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Racing Piglet

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  1. I’m still here. Thanks for all the replies particularly the ones that are genuinely trying to be helpful. I realise you’re all strangers on the internet but sometimes I think that’s pretty useful as there’s no strings attached to the opinions. Every friend or family member we ask says to buy ASAP. Without being too specific, the house location is in a mediumly nice market town in East Anglia. So not the most expensive region in the country but not far off (3rd I think). Purchase price is £495,000. Mortgage options… 25 year term, fixed @ 2.16% for 5 years = £1,923 per month 30 year term, fixed @ 2.16% for 5 years = £1,682 per month 33 year term, fixed @ 2.16% for 5 years = £1,574 per month 25 year term, fixed @ 3.89% for 10 years = £2,324 per month 28 year term, fixed @ 3.89% for 10 years = £2,178 per month Does it makes sense fixing for 10 years at those rates to give peace of mind even though it costs more for at least the first 5 years? If we went for the 5 year option (or any option), the plan would be to overpay as much as possible to bring the multiples down for remortgage time. Obviously this is easier to do if our standard payment is £1,574 rather than £2,324. I’m not 100% sure on the maths but as an example does it make more sense to take the 33 year term 5 year fix at £1,574 and overpay £350 a month or the 25 year term and make no over payments? Which brings the mortgage down faster? If the shit absolutely hit the fan and it meant losing the house we could probably pay circa £3K per month based on our earnings today. Our earnings may well increase in the future but who knows, I would hope they will increase before 10 years is up though. We also could put in another 10% for the deposit but would prefer to keep that money separate for emergencies and other uses / investments. One more question… The opinion always seems to be that if rates go up then house prices will fall. Are there scenarios where rates go up but prices do not come down and instead stay level or rise? Thanks.
  2. We’ve been waiting a long long time to buy a house and for various reasons (including reading this site and believing a crash was imminent) never took the plunge. Both myself and partner are 39 now, second child on the way and living in a rented house at £1000 per month. We put an offer in on a large detached Victorian 3 bed and the offer’s been accepted. The house needs some work (new kitchen, double glazing etc etc) but has literally loads of potential and is calling out to be modernised and extended. That said it’s on a relatively busy road. Not very very busy, but busy enough to be a consideration. And in an OK not excellent part of town. This and the condition is probably why we can just about afford it. We have a 10% deposit and the mortgage will be sizeable. We’re thinking of fixing the rate for 5 years (wanted 10 but rate is too high) but we’re obviously concerned about prices dropping combined with interest rates rising and then having problems remortgaging in 5 years. Are we mad? Should we let it go and wait and watch? We’ve been waiting and watching for over a decade so w at to get on with our lives but don’t want to make an expensive mistake we’ll regret and be the last ones standing when the music stops. Any advice?
  3. Considering the same myself. Do I wait for mortgages to get even more expensive or do I jump on a long fix in the new year before that happens? If rates rise significantly then mortgage costs will definitely rise but there’s no guarantee that prices will fall. I thought the combined effects of Brexit and a once in a lifetime global pandemic would cause a dead cert price crash but instead prices go up 25%. All the while I’m paying monthly rent and my deposit is being eroded by rampant inflation.
  4. So where do we think rates need to get to to cause a crash? And is now the right time to buy a house on a long low fixed rate or not?
  5. Where are the 5 buyers currently living? Presumably they’re also selling 🤔
  6. If I was Matt Hancock, doing what Matt Hancock was doing, I would not be doing it in a room that I knew had CCTV. What would even be the point in hiding it if you’re going to do it in front of a CCTV camera. So it had to be a covert camera?
  7. But you can get more free hours sooner (from when child is 2 I believe?) providing you’re not working. So you can get more free child care if you’re not working than if you are working. So you can get more free child care providing you don’t actually need it.
  8. Watching with disbelief mixed with anger and bitterness. Want / need to buy but will feel extremely resentful doing so. Logic tells me to wait but logic doesn’t seem to be relevant.
  9. I like the message. How do we instigate it? We need to get organised.
  10. So there's a global pandemic, massive financial shock, Brexit and prices go up 8.5%. So what's the consensus then? If you were considering buying now? Or advising your children? Buy now before they go up anymore? Or wait and see if they come down and possibly have to pay even more later? With interest rates and QE it seems the majority on here now think prices will continue rising in the short to medium term at least. And this is housepricecrash.co.uk. Depressing.
  11. Phoned the bank, they say they've had no requests for funds so can only advise it's being blocked at the other end for some reason. I'll look at Kraken. Thanks.
  12. Looking to acquire a smallish amount of bitcoin to hold for while. I set up an account with Coinbase and have been trying to buy some with a debit card as don't really want to wait days for Coinbase to verify my bank account. For some reason it does not like my debit card at all. First it came up with "Payment declined due to suspicious activity" and wouldn't let me proceed any further and now it lets me proceed but the payment eventually just fails. Do I need to verify the card somehow with some micro payments or something? Failing that anyone have any suggestions for a reasonably easy to use exchange that's safe enough to hold a small balance while I sort a proper wallet out? Thanks.
  13. Wow this is a depressing thread. I should have bought a long time ago. I could have, but didn't for various reasons at different points in time. There were points where I needed the cash for other things like investing in a business (although arguably it would have been better spent on a house), times where life just got in the way and there were points where, having been influenced by this site, I convinced myself that a crash was imminent so held off. I am bitter about it. I'm now 39 and have a kid who will start school next year, so I'm under pressure to provide a settled life for him. I am where I am. My choice now is do I buy now and try and beat the stamp duty holiday or wait until next year. "Positives" I see coming in the next 6 months... - Brexit actually happening - The fall out from Corona Virus and the various government support coming to an end - The end of Help to Buy loans for everyone apart from first time buyers - End of stamp duty holiday I realise the stamp duty holiday may be extended and various other government meddling may reduce the effect ion the above considerably but I'm still thinking if the above doesn't make prices at least dip and produce a bit more of a buyers market then nothing will and I'll draw a line under it and commit.
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