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To Buy Or Not To Buy?

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Hi All,

Looking to buy prop. at 104k; have 50k deposit. Rent paying at the moment is 340/month which goes up once in a yr according to RPI. Mortgage if taken with HSBC (1.69 + Boe RATE= 2.19%) works out under 300/month. Its a housing Assn prop so has to be valued at time of purchase (full market value) which I had done towards end of Sep. Would you wait; get another valuation or go ahead with purchase now??

Thanks in advance.

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Hi All,

Looking to buy prop. at 104k; have 50k deposit. Rent paying at the moment is 340/month which goes up once in a yr according to RPI. Mortgage if taken with HSBC (1.69 + Boe RATE= 2.19%) works out under 300/month. Its a housing Assn prop so has to be valued at time of purchase (full market value) which I had done towards end of Sep. Would you wait; get another valuation or go ahead with purchase now??

Thanks in advance.

Have it revalued and factor in minimun 10% offer below valuation. I would be offering 20% below as a starting point myself

Best of luck with it

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Hi All,

Looking to buy prop. at 104k; have 50k deposit. Rent paying at the moment is 340/month which goes up once in a yr according to RPI. Mortgage if taken with HSBC (1.69 + Boe RATE= 2.19%) works out under 300/month. Its a housing Assn prop so has to be valued at time of purchase (full market value) which I had done towards end of Sep. Would you wait; get another valuation or go ahead with purchase now??

Thanks in advance.

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What you must factor in is the 2.19% mortgage rate and how long do it stay at that rate as the long term average BOE base rate is some where in the region of 4.5-.5.5% add your 1.69% and your looking at a mortgage rate of around 6.2-7.2% can you afford those rates? ,as the rate can only go up from here ,whether its this year next year or after that the only thing you can be sure of, is its going to go up

Personally I would wait for six months and see what happens ,as the estate agents are going to be out on alim by then ,and will have to start putting more pressure on sellers to drop there price,just to save there own skins .I think they are beginning to realise that pricing high to get the instruction is becoming a negative sum game an they cannot live of photos of unsold overpriced houses.

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Hi All,

Looking to buy prop. at 104k; have 50k deposit. Rent paying at the moment is 340/month which goes up once in a yr according to RPI. Mortgage if taken with HSBC (1.69 + Boe RATE= 2.19%) works out under 300/month. Its a housing Assn prop so has to be valued at time of purchase (full market value) which I had done towards end of Sep. Would you wait; get another valuation or go ahead with purchase now??

Thanks in advance.

Thanks very much to all the the replies. I wish the ones who said run would explain further!!

I thought if I'm payin 4k a yr on rent (wasted money); I could pay what the seller wants now as that may be all I might save in a yrs time, if that makes any sense; unless someone out there knows better which I guess there would be as I'm no good at this game. Thanks again...

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Thanks very much to all the the replies. I wish the ones who said run would explain further!!

I thought if I'm payin 4k a yr on rent (wasted money); I could pay what the seller wants now as that may be all I might save in a yrs time, if that makes any sense; unless someone out there knows better which I guess there would be as I'm no good at this game. Thanks again...

But on the other hand the house that you are looking at could have dropped in price by 10k ,then you have saved 6k plus the interest you have made on your deposit ,all so the extra interest you would have to pay on the extra 10k if the price did drop that much

No One can say for sure what will happen but all the sings are pointing to a drop in prices whether it will be a sharp drop or a slow decline is anyone's guess and that's all it will be is a guess and i think the in worst case they would remain flat in which case you will be in the same position as you are know .Personally i look at it as a gamble either way and the upside looks to be on waiting side of the gamble as you could stand to gain far more than buying now ,unless you think prices are going to rise and if that is the case you should by now

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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