I’ve spent the last couple of months playing catch up reading this site. Didn’t consider posting as I never had much to add to the well researched and knowledgeable debate.
Firstly, can I say thank you to all that have posted on this site for years as I have learnt a great deal in my very sort time here.
Me, I’m a potential FTBer with a 15% deposit (and rising rapidly for the first time at no cost to myself) who it seems has got about two years to kill before buying (I think any further falls will be outweighed by lifestyle gain.)
I have to say that over the last few years I had been tempted to make the jump onto the housing ladder. However, after watching friends buy five years ago and then sell two years later for over twice the price, basic logic told me that something somewhere was going wrong and it was impossible for these increases to continue. Although, I admit I never did any further research to investigate. (I realise last sentence makes me sound like a BTLer)
Anyway anecdotal, I went to the bank about two months ago moving savings around and while there, I asked for a mortgage quote. I was told I had a great credit rating (over double needed to qualify apparently) and could receive 5 times salary. Two years interest only then onto a repayment. This equated to 37% and 56% respectively of net pay.
The nice lady then went on to tell me I could probably have more money if I needed it and to get out there and start looking. I walked out bemused as to how someone could offer me that much debt and dress it up like it was a great deal.
This led me to MSE momentarily and then here. My new virtual home.
Keep up the great work Pebbles, Paddles, FP, cells (the verbal battering ram) and many many others
Back to lurking