General Discussion: Property thread


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swede
swede avatar

8834 posts since 21/3/09

posted 9 Jul 2020 20:56, edited 9 Jul 2020 20:56
ismvil wrote: We are fucked. 350 billion. 2 generations wiped out.


hope everyone enjoys paying taxes
-DiscoTits-
-DiscoTits- avatar

844 posts since 26/11/07

9 Jul 2020 22:26
It certainly won’t be the rich or big companies paying more tax.
darko
darko avatar

979 posts since 4/10/12

posted 10 Jul 2020 12:45, edited 10 Jul 2020 12:45
my and my partner were hoping to buy our first house using our help to buy ISAs in the east of england early next year (spring), currently renting in norwich

seems like it might be a good idea to get things done a bit sooner if we can afford it, not much coming on the market at the moment though
Paulie
Paulie avatar

753 posts since 10/5/11

10 Jul 2020 14:53

darko wrote: my and my partner were hoping to buy our first house using our help to buy ISAs in the east of england early next year (spring), currently renting in norwich

seems like it might be a good idea to get things done a bit sooner if we can afford it, not much coming on the market at the moment though

We are also looking at buying (first time buyers) and my heads spinning with all the different information being batted around. What makes you say it will be a good time to buy? The stamp duty waving?

We’re in Scotland and first time buyers so as far as I’m aware that wouldn’t affect us even if it was brought into play here. House will be well under 500k.
darko
darko avatar

979 posts since 4/10/12

posted 10 Jul 2020 15:14, edited 10 Jul 2020 15:14
don't listen to me because I don't know anything but it will probably just get worse over the coming years I guess? I agree with you - you read one article on one site then something completely contradictory on another.

(guys in this thread are way more clued up than I am so hopefully someone who knows a lot more about property will be able to give more info)

don't really know what's best for us, our house probably would be around the £250k mark so we can make use of the 25% help to buy isa bonus. we had spoken of it as a 'life goal' for early 2021 and hadn't done lots of research yet but obviously rona has happened and might have fucked things up already
Paul88
Paul88 avatar

278 posts since 6/12/12

10 Jul 2020 15:34
Paulie there was an announcement last night that the LBTT(Scottish stamp duty) threshold will be raised to 250k.

Meaning if you buy a house at 250k you'll save £1900. Obviously being a first time buyer it isn't much difference to you anyway.
Crackajack
Crackajack avatar

7561 posts since 21/4/05

10 Jul 2020 16:28
Property ownership feels an inevitable goal in the UK.

Not sure anyone can say there is a good or bad time to buy unless you know a specific area is on the up or down, and are only looking for a short term thing.

If you are staying put for 5 years+ then to me it seems currently mortgages (eg. Rate fixed for 2 years) get you something quite similar to rentals and you end up owning an asset that has done historically very well. Maybe if you were with parents or free accommodation now you might wait and see a bit but Vs renting it seems obvious.

Also factor the Tories will do anything to prop up the market (albeit there will need to be some big taxes coming from somewhere soon).

Trent
Trent avatar

1960 posts since 18/1/09

10 Jul 2020 17:37
I dont understand why people are questioning whether now is a good to time to buy? No stamp and lowest rates in the last decade.

What's the alternative, continue renting? So long as you're in for the long term then it's pretty impossible to benefit.

I think we are looking at a buy to let if stamp is removed for that now. I didn't expect that it would be.
stoney
stoney avatar

17536 posts since 22/1/05

10 Jul 2020 19:09
Some cunts are infra cautious and think there may be a major crash. If you have the means, buying right now is a no brainer.
-DiscoTits-
-DiscoTits- avatar

844 posts since 26/11/07

10 Jul 2020 19:13
There very may well be a crash after Brexit. Economy is already fucked with Covid. When the double whammy of no trade deals hits in January then it could be tatties o'er the side.
nothingelseworked
nothingelseworked avatar

3548 posts since 21/2/10

10 Jul 2020 20:38
Anyone ever used a mortgage broker like Habito or Trussle before? Or is it better to go local?
andymakesglasses
andymakesglasses avatar

20393 posts since 26/1/06

11 Jul 2020 06:51
Paulie wrote: We are also looking at buying (first time buyers) and my heads spinning with all the different information being batted around. What makes you say it will be a good time to buy? The stamp duty waving?

As Paul88 said the rise in the LBTT threshold could save you a couple of grand depending on the purchase price, plus mortgage rates are lower now than recently so your repayments will be less than they could have been.

As Crackajack said it's difficult to say when is a good or bad time to buy property. The market is always changing and your circumstances can too so what's good for one person or one property may not be good for another person or property.

When there's uncertainty in the market (and over the economy as a whole, so that your future employment might be affected) in my opinion it's important not to overstretch yourself or overpay (easier said than done), things that might be a more calculated risk when the economy / market is booming.

