Jump to content
House Price Crash Forum
Sign in to follow this  
jeeps

Just Bought A 4 Bed House In Bolton- Am I A Nutta

Recommended Posts

Just bought a 4 bedroom house in Bolton, it's been on the market 6 months + and initially started off at £255k, just secured it - well SSTC for £225, quite chuffed actually as me and the gf like it but after chatting to a few colleagues at work who started mentioning the possibility of interest rate rises, property crash am starting to get cold feet!

Going for mortgage tomoz, any advice on whether I am a nutta!

Share this post


Link to post
Share on other sites

Just bought a 4 bedroom house in Bolton, it's been on the market 6 months + and initially started off at £255k, just secured it - well SSTC for £225, quite chuffed actually as me and the gf like it but after chatting to a few colleagues at work who started mentioning the possibility of interest rate rises, property crash am starting to get cold feet!

Going for mortgage tomoz, any advice on whether I am a nutta!

See here and make up your own mind. http://www.proviser.com/regional/towns/bol...d/detached.html

Either you have got a bargain buying at below average price - or you are paying a lower price as part of a long term decline in house prices...

You decide. How long did the negotiation take. If they bit your hand off they are glad to get rid at that price (why?).

Share this post


Link to post
Share on other sites

See here and make up your own mind. http://www.proviser.com/regional/towns/bol...d/detached.html

Either you have got a bargain buying at below average price - or you are paying a lower price as part of a long term decline in house prices...

You decide. How long did the negotiation take. If they bit your hand off they are glad to get rid at that price (why?).

Thanks Tempest mate, you've put my mind at ease. The one we lost was another 4 bedroom beauty which came on the market 3 weeks ago - was initially £225k and was set for £200k but the sale fell through, hence came back on the market, we and 3 others were in the bid process. We then proceeded to look at the above, i.e the one we have now- £225 "fingers crossed for a 6 dec move in". The negogiation took a week, is a bit of a bargain price but think it is due to a marriage breakup and the wife wanting to move out asap!

Share this post


Link to post
Share on other sites

See here and make up your own mind. http://www.proviser.com/regional/towns/bol...d/detached.html

Either you have got a bargain buying at below average price - or you are paying a lower price as part of a long term decline in house prices...

You decide. How long did the negotiation take. If they bit your hand off they are glad to get rid at that price (why?).

Thanks for that interesting link m8...seems like though that bradford is still rising :unsure::(

http://www.proviser.com/regional/towns/bra...es/price_trend/

Share this post


Link to post
Share on other sites

Lots of areas in the NE and NW still rising. Happened last time - standard ripple effect and will go on for a good while yet (many months I think). Lots of other areas in country falling considerably though.

jeeps, wasn't intending to put you at ease as such just show you that something is happening to the average price of detached properties in Bolton compared with recent years. Who knows what the next direction on that stalled curve will look like?

6 months plus on the market? 10% off is good...I wonder what your house price will do to the average and the nethouseprices.com price for that street...

Share this post


Link to post
Share on other sites

from tempest "Lots of areas in the NE and NW still rising. Happened last time - standard ripple effect and will go on for a good while yet (many months I think). "

from jeeps " initially started off at £255k, just secured it - well SSTC for £225, "

this UpDown thing is confusing me

Up is the new Down ?

the local rag here in north west had "prices heading up again" on its property section lead - but opening the page was full of properties with "new price"..."reduced"""

its all VI ******

how can things be goin up if theyre goin down ????

is there a new law of numbers ?

Share this post


Link to post
Share on other sites

this UpDown thing is confusing me

Up is the new Down ?

the local rag here in north west had "prices heading up again" on its property section lead - but opening the page was full of properties with "new price"..."reduced"""

how can things be goin up if theyre goin down ????

is there a new law of numbers ?

Mosstrooper, tell me bout it matey, we've been looking for the last 9 months and it's been painful, just to secure a decent property! We were lucky but to be honest, how often does that come around! Am scared though by the article by reuters on a possible interest rate rise

Share this post


Link to post
Share on other sites

I live in Bolton and the boom in prices seem to have only just peaked here this summer. My partner has been pushing to buy for the past year but by showing him (with an online mortgage calculator) how much mortgage repayments could jump up if interest rates rise to 7%, which could happen in the next 5 years, I've talked him into waiting until spring 06.

