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muggle

'now Or Never' Moment

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This is a pure anecdotal, I completed on my first house a year ago today.

So, why did I buy after all I had learnt both here and elsewhere?

Turning the big 4-0 I had a ‘now or never’ moment and frankly I was tired of renting; having to deal with incompetent (and sometimes just plain evil) landlords as well as being treated like a second class citizen.

I found a place just outside London that ticked all the right boxes. It was empty and had been on the market for five months, a little bit run down and somewhat neglected; the previous owners wanted to sell following a divorce. It just needed some TLC, no major structural issues. I was able to haggle on price and with some help from my parents was able to afford to put down a decent deposit to get a lower mortgage rate.

So now I have my own place, I enjoyed decorating to my own taste and have never been happier.

Having said that, I do miss being able to just pick up the phone when anything goes wrong, I now have to identify problems myself and find someone willing (and able) to fix it, much easier said than done! I also haven’t been able to afford to go on holiday at all this year!

It can be done, but you WILL have to make sacrifices.

I would have loved to have been able to wait longer but time is against me. The temporary boost to prices only made possible because of ‘Help to buy’ will be short lived IMO.

So, will prices continue to rise? Almost certainly not.

Any regrets? No, so long as I keep my job and keep paying the mortgage I do not care how much my home is ‘worth’, I no intention of moving.

So should you buy now or wait? Damned if I know!

Good luck, whatever your decision.

:)

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This is a pure anecdotal, I completed on my first house a year ago today.

So, why did I buy after all I had learnt both here and elsewhere?

Turning the big 4-0 I had a ‘now or never’ moment and frankly I was tired of renting; having to deal with incompetent (and sometimes just plain evil) landlords as well as being treated like a second class citizen.

I found a place just outside London that ticked all the right boxes. It was empty and had been on the market for five months, a little bit run down and somewhat neglected; the previous owners wanted to sell following a divorce. It just needed some TLC, no major structural issues. I was able to haggle on price and with some help from my parents was able to afford to put down a decent deposit to get a lower mortgage rate.

So now I have my own place, I enjoyed decorating to my own taste and have never been happier.

Having said that, I do miss being able to just pick up the phone when anything goes wrong, I now have to identify problems myself and find someone willing (and able) to fix it, much easier said than done! I also haven’t been able to afford to go on holiday at all this year!

It can be done, but you WILL have to make sacrifices.

I would have loved to have been able to wait longer but time is against me. The temporary boost to prices only made possible because of ‘Help to buy’ will be short lived IMO.

So, will prices continue to rise? Almost certainly not.

Any regrets? No, so long as I keep my job and keep paying the mortgage I do not care how much my home is ‘worth’, I no intention of moving.

So should you buy now or wait? Damned if I know!

Good luck, whatever your decision.

:)

If it makes you happy, good for you. Enjoy.

Me. I rent and I have a good landlord. I wouldn't buy at these prices whatever.

It's the 'if I keep my job' part that always made me pull back from getting a mortgage. Redundancy or illness can throw a spanner in.

Good luck, anyway.

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If it makes you happy, good for you. Enjoy.

Me. I rent and I have a good landlord. I wouldn't buy at these prices whatever.

It's the 'if I keep my job' part that always made me pull back from getting a mortgage. Redundancy or illness can throw a spanner in.

Good luck, anyway.

I'm happy with "never", unless my circumstances change massively perhaps. Nice house, nice landlord.

Same with cars, I have got used to renting when required and have no desire to return to ownership.

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Just to be clear; the 'help' given was a loan, which I am repaying.

The good old bank of mum and dad.

Most people don't have that kind of help.

Reminds me of my parents. "If only the young stop buying all those gadgets and nice clothes they could easily afford a deposit".

So, will prices continue to rise? Almost certainly not.

What makes you think not?

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It's the 'if I keep my job' part that always made me pull back from getting a mortgage. Redundancy or illness can throw a spanner in.

Good luck, anyway.

Thanks.

My thoughts are that if the worst happens and the place gets repossessed I go back to renting. So in effect no worse off than I was just over a year ago.

Not here to moan or brag, just telling it as it is.

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So, will prices continue to rise? Almost certainly not.

What makes you think not?

Everything posted on this site; interest rates at an all time low, commodity prices rising and falling wages.

Edited by muggle

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Thanks.

My thoughts are that if the worst happens and the place gets repossessed I go back to renting. So in effect no worse off than I was just over a year ago.

Not here to moan or brag, just telling it as it is.

Minus your (or is it your parents'?) deposit.

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Yep.

And any shortfall the bank thinks they are due if they sell for less than my mortgage.

