Jump to content
House Price Crash Forum

johnnyboy777

New Members
  • Content Count

    13
  • Joined

  • Last visited

About johnnyboy777

  • Rank
    HPC Newbie
  1. Right then i have a mother of all questions and as you guys have the knoledge or at leaset probably a better idea than i, i shall begin, i should tell you i have posted this before but still my head is F%%*ed up over it and i have to make a decission this week! i have been renting different house since 1996 when me and the wife split, we lived in an housing association house and yes houses were then reasonbly priced, in fact i looked at a 3 bed back then for £44,000 and thought to myself stuff that its a fortune ill rent until i know what im doing, yes Bloody Fool" any how i watched as the property market went stupid and was priced out years ago, and with hatred i watched property programmes and began a psychotic hatred of all BTL ers any how in aprill of this year 2007 i saw an advert in my local paper that read, low cost housing for local people, 2 bed £75,000 3 bed £99,000, apply so i did and as im on the council waiting list i got offered the chance to buy, well i did not think that i would get the mortgage but i have, i have to put in £15,000 deposit "all my savings" a fixed rate 2yr deal at 6.54 % high because i needed to self cert, however the mortgage payment are £20 less than my current rent. this house is sold on this basis: the house is sold to me at 40% less than its market value " its a new build so i guess the valuation is what ever they say" by my reckoning its £165,000 this seems about right though the housde is compact, i think it would be on market for about £155,00 but there is no bargaining the deal is done through local council. When i go to sell in the future i can only sell back to someone on the council waiting list and the same discount of 40% will have to be applied to the THEN market value, so house worth £185,000 thats £20,000 rise however minus 40% = £111,000 Thats £12,000 profit on my initial £99,000 but if prices drop so house worth £145,000 Thats £20,000 loss minus 40% = £87,000 thats £12,000 less than what i paid for it, so i cant move on! but i could always rent it out, and move on with hopefully new savings now some will and have said "buy it you fool" 3 bed houses wont come down £99,000 anyway ! and some have said "don't do it youll be stuck in neq Eq" but the way i see it is if i dont this could be my only chance, as i am at the limit of getting this mortgage so if i wait and dont buy then will i be able to again! but if i buy it and houses come tumbling down ill be kicking myself i know im asking a lot, not only asking you all to read this piffel but i really would appreceate your help many thanks john
  2. Right then i have a mother of all questions and as you guys have the knoledge or at leaset probably a better idea than i, i shall begin, i should tell you i have posted this before but still my head is F%%*ed up over it and i have to make a decission this week! i have been renting different house since 1996 when me and the wife split, we lived in an housing association house and yes houses were then reasonbly priced, in fact i looked at a 3 bed back then for £44,000 and thought to myself stuff that its a fortune ill rent until i know what im doing, yes Bloody Fool" any how i watched as the property market went stupid and was priced out years ago, and with hatred i watched property programmes and began a psychotic hatred of all BTL ers any how in aprill of this year 2007 i saw an advert in my local paper that read, low cost housing for local people, 2 bed £75,000 3 bed £99,000, apply so i did and as im on the council waiting list i got offered the chance to buy, well i did not think that i would get the mortgage but i have, i have to put in £15,000 deposit "all my savings" a fixed rate 2yr deal at 6.54 % high because i needed to self cert, however the mortgage payment are £20 less than my current rent. this house is sold on this basis: the house is sold to me at 40% less than its market value " its a new build so i guess the valuation is what ever they say" by my reckoning its £165,000 this seems about right though the housde is compact, i think it would be on market for about £155,00 but there is no bargaining the deal is done through local council. When i go to sell in the future i can only sell back to someone on the council waiting list and the same discount of 40% will have to be applied to the THEN market value, so house worth £185,000 thats £20,000 rise however minus 40% = £111,000 Thats £12,000 profit on my initial £99,000 but if prices drop so house worth £145,000 Thats £20,000 loss minus 40% = £87,000 thats £12,000 less than what i paid for it, so i cant move on! but i could always rent it out, and move on with hopefully new savings now some will and have said "buy it you fool" 3 bed houses wont come down £99,000 anyway ! and some have said "don't do it youll be stuck in neq Eq" but the way i see it is if i dont this could be my only chance, as i am at the limit of getting this mortgage so if i wait and dont buy then will i be able to again! but if i buy it and houses come tumbling down ill be kicking myself i know im asking a lot, not only asking you all to read this piffel but i really would appreceate your help many thanks john
  3. Just like to say thankyou to all thoses who paid comments on my question, also here is link to info on the deal http://www.summerfield.co.uk/myhome.php so you can see this is not wind up, it is a real concern for me, and still unsure what to do, anyways cant bother you again thanks again though john
  4. sorry you feel this way, iv have been renting now for 11 years and have had enough of landlords, i feel the same way towards BTL'ers however this scheme is about the developer getting the land for free from the local council so can give a discount onto the buyer, i dont think im harming anyone by taking this offer, when i go to sell one day i have to give same discount to someone else that is in simular situation as i was. john
  5. hi here is link to info http://www.summerfield.co.uk/press/2007-27-04-cobb.html john
  6. Well Apparently Summerfield Developments are getting the lAND For free from the local council as long as they give a 40% discount to people on the council waiting list to buy it. i dont know how they hold you too it when you go to sell other than through solicitors etc, also when i got the mortgage i was told that only certain mortgage companys are doing this type of mortgage its a thing that is going to happen more often im told to help people buy thier homes, heres the link to more info http://www.summerfield.co.uk/press/2007-27-04-cobb.html http://www.summerfield.co.uk john
  7. how do you mean, there is no rent this is a freehold total sale not part rent part buy john
  8. thanks for your reply, but a few years is a long time renting at £575 also it is a what if though isnt it that they come down so much i am happy for your response though john
  9. The House is a new build and the now market value is supposed to be £165,000, and in the future when i go to sell i assume the valuation people will put a price on it, it is 1 house in 50 odd in a close that all have the same deal
  10. i am renting a simular house for £575 per month, and the mortgage on the new house is £567 so its less apart from House Insurance and stuff
  11. i can buy a 3 bed for £99,000 in south west england should i buy it is my question? The House is Valued at £165,000 with the discount it becomes £99,000 it is discounted by 40% on the goverment affordable housing scheme, it is freehold and has only 1 restriction, which is that when i go to sell it in the future i must sell it at the same deal ie 40% of the Then Market Value. i am FTB am want a home fed up of renting for years however im worried about falling house prices and being stuck in this one for years in NEG Eq, i have to put in £15,000 deposit and borrow £84,000 if i wait, will a 3 bed come down to where i can buy it ie £99,000
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.