toyotasuprauk Posted May 8, 2007 Share Posted May 8, 2007 Definitely good advice to get on the property ladder at least you have something then. It’s so easy to get into spiralling debt these days if you’re not careful with so many places trying to offer loans and there being so many good things to buy. Just think how good it will feel to get out of debt, lots of good advise over on moneysavingexpert.com too. Quote Link to comment Share on other sites More sharing options...
mathew Posted May 8, 2007 Share Posted May 8, 2007 so many people suggesting to get on the property ladder which is all good but is now really the best time for a first time buyer?? im gona hold back, wait for the crash in property then buy Quote Link to comment Share on other sites More sharing options...
JamieP Posted May 8, 2007 Share Posted May 8, 2007 im gona hold back, wait for the crash in property then buy People have been saying that for the last 10 years. Quote Link to comment Share on other sites More sharing options...
SteveR Posted May 8, 2007 Share Posted May 8, 2007 Thanks steve lol! Good man. How old are you pal if you dont mind me asking and how the feck did you pay your student loan off so quick?! I'm 29now - was the last of the no-fees and full grant people. My student loan (got 1 and forgot to invest it... unless HiFi counts as an investment) was only £1700. Left uni 7 years ago this September - just didn't bother over-paying tehstudent loan cos at 2% per year it was almost paying itself. The bank loan on the Supe is (was!) a different matter; it might be my dream car but I'm almost allergic to debts so wanted that shifted ASAP. 3 year loan paid off in just over 18 months. Phew. Quote Link to comment Share on other sites More sharing options...
mathew Posted May 8, 2007 Share Posted May 8, 2007 People have been saying that for the last 10 years. im no property expert, although i build them, but imo the way interest rates are goin it would be silly to buy now. a mate had a fixed rate mortgage a few years ago and now the period is up he has admitted there is no way he can afford to pay the payments and is selling up. im sure he isnt the only one in that situation. its only a matter of time. its happend before, nothing stopping it happening again Quote Link to comment Share on other sites More sharing options...
Havard Posted May 8, 2007 Share Posted May 8, 2007 so many people suggesting to get on the property ladder which is all good but is now really the best time for a first time buyer?? im gona hold back, wait for the crash in property then buy I don't think that buying now is a good time! I am going to wait a couple of years and see what happens to the interest rates. Now is a good time to have savings and no mortgage like me!! If you get on the ladder and then interest rates rocket, you'll be Fubar!! Once they start announcing rate drops then that is the time to get saddled with debt!! I have been very lucky with the timing before I became more financially aware!! I will get another mortgage and move to a bigger house but only when the rates start going backwards!! H. Quote Link to comment Share on other sites More sharing options...
JamieP Posted May 8, 2007 Share Posted May 8, 2007 im no property expert, although i build them, but imo the way interest rates are goin it would be silly to buy now. a mate had a fixed rate mortgage a few years ago and now the period is up he has admitted there is no way he can afford to pay the payments and is selling up. im sure he isnt the only one in that situation. its only a matter of time. its happend before, nothing stopping it happening again It is possible but if you live like that you will never get anywhere imo. Quote Link to comment Share on other sites More sharing options...
mathew Posted May 8, 2007 Share Posted May 8, 2007 i see where you are coming from jamie but id rather take the chance and wait rather than risk financial ruin. i regret not buying a few years ago but its easy to say that now. and with regards to getting anywhere iv got the job which i had wanted to have now 8 years ago. thats just me pointing out that my decision on wether to move or not doesnt reflect my attitude in general. Quote Link to comment Share on other sites More sharing options...
TLicense Posted May 8, 2007 Share Posted May 8, 2007 I've got just short of £60K of debt plus about £130K worth of mortgage. About £30K of the "debt" is on a loan that's at the same rate as the mortgage, the rest is on general loans and C.C's (although not much on them) Pretty much all of that is on cars in one form or another (well that's pretty much all I've got to show for it anyway! ) As long as you can afford to make monthly payments, and have a bit of cash at the end of it to enjoy yourself, then I personally couldn't care what the "headline" figure is. Yes I'm probably sacrificing my long term financial "stability", but I'd rather enjoy myself now. You just have to be really careful that you don't overstretch yourself. Quote Link to comment Share on other sites More sharing options...