Correct

This

Plus their costs (which can be very expensive), early loan settlement fee, possible CCJ

Hopefully your job doesn't depend on you having a reasonably clean financial personal track record, legally speaking?

Edited by Si1

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Correct

Hopefully your job doesn't depend on you having a reasonably clean financial personal track record, legally speaking?

Nope, I am an Engineer and could flee work abroad if necessary. ;)

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Nope, I am an Engineer and could flee work abroad if necessary. ;)

Fair enough

It is a very big deal for people associated with law or finance etc

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Glad it's going well for you, OP.

I bought a place almost a year ago too. Outright, rather than mortgage and a decent discount (basically 2003 price). I wouldn't say I've never been happier - a house of your own doesn't make that much difference the scheme of things. But it is nice knowing I'll hopefully never have to deal with a scumlord or agent again as well as being able to tackle garden, fit solar panels, decorate, properly insulate etc. Been an expensive year making those changes though. Hopefully reap the benefit of the spend in the form of lower bills in the future.

To be quite honest though, I'd have been happy with a long term secure tenancy were they even remotely available.

Frankly I don't care what the price of this house is in the future as I plan to stay for the foreseeable - although I rather hope house prices, in general, crash through the floor to give others a chance.

Edited by StainlessSteelCat

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This is a pure anecdotal, I completed on my first house a year ago today.

So, why did I buy after all I had learnt both here and elsewhere?

Turning the big 4-0 I had a ‘now or never’ moment and frankly I was tired of renting; having to deal with incompetent (and sometimes just plain evil) landlords as well as being treated like a second class citizen.

I found a place just outside London that ticked all the right boxes. It was empty and had been on the market for five months, a little bit run down and somewhat neglected; the previous owners wanted to sell following a divorce. It just needed some TLC, no major structural issues. I was able to haggle on price and with some help from my parents was able to afford to put down a decent deposit to get a lower mortgage rate.

So now I have my own place, I enjoyed decorating to my own taste and have never been happier.

Having said that, I do miss being able to just pick up the phone when anything goes wrong, I now have to identify problems myself and find someone willing (and able) to fix it, much easier said than done! I also haven’t been able to afford to go on holiday at all this year!

It can be done, but you WILL have to make sacrifices.

I would have loved to have been able to wait longer but time is against me. The temporary boost to prices only made possible because of ‘Help to buy’ will be short lived IMO.

So, will prices continue to rise? Almost certainly not.

Any regrets? No, so long as I keep my job and keep paying the mortgage I do not care how much my home is ‘worth’, I no intention of moving.

So should you buy now or wait? Damned if I know!

Good luck, whatever your decision.

:)

The big "4-0"?

Hoomans and their obsessions with base 10....

TF I'm a few years from my 'now or never' moment of 30, in base 30. I better keep eating that organice rice.

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Thanks.

My thoughts are that if the worst happens and the place gets repossessed I go back to renting. So in effect no worse off than I was just over a year ago.

Not here to moan or brag, just telling it as it is.

You will be worse off if it's repo'd. The bank will chase you for the probable shortfall in the mortgage owing, minus the sale price for up to 12 years, unless you go bankrupt.

Bankruptcy will destroy your credit rating & affect job prospects.

Imo, todays mortgage payers & lenders are in denial about a changing labour market.

To have stable income to pay a mortgage for 25 yrs is increasingly unlikely in a wage deflationary environment. This is due to threats from off-shoring, immigrants undercutting wages, zero hr contracts, inflation in utlities & food etc.

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You will be worse off if it's repo'd. The bank will chase you for the probable shortfall in the mortgage owing, minus the sale price for up to 12 years, unless you go bankrupt.

Bankruptcy will destroy your credit rating & affect job prospects.

Anyway..... I'd like to put a more positive spin on things...

This is a pure anecdotal, I completed on my first house a year ago today.

Congratulations my friend. I really hope it has worked out ok for you. I also hope your job remains stable and secure.

I'm only 3 years away from that landmark birthday, and by then will have a 5yr old daughter and 3 yr old son. I'm teetering toward that now or never moment.... a couple of promotions in the last yr have left our "wage x sensible multiplier" slightly more in line with prices of houses we would live in. Yes it would be a compromise, but living in most rented places is a compromise - we pay £8k a year to live in a tatty house, with not enough rooms, a crap kitchen and mold in 2 rooms. That's a big f*****g compromise if you ask me. I don't know how much longer I can live in tatty magnolia houses, with gardens that I begrudgingly take care of, whilst planning which plants I can safely dig up and take to the next one.

I find out on wednesday what the latest plans are for job cuts and restructuring at my place of work. I'll either be drinking red wine on wed evening, or drinking red wine and looking at rightmove :)

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