Mortgages..... Does anyone have one? Did you get the right deal? Is now a good/bad time to buy? ....Discuss.
I have one, over 700 quid a month for 25 years on 115000, ouch lol.I think you would be better waiting to see what happens with house prices as it looks like there going to continue falling for sometime yet
haha aye, welcome to the real world son! mines £180 a month at the moment but it goes up to £280 after a couple of years I think. I should really find out the exact details.
yeah, i have one. £700 a month, for a mortgate of 145k. Interest only of course... I know a very efficient advisor if you need one... its an OK time to buy, you can bargain a bit at the min. Its upto you though really, if you feel you can afford it etc, just go for it I reckon..
i wouldn't if you're first time buying or trying to cash in on the value of your first place you've owned - but only because house prices are so unstable, give it a year as the prices are expected to fall and then you know what you're buying is closer to it's actual value - house prices are still massivley over priced at the moment. Negative equity is on the cards for a lot of people who have bought recently.... if your just remortgaging then fair enough, base line interest rate is not bad - and it may still rise if they try keep inflation down again
as everyone else has said, nows not really a good time to buy, id wait for a bit more to see what happens, but there are some desperate people out there at the minute desperate to sell their house to secure the house they want so people are getting houses way under the asking price, however it's hard at the mo whether to say theyre a bargain as it looks like prices will drop further. at the same time mortgages are getting harder to get and everyone is having to put down much more of a deposit to secure a mortgage. ive got 2; one i pay £700 for £160k interest only although i overpay to £840. on the other i pay £381 for about £62k capital repayment so ive got good deals on both of them but theyre due for renewal in the next year or so so hope rates continue to drop!
I've done really well with mine recently - my girlfriend and I have just got a place in shotley bridge, and with us being first time buyers (and the market being the way it is), we've managed to get the asking price knocked down by £18k. The place has 3 bedrooms, it's all recently been done out, and they're leaving all the appliances behind as well. We're due to move in next week going back to the mortgage, we had fun trying to get ahold of one. Our first lender withdrew all their deals as we were about to put pen to paper, the second withdrew the deal we wanted. At the moment we're paying £650 a month for £95k, and we've put down a £5k deposit. We're hoping that when the fixed term comes to an end in two years things should have calmed down a bit If you're a first time buyer - I'd wait and see what kind of deals emerge. One of our local estate agents has started offering crazy incentives (like paying deposits on any house for first time buyers). It's a buyers market out there - if you pick your moment carefully you can do pretty well out of it.
It depends what you're after really. If you're paying more in rent than you would on the interest if you buy, then it may be worth buying. If you're a first time buyer and in no rush I'd consider leaving it for a while unless you find somewhere you fall in love with, to wait and see what happens with house prices. I've just bought a house in London, because I wanted to have a long term home rather than renting a tiny flat. Fortunately I had a big deposit to put down so it's highly unlikely I'll end up in negative equity whatever happens. I might have been able to get somewhere cheaper in a year or two, but we happened to find a house we both love. We plan on staying in it until we retire, so even if prices go down, they'll have gone back up by that time! We got a reasonable deal on the mortgage, thanks to putting down a 32% deposit and both of us having excellent credit ratings. Though with it being in London, it's still a rather big mortgage!
I'm looking to buy in the next few years, but around here prices are in total free-fall, so i'd be losing money month after month if i bought. We've seen stuff drop about 30-50 grand in less than 6 months on 250k houses .... and it doesnt look like its about to stop anytime soon, so ill wait on the sidelines till then.