Havard Posted May 8, 2007 Share Posted May 8, 2007 It is possible but if you live like that you will never get anywhere imo. I partially agree Jamie but although you won't lose money on property in the long term, you don't want to become a reposession statistic. I have a mate who lost a small fortune on his house because he bought at the wrong time and was then desperate to get rid of the house. I tried to pay my mortgage off in 10 years as I thought the interest rates would only stay low for that amount of time! I'm no expert but my strategy has worked well so far. There is also the issue of whether you can live with massive repayments as you attempt to clear your capital too!! H. Quote Link to comment Share on other sites More sharing options...
johnnyknox Posted May 8, 2007 Share Posted May 8, 2007 Have the mortgage and a 6K loan at the moment. The loan is purely to tart up the Supra and it's vanishing FAST Quote Link to comment Share on other sites More sharing options...
grahamc Posted May 8, 2007 Share Posted May 8, 2007 It is possible but if you live like that you will never get anywhere imo. I have to agree with you here... interest rate in SA is around 12.5%, people are still buying houses like mad, my 2 places have more than doubled in value in the last 2 - 3 years. in 1998 the interest rate hit 24%, it only lasted a short period of time. people have been going on about a property crash for years... I doubt it will happen. I am currently looking at buying and I have never seen properties being sold so quickly. We viewed a house on saturday, 1st people to view, by this morning there 2 offers on the house, ours and another. its a simple matter of supply vs demand, and so long as people are willing to pay more, like they currently are, I dont see it changing. theres nothing out there short of E.L.E. (extinction level event) type event that wouold force those sorts of changes. Consider what would happen....if property market crashed... companies would go bankrupt, people would go bankrupt, banks would lose silly money, and not be able to gain it back. 99.9999999999% of the time, you will regret not buying property sooner... I can still remember turning down a house in SA, that would be worth 4 - 5 times what I would have paid for it... Quote Link to comment Share on other sites More sharing options...
toyotasuprauk Posted May 8, 2007 Share Posted May 8, 2007 If you don’t buy a house then you pay rent which is money down the drain anyway. Since last June (only figures I have quick access to) the increase in interest rate has made our variable rate mortgage increase by £38 a month. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted May 8, 2007 Author Share Posted May 8, 2007 Thanks Jamie. I HAVE to do the Dragonball no matter what mate. It'll be the only real piece of enjoyment I get out of the Supra after 8 months of ownership.........even if something does go tits up bud. I'll be debt free except my student loan in 2 years tops guaranteed. Cheers all and night. Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted May 8, 2007 Share Posted May 8, 2007 It is possible but if you live like that you will never get anywhere imo. I agree with Jamie you'll be wishing you had got on the house market now in a couple of years! Quote Link to comment Share on other sites More sharing options...
tbourner Posted May 9, 2007 Share Posted May 9, 2007 I'm with Graham, good advice on http://www.fool.co.uk as well, especially this write up on housing price crash. My brother used to be in the 'wait and see' camp, until I got my mortgage and told him the details, he realised he'd chucked over £30k down the pan over about 3 years in rent!! He then went and bought a place pretty much straight away! Quote Link to comment Share on other sites More sharing options...
mikeyb10supra Posted May 9, 2007 Share Posted May 9, 2007 Can! just manage money properly I have no major debts apart from a few hundred £. Dont use any CCs and only spend what i can. aren't you still at university?? Quote Link to comment Share on other sites More sharing options...
mikeyb10supra Posted May 9, 2007 Share Posted May 9, 2007 so many people suggesting to get on the property ladder which is all good but is now really the best time for a first time buyer?? im gona hold back, wait for the crash in property then buy buy and get on that first step when ever there is a chance matey all the while your saving for a deposit the market can move away from you faster than you can save, so if there is a chance, I say go for it Quote Link to comment Share on other sites More sharing options...
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