I'm currently buying, but getting cold feet...!

Lakey

Does that mean now, PN , that I can only ask £3.5mill instead of my £5mill that I was gonna get for my swish new build, one bedroomed flat, surrounded by decking, painted all in magnolia!!!
:mad:

PasturesNew

Lakey wrote: »

Does that mean now, PN , that I can only ask £3.5mill instead of my £5mill that I was gonna get for my swish new build, one bedroomed flat, surrounded by decking, painted all in magnolia!!!

That'd be rubbish. You've used magnolia, you've put a lot of work into it and spent a fortune. It's worth what you need/want for it of course! ... and that credit card bill's been massive.

tomstickland

I'd wait. If you buy then prices drop you'll have missed out on a saving.

franklee

want2beMF wrote: »

Yes, we do have a fair bit of savings offset and we took out all our ISAs (not sure if tat was the right thing to do but oh well...) and we managed to get a good mortgage rate. Didn't want to mention this as it didn't seem relevant to the issue of the OP as just wanted to tell him tat different pple had different issues as to why we wanted to buy now. As higher rate taxpayers, we didn't see a rationale of paying higher rent and being taxed on our savings and so decided to buy and offset. Sorry to have confused you.... :rolleyes:

Thanks for clarifying, I was confused as you said you'd not counted the interest on deposit before buying and you didn't do that much detailed calculation. Of course the offset savings aren't deposit as such but in your case they play a significant part. Of course those of us not buying get quite a good income from interest on significant savings, mine just about covers the rent at the moment which is nice. But at least you have savings which is great and makes you crash proof if property prices drop your savings should cover any shortfall

Bishop87

I'm afraid that if I wait, my mortgage offer will expire, which will then mean I'll need a 10% deposit which I'm just not gonna have in a year, larger arrangement fees adn most probably higher interest rates.

So even if I did wait a year, got a place for 80k for same kinda thing, the arrangement fees, interest rates adn I'd probably have to fond the larger deposit someone would equal about my £590 mortgage a month, so....not really better off, but wasted money on fees and prob paying back that larger deposit to someone...

kunekune

I'd imagine places like Scarborough have a weird rental market, because LLs can get so much more money from their 2 bed flats if they do them for the tourist market. So you might find someone rents it to you for a reasonable amount on an AST starting in November, but it might not well be renewed over the summer.

In your particular situation, I'd probably buy as well.

mitchaa

PasturesNew wrote: »

Here's a link to a house that's gone down by £1.4 million:

http://www.rightmove.co.uk/viewdetails-19930427.rsp?pa_n=1&tr_t=buy
28/04/07 £2,395,000
02/06/08 £1,999,995

Am i missing something PN, i make that £395,005;)

Stevie1

Regardless of all the calculations, what would seal the deal against renting for me is having to deal with landlords.

From my very short experience of renting in the UK (my in-between-houses situation), I would rather take the risk that in the short term [as opposed to long term] I would lose out, but have the peace of mind that my landlady will not decide she wants to come and get some piece of tat out of her garage now or that a leaking shower is not an urgent enough something to deal with or find some pathetic reason to withhold my deposit or just simply mess me about. I would rather live in a house that I can decorate to my taste and therefore enjoy more, alone and with family and friends. I would rather continue to have a pet than worry about it when looking for a new rental property. I would rather be settled when I start a family.