Anyone else bought a house recently?
Discussion
I've always said; "buy a home with your heart, not your head".
Oh bugger.
Signed on the dotted mid October.
Been watching prices since.
Scotland - so no backing out (wouldn't do so though, it's the ideal place).
Entry is 15/12/08.
It's not easy getting a mortgage with the deposit we'd hoped for.
Current worry is that the (potential) lender will dispute the valuation.
Brilliant timing.
Everything will be fine though.
This isn't unprecedented though. I also bought in '88. The property was negative for years but, in the end, made us a lot of money.
Anyone else in the same boat?
Moving and xmas ... I just want to run away and hide.
Cheers,
Eric
Oh bugger.
Signed on the dotted mid October.
Been watching prices since.
Scotland - so no backing out (wouldn't do so though, it's the ideal place).
Entry is 15/12/08.
It's not easy getting a mortgage with the deposit we'd hoped for.
Current worry is that the (potential) lender will dispute the valuation.
Brilliant timing.
Everything will be fine though.
This isn't unprecedented though. I also bought in '88. The property was negative for years but, in the end, made us a lot of money.
Anyone else in the same boat?
Moving and xmas ... I just want to run away and hide.
Cheers,
Eric
Edited by Kiltie on Saturday 15th November 22:25
I bought mine just over 2 years ago with zero deposit and 100% mortgage, I was just in time really. Surely now is a good time to buy as houses dont seem to be shifting at all and you'll get a good deal on one, even if its tough to get the initial mortgage. Scotlands supposedly slightly insulated from the massive property slide down south as there simply isnt enough houses up here.
King Herald said:
If you buy the house because it is what you want, and you are happy with the price, what is the problem when the 'value' goes down????
If you bought it for an investment, what is the problem, because EVERYBODY knows investments can go down, as well as up. Don't they??
No problem as such.If you bought it for an investment, what is the problem, because EVERYBODY knows investments can go down, as well as up. Don't they??
Purchase was because it's where we want to live - so that's cool.
The fact that its value has probably lost tens of thousands of pounds in a few weeks kinda grates though - can you see that?
This coupled with worries over the borrowing side of things are a stress - can you see that?
I'm not bleating or asking for pity. Everything will be great before I know it.
Just wondering if anyone is in a similar position so I can learn what their take is.
That's all.
Cheers,
Eric
Edited by Kiltie on Saturday 15th November 22:55
King Herald said:
If you buy the house because it is what you want, and you are happy with the price, what is the problem when the 'value' goes down????
If you bought it for an investment, what is the problem, because EVERYBODY knows investments can go down, as well as up. Don't they??
The problem is that you are paying more for it than you need to, every mortgage payment is more than it needed to be. The problem is that when your circumstances change and you want to move you can't because you can't sell it for enough to cover your mortgage. Even if you don't look on it as an investment negative equity is a real problem.If you bought it for an investment, what is the problem, because EVERYBODY knows investments can go down, as well as up. Don't they??
Just had an offer accepted on a house, so all being well.....
I originally made the offer back in August, but they turned it down. I told the estate agents that the offer would remain on the table until I found another property, but due to other reasons (too much overtime, illness, holidays) I haven't got round to looking for anything else.
Got a call this week, from the estate agents, asking if the offer was still available. I said yes, and got my offer accepted. Means the offer they've accepted is 12k below the asking price.
I'm looking at it for a place to live in, not to make me any money, and it's a price I can afford.
I originally made the offer back in August, but they turned it down. I told the estate agents that the offer would remain on the table until I found another property, but due to other reasons (too much overtime, illness, holidays) I haven't got round to looking for anything else.
Got a call this week, from the estate agents, asking if the offer was still available. I said yes, and got my offer accepted. Means the offer they've accepted is 12k below the asking price.
I'm looking at it for a place to live in, not to make me any money, and it's a price I can afford.
I've not bought a house yet, cant bring myself to restrict myself to a bread and water existence for 2 years just to get a 10% deposit.
I'd aim for cheaper houses, but anything cheaper is horrible, and i'm not going to make the largest purchase in my life on something I dont like.
How much of your salary as a % was your deposit?
I'd aim for cheaper houses, but anything cheaper is horrible, and i'm not going to make the largest purchase in my life on something I dont like.
How much of your salary as a % was your deposit?
shouldbworking said:
I've not bought a house yet, cant bring myself to restrict myself to a bread and water existence for 2 years just to get a 10% deposit.
I'd aim for cheaper houses, but anything cheaper is horrible, and i'm not going to make the largest purchase in my life on something I dont like.
How much of your salary as a % was your deposit?
I'd aim for cheaper houses, but anything cheaper is horrible, and i'm not going to make the largest purchase in my life on something I dont like.
How much of your salary as a % was your deposit?
shouldbworking said:
I've not bought a house yet, cant bring myself to restrict myself to a bread and water existence for 2 years just to get a 10% deposit.
I'd aim for cheaper houses, but anything cheaper is horrible, and i'm not going to make the largest purchase in my life on something I dont like.
How much of your salary as a % was your deposit?
33%I'd aim for cheaper houses, but anything cheaper is horrible, and i'm not going to make the largest purchase in my life on something I dont like.
How much of your salary as a % was your deposit?
I bought my first place in June. Was going tobuy a different place in November, offerwas accepted, mortgage was in place and would you believe it? I was gazumped! How very late 80s!
Anyway found this place and the mortgage offer from the previous place was still valid for another 3 weeks. Tried to get them to extend it and they refused. Said allof their lending criteria had changedandI didn't meet it. Nice.
My mortgages man found another suitable mortgage and applied for it. Got "computer says no" at first, but he persuaded them to do a manual assessment which all went OK. Got the place for £12k below the asking. I've no idea if its worth even less now but as I'm not going anywhere for a while yet I'll just sit tight until I'm ready to move and the equity is where I want it.
Anyway found this place and the mortgage offer from the previous place was still valid for another 3 weeks. Tried to get them to extend it and they refused. Said allof their lending criteria had changedandI didn't meet it. Nice.
My mortgages man found another suitable mortgage and applied for it. Got "computer says no" at first, but he persuaded them to do a manual assessment which all went OK. Got the place for £12k below the asking. I've no idea if its worth even less now but as I'm not going anywhere for a while yet I'll just sit tight until I'm ready to move and the equity is where I want it.
Kiltie said:
King Herald said:
If you buy the house because it is what you want, and you are happy with the price, what is the problem when the 'value' goes down????
If you bought it for an investment, what is the problem, because EVERYBODY knows investments can go down, as well as up. Don't they??
No problem as such.If you bought it for an investment, what is the problem, because EVERYBODY knows investments can go down, as well as up. Don't they??
Purchase was because it's where we want to live - so that's cool.
The fact that its value has probably lost tens of thousands of pounds in a few weeks kinda grates though - can you see that?
This coupled with worries over the borrowing side of things are a stress - can you see that?
I'm not bleating or asking for pity. Everything will be great before I know it.
Just wondering if anyone is in a similar position so I can learn what their take is.
That's all.
Cheers,
Eric
We bought our place two years ago, and I guess it's value has dropped 30%, to read the typical media drivel, but I don't have any emotions about it in the slightest. It is what it is, and if the price had doubled, like our last house did in five years, all well and good.
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