Buying A House

[tsteve9999 456]

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

 

No way will prices fall in the long term, there aren't enough houses to go round.

Houses are like any other form of investment, you need to be looking 10-20 years ahead, If someone buys a £100-00 house now and it costs say 600 pounds a month morgage, they will still be paying roughly 600 in 20 years time and own the house which will be worth a good bit more than they paid for it. . If they are renting for 600 a month now in 20 years it's going to be a hell of a lot more and they will still have no house.

[deanflute 550]

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

 

Yes. We've been in this house just over a year so that's £7700 of our money wasted on rent already, not to mention the years and years of rent we both paid seperately over the last 7 year's. Together we've probably blown the best part of £70000. The interest rates may rise and the house prices may fall but I don't think we'll ever lose the sort of money we have already lost on rent. Once our mortgage is in place we can over pay it to the same amount as what our rent is now and it will be paid off in 15 years

[tsteve9999 456]

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

 

Yes. We've been in this house just over a year so that's £7700 of our money wasted on rent already, not to mention the years and years of rent we both paid seperately over the last 7 year's. Together we've probably blown the best part of £70000. The interest rates may rise and the house prices may fall but I don't think we'll ever lose the sort of money we have already lost on rent. Once our mortgage is in place we can over pay it to the same amount as what our rent is now and it will be paid off in 15 years

 

It's a no brainer really, the big problem nowadays is getting a deposit, but it is worth it in the long run.

As far as house prices falling goes, it's never happened in the long term, As long as you don't overextend yourself and can wait 10 years or more before selling you will always make a profit, maybe not a fortune but a profit never the less

[Themoocher 231]

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

[neems 2,406]

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

 

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

No way will prices fall in the long term, there aren't enough houses to go round.

Houses are like any other form of investment, you need to be looking 10-20 years ahead, If someone buys a £100-00 house now and it costs say 600 pounds a month morgage, they will still be paying roughly 600 in 20 years time and own the house which will be worth a good bit more than they paid for it. . If they are renting for 600 a month now in 20 years it's going to be a hell of a lot more and they will still have no house.

yeah I've never seen any logic whatsoever in long-term renting,people must not realise they'll be old and weak one day,if they don't even own their own house by then they'll be nothing but a burden on their family.

 

and which is worse imo they'll die with nothing to pass down.

[Waz 4,266]

 

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

 

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

No way will prices fall in the long term, there aren't enough houses to go round.

Houses are like any other form of investment, you need to be looking 10-20 years ahead, If someone buys a £100-00 house now and it costs say 600 pounds a month morgage, they will still be paying roughly 600 in 20 years time and own the house which will be worth a good bit more than they paid for it. . If they are renting for 600 a month now in 20 years it's going to be a hell of a lot more and they will still have no house.

yeah I've never seen any logic whatsoever in long-term renting,people must not realise they'll be old and weak one day,if they don't even own their own house by then they'll be nothing but a burden on their family.

 

and which is worse imo they'll die with nothing to pass down.

I think that is 1 of the reason social housing exists.

[Gaz_1989 9,539]

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

What a strange thing to say.

 

If you've never had a mortgage then you will never know how good it feels to know that what you've got around you is yours.

 

I rented from the age of 17-23 and it is dog shit. Wasted money living by someone else's rules. Asking for permission to paint a wall

 

Even if house prices fall over the next few years then there is no way that in 25 years when my mortgage is paid off I will be worse off than if I had rented.

[Born Hunter 17,798]

Initially what is depression inducing is seeing 75% of your mortgage payments are infact interest! LOL

[tsteve9999 456]

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

If you've paid 40k in 5 years on a 90k loan you're being done mate, or it's a short term mortgage. My sons paying less than 4k on a 70k loan over 30 years.

Thats at lthe very least 1k less than the same house would cost to rent each year so even if rents stayed the same for 30 years and the house didn't increase in value he would be 30 grand plus the value of the house better off by buying.

[Themoocher 231]

 

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

If you've paid 40k in 5 years on a 90k loan you're being done mate, or it's a short term mortgage. My sons paying less than 4k on a 70k loan over 30 years.

Thats at lthe very least 1k less than the same house would cost to rent each year so even if rents stayed the same for 30 years and the house didn't increase in value he would be 30 grand plus the value of the house better off by buying.

 

 

do you think I dont relise that.

That is the point some people on this topic are trying to make.

Thats the differnce a couple % rise in a mortgage makes it criples people.

