First time buyers
- Thread starter Jimmy1983
- Start date
apart from the fact there are no houses on that scheme in my area +100 miles.
stupid thing
There are barely any on the website itself but they are always emailing me or sending me letters of new/pre-existing developments
Find out which housing associations operate in your area and look directly at their websites.
CBA to read the whole thread but just to point out that house prices have been held unnaturally high for some years now and look at how hthey have remained quite high despite this "catastrophic" recession. With all this credit debt and money printing lark going on it is possible the housing market could still fall on its arse meaning buying now could potentially be a very bad idea!
Calculated risk is calculated.
The property we have chosen is pretty much guaranteed to at least hold it's current value, unless there is a massive crash, in which case everyone will be in the same boat, and we will just have to stay there longer til the market picks up.
I bought a flat a few months ago for £180k. I put down £30k deposit and borrowed £150k. I'm a first time buyer and managed to borrow the £150k on my own with a base salary of £33k and overtime of anywhere between £2k-£10k per year.
My mortgage payment is £1000 per month pretty much at an interest rate of 5.99%.
My mortgage payment is £1000 per month pretty much at an interest rate of 5.99%.
There is too much demand for any major crash to happen. Any sign of that happening and there are a huge number of very wealthy property investors who would start snapping them up, sending the prices back up.
True, but London demand fairs better than most parts of the country, and a brand new 1 bedroom within a 10 minute walk to a tube station is a steal at £150k.
5 year fix rate?
I've just bought my first place through HomeBuy direct (2 bed end terrace). Just awaiting the keys which I should be getting on Friday. Happy days
Any questions feel free to ask away; It's a cracking little scheme and I wouldn't have been able to get onto the market without it.
For reference my Mortgage is around 80k (400~ a month repayments), 3500 deposit, £1000~ solicitor fees, £500 reservation fee (refunded later on),
Jimmy you need to figure out your incomings and outgoings. You need to be able to afford the bills etc before you even think about moving out. A lot of the costs are surprising
Any questions feel free to ask away; It's a cracking little scheme and I wouldn't have been able to get onto the market without it.
For reference my Mortgage is around 80k (400~ a month repayments), 3500 deposit, £1000~ solicitor fees, £500 reservation fee (refunded later on),
Jimmy you need to figure out your incomings and outgoings. You need to be able to afford the bills etc before you even think about moving out. A lot of the costs are surprising
3 year fix with Alliance & Leicester. Wishing I had gone on a variable or tracker now as I think it is unlikely that interest rates will rise significantly over the next few years.
did
still none.
typical really when you can get 75-150% more for a house down here when compared to anywhere else with the same economic levels.
Not in the short term but over the 3 years there will definately be large increases.
I don't think the economy will recover that quickly. I think you're looking at more like 5+ or even 10 years for any serious economic growth. I think house prices will follow the same trend with little or no change for a few years before growth again in 5-10 years. I am no expert though.
