Thursday, Aug 06, 2009
Not just green shoots at lovemoney but veritable lush green forrests it seems
Lovemoney.com: Top deals for first-time buyers
Better mortgages for first-time buyers with small deposits could be on the way soon. But if you can't wait, Christina Jordan reveals the top deals available now.
The positive news releases just keep on coming. This week sees Nationwide's house price index recording an increase in average UK prices for three months in a row. In July they increased by 1.3% to £158,871 - the fastest rate since February 2007.
Posted by novice pete @ 09:44 PM (746 views) Add Comment
7 Comments
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1. mystie010 said...
Well in that case I'm just giving up on this market completely, I will resign myself to the fact that I will be renting forever and simply adopt the view that I don't want what I cannot have! Stuff the BoE and stuff New Labour if I could emigrate I would!
2. novice pete said...
mystie010
I sympathise with you, but I remain bearish. Will see how things are come winter.
3. Roubinisworstnightmare said...
Don't fret gents - the british housing market is completely doomed.
This country is in serious serious trouble - at least 1970's IMF-visiting trouble - in my view.
I fully expect the next 10 years in Britain to be worse than Japan's lost decade.
4. mystie010 said...
novice pete thanks for your support. I'm sure it's only this website keeps me cheerful. I've lived through two crashes now and I can never ever remember affordibility being as bad as it is now I hope things change soon.
5. Al Young said...
great deals last months. mortgage burden lasts a lifetime. buying because the deal looks good now is not the issue. the price that counts is that of the house - not this weeks mortgages. i remain bearish too.
6. Mghollis said...
The key to whether this is good or bad news is the multiple of the borrower's income that the lender is prepared to lend. If this is prudent (not in the Chancellor's use of the word!) then this will help first-time buyers. The lender will probably only lend a percentage of their own valuation of the house. I suspect this will go some way to preventing first-time buyers paying too high a price.
Mortgage burdens don't last a lifetime. Most mortgages are paid back over 20/25 years (or used to be when I had one). If you buy a house when you are at a reasonable age and don't constantly trade up then you should comfortably pay off your mortgage long before you die. If you are not prepared to take on a mortgage, or don't have the cash to buy outright, then I can't see how house ownership is going to be achieved. I'll concede that there is a right and wrong time to buy. But if you take the view that it is always the wrong time .........
7. Mghollis said...
Mortgage burdens last a lifetime? When I had one it was for (only!) 25 years. I suppose it would be your remaining lifetime if you bought at 50 years old!