Housing Market

[mattchewone]

Is it a good time to buy? The missus and I have been looking recently for a place of our own.

We have spotted a really nice 1 bed massionette, new build never been lived in before, its up for £120k and we would be going for a part rent/part buy scheme, just to help us get on the property ladder.

I feel if we wait to see if they drop then i fear they may be snapped up as they are in a really nice place and are a pretty decent size.

The chap was saying that if we get approved that we can afford it then we could be in within 4-6weeks! We both really like it but am still a bit nervous as its a huge commitment and the economy is worrying.

Matt

[Sammy-Boy]

I suppose nows the time because that is a cheap price and may aswell take advantage of the way the house market is. Im 19 with my own place shared with my brother and I dont suffer under the economy

[mattchewone]

I suppose nows the time because that is a cheap price and may aswell take advantage of the way the house market is. Im 19 with my own place shared with my brother and I dont suffer under the economy

Do you mind me asking how much you both earn roughly and monthly outgoings?

[Sammy-Boy]

Do you mind me asking how much you both earn roughly and monthly outgoings?

Outgoins are roughly £1400 including mortgage, bills, food. We both have a shared income of about £2600

[mattchewone]

Outgoins are roughly £1400 including mortgage, bills, food. We both have a shared income of about £2400

How much did you borrow mortgage wise. Thanks pal.

[Barry123]

hold back mate... just pulled out of a purchase myself actually.

[Sammy-Boy]

Sorry changed the shared income to about £2600- recalculated it!!

Our mortgae ws £132500 with Nationwide and is a fix rate. If you do get a mortgage get fixed rate because the amount you pay wont change monthly. They way the enconomy is at the moment mortgages are forever changing rates.

[mattchewone]

hold back mate... just pulled out of a purchase myself actually.

Why's that mate?

Sorry changed the shared income to about £2600- recalculated it!!

Our mortgae ws £132500 with Nationwide and is a fix rate. If you do get a mortgage get fixed rate because the amount you pay wont change monthly. They way the enconomy is at the moment mortgages are forever changing rates.

Cool, we will probably get a max £90k mortgage and rent the rest which according to the companies online calculator is approx £700 for both.

[djrem]

The worse is about to come.

There are alot of home owners to lose houses.

The market wont recover until 2012.

If you can hold out till after xmas.
The devastation of any recession will be be visible then.

So far we have announcements saying "if" we continue this way we will collapse.
A couple of months time you will know if the bouncey castle called the uk economy has deflated or not :y:

[Sammy-Boy]

Cool, we will probably get a max £90k mortgage and rent the rest which according to the companies online calculator is approx £700 for both.

Sounds like a good plan mate nice easy mortgage for you both but seek advice from a financial advisor as they can find you the best mortgage and give you some valuable advice. Thats what we did and glad we did it :y:

[mattchewone]

The worse is about to come.

There are alot of home owners to lose houses.

The market wont recover until 2012.

If you can hold out till after xmas.
The devastation of any recession will be be visible then.

So far we have announcements saying "if" we continue this way we will collapse.
A couple of months time you will know if the bouncey castle called the uk economy has deflated or not :y:

I still feel we will loose the place if we hold off.

[mattchewone]

Sounds like a good plan mate nice easy mortgage for you both but seek advice from a financial advisor as they can find you the best mortgage and give you some valuable advice. Thats what we did and glad we did it :y:

The chap we saw that showed us round from the house association, is going to pass on our details to an advisor that they use regularly, so he knows the ins and outs of the process and has all the best deals available. Plus we wont need a deposit so its :y: from our point of view.

[djrem]

I still feel we will loose the place if we hold off.

If its a dream home then the market wont matter.
Interest rates will drop again if the economy is shown to drop again.

This would be a bummer if you are on a fixed interest mortgage as you miss the deal.

Tbh, best talking with an independant advisor, than some e-peoples x

[Barry123]

Why's that mate?

The worse is about to come.

There are alot of home owners to lose houses.

The market wont recover until 2012.

If you can hold out till after xmas.
The devastation of any recession will be be visible then.

