house buying?

[Francko]

1) only if you have a mortgage

I don't think you'd be much happier if you have to sell for 200k what you bought for 250k cash, for example.

3) "need" a bigger flat/house due to 2 new children - lots of issues here, 2 children takes quite some time to procure, and should involve planning, including "can you afford it"

Well, ok some time, 5-6 years.... that is a reasonable timeframe for a pricecrash. Have you decided all your life until you are 80? Even you can afford it, losing 20-30k doesn't mean it doesn't impact your financial situation at all (unless you are Threaded, of course, in which case you might afford to spend that money in a weekend).

4) if you're buying another house in an area with similar house prices that have moved the same amount, you simply end up with the same equity and same mortgage on a similar house (minus moving costs), irrespective of which way house prices move. If there is a price differential between the areas then this (and changes in it) could be much more relevant than the abosulte change in average house prices.

That still won't solve the problem if you have to move to another country.

[sasguru]

Francko,
most of the doomsday scenarios you depict can be avoided with a bit of forward thinking and vision.

Indeed. Which is why I hope you can take at least a 40% fall in prices without falling into negative equity? That's the position I am in with 3 props. A fall would enable me to expand on that, so here's hoping ...

[Ivor1]

Im working in a bank and the best morg rate they offer permy employees with an employee discount is still sh*t, not worth it, well easy to get a better deal they are being offered

[shaunbhoy]

Indeed. Which is why I hope you can take at least a 40% fall in prices without falling into negative equity? That's the position I am in with 3 props. A fall would enable me to expand on that, so here's hoping ...

Oh yeah. Like a 40% fall in prices will happen.
Dream on!

[Ivor1]

Alternatively try Contractor Money. I thought they were a bit expensive though.

I got my mortgage through Contractor Financials they didnt charge me a penny

[sasguru]

Oh yeah. Like a 40% fall in prices will happen.
Dream on!

Stored in my head for future reference

[threaded]

Oh yeah. Like a 40% fall in prices will happen.
Dream on!

I was expecting 80% a whiles back, but now, oh my, it is going to be carnage. Serious carnage.

[milanbenes]

blimey....

'I'm thinking of coming back to the UK (probably have to change my forum name) and, worse, wondering about going permanent.

Thing is, I want to buy a house. Have neglected to have any equity (or at least to hang on to it). So the question is, is it better to get a job in a company that gives good deals on mortgages, or is it better just to contract and take the money?',


Expat, what do you mean you have no equity, after working abroad for so long you haven't put anything aside ?

Confused from Germany.

Milan.

[expat]

blimey....

'I'm thinking of coming back to the UK (probably have to change my forum name) and, worse, wondering about going permanent.

Thing is, I want to buy a house. Have neglected to have any equity (or at least to hang on to it). So the question is, is it better to get a job in a company that gives good deals on mortgages, or is it better just to contract and take the money?',


Expat, what do you mean you have no equity, after working abroad for so long you haven't put anything aside ?

Confused from Germany.

Milan.

Milan (and Dalek Supreme), I have invested in property but the trouble is that it now belongs to someone else with whom I no longer live.

[milanbenes]

oh.

I am sorry to hear that.

Why don't you continue on the mainland and put some $$
in the bank ? Or is it a case you just want to go back to the
UK ?

Don't worry you don't have to answer this, or discuss your personal
affairs here.

I would suggest, try to delay decisions and not make rush decisions.

Make a five year plan to accumulate some $$$.

Well all the best with everything.

Milan.