Robbie Loving Posted June 3, 2012 Share Posted June 3, 2012 With houses still falling in most areas and unlikely to recover in the near future you are better off renting. Not strictly true. You can pick up some bargains at the moment, and if the deposit is right you can get a good mortgage deal. Depends what you're looking at and where you're looking. For instance, I have recently bought a house, where my mortgage is approx £150 lower than it would be if I were renting. Link to comment Share on other sites More sharing options...
Gamadar Posted June 3, 2012 Share Posted June 3, 2012 With houses still falling in most areas and unlikely to recover in the near future you are better off renting. The demand for housing is reaching almost unprecedented levels. The laws of supply and demand may be temporarily suspended, but will always return. Lots of first time buyers are holding back at the moment, either because they cannot get a mortgage, or because they are thinking that house prices will drop even lower. We are in a boom and bust cycle again and the boom will begin within a year. Link to comment Share on other sites More sharing options...
MrSmith Posted June 3, 2012 Share Posted June 3, 2012 Not strictly true. You can pick up some bargains at the moment, and if the deposit is right you can get a good mortgage deal. Depends what you're looking at and where you're looking. For instance, I have recently bought a house, where my mortgage is approx £150 lower than it would be if I were renting. In that case it appears to make sense, but you do however have additional costs, like insurance and maintenance that you wouldn't have has a tenant, and if the price falls by at least £2000 over the year, which is likely for the cheaper end of the market, you are out of pocket. Link to comment Share on other sites More sharing options...
MrSmith Posted June 3, 2012 Share Posted June 3, 2012 The demand for housing is reaching almost unprecedented levels. The laws of supply and demand may be temporarily suspended, but will always return. Lots of first time buyers are holding back at the moment, either because they cannot get a mortgage, or because they are thinking that house prices will drop even lower. We are in a boom and bust cycle again and the boom will begin within a year. We haven't had the bust yet and it will get worse or stay stagnant for years. Link to comment Share on other sites More sharing options...
Robbie Loving Posted June 3, 2012 Share Posted June 3, 2012 In that case it appears to make sense, but you do however have additional costs, like insurance and maintenance that you wouldn't have has a tenant, and if the price falls by at least £2000 over the year, which is likely for the cheaper end of the market, you are out of pocket. That's assuming only £200 is paid off the mortgage. As for the house market dropping for what I've bought, it's highly unlikely. As said, with the right property/price it makes perfect sense to purchase rather than rent. Link to comment Share on other sites More sharing options...
Gamadar Posted June 3, 2012 Share Posted June 3, 2012 We haven't had the bust yet and it will get worse or stay stagnant for years. No. It will not. The demand for housing will "buck the trend". There are several million potential buyers waiting for prices to reach rock bottom. Some of them are already getting a little nervy. They will "jump" late this year, or at the beginning of next year. The prudent ones will get in first as prices will rise very quickly. Link to comment Share on other sites More sharing options...
lozloz Posted June 3, 2012 Author Share Posted June 3, 2012 the default was made thought carphone warehouse sending us a bill that was not right when we refused to pay they sent it to a company .....and without going in to every detail..thats how we got a default .....in reflection if we would have known it would couse this problem we would have paid it ...but at the time we refused to pay for some thing that was wrong ..... Link to comment Share on other sites More sharing options...
alternageek Posted June 3, 2012 Share Posted June 3, 2012 the default was made thought carphone warehouse sending us a bill that was not right when we refused to pay they sent it to a company .....and without going in to every detail..thats how we got a default .....in reflection if we would have known it would couse this problem we would have paid it ...but at the time we refused to pay for some thing that was wrong ..... Fair enough When youre allowed to get a mortgage make sure you read through EVERYTHING before you sign and after you close. Make sure your broker isn't telling you what you want to hear in regards to terms and conditions applied to the mortgage. Things like a fixed rate does not mean it will be a fixed payment and the like. Link to comment Share on other sites More sharing options...
Funky_Gibbon Posted June 3, 2012 Share Posted June 3, 2012 Why is it people don't like hearing the truth. A default due to its procedure can't not be your fault if you know about it.... I take it the whole recession and hundreds of thousands of people being made redundant thing passed you by... Link to comment Share on other sites More sharing options...
I1L2T3 Posted June 3, 2012 Share Posted June 3, 2012 That's assuming only £200 is paid off the mortgage. As for the house market dropping for what I've bought, it's highly unlikely. As said, with the right property/price it makes perfect sense to purchase rather than rent. Indeed. It does make sense for some but not for others. It's not a simple black or white decision. For example if you have the funds and the right house comes along at the right price then buy. I would. But I can see the benefits of renting as well. Tough one and each person has to make their own call. Link to comment Share on other sites More sharing options...
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