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| Mortgages Discussions on choosing a mortgages and mortgage options available. |
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09-19-2008, 03:47 PM
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First time buyer
I've been getting a lot of different advice about getting on the property ladder.
Some people are warning me against it saying that with Northern Rock and now Lehmans it's a bad time to make any major investment, other people are telling me prices have dropped so now's a good time to get in whilst others are saying it would be good but there's little chance of me getting given a mortgage right now. Who should I listen to? I'm not a high earner, but I'm not really looking for a massive or expensive house. Should I be looking to buy right now or would it be better for me to hold off for a few years?
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09-20-2008, 09:34 PM
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If you can get one that you like and can afford without making life hard go for it because maybe if you stay there for 5 years prices may have gone up again and you would be glad you did buy now.
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09-23-2008, 11:47 AM
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Thanks for your advice, guys. I generally try to be organised so I'd like to have everything ready to go.
Do you have any tips about house insurance? I've been having a quick look around and they all seem to offer different incentives - things like 15% off if I book online or 0% interest if I pay by monthly direct debit - so I'm not sure what to pick. Are these things genuine benefits or are they covering up that their deal might not be as good as others on the market?
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10-17-2008, 01:25 PM
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there are always bargains to be had, its just a matter of finding one. But if you are looking to buy a property and stay there long term there is no reason why you couldn't ride out any initial drop in value. Plus in the current market you can probably put in a low offer and have a chance of buying the place relatively cheaply.
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11-17-2008, 11:36 AM
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Hi there, there are a lot of really good site online for first time buyers. This site has really good info on "your mortgage" and this is a great site for mortgage information.
This is a great article from the BBC on guides to mortgages and this is an article from the Guardian with a calculator so you can work out your finances! Hope they help!!!
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11-18-2008, 04:03 PM
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Don't worry about negative equity - who cares if house prices drop another few percent if you manage to get the house you want at an acceptable price now? Chances are by the time you come to sell you will only have positive equity.
As long as you can comfortably pay the mortgage and you find your perfect house then there is no reason to wait in my opinion. I know Ill be getting my first house as soon as I can 
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