Bank of England base rate low until 2015
- Thread starter elrasho
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According to multiple sources (finance websites, newspapers, the news) the base rate is going to stay low for at least the next 5 years. Anyone on the housing market here? Now's the time to buy
In the UK? Its never the right time to buy, it was the right time to buy perhaps 20-50 years ago...
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borrow as much as you can now and let inflation do the work.
haha now that's just being irresponsible
Now's the time to buy...if you've got a whopping deposit sitting under your mattress.
True, the balance has been lost. Before it was small deposits, reasonable interest rates now. Now its massive deposits, small interest rates.
NewBuy schemes (or is it homebuy?) allows you to buy with 5% deposit and pay interest only on 75% of the value for 5 years. After 5 years you start paying interest on the 95% (a bit extra interest on the 20% differential).
Soldato
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Frankly if someone who has a good deposit (≥ 20% property value), and can afford mortgage repayments (at 4~5 times their salary) any time is the right time to buy.
This. My friends house has 2 lights in his front room, apparently one side is the living room and the other is a dining room. the room is about 4x4 meters max
How did you work that out?
I'm in process of moving
What the banks use to work out what the most they will lend you. Mind you it doesn't take into account what you spend per month.
What the banks use to work out what the most they will lend you. Mind you it doesn't take into account what you spend per month.
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True, with hollow walls that actually help to transmit unwanted sound all around the property; paint, tiles and other interior materials bought in bulk from some Bulgarian or Chinese supplier and therefore you're often unable to match, extend or touch up the existing decor; dodgy service charges for the communal grounds; and more besides!
They do look nice though.
Soldato
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Obviously it's a very rough, back of the envelope type calculation. However my point stands. If you've got the financial will and determination any time is a good time to buy a property.
Nothing sucks more than paying rent when you know you can use that money to pay for a mortgage payment.
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hahaha what a load of tosh, ever heard of NHBC & building control? minimum standards and all that , CML completions rely on NHBC & building control sign off, some of the best products on the market come from Poland, some of the worst from the UK most ceramics come from Italy and very good stone comes from China.
Code for sustainable homes
SAP calculations
EPCs
All products have BS or EN standards
Timber is FSC
DDA regs
You're talking rubbish
Just the deposit which always stings people as it so hard to get together.
Brought my house last year with a 10% deposit after years of saving. Glad I did with the amount people are paying in rent compared to my monthly mortgage repayments.