[DemolitionRed]

Originally Posted by Toy Soldier

Reckon everyone from Tibb should just chip in and pay my deposit tbh...

Do a 'crowd funding' I'll chip in.

[DemolitionRed]

Originally Posted by Toy Soldier

Not that I'm even saying everyone is entitled to family help. Just that most young families who want to buy, these days, need at least a little.

Absolutely.

I recently tried to explain to a friend why some people end up being homeless. If they don't have that back up system of a generous family and they fall on hard times (most people are only two pay checks away from becoming bankrupt) then its easy to become homeless.

When our children buy we totally expect to help them out and we will do that because we can but we can only do that because we have inheritance savings ourselves.

[DemolitionRed]

Originally Posted by Toy Soldier

There's also this... Friends of ours have just bought a detached 4 bed house with "land", moving up from a 2 bed property (that was fully paid off). But they have stretched their repayment budget to the absolute maximum and also wiped out their savings. With things as precarious as they are, it seems like a massive risk.

Unfortunately most people don't buy as a necessity any more, they buy what they believe to be an investment. Back in the day, people bought houses to make into permanent cosy homes. A two or three bed terrace was a place they could start and raise a family and grow old together (its still like that in France thank goodness). Now most home buyers in the UK expect to be moving onwards and upwards after a few years because its all about investment, moving up the property ladder and making profit and because banks are willing to lend such huge amounts, the aspiring middle classes are more than willing to move on to yet another crushing mortgage.

Lets hope your friends have a fixed rate mortgage and not a standard variable rate. You should ask them and warn them because if they are on an SVRM, when the bubble bursts they will inevitably will be faced with unsustainable mortgage re-payments for a house with negative equity. Show them this http://www.businessforscotland.co.uk...ion-in-201617/

[joeysteele]

Originally Posted by DemolitionRed

Unfortunately most people don't buy as a necessity any more, they buy what they believe to be an investment. Back in the day, people bought houses to make into permanent cosy homes. A two or three bed terrace was a place they could start and raise a family and grow old together (its still like that in France thank goodness). Now most home buyers in the UK expect to be moving onwards and upwards after a few years because its all about investment, moving up the property ladder and making profit and because banks are willing to lend such huge amounts, the aspiring middle classes are more than willing to move on to yet another crushing mortgage.

Lets hope your friends have a fixed rate mortgage and not a standard variable rate. You should ask them and warn them because if they are on an SVRM, when the bubble bursts they will inevitably will be faced with unsustainable mortgage re-payments for a house with negative equity. Show them this http://www.businessforscotland.co.uk...ion-in-201617/

Fantastic posts from both you and TS, DemolitionRed,sadly as you both really point out the housing situation is a mess and over the last 5+ years has not improved at all.

Your opening line to this particular post is absolutely spot on too.

[Cherie]

Originally Posted by DemolitionRed

I certainly wouldn't buy atm. Five years from now is a good plan.

I'd advise anyone who's not on a fixed rate mortgage for the next five years to get on one asap because if the economy crashes, the interest rates will rocket and there's going to be loads of default.

Why not? if you are buying a home rather than an investment it's a great time as buyers can take advantage of locking down a fixed rate for the next ten years, yes the value might fall but it will rise again down the road, equity in a property either positive or negative is just a figure in a home that you plan to live in for along time.

[kirklancaster]

Originally Posted by Cherie

Why not? if you are buying a home rather than an investment it's a great time as buyers can take advantage of locking down a fixed rate for the next ten years, yes the value might fall but it will rise again down the road, equity in a property either positive or negative is just a figure in a home that you plan to live in for along time.

So true Cherie. There is ALWAYS cyclic 'peaking' and 'troughing' in any market - not just the property market - but historically, property prices have only increased, and the price of the average property DOUBLES every 10 years or so.

True again, is the fact that Fixing at a relatively low rate now for as long as possible is a very smart move.

[DemolitionRed]

Originally Posted by Cherie

Why not? if you are buying a home rather than an investment it's a great time as buyers can take advantage of locking down a fixed rate for the next ten years, yes the value might fall but it will rise again down the road, equity in a property either positive or negative is just a figure in a home that you plan to live in for along time.