So far we have announcements saying "if" we continue this way we will collapse.
A couple of months time you will know if the bouncey castle called the uk economy has deflated or not :y:

pretty much what remster said man. Got a surveyors report (£600 :err: ) and the house was due for imminent repairs which wasn't too much of an issue but you're heading straight for negative equity the moment you've purchased the focking thing, it's simply not worth tying yourself up for the rest of your life or face the prospect of repossession.

Hold on till after christmas (even then I wouldn't bother)... prices are dropping by about 2-3% per month which is a lot of cash to us normal folk.

Part Buy/Part Rent is gay too

[Sammy-Boy]

The chap we saw that showed us round from the house association, is going to pass on our details to an advisor that they use regularly, so he knows the ins and outs of the process and has all the best deals available. Plus we wont need a deposit so its :y: from our point of view.

He sounds like a diamond mate glad you got that sort of advice :)

[mattchewone]

Well hopefully the recommended advisor will get on to me this week, so i will then post up for some E-help.

[Barry123]

I still feel we will loose the place if we hold off.

plenty of houses in the sea....



well... you know what I mean...

[djrem]

plenty of houses in the sea....



well... you know what I mean...

Welcome to Catcliff
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[Sammy-Boy]

Well hopefully the recommended advisor will get on to me this week, so i will then post up for some E-help.

Hope you get i sorted mate and best of luck. The most exciting thing is getting your own place:y:

[mattchewone]

pretty much what remster said man. Got a surveyors report (£600 :err: ) and the house was due for imminent repairs which wasn't too much of an issue but you're heading straight for negative equity the moment you've purchased the focking thing, it's simply not worth tying yourself up for the rest of your life or face the prospect of repossession.

Hold on till after christmas (even then I wouldn't bother)... prices are dropping by about 2-3% per month which is a lot of cash to us normal folk.

Part Buy/Part Rent is gay too

Why is part buy/part rent gay lol?

The thing is this place has never been lived in its brand new, so nothing wrong with it. Unfortunately such is life you buy stuff and it looses value but fortunatly it will pick up again eventually.

Oh and SAYER get back to my text you e-celeb!

[Barry123]

Hope you get i sorted mate and best of luck. The most exciting thing is getting your own place:y:

it's even more exciting wondering if you can meet the payments for the following month or be reposessed too :cool:

rem... focking funny (well I don't live there so its ok), I was thinking about that after I posted. Read about a few unlucky buggers on the east coast who lost bare moniez when their house fell into the sea.... insurance told them to do one.

[Sammy-Boy]

it's even more exciting wondering if you can meet the payments for the following month or be reposessed too :cool:

Actually mate we can meet the payments and have done for the past two years fyi

[mattchewone]

it's even more exciting wondering if you can meet the payments for the following month or be reposessed too :cool:

rem... focking funny (well I don't live there so its ok), I was thinking about that after I posted. Read about a few unlucky buggers on the east coast who lost bare moniez when their house fell into the sea.... insurance told them to do one.

We wouldnt get a place if we knew we couldnt afford it. That would be silly lol.

Now TEXT me back Sayer!

[djrem]

rem... focking funny (well I don't live there so its ok), I was thinking about that after I posted. Read about a few unlucky buggers on the east coast who lost bare moniez when their house fell into the sea.... insurance told them to do one.

hahahahha win.

Unlike Sheffield, this place has dried up :(

[Barry123]

Why is part buy/part rent gay lol?

The thing is this place has never been lived in its brand new, so nothing wrong with it. Unfortunately such is life you buy stuff and it looses value but fortunatly it will pick up again eventually.

Oh and SAYER get back to my text you e-celeb!

It won't mate - well monetry it might but against the rate of inflation (so the true value) it'll never be at the same.

