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Housing advice needed

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Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386
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    Seriously, the majority giving "advice" on here are VERY invested (emotionally and financially) in house prices staying high, some of them sound like bankers the way they shudder every time prices returning to affordability is mentioned. Keep your 65k out of the housing bubble IMO:money:
  • _CC_
    _CC_ Posts: 362 Forumite
    Buying somewhere for ~£220k and putting down 25% deposit will still leave £10k. Take away a couple of grand for legal fees etc. and you'd still have ample savings to cover yourself and be under saving limit.

    You could fix for five years at under 2% with your LTV.

    If you're a first time buyer you'd be exempt from stamp duty.

    Or, continue in current situation and save...
  • buggy_boy
    buggy_boy Posts: 657 Forumite
    Seriously, the majority giving "advice" on here are VERY invested (emotionally and financially) in house prices staying high, some of them sound like bankers the way they shudder every time prices returning to affordability is mentioned. Keep your 65k out of the housing bubble IMO:money:

    What planet are you living on? Please link me to where people are saying house prices are going to remain high and will only go up? Link to where anyone has "shuddered" when house prices reducing has been mentioned... I think you read too much into peoples posts, what most people do replying to you is look at all the evidence not just the evidence that supports prices are about to have a cataclysmic crash.
  • _CC_
    _CC_ Posts: 362 Forumite
    Don't feed the trolls (as per the forum's 'Etiquette' link).
  • Yes - just ignore anything from Crashy or just read as entertainment value. Be sensible with your hard earned savings and invest in the right property, at least you won't be paying off someone elses mortgage for them by renting!

    SLM
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    When interest rates rise, unless you bought a property at auction, or at a real knock down price from someone`s estate or something, you are going to lose money if you are a recent buyer.
  • Detroit
    Detroit Posts: 790 Forumite
    Option 3 won't work as you cannot 'spend' savings in order to qualify for benefit. Unless you meant spend the savings to top up your income so you don't need to claim benefit that is.

    Personally with a low income I'd be putting the savings as deposit on the cheapest property that met my need, thus reducing the mortgage costs, as suggested by cakeguts.


    Put your hands up.
  • dimbo61
    dimbo61 Posts: 13,712
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    edited 17 March 2018 at 8:50AM
    CC has given you a good plan to follow.
    25% deposit, fixed rate mortgage for 5 years or longer at about 2% and your own home with security as you own the property ( Not some Landlord )

    Example of mortgage cost
    £165,000 at 2.25% over 30 years is £630 a month.
    Something to consider
  • dunroving
    dunroving Posts: 1,881
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    _CC_ wrote: »
    Don't feed the trolls (as per the forum's 'Etiquette' link).

    How do I block seeing a specific user's posts? I'm tired of seeing so many threads turned to the same single-tone argument by the same post repeated with little variation.
    (Nearly) dunroving
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    dimbo61 wrote: »
    CC has given you a good plan to follow.
    25% deposit, fixed rate mortgage for 5 years or longer at about 2% and your own home with security as you own the property ( Not some Landlord )

    Example of mortgage cost
    £165,000 at 2.25% over 30 years is £630 a month.
    Something to consider


    How do you lock in 2.25% for 30 years?
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