 

Bought house in 2008 on 5 year fixed deal when intrest and prices were through the roof.

One year later intrest rates arse falls out and im paying high % still on my mortgage cause the get out clause was very high.

 

Now unless your a banker or a very good accountant that knows the market inside out then be vary wary of what you lend.

As I said I had a very good steady job and rented the house out at the time and lived in cheap rent accom for mst of it.

So I wasnt to bothered.

At the time the bank was offering me and my misses 260k mortgage. Im glad I just lent the 90k or I would have walked away from it.

 

At the minute its the opisite affect everything is very low which means it can only rise.

Now if you have lent money of 90k and paying 420 which I am now a month.

and the rates incrrease to the same as 2008 then you will be paying 600 a month.

If you are maxed out £200 is a lot of money a month.

[antg 1,784]

 

 

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

If you've paid 40k in 5 years on a 90k loan you're being done mate, or it's a short term mortgage. My sons paying less than 4k on a 70k loan over 30 years.

Thats at lthe very least 1k less than the same house would cost to rent each year so even if rents stayed the same for 30 years and the house didn't increase in value he would be 30 grand plus the value of the house better off by buying.

 

 

do you think I dont relise that.

That is the point some people on this topic are trying to make.

Thats the differnce a couple % rise in a mortgage makes it criples people.

 

Bought house in 2008 on 5 year fixed deal when intrest and prices were through the roof.

One year later intrest rates arse falls out and im paying high % still on my mortgage cause the get out clause was very high.

 

Now unless your a banker or a very good accountant that knows the market inside out then be vary wary of what you lend.

As I said I had a very good steady job and rented the house out at the time and lived in cheap rent accom for mst of it.

So I wasnt to bothered.

At the time the bank was offering me and my misses 260k mortgage. Im glad I just lent the 90k or I would have walked away from it.

 

At the minute its the opisite affect everything is very low which means it can only rise.

Now if you have lent money of 90k and paying 420 which I am now a month.

and the rates incrrease to the same as 2008 then you will be paying 600 a month.

If you are maxed out £200 is a lot of money a month.

 

your right there fella. you must sit and weigh things up and be sure your doing the best thing. now my place was a no brainer.

i was at the time paying 300 a month rent. my mortgage at the highest was still less than £200 and as low as £160 at one point. a big part is location, as prices up and down the country differ so much. up north in my area for example, my house would be approx 90k. if my house was down south it would be at least 250k and upwards. so the geographical divide makes a huge difference to prices. im pleased i took on the mortgage years back. as now it paid for and the extra money we have makes life a little easier. would do it again in a heart beat

[Born Hunter 17,798]

 

 

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

If you've paid 40k in 5 years on a 90k loan you're being done mate, or it's a short term mortgage. My sons paying less than 4k on a 70k loan over 30 years.

Thats at lthe very least 1k less than the same house would cost to rent each year so even if rents stayed the same for 30 years and the house didn't increase in value he would be 30 grand plus the value of the house better off by buying.

 

 

do you think I dont relise that.

That is the point some people on this topic are trying to make.

Thats the differnce a couple % rise in a mortgage makes it criples people.

 

Bought house in 2008 on 5 year fixed deal when intrest and prices were through the roof.

One year later intrest rates arse falls out and im paying high % still on my mortgage cause the get out clause was very high.

 

Now unless your a banker or a very good accountant that knows the market inside out then be vary wary of what you lend.

As I said I had a very good steady job and rented the house out at the time and lived in cheap rent accom for mst of it.

So I wasnt to bothered.

At the time the bank was offering me and my misses 260k mortgage. Im glad I just lent the 90k or I would have walked away from it.

 

At the minute its the opisite affect everything is very low which means it can only rise.

Now if you have lent money of 90k and paying 420 which I am now a month.

and the rates incrrease to the same as 2008 then you will be paying 600 a month.

If you are maxed out £200 is a lot of money a month.

 

 

But that's the obvious risk with a fixed rate mortgage and of course the benefit. What f****d you was the property value drop, which I'm still struggling to get my head round... 90k house dropped in value to 50k in 5-7 years!!!!!????

 

I bet the tracker deals were great back then, you'd be fecking laughing now with BoE base rate at 0.5%, but equally I reckon the average joe would be daft to take one now as you'll be fecked in a few years.

[deanflute 550]

 

 

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

If you've paid 40k in 5 years on a 90k loan you're being done mate, or it's a short term mortgage. My sons paying less than 4k on a 70k loan over 30 years.

