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>> No. 5624 Anonymous
24th April 2015
Friday 10:58 pm
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Evening, lads.

How do I buy a house? I have a decent deposit and a general idea of how much I'd be able to borrow, but I'm shitting myself that I'm going to get the wrong mortgage and end up spending thousands more than I need to. I know Money Saving Expert, amonst others, have a very detailed guide but should I see a mortgage adviser/broker as it's (probably) going to be one of the most expensive things I ever buy in my life?
Expand all images.
>> No. 5625 Anonymous
25th April 2015
Saturday 1:21 am
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Wait for the bubble to burst.

>> No. 5626 Anonymous
25th April 2015
Saturday 4:04 am
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I bought a flat (with a mortgage) recently, I think money Saving expert was useful at the time.
My main problem was it took bloody ages with lots of delays, I cant remember how long right now, I expected it to be completed in September. We completed after Christmas. Not sure exactly sure why but I suspect my solicitor was hopeless. The seller nearly pulled out because it was taking so long.
It was not even a problem with a chain; The flat was empty and it is my first place.
>> No. 5627 Anonymous
25th April 2015
Saturday 7:35 am
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I don't think there's any chance of it bursting in the near future while the current system props it up.

I know some people who bought before the crash, when the market was at its peak, who have ended up in negative equity but I also know people who have put off buying a house because they expected the bubble to burst and prices to fall dramatically but all they've done since then is rise.

I want to buy a house, ideally this year. Whether or not it's the wrong time to buy would require a crystal ball, but I'm looking as this with a long-term view as an actual home to raise a family in and not an investment. If the markets are lower in 10-15 years when it comes to selling then hey ho, I'm prepared to take that risk.
>> No. 5628 Anonymous
25th April 2015
Saturday 11:50 am
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bubble could burst with the pending election thats always a worry.
>> No. 5629 Anonymous
25th April 2015
Saturday 12:01 pm
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How and why?
>> No. 5630 Anonymous
25th April 2015
Saturday 1:17 pm
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Because the Mail and Express said so.
>> No. 5631 Anonymous
25th April 2015
Saturday 1:22 pm
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We aren't in a bubble. We're actually almost dead on the long term trend line.
>> No. 5632 Anonymous
25th April 2015
Saturday 2:00 pm
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Is that the comedy trend line that _always_ ends on the current position, because that's how it's drawn?
>> No. 5633 Anonymous
25th April 2015
Saturday 2:19 pm
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No, it's the one far below where we were in 2007. There's been a lot of news stories about rising house prices over the past couple of years but that's because there's a lot of slack to be made up from where we were post crash.
>> No. 5634 Anonymous
25th April 2015
Saturday 2:33 pm
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Any more advice on mistakes to avoid when getting a mortgage rather than whether or not the property bubble is going to burst?

Did you do your own research and apply to the provider direct or go through a broker?
>> No. 5635 Anonymous
25th April 2015
Saturday 3:01 pm
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Don't take that tone with me.
>> No. 5636 Anonymous
25th April 2015
Saturday 3:21 pm
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It gets a bit tiresome. I've been on Britfa.gs for over 5 years and every time there's a discussion on the economy, the housing market, pensions or investing there always seems to be the same handful of posters foretelling that there is going to be a major crash any day now.
>> No. 5637 Anonymous
25th April 2015
Saturday 3:29 pm
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Everyone will always say that, mainly because nobody knows anything about the housing market except the words 'bubble' and 'crash'.

I don't think now is a bad time to get involved. Rates will begin to rise around the beginning of next year.
>> No. 5666 Anonymous
8th June 2015
Monday 7:12 am
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Is there any point in using Help to Buy? From what I can gather you need a minimum of a 5% deposit, the government will cover 20% and you need to arrange a mortgage for up to 75% LTV. You're not making capital repayments on the government's 20%, so you need to pay that off (plus any growth in the value of the property) either when you pay off the main mortgage or sell the house. The only advantage I can see is that your mortgage payments will be lower than that on a 95% LTV one.
>> No. 5675 Anonymous
8th June 2015
Monday 1:56 pm
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Lower LTV mortgages are less risky for the bank, so they are offered at lower rates of interest and to a greater number of customers. Many first time buyers would struggle to get offered a mortgage at 95% LTV, but could find plenty of banks willing to lend 75% LTV at reasonable rates.
>> No. 5736 Anonymous
31st August 2015
Monday 10:50 am
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OP here, had an offer accepted on a house early July and picked up the keys last week; 7½ weeks in all and that includes our solicitor going on holiday for a week and a delay from Nationwide while I had to repeatedly explain to them how salary sacrifice works.

