring £700-1000 a few seconds after payday at midnight and then transferring a bit more to round up the total after interest payments later in the month.

You ok upstairs?

geoffky

shared ownership is fools gold....

SquatNow

You should hold off buying until at least 2011.

Then if there is anything left of the UK, you should be able to snap up a bargain.

happytails

2011 is a little far away for me - we are planning a wedding aswell and to start a family in the next 5 years - i feel a house should be first on the list. I hate renting

Ive only been signed up to this site for a few days and its really got me thinking of ways to save :rolleyes: what would i do without MoneySavingExpert and all the nice knowledgeable people on here :D:D

Saved me from the shared ownership malarky :beer:

SquatNow

I'm trying to save you from Negative Equity.

It's a bad way to start a new marriage.

Hold off until at least 2011.

Prices have a LONG way to drop before they start rising again.

halia

This is your life not a financial transaction;

(all of the below assume as stated by the OP that you have done your finance sums and believe you CAN afford to buy now)

how long can you bear to continue to live in your current rented house?
What can you do in your own home (decorate, knock down walls, have pets, have kids) that you can't do in a rented place - and how long are you willing to wait until you can do those things?
How much money will you be throwing away in rent each month? (ie whats the interest amount on mortgage payments compared to rental)?
Do you want to turn round in 10 or 20 years time and say
"wow we've had a great time in our own home, doing what we want, raising kids etc, so what if the house down the street sold for £5k less a year later, its only 5k over our lives."
or
"well we made a decision to rent and bought at the "right" time in the housing market, that meant x years of paying x amount to a landlord and not being able to paint the walls in the colours of our choice, but it was the best financial outcome."

On your gravestone do you want the words, "made sensible, cautious financially sound decisions, owned property investments" or "had fun, loved life, made their house a real home"


but hey I couldnt' imagine living without my cats, my kids, my garden and the ability to paint the walls purple and turn the bedorom into a painting studio!

neverdespairgirl

ejh18 wrote: »

You could also contact local schools directly - I would be surprised if they don't need people, as teachers are not allowed to invigilate.

Are you sure? When I was at school (left in 1995) all the invigilating was done by our teachers, and the same was true for my brother who left school 4 years ago.

MrDT

neverdespairgirl wrote: »

Are you sure? When I was at school (left in 1995) all the invigilating was done by our teachers, and the same was true for my brother who left school 4 years ago.

I left school in 2000, uni in 2004. Invigilating at school was done by teachers, uni by professors and postgrad tutors.

happytails

We cant decorate our rented house unless its all white/cream etc. We have no front garden/driveway. We have a garage the car wont fit into (a mini would struggle). The back yard is about 1 meter wide by 3m long (just enough space for dogs to do their business) and we pay £6000 a year for this.
We cant swap electric/gas companies and its on a pay as you go meter which charges the earth. We cant get a water meter so we are on a monthly charge.
I just hate it - the whole renting thing, and personally for me i want to bring my kids up in a place i can call my own. Their rooms decorated how they want it. A driveway and a back garden would be heaven. Not having to think 'hope landlord doesnt decide to sell up' - we'd be stuck not many rented accom would allow 4 dogs

I know now isnt the best time, we are looking at next year or possibly the year after at a push. Our first house we plan to live in, as a home to raise my kids and my dogs, for atleast 5 years or more. We cant get married until we have our house, id hate to get married and come back to my sh*thole of a rented house, it just doesnt feel right.

Sometimes in life you just gotta take a chance