Postive thread about buying now!

panichousebuyer

Captain_Mainwaring wrote: »

I'm probably worse becuase I'd like to see interest rates hit 14% and really separate the men out from the boys.

I'm sorry, I know everyone has to look after their selves but your post just sounded quite harsh. I do understand what you mean though!

Can anyone answer my question though how would I recoup my £800 if IR go up? Strong pound etc etc I do not understand.

poppy10_2

panichousebuyer wrote: »

Can anyone answer my question though how would I recoup my £800 if IR go up? Strong pound etc etc I do not understand.

Low interest rates mean a weak pound - so you get less product for your buck. This makes the price of things we import (like oil, food, electronics, and pretty much everything else) more expensive.

You have noticed how much prices are going up everywhere? Petrol for me is up 10% on just 2 months ago. Supermarket bill has gone up 10% in the last 6 months.

Low interest rates might make your mortgage cheaper, but by devaluing the pound at a time of high inflation, it will drive up the cost of living more generally, so you will lose out

danksybaby

MrSafeGaz wrote: »

You don't have to know anything about you, the opinion is still valid. You said you are going to buy in August with a 10% deposit, thats all you needed to say. I just don't understand, even if it is press scaremongering, if it drives prices down then why on earth would you buy in a falling market? Waiting another month could save you a good few grand and the same the next month.

Again, it's just the mindset that people have around property. All logic goes out the window. I don't care if it's affordable for someone to buy right now, I don't care that if someone buys now that in the long run the value will rise again. What I care about is that waiting for an extra 6 months or so to sound out a falling market could potentially save you thousands (maybe tens of thousands) of pounds. Lets be honest, for the majority of FTB's it is not going to be too much of a problem to hold off buying for 6 months.

but to be fair you dont know my situation so what if i couldnt wait 6 months. you still cant call someone a moron because they want to buy a house for god sake.why hang on for maybes years for the house you like to drop in price...it will have gone off the market by then.

seize the oppourtunity springs to mind.(for some people not all)

beingjdc

panichousebuyer wrote: »

I will make sure I tell all the people who lost their homes and struggled financially the last time the interest rates were at 14/15%, I am sure they will be pleased.

A lot of hardworking people will be hit hard if that happens.

Can you explain to me how I will benefit by doubling my mortgage from £800 - £1600? How would I make up my £800 p/m?

You wouldn't benefit. Pensioners and savers would.

panichousebuyer

beingjdc wrote: »

You wouldn't benefit.

The story of my life!:rolleyes:

MrSafeGaz

danksybaby wrote: »

but to be fair you dont know my situation so what if i couldnt wait 6 months. you still cant call someone a moron because they want to buy a house for god sake.why hang on for maybes years for the house you like to drop in price...it will have gone off the market by then.

seize the oppourtunity springs to mind.(for some people not all)

Your earlier posts suggest that at the moment you are waiting to save up a larger deposit so buying a house is obviously not something you have to do right this moment. The fact that you don't plan to buy till August suggests that there isn't a house that you have your mind set on either.

The opportunity to lose thousands of pounds over a short period of time is not one that I would suggest you seize.

mircea

Captain_Mainwaring wrote: »

Oh really please - what about those people with a wooden leg who lost it on the Circle line?
What do you want me to do? pay their 'king mortgage for them?

Yes - it's called charity. And it is what separates real men from jerks.

danksybaby

MrSafeGaz wrote: »

Your earlier posts suggest that at the moment you are waiting to save up a larger deposit so buying a house is obviously not something you have to do right this moment. The fact that you don't plan to buy till August suggests that there isn't a house that you have your mind set on either.

The opportunity to lose thousands of pounds over a short period of time is not one that I would suggest you seize.

sorry but your wrong.there is a house we have our heart set on but we want 10% deposit, which will take till aug to save.we have 5% but the mortgage repayments are extortionate and then theres the higher lending charge. however if we wait till aug when we have 10% we will be much better off in the long run.we have a 2nd viewing tomorrow where we will be able to talk to the seller and see how long she is keeping the house on the market as seen as she has had it on for a year and had no offers??!!!!this i dont understand as the house is gorgeous and very modern.but we have our fingers crossed.

panichousebuyer

danksybaby wrote: »

sorry but your wrong.there is a house we have our heart set on but we want 10% deposit, which will take till aug to save.we have 5% but the mortgage repayments are extortionate and then theres the higher lending charge. however if we wait till aug when we have 10% we will be much better off in the long run.we have a 2nd viewing tomorrow where we will be able to talk to the seller and see how long she is keeping the house on the market as seen as she has had it on for a year and had no offers??!!!!this i dont understand as the house is gorgeous and very modern.but we have our fingers crossed.

Does she know that you are really interested and have you made her an offer?

danksybaby

yeah she knows we are interested and the 1st offer we put in was asking her if she would join the deposit scheme that the estate agents have.she said no to this so we are goin to have a 2nd viewing today and see how it goes...if push comes to shove, ill ask my mam to lend me £5000 which i will then out on top of the mortgage i need and pay her of as soon as the house is sold. fingers crossed that is.

can anyone tell me what questions i should ask while im there??its at half 10so any help much appreciated.