Buying a house - concerned

[NorthWestPerm2Contr]

Even if things all go wrong you will need somewhere to live, much harder to get kicked out of a house you own than one you rent.

Houses on the same street were going for 350+ during the peak.... so almost 20% down on that. The reason we are so keen on it is it is a family house which we would never need to move from.

[NorthWestPerm2Contr]

How is the warchest? If you have a nice lump in there that will cover a worst case situation for 4-6 months then your risk is reduced considerably....

To the OP, my memory might fail me but aren't you a first time buyer?

I am indeed a FTB and originally our budget was 250 but we were not finding any decent houses for that..... This house came along and (excuse the cliche) we fell in love with it. We are not the type that want to keep moving (we want to have a permanent house), it is next to the school we want all the kids to go to and the perfect size for a family. We love the area (already live in it) and it has everything we could want from a home.

[Sagara]

I am in a similiar situation, my offer just accepted for 2 bed flat in SE London.

I am not that concerned to be honest; my mortgage will be almost same as my current rent and I don't think the flat I am buying will loose its value. I know I am putting a good amount of deposit but I will be also living in better conditions.

There are a lot of buyers around here and not many properties on the market. Despite all these economical situations I can certainly say that prices are increasing in my area! I am not saying this by looking at the stats in newspapers, I've been myself checking the prices for the last 2 years on the market. London prices are very slowly increasing if you do a research on the net.

But yeah, there are a lof paramaters to consider like area you you are buying, amount you are paying etc, whether you can keep up your payments in the future etc... But at the end of the day, if you will be happier to live in that place and you think you could do with a decent permenant job just in case if you cant find a contract, I would say don't worry.

[northernladuk]

I am indeed a FTB and originally our budget was 250 but we were not finding any decent houses for that..... This house came along and (excuse the cliche) we fell in love with it. We are not the type that want to keep moving (we want to have a permanent house), it is next to the school we want all the kids to go to and the perfect size for a family. We love the area (already live in it) and it has everything we could want from a home.

Sounds to me you have answered your own question. All you have to do now is make sure the warchest is shored up and well stocked and bob's your uncle.

If it was just a cuddle you wanted from us.. here is mine...

[TheFaQQer]

Houses on the same street were going for 350+ during the peak.... so almost 20% down on that. The reason we are so keen on it is it is a family house which we would never need to move from.

Doesn't mean they aren't going to plummet further.

A friend of mine was looking at a house just outside Dublin a few years back - €530k.

It's now on the market at €170k and there's no interest in it.

If you are looking to buy a house as an investment rather than as a home, then the figures become significantly more important. If you are looking to buy a home so you and your family can move out of your parents house then it's much less of a deal if you are likely to be able to keep a contract.

Since you were confident of getting massively increased rates not so long ago, how's the market looking for you these days?

[MarillionFan]

Recently put an offer on a house in the region of 300,000 with a 15% deposit in place. It has been accepted and we really like the house. After the offer the following things happened:
- Double Dip recession
- New Greek/Euro banking crisis
- Unemployment is predicted to get worse for the next 5 years
- Contract market suddenly looking a lot weaker again

My mortgage will be in the region of £1,200/month and that is well affordable if I can continue contracting.... I am however feeling a little nervous about the future following all of these crises. Should I just crack on ahead or consider withdrawing the offer?

6.3% P/A. You can get better than that.

[NorthWestPerm2Contr]

6.3% P/A. You can get better than that.

4.5% is the best one can get now on a 15% deposit. a few months ago Northern Rock offered 3.84 but that deal is gone now unfortunately :-( If I had another 5% it would be a different story.

[v8gaz]

The one thing you need to be a contractor is a pair of unfeasible large testicles - if its what you want, go for it. Oh, and just one thing - you do realise that being next to a school means that you will be surrounded by other peoples brats every day. Fine when yours are attending, but unpleasant when they are running around throwing litter in your garden and scratching your car.

[MarillionFan]

4.5% is the best one can get now on a 15% deposit. a few months ago Northern Rock offered 3.84 but that deal is gone now unfortunately :-( If I had another 5% it would be a different story.

Why not borrow the extra 15K. Perhaps a directors loan? Or MBNA Credit card? Have you worked out the best combination

[NorthWestPerm2Contr]

The one thing you need to be a contractor is a pair of unfeasible large testicles - if its what you want, go for it. Oh, and just one thing - you do realise that being next to a school means that you will be surrounded by other peoples brats every day. Fine when yours are attending, but unpleasant when they are running around throwing litter in your garden and scratching your car.

The house is not literally next to the school.... It is a perfect distance from it and an ideal area. Also the school is not a public one.....