Thats at lthe very least 1k less than the same house would cost to rent each year so even if rents stayed the same for 30 years and the house didn't increase in value he would be 30 grand plus the value of the house better off by buying.

 

 

do you think I dont relise that.

That is the point some people on this topic are trying to make.

Thats the differnce a couple % rise in a mortgage makes it criples people.

 

Bought house in 2008 on 5 year fixed deal when intrest and prices were through the roof.

One year later intrest rates arse falls out and im paying high % still on my mortgage cause the get out clause was very high.

 

Now unless your a banker or a very good accountant that knows the market inside out then be vary wary of what you lend.

As I said I had a very good steady job and rented the house out at the time and lived in cheap rent accom for mst of it.

So I wasnt to bothered.

At the time the bank was offering me and my misses 260k mortgage. Im glad I just lent the 90k or I would have walked away from it.

 

At the minute its the opisite affect everything is very low which means it can only rise.

Now if you have lent money of 90k and paying 420 which I am now a month.

and the rates incrrease to the same as 2008 then you will be paying 600 a month.

If you are maxed out £200 is a lot of money a month.

 

I know what you're saying mate which is why we're only doing a 2 year fixed rate at the minute, we can easily afford to pay more if the interest rate does rise, which it will do. Even if we end up paying £650 a month we will still own our own home well before retirement age. If we continue to rent and the interest rate rises then the landlord isn't going to foot the shortfall of the rent to the mortgage that he will be paying and so inevitably the rent will also rise to a ridiculous amount which we would still be paying until we get carried off in a box.

[Flipper_Al 1,012]

We have just sold our house, offer accepted on a new one, increased or mortgage, with a new provider, and got the rate fixed for 3 years...we will look at moving our mortgage again just before this deal expires,

Edited May 28, 2014 by Flipper_Al

[Themoocher 231]

 

 

 

I got sucked into buyin a house in 2007 when everything was booming.

Be very wary of the increase in property prices and money getting lent all over.

It me seem like a good idea jumping on the band wagon but I think iv lost bout 40k on a 90k house over 5 years.

I am still in negative equity and I have paid 40k on a mortage in 5 years on an 90k house.

I was very very lucky I had a very steady good paying job all through it.

Or I would have walked away from it.

Its not all that straight forward as people think.

If you've paid 40k in 5 years on a 90k loan you're being done mate, or it's a short term mortgage. My sons paying less than 4k on a 70k loan over 30 years.

Thats at lthe very least 1k less than the same house would cost to rent each year so even if rents stayed the same for 30 years and the house didn't increase in value he would be 30 grand plus the value of the house better off by buying.

 

 

do you think I dont relise that.

That is the point some people on this topic are trying to make.

Thats the differnce a couple % rise in a mortgage makes it criples people.

 

Bought house in 2008 on 5 year fixed deal when intrest and prices were through the roof.

One year later intrest rates arse falls out and im paying high % still on my mortgage cause the get out clause was very high.

 

Now unless your a banker or a very good accountant that knows the market inside out then be vary wary of what you lend.

As I said I had a very good steady job and rented the house out at the time and lived in cheap rent accom for mst of it.

So I wasnt to bothered.

At the time the bank was offering me and my misses 260k mortgage. Im glad I just lent the 90k or I would have walked away from it.

 

At the minute its the opisite affect everything is very low which means it can only rise.

Now if you have lent money of 90k and paying 420 which I am now a month.

and the rates incrrease to the same as 2008 then you will be paying 600 a month.

If you are maxed out £200 is a lot of money a month.

 

 

But that's the obvious risk with a fixed rate mortgage and of course the benefit. What f****d you was the property value drop, which I'm still struggling to get my head round... 90k house dropped in value to 50k in 5-7 years!!!!!????

 

I bet the tracker deals were great back then, you'd be fecking laughing now with BoE base rate at 0.5%, but equally I reckon the average joe would be daft to take one now as you'll be fecked in a few years.

 

 

Actually paid 94k for it and they were selling for 50k in 2011 lol

The market has raised a little prob get 60k for it at minute.

Still got a 72k left on mortgage lmao.

Makes me ill and straessed out thinking about it.

If I wasnt in an army pad I would have walked away from it.

You cant make money on house unless you do it for a buisness

You maybe buy a house for 20k and in 10 years its worth 60k so you are up 40k.

But then when you move or buy another house the other property you buy will have raised the same value as one you are selling