Basically because of the cheap credit and interest rates we've had a for a good while, people were able to borrow stupid amounts of money and effectively what happened is people were able to continuously outbid each other on a particular property... so the price went up... consequently because everyone could get more money the entire housing market prices rose substantially (massively overpriced). Now because of the Credit Munch banks won't led as frivolously and people can't borrow as much as they'd hoped... because pretty much everyone is in this position, people can't offer as much and so the housing prices return to a sensiblish level.
cheap credit like we've had will never be allowed to happen again... so thankfully for people who've either not got a mortgage, paid off their mortgage or got a mortgage in the late 90's and very early 00's and doesn't need to move is fairly ok.... everyone else is in a bit of dog doo.

hold back... plenty of other properties will come and go, it's just starting to be a buyers market out there (after years of it being a sellers market)... I know you like to jump into random purchases like the corsa but seriously hold back and reap the rewards.

Part Buy/Part Rent... nice idea... pay a mortgage on a property that you'll never own and that'll fall in value yet you'll still have to pay over the odds for the rent.... genius whoever thought that up... must be rich as foook

one love x

ads :)

[Barry123]

Actually mate we can meet the payments and have done for the past two years fyi

generalisation homie... wasn't referring to you at all... sorry if it came across that way.

ads :)

We wouldnt get a place if we knew we couldnt afford it. That would be silly lol.

Now TEXT me back Sayer!

how do you know you can afford it in say a year... how secure is your job? truely?! when you come to renew your mortgage in a couple of years how are those interest rates going to be? if they're even remotely high your monthly repayments go through the roof and you either can't afford it or Tesco Value bog roll becomes your staple diet. economy goes into recession... jobs go... are you 100% sure you're ok? because if you do lose your job you'll pretty much lose your house as well.. it's a big risk. That's all I want to highlight that's all.

text back what?

hahahahha win.

Unlike Sheffield, this place has dried up :(
hasn't rained in sunny northallerton for two whole days (that's worrying for northallerton btw)

[Sammy-Boy]

[QUOTE=adsayer;2657253]generalisation homie... wasn't referring to you at all... sorry if it came across that way.

ads :)/QUOTE]

No problem mate tis ok :y:

[mattchewone]

It won't mate - well monetry it might but against the rate of inflation (so the true value) it'll never be at the same.

Basically because of the cheap credit and interest rates we've had a for a good while, people were able to borrow stupid amounts of money and effectively what happened is people were able to continuously outbid each other on a particular property... so the price went up... consequently because everyone could get more money the entire housing market prices rose substantially (massively overpriced). Now because of the Credit Munch banks won't led as frivolously and people can't borrow as much as they'd hoped... because pretty much everyone is in this position, people can't offer as much and so the housing prices return to a sensiblish level.
cheap credit like we've had will never be allowed to happen again... so thankfully for people who've either not got a mortgage, paid off their mortgage or got a mortgage in the late 90's and very early 00's and doesn't need to move is fairly ok.... everyone else is in a bit of dog doo.

hold back... plenty of other properties will come and go, it's just starting to be a buyers market out there (after years of it being a sellers market)... I know you like to jump into random purchases like the corsa but seriously hold back and reap the rewards.

Part Buy/Part Rent... nice idea... pay a mortgage on a property that you'll never own and that'll fall in value yet you'll still have to pay over the odds for the rent.... genius whoever thought that up... must be rich as foook

one love x

ads :)

The housing association is a non profitable company is through the government. As for rent if we purchased 75% the rent would be approx £80 according to there site.

The corsa was a great purchase :n: just i got mugged lol.

The only reason we so want this property is purely the area, not many places like this pop up as the people that live in the area wont be affected by this credit crunch if that makes sense.

I know there will be more places, but i still feel deep down that ill miss out on something good if i dont go for it. I know if i wait they will be gone and the only places that will be available will be crappy repossesions in shite areas.

[djrem]

hasn't rained in sunny northallerton for two whole days (that's worrying for northallerton btw)

You must be in a Center Parks dome.
Truman show style.

[mattchewone]

generalisation homie... wasn't referring to you at all... sorry if it came across that way.

ads :)



how do you know you can afford it in say a year... how secure is your job? truely?! when you come to renew your mortgage in a couple of years how are those interest rates going to be? if they're even remotely high your monthly repayments go through the roof and you either can't afford it or Tesco Value bog roll becomes your staple diet. economy goes into recession... jobs go... are you 100% sure you're ok? because if you do lose your job you'll pretty much lose your house as well.. it's a big risk. That's all I want to highlight that's all.

text back what?


hasn't rained in sunny northallerton for two whole days (that's worrying for northallerton btw)

Well according to many high people at work we are very stable. We are not borrowing to pay for rent unlike some big companies, we have just invested a fair few million in training us and everyone within the company which is still on going, we are having a re-fit next feb. According to them we are really stable.

