I will of owned my slum 7 years this july, i paid 18.5k for it and it was valued at 92k last year

And to be honest i dont think its worth anywhere near that

simon

 

I pay £195 for a £32K mortgage over 25 years

 

Mine is £400, used to be £200 until I got bored, sold it, left my job and left the country for a few months

Had to wake up again though and now I pay twice what I used to on a similar value house. In the time I was out of the market my house went up £20k and buying a brand new motorbike and pissing it up for a few months dwindled my next deposit somewhat! Oh well, can't take it with you

 

More than anyone has posted there

But its worth it

 

£379.20 for 50k over 20 years

 

£1018 a month on a 5% interest rate(100%mortgage), £200,000 flat! lucky i got couple of mates renting off me

 

mines paid for at 36 worth 160
also got 2 others with people paying mortgage for me on these

those who have a house now can expect it to double in value in ten years
those who dont how the hell will they afford 200 30o thousand for a first time buyer

 

nowt, waiting for my parents to move out lol

Dunc

 

i was a 1st time buyer, they took my dads wage and mine and gave me up £250,000! url never get a mortgage by urself unless u earn shit loads, its only like x3.5 ur income my dad dont pay nething towards it, but ne money i make on the place he gets himself half, that was the deal!! im lucky my mortgage is split 3ways so it costs me bugger all a month! U can get gifted deposits and stuff from builders you just need to speak to advisors cuz they know of people building houses! I was offered a flat £180k right, the builder would gift me £10k and my mortgage would be £190k at 4.5 interest rate! If you aint got money for a deposit this is a way round it

 

yeah pon thats my point though

your gonna buy a 2 bed flat for 1/4 of a mill cain all your cash paying for it and then its gonna be worth 500k yeah,,,,,,, but all the other places are gonna go up and also now the countrys prices are going up higher than london and surounding areas meaning you are gonna hve to move to wales or pay EVEN MORE to get a bigger place


its not like it used to be mate,,,,, i know we dont see eye to eye on most things but property market is too high now for the old school stuff our parents done

my old man payed 11k for his place in 1987,,,,,,, thats 1/2 mile from kings cross , imagine the price of that,,,,,,, dont mean fuck all to him as he lives there, only worth the cash when he wants to move

 

Taking one out as a first time buyer next month....£1,250 a month...god it's worse then London Prices

 

Pay £697.27p, 14 years left.

House now about £300,000 4 bed detatched and a double garage

Steve.

 

enough

 

Nearly bought about a year ago but then discovered this site :-

http://www.housepricecrash.co.uk

been reading threads and news for a few months and am pretty convinced now that buying somewhere is a risky move for me at the moment, so am just going to keep saving a deposit!.

 

£220 a month borrowed 49k over 25 years , got 11 years left to pay

 

as of end of feb............. nothing!!! the house is sold, then i'm renting a 2 bed cottage for £600 a month until my new house is built mortgage should only be for about £30k

 

you lucky people with 25 year mortgages, mines over 35 years

 

completely agree!!!

 

how old were you all when you took out a mortgage??

 

Honestly mate, reading that site has really opened my eyes to just how much cr@p we are fed by TV, papers and the like - all of whom have investments in property and so always "talk up" prices even when the reality is that most young people cannot afford to buy a house now (only 8% of houses are bought by FTBs now, 86% down from the historic norm!! )

Even more worrying is that people who have already bought seem to think increasing house prices is a good thing but dont realise that increasing prices just makes it harder to move up to the next rung of the "ladder" as the price gap increases - so with inflation as low as it is, thus not increasing wages quickly and eroding the motgage dept) a lot of people will be living in their 2 bed starter homes will probably never be able to upgrade .

Anyway Im just going to keep renting until the madness ends its cheaper and no risk of negative equity, "buying" with a mortgage is just renting off the bank anyway!

 

790 a month plus all the other expensesyou get with 5 kids and and 3 motors

 

992 a month on a place that's currently on the market for 340k

 

fair comment, but at least with a morgage you are actually paying something that you will eventually own, whereas renting is dead money

 

plus the rent money will be paying someone else's morgage off for them Im gonna rent mine out eventually and buy another

 

This is what most people think, including myself until recently, but think about it a bit more for a second.

Of the mortgage payment you make how much is going to paying off your debt??, if you actually work it out its a very small proportion, the rest is going straight into the banks profits, and if you have an interest only mortgage your not paying it off at all - it is just renting off the bank.

A good test is to look on a rental site and see how much rent on a place would be and then find a very similar house in quality / location and work out the interest only mortgage cost. In most cases you will find the difference is not very much. Then factor in all the costs of repairs and maintainance you have to make on your own house in a year (which, when renting the landlord will have to pay) and you will probably find that renting is a fair bit cheaper.

I'd love to buy my own place, renting doesnt feel as good for sure, but theres no way Im saddling myself with a lifetime of dept to hand the seller a 150% profit just for sitting tight for the last 5 years!.

All just IMO but this makes compelling reading! http://www.firsttimebuyerhelp.co.uk/.../ftbbeware.pdf

 

I assume you'll be getting a morgage once you do decide to buy?