There's a house a few doors down up for rent that's a fair bit smaller than my new house and they're asking for nearly £100pcm more than my mortgage repayments (five year fixed term of 3.59%) will be, which seems utterly bonkers to me but I guess that's the housing market over here.
>> No. 5737 Anonymous
4th September 2015
Friday 5:32 pm
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Nearly a million homeowners have no way of paying off their mortgages because they opted for interest-only loans, according to Citizens Advice.

The new figure is much higher than previous estimates from lenders and from the City watchdog, the Financial Conduct Authority (FCA).

Citizens Advice said 934,000 owners did not have a plan for how to pay back the money at the end of the mortgage term.

Sarah, who lives near Brighton and has an interest-only mortgage, said she and her husband could hardly afford the interest when they bought their house and frequently fell into arrears.

"We were silly. We'd just had our first baby," she said.

"IT WOZ DA BANKAS WOT DUN IT. But they shouldn't have given the loan. We didn't understand what we were taking on and didn't think about having to pay it back."

They have 16 years until they have to return nearly £200,000, but admit the debt has become a constant worry.


I'm finding it hard to feel sympathy. They've used an interest only mortgage to live in a house they would have otherwise been able to afford and, if they need to downsize at the end because they can't afford to pay it off, it's likely the value of the property has gone up a fair bit since they took the mortgage out and the full have made a nice tidy lump sum. The clue is in the name.
>> No. 5909 Anonymous
31st October 2015
Saturday 9:03 am
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>Sub-prime mortgages, widely blamed for causing the 2007-08 financial crisis, are making a surprise comeback in the UK, with several new lenders launching home loans for people with poor credit histories.

>Lenders are targeting people who have faced serious financial problems including repossession and bankruptcy – as well as those with more minor blots on their records – for the mortgages, which come with interest rates as high as 8%.


>> No. 5910 Anonymous
31st October 2015
Saturday 11:34 am
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Those who cannot remember the past are condemned to repeat it.
>> No. 5911 Anonymous
31st October 2015
Saturday 11:56 am
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By all means go see a broker to get some offers, it doesn't hurt to shop around and it can get a little complicated. While looking, try and work out what your strategy for repayment is going to be. For example, do you want to significantly overpay and repay quickly? Then pay close attention to how much the terms let you do so without penalty, but of course a low penalty might still be cheaper than more expensive interest. You could also try and make use of the current cheap interest rates and not overpay, investing elsewhere instead until interest picks up if you're feeling a bit devil-may-care. Do you think interest will go up soon? Get a fixed rate mortgage with a long-ish term perhaps. There are options, basically, so try and get an idea of how safe you want to play it, then find a broker or mortgage advisor to walk you through the most suitable options.

Find a good solicitor as well. How fast they work and them doing the proper due diligence has quite an impact on how stressful the entire process is. If you can spare an extra few hundred quid, don't be scared to ask if you can bribe them to queue jump they can prioritise your job.
>> No. 6067 Anonymous
5th January 2016
Tuesday 4:06 pm
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>He comes from money, has an enviable property portfolio – and together with his wife is thought to be worth more than £30million. But even the substantial family fortune has apparently not allayed David Cameron’s fears that his children could struggle to get on the housing ladder. The Prime Minister admitted his worries as he set out plans to boost the number of homes available by paying developers to build on public land.

>Mr Cameron, who owns two homes with a combined worth of around £4.5million, said he was concerned his children Nancy, 11, Elwen, nine, and Florence, five, could struggle to afford property in future.


The struggle is real.

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