Buying A House

Thats crazy!! :crazy: Where was it?

And at the same time as paying for a house which is only worth half, when they interest goes up, you probs wont even be able to afford your house anymore

I disagree that rent is often more than a mortgage.

I rent a nice three bedroomed house for £200 a month. The house next door but some has just sold for £150'000. Even with three of us sharing, that ain't gonna be £200 each a month.

You just have to shop about I reckon and accept you ain't gonna be in 55 degrees if you don't want big spends.

I got a deposit of 20k before I got my house!

IMO that is best adding your debt will probs become abit of a night mare due to the interest rate etc!

The more deposit you have the better off you will be in the long run!

Do you know how much youcan get a mortgage for?

Yeah it can be cheaper but what do you have to show at the end of it?? Where as with a mortgage your paying for something that will be yours at the end of it!

Tyne Dock

:blush:

It was really nice inside though..

Its now got bars on the windows

Bird is talking bollox, dont worry about the market and dont worry about a crash. It wont happen.

We are about a year behind the South East prices where these "drops" are occuring. Garages in London go for 80k, what a suprise! the market cant sustain prices like that.

Bob is right when she talks about buying new or "Buying Off Plan" , you can normally add 10k to a propoertys value once the estate is established and the grass and pretty flowers have bloomed.

If I was you Tribal, Id buy a first floor flat in somewhere like Bensham... or Fenham.. you could get one for 50>>60K. About £300 to £400 on month Mortg. Id then spend some good money on making it secure... gettting reinforced doors and a good alarm. You wont be living in a "nice area" but they are livable and will EARN you money by the time you want to sell in say 2 or 3 years.

It sounds lovely

Sorry Brid but thats total scare-mongering mate. The chances of that happening are v, v remote.

At the end of the day it is difficult to say what is going to happen. No one has a crystal ball.

There is a good chance if Jon follows your advice and waits 12 months that he will be in exactly the same position as he is now.

Tell you what Jon mate, give me £500 quid a month and you can have the spare bedroom chief

At a guess, your landlords mortgage is probs £700 a month.

You and you two flatmates are paying him £600 of it. Hes laughing all the way to the bank.

wooh house buying!!!!! yey - cant wait till we get a house - im chucking all your shit out and never having enough stuff to make it look untidy.

im such a monica.

def will wait a while though - renting is ok for now but im sure we will want our own space in a bit.

Why cos its costing him £100 out of his own pockets? He must have a strange sense of humour.

this is true, house prices probly won't do much for at least a year or 2, maybe even go down a bit but no way is there gonna be a 50% drop. Most analysts are predicting some stagnation rather than a crash.

This probly isn't the best time to buy but give it 4-6 months and you can probably pick up something good in a hard to shift market, specially as a first timer.

Apart from Lawson's blip in the late 80's bricks and mortar has always been a good bet.

Smart money says that interest rates aren't going anywhere for a while then they'll more likely start going down slowly rather than up

Is that all you pay for that? ferking hell.

Where did you find it?

I've got an interest only mortgage at the minute cos it's a pure investment, the mortgage is £300 or so a month, rent out 2 big rooms and 2 small rooms and get in £700. AND I get to live there rent free

The house has also increased in value by at least 55k in 2 years

Jealousy is nowehere near how I feel

Seriously though.. thats awesome!
I wanna emulate that!

Yes, but thats not paying anything off the balance of the mortgage. Do you have a saving/investment plan to pay it off or are you just going to sell it?

Just seemed a better option than throwing away money to some bloke who doesn't give a crap about what you live in, plus it means I know that I live in a nice house (area's not that great but that's only a minor hitch). I'd say if you can do it, go for it, will be selling in June when I finish Uni and goin ghalfers on the profit with my dad

Spot on Si

Listen to the men with LIFE EXPERIENCE

Read her post.

Its £600 a month.

£200 each for her and two friends.