khay 8 Posted February 27, 2009 Share Posted February 27, 2009 As the title goes. looking at buying a house (well thinking about it, we don't have any deposit...) Anyone here got a shared equity mortgage? Seen some local flats on this scheme and thought I would ask this fountain of knowledge. Link to comment Share on other sites More sharing options...
Meenzer 14143 Posted February 27, 2009 Share Posted February 27, 2009 As a basic principle, if the market value of a "home" is such that you can't afford one without having to share with another person, it's too expensive. Wait another 3-4 years until the full impact of the crash has played out - there'll be plenty to choose from then. Link to comment Share on other sites More sharing options...
Meenzer 14143 Posted February 27, 2009 Share Posted February 27, 2009 Also, if you don't have a deposit then banks will at you anyway. 10% is an absolute, absolute, absolute minimum for any kind of decent deal at the moment, and if you want a non-rip-off interest rate then you have to be looking in the region of 20-25%. Otherwise forget it. Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Some people dont have the luxury of waiting 4 years for a house. We got a 95% mortgage, fixed for 2 years. Wel be here til our first kid anyway so I know wel make a profit when we eventually move on Link to comment Share on other sites More sharing options...
Steve 0 Posted February 27, 2009 Share Posted February 27, 2009 I can only echo what Martin is saying. A friend of mine is getting screwed right now because he had the bare minimum in terms of a deposit and decided to buy a house and land package to build new. Then the housing market crashed with his house not yet complete so is having to pay way above the odds on a house that is worth nowhere near what he's paying, all because he didn't really have the money to begin with. Is renting really that bad? I've found there to be a glut of rental properties out there at the moment, surely you can rent and save or is this another case of wanting to own your own place regardless of how much you're getting screwed because it'll be yours dammit! Link to comment Share on other sites More sharing options...
peasepud 59 Posted February 27, 2009 Share Posted February 27, 2009 95% mortgages are hard to get hold of these days. Im with Zane Lowe on this one, renting is the way forward baybeeeee, at least during the current economic climate. Link to comment Share on other sites More sharing options...
Tom 13915 Posted February 27, 2009 Share Posted February 27, 2009 Apparently most of Europe generally rent as opposed to buy. Shared ownership seems decent, there's some good 2 Bedroom houses, brand new, drive way for £80k shared ownership and it works out cheaper than renting. Link to comment Share on other sites More sharing options...
Steve 0 Posted February 27, 2009 Share Posted February 27, 2009 Im with Zane Lowe on this one, renting is the way forward baybeeeee, at least during the current economic climate. Seriously, in most locations there are so many rental properties available you'll be in a much better position to negotiate how much you actually pay. Then, in a few years you'll have enough to put down a decent chunk on a place that will be yours and none of this shared ownership bullshit. You're only, what, 23? What's the rush? Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Like shite would I be hoying away £500 a month on a house when I could be chipping away at owning it for £650 Link to comment Share on other sites More sharing options...
Meenzer 14143 Posted February 27, 2009 Share Posted February 27, 2009 Some people dont have the luxury of waiting 4 years for a house. Beg pardon? Oh well - if you see getting on the "ladder" as such a luxury it's worth busting a gut for when the same property is going to be worth 30-40% less in a couple of years and you can get a far shorter mortgage on it, be my guest. Even with the obscene interest rates on offer at the minute, you'd be daft not to rent. Link to comment Share on other sites More sharing options...
Meenzer 14143 Posted February 27, 2009 Share Posted February 27, 2009 Like shite would I be hoying away £500 a month on a house when I could be chipping away at owning it for £650 And if you could wait a few years and chip away at it for £400 instead? Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 do u rent by any chance? Link to comment Share on other sites More sharing options...
peasepud 59 Posted February 27, 2009 Share Posted February 27, 2009 Some people dont have the luxury of waiting 4 years for a house. Beg pardon? Oh well - if you see getting on the "ladder" as such a luxury it's worth busting a gut for when the same property is going to be worth 30-40% less in a couple of years and you can get a far shorter mortgage on it, be my guest. Even with the obscene interest rates on offer at the minute, you'd be daft not to rent. to some the need to be a home owner is the most important thing in life, its like a confirmation that you've become an adult (and thats not me calling KD its a fact of life) For me its the least important, I want to live in a house where Im happy, not something because its all I can afford. To live where I do now Id have to pay 3 times as much on a mortgage and thats after having to raise about £30k as a deposit, fuck me I can think of better things to do with my cash than that Link to comment Share on other sites More sharing options...