You're right about people who buy homes rather than investment properties to a point but I wouldn't be happy if I bought an apartment for 200k and five years later it was only worth £150. Yes, once we are in we can always sit it out and that's what people will do but if I was to hold my money back for now, I may well be in a position to buy at a much cheaper rate sometime soon.

[Cherie]

Originally Posted by DemolitionRed

You're right about people who buy homes rather than investment properties to a point but I wouldn't be happy if I bought an apartment for 200k and five years later it was only worth £150. Yes, once we are in we can always sit it out and that's what people will do but if I was to hold my money back for now, I may well be in a position to buy at a much cheaper rate sometime soon.

If you are a cash buyer that is sensible, if someone needs a mortgage they will never get it cheaper than now

[Kizzy]

Do you have 'handy' friends, people who would help you with a fixer upper?.. I'd consider again TS if you found a smaller place you over time could extend up (loft conversion) or out on, you could do that over time and let the girls share a room for now.

[Northern Monkey]

Originally Posted by Kizzy

Do you have 'handy' friends, people who would help you with a fixer upper?.. I'd consider again TS if you found a smaller place you over time could extend up (loft conversion) or out on, you could do that over time and let the girls share a room for now.

That's what we did.Cheap 2 bed bungalow in an ok area and 5 years later got a loft conversion to make it a 4 bed.It worked out cheaper than a 4 bedroom house would have cost.Probably around the same price a 3 bed house would have cost in a bad area.

[Kizzy]

Originally Posted by Northern Monkey

That's what we did.Cheap 2 bed bungalow in an ok area and 5 years later got a loft conversion to make it a 4 bed.It worked out cheaper than a 4 bedroom house would have cost.Probably around the same price a 3 bed house would have cost in a bad area.

There you go TS, talk to the monkey

[smudgie]

Back in the day, we realised we couldn't have it all, bought a cheap house and then worked our way up.
We bought ex council as our first home, loved it, then when second baby came along we moved to a bit bigger house, bit extra mortgage but we were earning a bit more.
Eventually we moved to this house, mainly to get the best education in the area, stretched us a bit but well worth it, now lived here for coming up to 23 years.
Love it here and never felt the urge to move, mind you a lottery win would see us in a nice bungalow
But I can assure you, back in the day people were moving up the ladder all the time, wanting to do a bit better for themselves or to give themselves a little nest egg for their later years.
Nothing wrong with it either, if people didn't move up the ladder then there would never be the opportunity for others to geT on that first rung.

[user104658]

Originally Posted by smudgie

Back in the day, we realised we couldn't have it all, bought a cheap house and then worked our way up.
We bought ex council as our first home, loved it, then when second baby came along we moved to a bit bigger house, bit extra mortgage but we were earning a bit more.
Eventually we moved to this house, mainly to get the best education in the area, stretched us a bit but well worth it, now lived here for coming up to 23 years.
Love it here and never felt the urge to move, mind you a lottery win would see us in a nice bungalow
But I can assure you, back in the day people were moving up the ladder all the time, wanting to do a bit better for themselves or to give themselves a little nest egg for their later years.
Nothing wrong with it either, if people didn't move up the ladder then there would never be the opportunity for others to geT on that first rung.

Based on this and just to clarify; I'm not being fussy or unwilling to work up... 2-bedroom ex council houses around here go for nearly £120,000. And I live in a small village in Scotland. It ain't the 80's any more, kids .

[Kizzy]

Originally Posted by Toy Soldier

Based on this and just to clarify; I'm not being fussy or unwilling to work up... 2-bedroom ex council houses around here go for nearly £120,000. And I live in a small village in Scotland. It ain't the 80's any more, kids .

What do you think they were on the 80s, free?
Property has always been an investment and although yes houses were cheaper wages were less weren't they...
A mortgage on £120,000 would be less than you pay monthly, rent a 2 bed flat instead of a house next and get your deposit together.

[smudgie]

Originally Posted by Toy Soldier

Based on this and just to clarify; I'm not being fussy or unwilling to work up... 2-bedroom ex council houses around here go for nearly £120,000. And I live in a small village in Scotland. It ain't the 80's any more, kids .

