Is buying residential property now unwise?

[heyya99]

I'm thinking of buying a flat in London, to live in. I 'm hoping my new place will be a couple of tube stops / walk from my home.

With the uncertainty coming in April 2016, am I unwise?

[LondonManc]

If you're talking about BTL then you're going to pay more but ultimately you'll be throwing money at a long-term appreciating asset. If you don't need to get the money back out any time soon, it's worth doing. I would imagine there will be a fair few contractors looking for Sunday/Monday to Friday lodgings after T&S goes bye-bye though, so getting on the property ladder would get you out of that market.

[heyya99]

If you're talking about BTL then you're going to pay more but ultimately you'll be throwing money at a long-term appreciating asset. If you don't need to get the money back out any time soon, it's worth doing. I would imagine there will be a fair few contractors looking for Sunday/Monday to Friday lodgings after T&S goes bye-bye though, so getting on the property ladder would get you out of that market.

I'm looking to live in it, to leave renting.

[WTFH]

I'm looking to live in it, to leave renting.

I would consider it a good/sensible long-term investment. Get a repayment mortgage either a flexible one or an offset one and try to clear it as quickly as possible.

[Danglekt]

I think his point is - if it all goes wobbly on Apr with the budget will he have a big mortgage and only a perm salary to pay for it...

[LondonManc]

I think his point is - if it all goes wobbly on Apr with the budget will he have a big mortgage and only a perm salary to pay for it...

Depends how much disposable income he's got then. Something we won't know.

[diseasex]

wait for the news , see how they hit you and then decide

[heyya99]

wait for the news , see how they hit you and then decide

But aren't I only affected if I depend on travel expenses?

[WTFH]

But aren't I only affected if I depend on travel expenses?

If you are reliant of travel expenses to pay your mortgage, then you really need to adjust your spending.

[Danglekt]

But aren't I only affected if I depend on travel expenses?

There is potential big shake up in contracting, probably not as big as everyone worries about, but certainly worth waiting 9 days to find out before tethering yourself to an eye watering London mortgage.