What would be best is to get the best int rate and get it on a 5year fixed to cover our ass if they go up and down like made over the next few years.

I text you the other day about december.

[Barry123]

The housing association is a non profitable company is through the government. As for rent if we purchased 75% the rent would be approx £80 according to there site.

The corsa was a great purchase :n: just i got mugged lol.

The only reason we so want this property is purely the area, not many places like this pop up as the people that live in the area wont be affected by this credit crunch if that makes sense.

I know there will be more places, but i still feel deep down that ill miss out on something good if i dont go for it. I know if i wait they will be gone and the only places that will be available will be crappy repossesions in shite areas.

rubbishhhhhhhh any home purchased by anyone silly enough to claim they earn more than they do or is unfortunate to lose their jobs could lose their home... this isn't just a working class problem (actually it's more a middle class issue big time! Look at shitty papers like the Mail to get a feel for it). You won't miss out of anything good... sounds more like you're being fed BS by either the estate agents or the landlordy thingy company

You must be in a Center Parks dome.
Truman show style.

kind of a truman/cayman islands hybrid... you know, the one where it's inhabitants think it's normal to shag their 10 year old sisters. I'm pretty sure I'm the only person that's successfully passed through the inescapable barrier that holds every other person for leaving.........everrrrr

[mattchewone]

Now i dont know what to do! Grrrrrrrrrrrr

Been really wanting a place of our own for a while so i thought now would be good, so we starting looking and have found somewhere we both really like.

[Barry123]

Well according to many high people at work we are very stable. We are not borrowing to pay for rent unlike some big companies, we have just invested a fair few million in training us and everyone within the company which is still on going, we are having a re-fit next feb. According to them we are really stable.

What would be best is to get the best int rate and get it on a 5year fixed to cover our ass if they go up and down like made over the next few years.

I text you the other day about december.

fixed is good... but they're pretty elevated at the moment. Remember banks pay some seriously clever people some serious dosh to work out the markets over xxx amount of years... they won't put a decent fixed rate mortgage up for grabs if they think they'll lose money or minimise their profit margin on it.

If your job is safe then groovy, but be cautious man... lass's ok as well? if so then... meh what do I know lol :D

[Barry123]

Now i dont know what to do! Grrrrrrrrrrrr

Been really wanting a place of our own for a while so i thought now would be good, so we starting looking and have found somewhere we both really like.

think of me as that annoying cunt that just likes to contradict everyone and piss on their dreams...

[mattchewone]

fixed is good... but they're pretty elevated at the moment. Remember banks pay some seriously clever people some serious dosh to work out the markets over xxx amount of years... they won't put a decent fixed rate mortgage up for grabs if they think they'll lose money or minimise their profit margin on it.

If your job is safe then groovy, but be cautious man... lass's ok as well? if so then... meh what do I know lol :D

I believe i am pretty safe! And the missus is pretty stable, people need to work so they need people to look after there kids so she is pretty safe aswell.

I will find out as much info as possible about costs etc and make sure we dont get ripped off.

Did you get my text the other day? Just wondering if december is still on?

[mattchewone]

think of me as that annoying cunt that just likes to contradict everyone and piss on their dreams...

Your much like my dad, you like to pick at all the negatives lol. Its good in a way buy frustrating as well lol.

[Barry123]

Your much like my dad, you like to pick at all the negatives lol. Its good in a way buy frustrating as well lol.

I get off on engaging in debates basically, even if it means siding against my own opinions... I'm a cunt like that but it keeps me stimulated (sexually)

[martin_88]

Mate, the economy is already in recession. Things are going to get better than worse.
I would be carefull about jumping on the perfect house in the nice area as these type of things are usually to make you act fast.
Its entirely up to you but i would wait maybe july next year, re-evaluate your finances etc. . . and see how things are with the market.