My personal opinion is that house prices in Bolton and the North West will be hit quite hard. It's best to have a good look at all the information available on t'internet (there's a poster on this site by the name of Riser, he's got some exellent graphs) and make up your own mind.

Out of interest which part of Bolton are you buying in?

Share this post


Link to post
Share on other sites

Its just what the stats say - prices are still rising in many pockets and falling in others. It was always like that in past HPI booms both on the way up and the way down. The average figures are heading down but people still buying at higher prices than last year (just less of them!). No mystery.

PS I remember a pub call the moss trooper. A hole it was. Hope you don't frequent that one.

Share this post


Link to post
Share on other sites

Out of interest which part of Bolton are you buying in?

Hey timetopaythepiper, we're moving onto the ever increasing family estate of Sunninghill Park, don't know how we'd b taken as we are both 28 and most of the dwellers on that estate are families. At present are payments are £842 a month over 35 years, I no crazy but better than rent!

Share this post


Link to post
Share on other sites

from tempest "Lots of areas in the NE and NW still rising. Happened last time - standard ripple effect and will go on for a good while yet (many months I think). "

from jeeps " initially started off at £255k, just secured it - well SSTC for £225, "

this UpDown thing is confusing me

Up is the new Down ?

the local rag here in north west had "prices heading up again" on its property section lead - but opening the page was full of properties with "new price"..."reduced"""

its all VI ******

how can things be goin up if theyre goin down ????

is there a new law of numbers ?

I can answer that with a practical experiment.. Next time you are in lift that is going down..jump.

Share this post


Link to post
Share on other sites

It's possible in 18 months to 2 years you could be paying a mortgage of 225k on a house worth 180k. If you can comfortably afford it and not planning to move for a while, well this isn't a problem as undoubtably prices will rise again in the future, but currently its on its way down and I can't see this changing for some time.

Share this post


Link to post
Share on other sites

Hey timetopaythepiper, we're moving onto the ever increasing family estate of Sunninghill Park, don't know how we'd b taken as we are both 28 and most of the dwellers on that estate are families. At present are payments are £842 a month over 35 years, I no crazy but better than rent!

eek :(

Edited by theChuz

Share this post


Link to post
Share on other sites

Hey timetopaythepiper, we're moving onto the ever increasing family estate of Sunninghill Park, don't know how we'd b taken as we are both 28 and most of the dwellers on that estate are families. At present are payments are £842 a month over 35 years, I no crazy but better than rent!

And it was all going so well.......

£842 over 35 years!!!!!! SERIOUSLY LOOK AT THE REPAYMENTS FOR 7-8% they RECOMMEND 12%.

Most mortgage calculators wont go to 35 Years!!!!

I detect you have struggled to get a regulat 25 year mortgage based on affordability

I WOULD SERIOUSLY RECONSIDER YOUR POSITION. I would conclude that the fact you are being offered a 35 year mortgage means either your joint income is less than 26K a year or you have a bad credit history? If thats the case - you really cannot/should not proceed. (If this is not the case, then I apologise.)

Only my opinion, but THINK TWICE! Interest rates WILL rise within that 35 year time scale and you are probably in the BEST CASE scenario now. I just feel this has got repossession written all over it. Pull out and set your targets a LOT lower. If the banks/BS wont lend you money over 25 years there is a reason - YOU CANNOT AFFORD IT.

TB

Sorry for being blunt, but /me worries :unsure:

Edited by teddyboy

Share this post


Link to post
Share on other sites

I'm sorry Jeeps but its like watching a car crash.

I presume you and your partner have no plans for the next 35 years. You don't want kids or a holiday or anything really.

Think again if you can't afford to buy this house with a 25 year mortgage doesn't it tell you something.

Share this post


Link to post
Share on other sites

its almost certain that jeeps is heading for mortgage misery or worse

unless of course hes got a big stash of cash and is immune form interest rates / job losses / inflation / wife getting accidentally preganant / ie just about any change in current circumstances

the only way from here is down mate - if you ve got a mortgage that size based on two incomes and current low interest / inflation

then now is your golden times - it will never get any better - its downhill from this point

Share this post


Link to post
Share on other sites

And it was all going so well.......

£842 over 35 years!!!!!! SERIOUSLY LOOK AT THE REPAYMENTS FOR 7-8% they RECOMMEND 12%.

