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House Price Crash Forum


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About pixie

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  1. I'd suggest Wilmslow (and you can find a decent 2/3 bedroom house on a nice road within your budget). Easy commute into Manchester and has an hourly train to London Euston too.
  2. Thanks for all the info everyone. I'm now thinking I may well stick to looking in Walthamstow (regardless of what some people say/think, there really isn't that much trouble around these parts).
  3. 'Vardy' - I found this (but am not sure which website I found it on): 1. Start with the purchase price of the property as the value for the property. (We'll use the amount $150,000 as an example.) 2. Subtract the amount of your down payment ($20,000 in our example). 3. Identify your loan amount (the purchase price minus the down payment; in this case $130,000.) 4. Divide loan amount (loan) by the purchase price (value). In our example, this would be $130,000 divided by $150,000, which equals 0.87, or 87 percent - your ratio. 5. Use this number with your lender when referring to your loan. You would say that you want a loan with an 87 percent Loan-to-Value or LTV.
  4. I hear what you are saying loud and clear 'cat in a hat' - the prices in north London are still ridiculous (especially in Islington!). I'm surprised that people choose to believe EA's hype about 'green shoots' rather than economists/academics predications. I'm going to sit tight for a few months and see what happens - I'm convinced that prices have to drop further (... and if they stabilise than I'd have accumulated a nice fat deposit which will put me in a better position than other FTB's). As for Islington ... this is an area I would like to consider (although out of my price range at the moment) but I'm not overly familiar with the area. Wherever I buy I'd like to be close to a tube station - are there any areas in Islington that should be avoided?
  5. Thank you - that's great (I now feel silly for asking the question in the first place). The information I've seen on other websites arrived at their figures using a lengthier process which is why I was getting confused - doh! pixie
  6. Oops - I'd forgotten you'd outlined this previously (also, thanks for the info in the previous message - it was very helpful). I just wondered is there a 'set formula' I can use (in case my deposit increases). I've looked on the web and seen differing equations for how the ltv ratio is worked out (and some of them are producing different results), so I'm a little confused. Thanks, pixie
  7. Hi, Help needed please ... What is the formula for working out the loan to value ratio? Thanks, pixie
  8. Hi, I thought we were supposed to be in the midst of a house price crash??? ... I'm looking to buy in Walthamstow (around the Blackhorse Road station end) but have noticed over the past month that house prices seem to be going up (quite considerably in some cases). Is the market on the up (i.e. should I buy now), or is this a case of estate agents taking the mick due to recent reports that things are improving (i.e. will prices be lowered again over the next 3 months)? Thanks, pixie
  9. Hi, I'm looking into buying, but am not sure where the best place to start is. Would I be better off approaching (2-3) banks/building societies directly and seeing what they will offer me, or would I be better off using a mortgage advisor located within an Estate Agent? Also, I've got a deposit of 30K and my salary is just under 34K (I've got *no* debts, don't run a car, am living at home at the moment, etc - i.e. I'm assuming I have a good credit rating) ... do you think I'd be able to borrow at least 4 times my salary? Hope someone out there has some useful suggestions/advice (I'm very confused!). Thanks in advance, pixie
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