Sorry to sound like im trying to put you off but i woldnt like to see anyone get into trouble.
Good luck mate, peace out

[mattchewone]

I get off on engaging in debates basically, even if it means siding against my own opinions... I'm a cunt like that but it keeps me stimulated (sexually)

Thats cool lol :y: as long as your stimulated thats all that matters.

[Danr]

Tbh Matt i wouldn't buy. You'd be better to rent a place with the Mrs for a year just in case you can't hack living together. I shall explain why....

The property market is currently falling like a stone in water, i've noticed that properties i was selling last year for £300k are now down to £250k. Flat that i was chopping out at £200k will be lucky to see £165k. Anyone that say's otherwise (which a fair share of the local agents :S) is a bullshiting cunt. If you bought now and after a year had some problems and had to sell up the chances are you will lose money and not be able to pay off the mortgage (negative equity).

You need some experience living together. You may spend alot of time together but it's different when you actually have to see each other all the time. There's no, i have to do something tonight because your in the same place literally all the time.

Also, in reference to the housing associations. They are all aload of wankers. Honestly they are a fucking nightmare. I have just sold a housing association flat to a lady from Portsmouth. The housing association are making her jump through hoops and they're attitude is terrible. You say that they are a non profit making company. Where do you think the rent that you pay on the other half goes? Straight into their pockets!

Think long and hard about it mate as it's not something to be taken lightly. Also remember that if you want to pay off your mortgage early, so if you want to move on or sell and move back home the chances are you will be lumbered with a nice big redemption penalty.

[davew]

Thats cool lol :y: as long as your stimulated thats all that matters.

have you lived with this girl at all before? i dont mean like her staying over alot etc.

your better renting first, its completely different to what you imagine you see a completely different person, not necesarrily (sp?) bad just different.

pfft what do i know anyway i moved in with the missus after being with her 2 months lol

[Connor_scotland]

my missus moved in with me after 2 months aswell lol been with her 4 1/2 years now

We are about to buy a pad aswell

[mattchewone]

Tbh Matt i wouldn't buy. You'd be better to rent a place with the Mrs for a year just in case you can't hack living together. I shall explain why....

The property market is currently falling like a stone in water, i've noticed that properties i was selling last year for £300k are now down to £250k. Flat that i was chopping out at £200k will be lucky to see £165k. Anyone that say's otherwise (which a fair share of the local agents :S) is a bullshiting cunt. If you bought now and after a year had some problems and had to sell up the chances are you will lose money and not be able to pay off the mortgage (negative equity).

You need some experience living together. You may spend alot of time together but it's different when you actually have to see each other all the time. There's no, i have to do something tonight because your in the same place literally all the time.

Also, in reference to the housing associations. They are all aload of wankers. Honestly they are a fucking nightmare. I have just sold a housing association flat to a lady from Portsmouth. The housing association are making her jump through hoops and they're attitude is terrible. You say that they are a non profit making company. Where do you think the rent that you pay on the other half goes? Straight into their pockets!

Think long and hard about it mate as it's not something to be taken lightly. Also remember that if you want to pay off your mortgage early, so if you want to move on or sell and move back home the chances are you will be lumbered with a nice big redemption penalty.

What i have been told in reference to the non profitability, by a few people is that the money is put straight into other developments .

Really appreciate all the help from everyone! I still really want this place though i dont know why and i know i am stupid.

As to living together i wont be there half the time so it will be like it is we will just be going back to one place all the time rather than swapping from mine to hers. I work 1-10 so when i get up she will be gone and when i come home she will be asleep more than likely.

We have been together for 3years and i see you are all trying to help, the only thing i can see us being closer and happier, at the minute it can be a little stressful as we are always moving from house to house and living out of bags, so i can see this better.

[Robb]

Yeh January-February is going to show how real this recession is.

Alot of companies have gone bust but are staying afloat to get as much money in over the christmas period.

Worrying times.

[Danr]

Everyone is fucked tbh. This country relies on the housing market so much it's unbelievable!

[danzman1991]

Mid 2009 will be the lowest it's gonna get..