Most mortgage calculators wont go to 35 Years!!!!

I detect you have struggled to get a regulat 25 year mortgage based on affordability

I WOULD SERIOUSLY RECONSIDER YOUR POSITION. I would conclude that the fact you are being offered a 35 year mortgage means either your joint income is less than 26K a year or you have a bad credit history? If thats the case - you really cannot/should not proceed. (If this is not the case, then I apologise.)

Sorry for being blunt, but /me worries :unsure:

Lol, well to clarify and hopefully to put everyone's mind at ease! The mortgage is going on my name only and the gf is living with me, current income is around £46k with over 2grand coming in a month. The reason I've gone for 35 years is to give me/us a bit more cash and when I do finally get married, we'll have two incomes comin in prob around £70 k ish. Just keep thinking if I don't buy this house, I'll never get on the ladder. We can afford at 25 years but just want to enjoy life at the mo.

Share this post


Link to post
Share on other sites

oh my god

its just struck me

imagine paying £850 a month for 35 years and possible risk of financial ruin, just to live in some chav-infested estate ???????????????????????????

a living nightmare

Share this post


Link to post
Share on other sites

Hi People,

Hi Boom 'n Bust, Just asking seeing as you're from Bradford, do you know the Baildon area at all?

Hi Goose, yeah, I'm actually from shipley which is very close to baildon...wot do u wanna know about baildon?

actually goose, here's baildon's trend which shows it as still rising:-

http://www.proviser.com/regional/postcodes...es/price_trend/

Share this post


Link to post
Share on other sites

hi jeeps, hope it all goes well for you. Nice area, good motorway links etc we live ten minutes from there in Westhoughton. Asking prices for detached are about the same here and some reductions are just starting to be advertised.

Have to disagree about renting. We rent a three bed semi for £360 a month, could have rented a 4 bed detached for £450 a month. Both rents are less than the interest alone on a mortgage for the same house, we're saving hard for a big deposit. If I can put my fella off for another year at least (suggestions welcome) we can save at least an extra £10000 towards a house. Even if house prices just stagnate (which in real terms is a reduction) we'll be much better off.

I just don't see how prices can stay so high in Bolton, we still have lots of industial estates, loads of factories with low paid workers. We've been trying to get a good shop premises to rent for the last two years but with the consumer boom, they're like rocking horse poop.

Share this post


Link to post
Share on other sites

hi jeeps, hope it all goes well for you. Nice area, good motorway links etc we live ten minutes from there in Westhoughton. Asking prices for detached are about the same here and some reductions are just starting to be advertised.

Have to disagree about renting. We rent a three bed semi for £360 a month, could have rented a 4 bed detached for £450 a month. Both rents are less than the interest alone on a mortgage for the same house, we're saving hard for a big deposit. If I can put my fella off for another year at least (suggestions welcome) we can save at least an extra £10000 towards a house. Even if house prices just stagnate (which in real terms is a reduction) we'll be much better off.

I just don't see how prices can stay so high in Bolton, we still have lots of industial estates, loads of factories with low paid workers. We've been trying to get a good shop premises to rent for the last two years but with the consumer boom, they're like rocking horse poop.

Cheers timetopaythepiper, well after 5 years + of both living at home, since comin back from uni, have managed to get around £50k a deposit, its like u said I would have never gone for this property if it wasn't a bargain and to be honest like u said its a nice area. Well if ev thing doesn't work out in 3 yrs plus, giv us a shout lol,

Share this post


Link to post
Share on other sites

Cheers timetopaythepiper, well after 5 years + of both living at home, since comin back from uni, have managed to get around £50k a deposit, its like u said I would have never gone for this property if it wasn't a bargain and to be honest like u said its a nice area. Well if ev thing doesn't work out in 3 yrs plus, giv us a shout lol,

Sounds like you don't fall into the over-stretching-like-a-nutter category. I don't think your purchase will be a good investment financially but that's not why you’re buying it anyway so my advice (not that you need/want it!) would be to buy the house, and then forget about house prices for ever. As long as you don't lose your jobs then why should you care?

If more people paid no interest to the investment-potential of their houses then we wouldn't be in this mess with house prices in the first place.

I do hope you are planning to severely over-pay on that mortgage though. Otherwise you may as well just lube up and grab your ankles with the amount they'll be stealing from you in interest.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.