don't follow your logic the amount you have as a deposit is unaltered as that has to be cash/assets but if both houses drop "value" by 10% and you were buying a house for £200k and selling yours for £150k you in effect have a saving of £5k. like i said all irrelevant if buyers disappear
The one I'm looking to buy costs roughly 30% more than the one I'm selling. Both dropping makes it difficult for me to have 15% deposit. Any less than 15% and the monthly payments shoot up. For example: Say I've got £20k in a £80k house. Means I've got £20k deposit right (ignore other costs for now). That means I can but something for up to around £130k. House prices drop £5k. I've now got £15k deposit. That means I can only afford something up to around £100k (sticking 15% deposit) and not £125k as you'd expect Makes a big impact! Especially when looking for four bedrooms If I had a bit equity in the current house I wouldn't give a ****.
First house we lived in for 3 years. Had a decent down payment when buying. When we sold it we had to pay money to move out. (house worth less than what we owed due to neighbourhood taking turn for worse). That set us back years. Moved to current city and of course right after buying the housing market collapsed. Been here 10 years and only just got to the point where house is finally worth more than we paid again. I'm far from wealthy and far from old but I've already lost 10s of thousands of $ because of housing. It really sucks. Property has not been a good investment for me so far. Would be ahead if I had just rented.
I got 100% mortgage (actually mortgage and loan combined on identical terms). Been in this house eleven years and only got into positive equity about five years ago because a bought at the peak of the boom (no choice at the time, refuse to rent). Stuck it out since to build up a deposit. Finally get to a good position and the politicians open their gobs about house prices when blindly discussing the EU referendum.
ouch just to rub salt in the wound when i got married we bought a house with a £17500.00 mortgage -though to be fair we had between us £6k in cash as a deposit.Quite how i would find the £160k for the same house today i don't know sorry mate
Get it all the time. Know loaf's of older folk that bought their house for less than £2k. Like most, I'd pay the ****er off in a few months
Could be worse - I had a house on the market for 5 years once, and when I did finally sell it the ex took the lot. It went for 75 grand and 20 months later was back on the market for well over double that. I was royally ****ed over. Anyway, I hope it sorts itself out soon and you're back to your usual irritating self.
Two bedrooms with a nine, six and two year old ATM, I'm 80:20 in favour of remortgaging for a year or two but space is obviously a massive issue.
No. Blame Thatcher for that one! Bar the town centre, Mansfield is mining villages too, or should I say redundant mining villages.
I remember my old boss.. he was a fox. His first house was about 5k. He said he had to get a job to pay for it and stop being a wandering musician In the end..... what he ended up with was parents house to rent out and his own. Sold both on retirement and got a big pay off to go early cos he gave a wink to the head guys. So lesson is better to be lucky than good. You considered build on there Jürgen? You need one more room? Why not throw on a kitchen extension and antother room upstair for that 15/20k. They money will come back to you.
No room to build / extend. Only option is converting attic but would cost too much for one more room.
I had to share with my brother who is 5 years younger than me. Not really a problem until I discovered girls, it was like the Cadbury's cream egg advert a few years ago, I had to bribe him to go and play with his Lego anywhere but our bedroom. At the time I was happy to get to second base as well!
