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Jake1734

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About Jake1734

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  1. 'Borrow as much as you can' People really don't get it.... Someone asking about first house purchase over on pistonheads. Madness See pistonheads thread here...
  2. Couldn't agree more! Some people are absolute IDIOTS.
  3. Yes. Ten year fix then you come out in ten years time, hence the bad scenario!
  4. Very annoying indeed. The rent compared to a mortgage cost is fairly even but the fact with one you are obtaining an asset doesn't make it a direct comparison... plus like has been said a currently very steeply appreciating asset!
  5. Interesting points raised. You also have to consider that at the end of the cheaper rent you have nothing and at least after being a mortgage slave you have some sort of house you are actually owning. It's difficult to continue to rent and save with no end in sight
  6. Regarding the whole rent vs. Buy calcs. Unless I am missing something they both work out similar by my calculations over a ten year period. Neither is significantly less than the other. Assuming £200,000 borrowed @ 4%/30yr. (£433/mth interest payments plus SD/fees/Main cost - all 'dead' money) Against renting same place for £800/mth. Any input on the sums and opinions appreciated. I factor in 20k for ten years maintenance, maybe this is too low? My sums also completely ignore house price inflation which I'm not sure is correct way to work it...
  7. I currently feel it's a bad time to be buying with everything happening surrounding economy/property. But I see no signs of luton/dunstable/Leighton dropping either. Properties are being snatched up very quick for stuff that isn't at all nice. 2 bed terraced houses probably average 230/240k, I don't see how they can rise much more in these areas. But I still begrudge paying top whack for a mediocre 2up2down... We could be holding out five plus years for a correction, which I'm becoming less and less keen on. It's a very difficult situation with every single person I know rushing to buy and telling me I'm the crazy one!
  8. I do hope that's tongue in cheek Timak. If not, what an utterly stupid post
  9. Same position as myself. Crazy rises in a town with the reputation of luton.... Main train line out of London fuels a lot of it
  10. PMF, I haven't read the link yet, will have a scan later. They are certainly nothing special. With two incomes I guess I would aspire to more but it's me going at it alone and it's a difficult market. That property in Leighton Buzzard has now sold for a 'considerable amount over asking price' according to the EA. They are pushing towards the max I would want to commit to and are certainly nothing exciting just fairly nice two beds in okay areas. Flopsy, Nice to hear from someone who can relate to the madness! I'm not sure on rents going up, I haven't followed the rent market closely at all. My aim has been save, save, save and commit to the scary figures of debt that is the 'norm' to obtain home ownership. Only over the last month has my mindset changed on this and I'm not convinced it is the route to progress currently. Heathrow and surrounding area are crazy prices, way out of my affordability for anything I would want to own. However renting (and maybe a shared rent with a friend would work). I currently commute from Toddington to Heathrow by motorbike, it's about a 90mile round trip and the bike is doing 90mpg. So less than a fiver a day at current prices! With regards to rent vs mortgage do you mind going into any of your calculations a bit more? A 200k mortgage at 3ish% would be circa £780 monthly payment, rent on those would probably be around £750. Difference being you've thrown circa £45k at them to actually'own' them plus stamp duty/maintenance/repairs/re fits. IF the rises continue obviously buying is sensible, if they don't it's a big punch in the face from Mr. Negative equity and a rather depressing picture! With regards to work security, it seems okay for now. Maybe not the most secure job in the world but is anything in this day! I feel I could move around and maintain the wage or quite close to it. May involve a relocation but who knows! Cheers Jake!
  11. I'm working on educating myself and reading up hence I am here! It's just hard to see it all come tumbling down with so much money being lent and so many people wanting prices to stay high Cheers!
  12. Thanks for input. It does seem never ending. Started the same discussion on another large forum and responses are complete opposite of here;http://www.pistonheads.com/gassing/topic.asp?h=0&t=1570178&d=0#seperator Tricky one to decide on!
  13. 49600 would be more accurate. I'm very taken back with all the hostility here, have I said something to upset you all?!
  14. Regarding the market and rising prices. Unless I am missing something these are all up up up up....? My concern is the crash is coming soon, and a ladder to avoid? Tricky situation. http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E1150798&searchLocation=MK45+1RZ&radius=3.0&referrer=listChangeCriteria
  15. Because the property is wildly over priced, more than BTL investors generally are attracted to and maybe a less than desirable location? At a guess! Interesting replies. Not sure what I said to obtain some of the responses was genuinely provoking discussion.... But glad I gave you all a laugh! Look at the market in flitwick/leighton buzzard area and nothing around 230 is hanging around long. Houses in dunstable have been selling for 10%+ over guide prices. Places within commuting distance of London are in demand currently. In the last six months prices for 2 beds are up circa 20k on a lot of them. No way has it crashed here, not sure about other areas as I only look km said region. Not sure if you are questioning if I'm an estate agent, I'm an engineer and work in heathrow so commit down/round m1/25 every day. Regarding questioning of earnings, borrowing 198 is four times my income. Renting these properties would be the same cost as mortgage. Eg circa £800 a month. Any more thoughts? Or just laughs all round? :S
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