Hell no, I know it's a world of difference now TS.
We don't kid ourselves, if we were starting out now there is no way on earth we would end up where we are now in our lifetime.
Not just the ridiculous house prices but also the total lack of job security for so many people.
We had a few blips and worries on the way with the firm hubby works for being taken over three times since if was British Steel but he was fortunate enôugh to keep his job.
I really do worry for the future of our kids generation, something needs to be done re the hosing situation, and I mean a bit more thán whichever government that is in just wringing their hands and sayîng what they intend to do.

[user104658]

Originally Posted by smudgie

Hell no, I know it's a world of difference now TS.
We don't kid ourselves, if we were starting out now there is no way on earth we would end up where we are now in our lifetime.
Not just the ridiculous house prices but also the total lack of job security for so many people.
We had a few blips and worries on the way with the firm hubby works for being taken over three times since if was British Steel but he was fortunate enôugh to keep his job.
I really do worry for the future of our kids generation, something needs to be done re the hosing situation, and I mean a bit more thán whichever government that is in just wringing their hands and sayîng what they intend to do.

Yeah, a big part of my dilemma with work is security. I hate my job - actively despise it at times, it makes me miserable for weeks on end. The rest of the time it's just straight up mind-numbingly boring. Either way it's unchallenging and there's no scope for progression.

However, it's rock solid for decades to come (... Shudder...) unless I actively make some sort of mistake to mess it up. If I leave to pursue anything else, that might pay better or have better prospects going forward, then it adds a huge element of job insecurity. Meh. If I didn't have kids it would be a no-brainer, I'd be out of here in a heartbeat and take my chances, but with other people to consider and the potential consequences of unemployment it just becomes impossible.

[Cherie]

Originally Posted by Toy Soldier

Yeah, a big part of my dilemma with work is security. I hate my job - actively despise it at times, it makes me miserable for weeks on end. The rest of the time it's just straight up mind-numbingly boring. Either way it's unchallenging and there's no scope for progression.

However, it's rock solid for decades to come (... Shudder...) unless I actively make some sort of mistake to mess it up. If I leave to pursue anything else, that might pay better or have better prospects going forward, then it adds a huge element of job insecurity. Meh. If I didn't have kids it would be a no-brainer, I'd be out of here in a heartbeat and take my chances, but with other people to consider and the potential consequences of unemployment it just becomes impossible.

I know we are all different but if it were me I would want the security of my own home above all else, you could apply the same logic about moving jobs to providing food and warmth

[Cherie]

Originally Posted by Toy Soldier

Based on this and just to clarify; I'm not being fussy or unwilling to work up... 2-bedroom ex council houses around here go for nearly £120,000. And I live in a small village in Scotland. It ain't the 80's any more, kids .

Its not the 90s either, interest on our first mortgage was 15 per cent

[smudgie]

Originally Posted by Cherie

Its not the 90s either, interest on our first mortgage was 15 per cent

Aye, interest rates were really high years ago.
Thinking about it, we took out mortgage protection as well, in case anything happened, it would give us a bit of breathing space.

[Cherie]

Originally Posted by smudgie

Aye, interest rates were really high years ago.
Thinking about it, we took out mortgage protection as well, in case anything happened, it would give us a bit of breathing space.

Sounds like you have a PPI claim Smudgie if you can lay your hands on the paperwork

[DemolitionRed]

Originally Posted by Toy Soldier

Based on this and just to clarify; I'm not being fussy or unwilling to work up... 2-bedroom ex council houses around here go for nearly £120,000. And I live in a small village in Scotland. It ain't the 80's any more, kids .

2 bed ex council houses go for a minimum of £half a million where we are. You can't get a tiny bedsit for less than £200k and the trouble with that is, for affordability reasons, when children fly the nest they have to move some distance away.

[arista]

Originally Posted by Kazanne

The only reason I don't post in here anymore to be honest is that it is far too intense and hostile at times.It's not that I don't have opinions I do,lots of them,but there really seems no point anymore.

KAZ
do not let the Left Wingers
scare you away


I want Everyones view


TIBB is a Demo- cracy

Thats a great mini song for a Robot