 

fury muff

But at the end of your 25 years renting what do you have to show for it apart from buying your landlord another house ....fook all

at least after my 25 years i will own my house

 

Of course I will , but the more i save up front the less it will be and so I'll be paying a lot less in interest. Mortgages are a fact of life but these crazy prices are like nothing the UK has ever seen before - I mean what logical reason is there for prices going up so much in the last 5 years?, its not that there are less houses about or anything - it is just its easier than ever before for people to borrow LOADs of money (loans, self cert mortgages at 6 time salary etc) which have driven prices up

 

Of course your right if prices stay the same or keep going up, but Im banking on them going down. If not, well then yes i'll have lost our but I just have to do what my gut tells me. We all pay our money n take our choice!

 

ok mate.. well keep payingh your rent whilst in the hope houses depreciate in value.,.

out of interest, as Im not too clued up on the subject... do houses depreciate in value often..

 

seriously cant understand people what throw money away renting

13k just wasted and not even on a good time

my mortgage is something like 750ish

 

Hmmmm easier said than done Tru! Been looking for a nice plot of land for about 10 months now! Gave up and buying a new one till more land gets released!

 

They can do when they become unaffordable, which they are now to a good proportion of young people in this country (the average age of a 1st time buyer is now 34!). The last time they depreciated was in 1989 when they dropped by 20% over 6 years.

Anyway im not going to say more on this as it's an emotive subject and not worth causing any bad feeling over , if youve bought already and are happy then I wish everyone all the best, I do feel my life is kind of on hold as I dont have my own place and I can see there are benefits of owning that I will never have renting. But if you havent already bought all I can say is do your research and make up your own mind, dont just take it on face value that you must stretch your self to the limit to buy just because your mate down the pub or the bint off "location location" says so!

 

they will when the interest rate goes up and people cant afford to pay em and so they all sell up


westy hes not kidding in what he says either mate, you think your doing well jumping on the ladder now BUT they aint still growing anymore, you aint gonna make LOADS of cash that you would have 5 or 10 years ago if you live near central citys

its the smaller towns that are now seeing the price rises,,,,,,, londons houses over a certain amount are actually DROPPING slightly but they are and thats cause people aint taking the same risks in as they can see whats gonna happen


london aint the place to buy anymore, loads of business is moving out and the internet has showed people that there is inteligence outside of the M25

people who are on it now maybe fine

as for paying 1000quid a month being poor so when your 55 you own your own place,,,,, what a great plan,,,,,,,, so you live the life of no cash and stress to pay bills and then when the central heating goes tits up you need to borrow 2k to sort it and now have another bill,,,,,,,, that aint what lifes about mate

50 quid on a council house and they even fit double glazing FOC where i have to pay 7k cause im on a 125 year lease

the only people that are winning are the banks in interest and the estate agents


if LEGALLY you wasnt allowed to get a morgage UNLESS you had 10% you would have 5 years less to pay for a start,,,,,,,,, imagine that and the price of houses wouldnt be as high as they are,,,,,,,,,, aint that a much better way

 

all very valid points..

Ive rented before albeit in Bondi so know what the crack is..

TBH buying my own gaff wasnt all about making 1000's.. its an investment in the way that I will eventually own it, and Im not paying SOMEONE elses morgage for them..

I am far from stretching my limit for the payments, so its all good..

So the last time they went down, was 17 years ago, and by a staggering 6%...

Anyway, its not a debate but add up all your rent money you've paid, unlesss you live with the olds..

 

XRTypeRS

just to add.. I appreciate what you are saying and do understand where you are coming from.. Good luck for when you do decide to buy..

 

see lee thats what you think cause you bought a house with a 5 % deposit a few years ago prob with a endowment and now its worth 50% or more ontop of what you paied

would you get a 100% morgage and a loan to cover the last 10% to buy a palce that sooo many are allowed to do these days,,,,,,,,, imagine the interest rate your now paying based on what its gonna go up by ???

price of houses in london are stablising,,,,,that means they will do the same all over and then theres no gain apart from owning your own place


tbh i WOULD rent if i could pay less than what i pay now PURELY on the basis that i have no stress or worrys and then if i split with the missus i wouldnt have to live in rented accomdation STILL paying a morgage and have half the cash at the end


theres LOADS of things to consider people


too many just love saying what there place is worth to make em feel like they have achived stuff and when they sell they made loads of proffit

but then they all get a new place AND ANOTHER LOAN for the extra cash


you aint made shite people please remember that


how many people here can sell there place for a profit they can ACTUALLY SPEND ????

if you cant spend it then its pointless,,,,,,,,, why have 200 million in the bank if you have to shop at netto for beans

would be better off loaning 100k and putting it into investments imo for a quicker return when still renting

but dont talk to me about money as i got a low paied job and a misus whos in college and a 2 year old child and i STILL manage to own 5 cars and the only loan ive got is from when my central heating broke down

we only bought our place cause it was the only chance of getting a palce to live we could afford,,,,,,, thats all or we would GENUINLY be renting a flat

 

Thanks mate, all the best to you too .

 

westy 17 years ago house prices where FUCK ALL though

most people owned a fair share of the property and wasnt in neg equity

people buying now on a limit just need the interest rate to go up 2% ( remember that its very low at the moment,,,,, wasnt always this low though) and when the REGULARLY review the council tax based on the true value of the place alot of people ARE gonna be priced out and so they have the option to keep at it or move back with the parents before finding a place to rent


where the people renting will still be in 8 months rent arrears and be able to pay 40 quid on top when they got it and they cant be kicked out

i bought my place based on it being worth what i actually paied in total,,,,,,, i paied 60k for it but its actualy gonna have cost me more near the 85k mark,,,,,,,, and thats before running costs