Where are you looking at buying?

Trent wrote: I dont understand why people are questioning whether now is a good to time to buy? No stamp and lowest rates in the last decade.

If the property market drops in any significant way and we enter a recession and someone loses their job and can no longer cover their mortgage repayments they may be forced to sell and lose money. That is why some people are questioning whether it's a good time to buy. I'm not saying it's not (for some people) just that everyone has different circumstances.
Trent
Trent avatar

1960 posts since 18/1/09

11 Jul 2020 14:50
I appreciate that in part but renting (in my experience) is more than a mortgage and you can at least take out loss of earnings insurance to cover some of that. So long as people aren’t biting off more than they can chew on the mortgage front of course which is difficult when deposits are 20% plus. Perhaps easier said as a northerner.
darko
darko avatar

979 posts since 4/10/12

posted 15 Jul 2020 13:00, edited 15 Jul 2020 13:00
how's everyone getting on?

we have been speaking to a few advisors, seems there's fuck all places offering 10% mortgages at the moment but more being added soon (nationwide next week)

we've found out that our main problem is because my mrs works for the NHS her base salary is just over 20k. with her enhancements she takes home just shy of 28k. no matter how regular they are, the banks don't recognise the enhancements so even with a deposit of 35k (which is a 14% deposit of a 250k house) we are super limited as to what we can get
swede
swede avatar

8834 posts since 21/3/09

posted 15 Jul 2020 14:05, edited 15 Jul 2020 14:05
darko you need a mortgage broker to help you. I had the same with my mrs; cabin crew base salary + trip pay/allowances

rated these guys. got us a huge mortgage at 5x combined earnings including her allowances/trip pay - https://www.akpartnership.co.uk/
YLAup
YLAup avatar

5361 posts since 5/9/11

15 Jul 2020 15:37
Loads of suddenly available apartments in Manchester city centre, to buy and rent. There's been a mass exodus from my development with people being financially cripped by the lockdown. Then there's students not moving in for the start of term, bar/coffee shop workers who have lost their jobs etc. Can only see prices start to take a downward trend if anything.

There's been years of over-development of new skyrise living blocks, most of which funded by Chinese or Arab conglomerates, that were mostly empty pre-covid, awaiting a Chinese student numbers boom, which now in all liklihood probably won't come. These apartments are top spec, and will only push prices of existing developments down further whener the economy starts to pick up as they are more desirable.
ginner
ginner avatar

282 posts since 15/4/14

16 Jul 2020 08:19
Build to Rent stuff has been feeding the boom in many city centers. These are owned by pension funds (legal and general own many of the largest blocks in manchester). They need to keep occupancy up for their investment models to work. Probably won't see too many coming up for sale, rather they will be let cheap for a few years as is currently happening with prime london lets where AirBNB was previously keeping the market toppy, but is now all but gone for the foreseeable.

Interesting times, and ultimately, its going to result in a correction. In my view that's no real issue for anyone under the age 50 because you arent looking to cash in any asset holdings (property or pension) in this economic cycle. But the wider effect on jobs/wellbeing/general economic impact wont be fully felt for a few years given the Govt's willingness to prop up for the time being.
darko
darko avatar

979 posts since 4/10/12

17 Jul 2020 13:52
thanks to everyone who has PM'd with advice re: mortgagesCool

think we are going to leave it 6 months or so rather than rushing into anything now, our rental agreement is due any day and they want us to either move out at the end of next month or extend for 6 mo on a rolling contract.

in 6 months time my gf should be in a different position financially and we will have saved up more for the fees, furniture, painting etc. and will have looked around more houses. hopefully rates will still be low.

we had an incredibly uncomfortable viewing yesterday, elderly couple who owned the house wouldn't let the estate agent (18 year old bloke with braces and an ill-fitting suit) get a word in for the whole viewing and the '3rd bedroom' was actually a loft conversion with pull-out steps, narrow wooden staircase and tight gap to access. the room itself liked fine but fairly certain a DIY job that probably wouldn't pass building control Laughing out loud not child/elderly friendly in the slightest
Rirawin
Rirawin avatar

9361 posts since 17/7/05

17 Jul 2020 14:13
Sounds like they didn't have planning permission, or decided to circumvent it by doing what they did. When we were looking at properties we came across a couple like that where it was advertised as a 2 bed property, and during the viewing we were shown the third room that was advertised as a "storage/study" and in reality was a bedroom with a Velux window in the roof.
Rirawin
Rirawin avatar

9361 posts since 17/7/05

5 Aug 2020 16:39
https://www.independent.co.uk/news/business/news/nationwide-mortgages-deposit-bank-mum-dad-a9652021.html

Crazy. Surely it shouldn't matter where the deposit came from, surely what matters is whether the mortgage repayments can be met.