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bigsmelly

I Bought One

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Hello,

Regardless of the vitriol I may incur by posting this, I'd like to inform everyone I have now bought a house.

I think that we've come to the end of the nominal falls, and fully expect wages to start to close the gap to valuations.

Repayment mortgage is 30quid more than current rent, for a larger house in the same area.

I will remain lurking, as this site is invaluble at challenging groupthink.

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Hello,

Regardless of the vitriol I may incur by posting this, I'd like to inform everyone I have now bought a house.

I think that we've come to the end of the nominal falls, and fully expect wages to start to close the gap to valuations.

Repayment mortgage is 30quid more than current rent, for a larger house in the same area.

I will remain lurking, as this site is invaluble at challenging groupthink.

As long as it's not BTL, you should be okay. Have you calculated what happens if IRs rise or are you just assuming they'll keep all the props in place? Anyway, hope it all works out.

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I'm not sure I've seen anybody flamed for buying.

Sometimes it makes personal sense even when it doesn't make financial sense.

And you have done it correctly by getting a repayment mortgage, now start overpaying.

I don't think we've had our major nominal falls yet, the US, Ireland, Northern Ireland, Spain have and it's our turn to come. But sometimes circumstances force your hand. I want to hold out another three or four years but that's not wholly within my control.

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Hello,

I think that we've come to the end of the nominal falls, and fully expect wages to start to close the gap to valuations.

Just interested to find the opionion from someone who has bought:

"I think that we've come to the end of the nominal falls"

> Why? Gut feeling? Brainwashed by the BBC Propaganda?

"fully expect wages to start to close the gap to valuations"

> Again Why? Do you think the spare capacity in UK, Europe and lower wages further afield will drag on the UK's wages. If not then why not. this is my key point of why there will be no real recovery.

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Just interested to find the opionion from someone who has bought:

"I think that we've come to the end of the nominal falls"

> Why? Gut feeling? Brainwashed by the BBC Propaganda?

"fully expect wages to start to close the gap to valuations"

> Again Why? Do you think the spare capacity in UK, Europe and lower wages further afield will drag on the UK's wages. If not then why not. this is my key point of why there will be no real recovery.

I'm expecting the end of QE to cause bond prices to fall/ yields to rise.

Carney saying that he'll only consider raising UK rates at < 7% employment - we are only at 7.7% so not that far away.

Those on their own would imply rate rise, and reduction in buying power - however taken with the encouraging "green shoots" in the UK economy, I believe that wages will start to rise to keep pace with the high cost of living - which has been steadily increasing even during this ultra low interest rate environment.

Basically it's the old "QE stored up a buchload of inflation, ready to be unleashed"

I have a 10 yr fix.

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I'm expecting the end of QE to cause bond prices to fall/ yields to rise.

Carney saying that he'll only consider raising UK rates at < 7% employment - we are only at 7.7% so not that far away.

Those on their own would imply rate rise, and reduction in buying power - however taken with the encouraging "green shoots" in the UK economy, I believe that wages will start to rise to keep pace with the high cost of living - which has been steadily increasing even during this ultra low interest rate environment.

Basically it's the old "QE stored up a buchload of inflation, ready to be unleashed"

I have a 10 yr fix.

I love the estate agent comedy we get on here.

Any other good one you can tell us ?

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i bought one too. going to complete any time this week.

there was literally ONE house(lol) in my home town that looked like genuine value out of thousands available, as i know the market like the back of my hand....i know every street too!

7 year fix, 13year mortgage. 10%deposit down.

i will be mortgage free in approx 9 years(before 40), in a house i will be happy to see out my days if i want to retire early. if i want something bigger/better then i can save superfast as i will be free of rent seekers before the age of 40.

if rates rise i dont care. i actually want them to

if house prices tank 50% i dont care. im actually quite pleased as i will have to save less to buy a better house if i choose to.

the mortgage is the same as the rent. we could afford mortgage on 1 wage.

the mixture of all of the above meant i knew it was the right time to buy. then i played hardball and got 10% off asking.

...........and now i can have a dog!! yay

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