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Author Topic: Mortgages  (Read 5154 times)
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easy tiger
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« on: June 25, 2008, 09:08:27 »

Advice please.
Despite being 436 yrs old I still have no mortgage. It just seems like a massive debt to me.
This year or early next we plan to buy.
Any advice from you homeowners out there?
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« Reply #1 on: June 25, 2008, 09:14:58 »

As someone who works at an IFA and handles Mortgage related paper work and hears office chat and stuff, right now is a terrible time to get a mortgage, mortgage lending is way way way down as the Lenders aren't lending anymore and the rates they're offering aren't very good at all.

It isn't a massive debt unless your house devalues by lots, if your house price rises you can cash in on the house, pay off the mortgage debt and still have cash in hand.

I'd talk to an Independent Financial Advisor though rather than a bank or estate agent chap(ette) cos they'd be better placed to tell you what the whole market is looking like and get you a good deal if possible.
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« Reply #2 on: June 25, 2008, 09:41:43 »

You're how old?
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« Reply #3 on: June 25, 2008, 09:48:45 »

Thanks schaf. Sound advice. Do you think it would be better to wait until next year? Lar's please advise too.            I am 36 potato kid.
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« Reply #4 on: June 25, 2008, 09:50:48 »

As long as you aren't 436.
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« Reply #5 on: June 25, 2008, 09:55:50 »

I just bought the 2nd one in my lifetime (I botched the first, btw) but since I'm in America I'm not sure what advice I could give. Lars has been through this recently hasn't he?

This is a good time to buy almost anywhere as housing markets are down all over.
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« Reply #6 on: June 25, 2008, 10:00:44 »

its confusing to say the least.
some say buy now, some say wait till next year.
anyhow, with a 20k deposit and a 140k mortgae my epayments are more than renting.
I thought it was supposed to be the other way round?
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« Reply #7 on: June 25, 2008, 10:08:43 »

I'm 14, so I don't know. I'd say buy now!
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« Reply #8 on: June 25, 2008, 10:12:31 »

No Jack it isn't a good time at least in the UK, most lenders aren't lending the money nowadays, the housing market has a way too fall yet as well, as houses get cheaper you'll need to borrow less which'll make you more viable for being lent the money as the sum should be more within your means to pay back.

It depends on the deal you get and how much interest they charge. I'd wait until next year myself, the summer is always a shit time for the housing market anyways and what not. It's better to miss the bottom of the price drop and get on the ladder after house prices rise than have to sit on a mortgage and a house that is worth 30% less than you paid for it in my view.

To be fair the extra price is cos you own it, you can sell it or give it to your children or your friends when you die it's handy to have. No one ever buys a home because it's cheap, they buy it because they reckon it's worth the extra cost to own a property.
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« Reply #9 on: June 25, 2008, 10:26:51 »

cheers
Lars, why didn't you wait until next year?
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« Reply #10 on: June 25, 2008, 10:28:48 »

I believe he had already agreed and started to action the process before the shit hit the fan
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« Reply #11 on: June 25, 2008, 10:46:21 »

Buying houses is for losers.
I was going to say the only people I know who own a house are my grandparents, but then I realised they're renting until they pick a bloody house.
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« Reply #12 on: June 25, 2008, 10:49:39 »

I'm not a home-owner.. But I know someone who was going to buy a house on a development, he was going to buy 'off plan' his was the first house to be built.. He's decided not to go through with it due to whats looking like a massive slump in the housing market.. The developers offered him £20,000 off the price.. Then a further £20,000 a few weeks later!!! He's still not going for it though.. Last he heard, the whole development is on stop as no one else has bought any of the houses either.

I'd say that house prices are going to dive a fair bit more over the rest of this year.. Seems to be what everyone is saying too.

I'd hold on and wait myself!!
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« Reply #13 on: June 25, 2008, 10:53:13 »

wowser 40k off price!
i think i may have gone for that. With buying new builds, the mortgage companies want more of a deposit.
cheers toaster, all is pointing to wait.

and thanks status, indeed buying houses is for losers, or so it would seem at the moment.
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« Reply #14 on: June 25, 2008, 11:46:55 »

The good thing about the devalued houses over here is that I was able to walk into a $13,000 equity right off.
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« Reply #15 on: June 25, 2008, 11:50:38 »

i have no idea what that means
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« Reply #16 on: June 25, 2008, 11:52:03 »

Me neither... Its not important though as he's American...
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« Reply #17 on: June 25, 2008, 12:25:09 »

I say put off buying for a while, renting does have its benefits, for instance the landlord sorting out repairs etc. I read from one guy that he advocated not buying a house at all, passing a house on with inheritence tax as it is can often turn out bad (a lot of the time over here the inheritors have had to sell the house to pay the tax on it!).
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« Reply #18 on: June 25, 2008, 12:50:49 »

Get a cheap field somewhere and you can build your own log cabin on the cheap, mortgages for self builds are in some ways easier to get if you can keep costs of the build down.
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« Reply #19 on: June 25, 2008, 13:04:19 »

Thats what I wanna do
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