nickyboyzuk   10 #781 Posted September 28, 2008 I wouldn't buy a house in that situation. Leave it for a year and see how things lie. Not worth buying something falling in value and paying 10%, 10%!!!, interest on it...IMO anyway  The only lender that would touch him is First National so I doubt they'll go through with it in the end. Share this post Link to post Share on other sites Share this content via...
Dimitri 11   10 #782 Posted September 28, 2008 I have a colleague at work who is desparate to buy his first home. He's got 20K from his mother in law as a deposit on a 80K house. Even with such a good deposit only one bank would touch him and that was with a rate of 8.3% fixed for 3 years. That went up to 8.9% when they found a missed rent payment it went up again to 9.8% after the problems in the US two weeks ago. He has paid £700 in solicitors fees and really wants to go for it still, but I suspect there may be another increase with the problems of last week.  We may not have rates of 15% yet, but we seem to be heading that way.  I will be looking to buy around easter time and will be in a similar situation as I will have a 25% deposit. I thought I would be able to find a mortgage with a deposit like that but haven't looked into it yet - does your colleague have bad credit history or anything or am I literally not going to be able to get a mortgage? Share this post Link to post Share on other sites Share this content via...
Charlie Goth   10 #783 Posted September 28, 2008 I will be looking to buy around easter time and will be in a similar situation as I will have a 25% deposit. I thought I would be able to find a mortgage with a deposit like that but haven't looked into it yet - does your colleague have bad credit history or anything or am I literally not going to be able to get a mortgage?  From my basic searches, someone with a deposit (and no dodgy history) can get a mortgage at between 6 and 7%. Share this post Link to post Share on other sites Share this content via...
Dimitri 11 Â Â 10 #784 Posted September 28, 2008 From my basic searches, someone with a deposit (and no dodgy history) can get a mortgage at between 6 and 7%. Â I have a deposit and no bad credit history at all so I shoud be able to get one then. Â Where do you search and do you reckon the rates will have come down by easter time? Share this post Link to post Share on other sites Share this content via...
Charlie Goth   10 #785 Posted September 28, 2008 http://www.moneysupermarket.com/mortgages/, then check the lenders website for more info. Share this post Link to post Share on other sites Share this content via...
Dimitri 11 Â Â 10 #786 Posted September 28, 2008 http://www.moneysupermarket.com/mortgages/, then check the lenders website for more info. Â Thanks, i'll have a look. Share this post Link to post Share on other sites Share this content via...
Phylis   10 #787 Posted October 6, 2008 And just when we need them most, Phil and Kirsty - sorry, Phylis and Tony have left the building - almost on the same day!! Who is going to tell us to buy at all costs now?  Your wit is never ending. Ive been on a nice relaxing two weeks holiday on the Norfolk Broads. Very relaxing and not a care in the world. How about you, sat counting your pennys. Share this post Link to post Share on other sites Share this content via...
Phylis   10 #788 Posted October 6, 2008 I have a deposit and no bad credit history at all so I shoud be able to get one then. Where do you search and do you reckon the rates will have come down by easter time?  You should get a deal of around 6% with that sort of deposit. You will get a better deal if you have very good credit history, any bad history may come back and bite though at this time. Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #789 Posted November 28, 2008 And we already discussed this, charges are rarely made and only if you as the debtor refuse to make any voluntary arrangement after defaulting for many months. I just popped in to post this though; Shares in some of the UK's biggest housebuilders took another pounding this morning after the latest report on the state of the market showed that the number of homes sold had "collapsed" to their lowest level in 30 years. Barratt was the biggest faller, down 12pc to 106.75, and fellow FTSE 100 company Persimmon fell 5pc to 406p. Redrow shares were down 8pc to 181.25, and Bovis Homes weakened 5pc to 354p.  Had to look this post up as the builders are in the news again today.  Shares in some of the UK's biggest housebuilders took another pounding this morning after the latest report on the state of the market showed that the number of homes sold had "collapsed" to their lowest level in 30 years.  Barratt was the biggest faller, down 12pc to 106.75, and fellow FTSE 100 company Persimmon fell 5pc to 406p. Redrow shares were down 8pc to 181.25, and Bovis Homes weakened 5pc to 354p.  Ouch.  Had to look this post up as the builders are in the news again today;  Taylor Wimpy had a massive rise today, reaching 10p/share (that's a 73% increase). Barratts recovered 11% to hit a heady 50p/share. Share this post Link to post Share on other sites Share this content via...
tezmo   10 #790 Posted November 28, 2008 got a link, Cyclone? Thank you for the info, btw Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #791 Posted November 29, 2008 It was in yesterdays telegraph, can't find it with just a quick look today, but I'm sure google will help you out. Share this post Link to post Share on other sites Share this content via...
50's chick   10 #792 Posted December 5, 2008 i'm moving back to sheffield and i'm buying  while i do agree that people can be better off renting short term in a falling market i have decided to jump back on the property ladder after 12 months off. what it has meant to me is that even after shelling out 12k in rent (i live in london at the moment) i'm still around 15k better off because of the drop in house prices since i sold. had i been staying in london i'd actually be 50k better off as flats on the street i live on have fallen in price by a whopping 65k ..and thats in a very desirable (posh!) area.  i guess i've just had enough of not being able to do my own thing, and i have gone in with a very low offer of 19k below the asking price and had it accepted. i guess it's all relative to where your sitting and what your sitting on ...buy if you want a home to keep, don't bother if its an investment or short term place to stay i reckon Share this post Link to post Share on other sites Share this content via...