9 Feb 2007 23:45
It's a joke, you need a 100k mortgage, so that means you'll be paying back 200k in total over fuck knows how many 10s of years. It almost makes renting viable. Become a muslim and apply for an interest free mortgage.
9 Feb 2007 23:49
a) you will only be loaned the amount the property is valued at. you have to make up any extra.
b) no point bidding on a flat that is gonna fall down in a year
how sure of point a are you surely i put the offer in first
9 Feb 2007 23:51
That's great if prices go up, but how long can they keep going up before you have to be a millionaire to get on the property ladder (no Sarah Beeny) or will the market slump?
10 Feb 2007 20:44
what lenders should i talk to bearing the above ?
10 Feb 2007 20:53
The market will not crash the country's economy and the stock market is at an all time high.
Unfortunately the situation where those on lower incomes will have to rent or share housing for life will come around within 10 years or so.
You have two choices, buy now while you can, and be forced to pay a very large proportion of your income in mortgage and live with the fincial consequences on your life, or rent in a cheaper apartment and enjoy the extra disposable income.
If your not married / children or have a permanent job for life whats the point of buying somewhere, whos going to inherit it?
10 Feb 2007 22:33
i defo want to buy its just the case of what i can afford
10 Feb 2007 23:26
You dont own anything, your sacrificing the short term disposable income for buying a huge item that ultimately worth nothing unless you intend to give it to someone else.
Most people will be pensioners or older before they pay for their house, 40 years of povety for that? Is it worth it?
10 Feb 2007 23:35
The killer of a mortgage is the deposit, which if your already on a low income will be impossible to save up.
If you have to stretch to get ont he ladder you will get killed on your mortage payments, interest only is just another word for renting it from the bank.
If you have a career path rent until your income increases so that you can pay your mortgage confortable increase deposit and without hardship.