Housing Market - Saxperience

mattchewone · 28th October 2008, 22:15

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 · 28th October 2008, 22:17

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 · 28th October 2008, 22:18

Quote:

Originally Posted by sams1989

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 · 28th October 2008, 22:19

Quote:

Originally Posted by mattchewone

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 · 28th October 2008, 22:19

Quote:

Originally Posted by sams1989

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 · 28th October 2008, 22:22

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

Sammy-Boy · 28th October 2008, 22:22

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 · 28th October 2008, 22:25

Quote:

Originally Posted by adsayer

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

Why's that mate?

Quote:

Originally Posted by sams1989

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 · 28th October 2008, 22:25

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

Sammy-Boy · 28th October 2008, 22:28

Quote:

Originally Posted by mattchewone

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

mattchewone · 28th October 2008, 22:28

Quote:

Originally Posted by 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

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

mattchewone · 28th October 2008, 22:30

Quote:

Originally Posted by sams1989

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

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

from our point of view.

djrem · 28th October 2008, 22:32

Quote:

Originally Posted by mattchewone

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 · 28th October 2008, 22:33

Quote:

Originally Posted by mattchewone

Why's that mate?

Quote:

Originally Posted by 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

pretty much what remster said man. Got a surveyors report (£600

) 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 · 28th October 2008, 22:33

Quote:

Originally Posted by mattchewone

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

from our point of view.

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

mattchewone · 28th October 2008, 22:34

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

Barry123 · 28th October 2008, 22:34

Quote:

Originally Posted by mattchewone

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 · 28th October 2008, 22:35

Quote:

Originally Posted by adsayer

plenty of houses in the sea....

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

Welcome to Catcliff

Sammy-Boy · 28th October 2008, 22:36

Quote:

Originally Posted by mattchewone

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

mattchewone · 28th October 2008, 22:36

Quote:

Originally Posted by adsayer

pretty much what remster said man. Got a surveyors report (£600

) 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!