NJS 4016 Posted February 27, 2009 Share Posted February 27, 2009 One of Thatcher's crimes imo was to obsess people with owning homes - its why the UK is more fucked than the rest of Europe at the moment. There was nothing wrong in the past with social housing and there shouldn't be now - in fact that's what I'd advocate the government doing ie building houses rather than bailing out banks. They should also be converting "bad" mortgages people can't afford into rent on the homes. Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Im getting married next year so I needed a house. We had the choice to rent or buy and it was a no brainer. First step on the ladder is the hardest but its worth it years down the line when u want to move up. I know mortgages will drop in price in the future but as im not tied in after 2 years mortgage lenders will be falling over themselves to give me the vest deal. Money with a low interest rate is still better than no money at all to them. I think the credit crunch is a load of shit personally. I still get paid the same and the things i buy cost the same. Were having 2 holidays this year, saving for the wedding and ive still enough left over for my big gay arcades. Link to comment Share on other sites More sharing options...
Jill 0 Posted February 27, 2009 Share Posted February 27, 2009 For a while I wanted to buy, but I've been put right off. Working in selling repossessed properties is scary stuff, most of the places I sell were only bought in 2007 and I'm completing the sales already. Only buy if you're 100% sure you can afford it. As a side note, I fucking hate shared ownership properties because they're a bugger to sell. Can't imagine that would bother you though. Link to comment Share on other sites More sharing options...
Gejon 2 Posted February 27, 2009 Share Posted February 27, 2009 Yep the credit crunch is definitely a load of shite Link to comment Share on other sites More sharing options...
NJS 4016 Posted February 27, 2009 Share Posted February 27, 2009 It should be a brainer because its a shit time to buy - that's what Meenzer's getting at. I can't speak for everyone but I know previous generations put up with living with their parents when they first got married or with council houses - I guess the "must own a house" mentality I was getting at is now prevalent. Link to comment Share on other sites More sharing options...
Tooj 17 Posted February 27, 2009 Share Posted February 27, 2009 Wait a minute, you're about to buy a house with her? Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Put it this way, my parents both work for the NHS. They started off in a £10k terrace in 1982. 26 years later and they have enough equity in their house to be looking for one worth £500k. And that buys you a lot in chester-le-street. If they had chosen to rent their is no way they would be in this position and when they peg it my sister and I will be getting £250k each. (Til they retire and decide to downgrade and spend all their money that is!) Link to comment Share on other sites More sharing options...
Gejon 2 Posted February 27, 2009 Share Posted February 27, 2009 Put it this way, my parents both work for the NHS. They started off in a £10k terrace in 1982. 26 years later and they have enough equity in their house to be looking for one worth £500k. And that buys you a lot in chester-le-street. If they had chosen to rent their is no way they would be in this position and when they peg it my sister and I will be getting £250k each. (Til they retire and decide to downgrade and spend all their money that is!) So they bought a house in 1982 and its now worth more? Really, thats fairly amazing. Link to comment Share on other sites More sharing options...
NJS 4016 Posted February 27, 2009 Share Posted February 27, 2009 Put it this way, my parents both work for the NHS. They started off in a £10k terrace in 1982. 26 years later and they have enough equity in their house to be looking for one worth £500k. And that buys you a lot in chester-le-street. If they had chosen to rent their is no way they would be in this position and when they peg it my sister and I will be getting £250k each. (Til they retire and decide to downgrade and spend all their money that is!) Cut out the middle man and kill them now then. I fucking despise inherited wealth. I'd also be very wary of working in the NHS considering who the next government will be. Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Yep the credit crunch is definitely a load of shite How has it affected you personally? My food bills, council tax, current petrol prices, holiday prices, my wage etc. are all the same as they were 2 years ago. In fact, a lot of places are knocking money off cos everyone is apparently so skint? Ive probably got more money now than I ever had, my internet bill, mobile bill and car insurance has halved in the last year Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Put it this way, my parents both work for the NHS. They started off in a £10k terrace in 1982. 26 years later and they have enough equity in their house to be looking for one worth £500k. And that buys you a lot in chester-le-street. If they had chosen to rent their is no way they would be in this position and when they peg it my sister and I will be getting £250k each. (Til they retire and decide to downgrade and spend all their money that is!) So they bought a house in 1982 and its now worth more? Really, thats fairly amazing. No they have bought and sold 4 times now and have gone from a £10k house to a half a mil house. They could sell up now and rent if they want and thats all money in the bank. or they could have rented for 26 years and been no better off than they were in 1982 Link to comment Share on other sites More sharing options...
Kid Dynamite 6097 Posted February 27, 2009 Share Posted February 27, 2009 Put it this way, my parents both work for the NHS. They started off in a £10k terrace in 1982. 26 years later and they have enough equity in their house to be looking for one worth £500k. And that buys you a lot in chester-le-street. If they had chosen to rent their is no way they would be in this position and when they peg it my sister and I will be getting £250k each. (Til they retire and decide to downgrade and spend all their money that is!) Cut out the middle man and kill them now then. I fucking despise inherited wealth. I'd also be very wary of working in the NHS considering who the next government will be. Im damn sure il be making sure my kids are comfortable when I peg it. And there is no hope anything is happening to the NHS. Dont listen to the Daily mail, we have the 'Best' healthcare system in the world bar none. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now