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General Chat Thread, First Time Buyer and Mortages in General; ...
  1. #16
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    I'd love to be able to buy a 1 bed flat for £109,000, even a studio here would cost £150,000 at least

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    I spoke to a financial adviser and he recommended I should put down 15% deposit. the difference between 10 and 15 is huge when it comes to interest.

    Any one who took or takes out 100% mortgage is looking for trouble IMO. Your in a good position so save hard and find a good savings account. Don't leave your money in your regular bank account as the Tax man will rape you!

    Halifax are thinking about offering 100% mortgages during summer.. Not sure if that will materialize.

    Kev

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    Quote Originally Posted by somabc View Post
    I'd love to be able to buy a 1 bed flat for £109,000, even a studio here would cost £150,000 at least
    Suddenly that London weighting is looking much less attractive.

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    I bought a three bed Detached in 2000 for £115K (with a 50K mortgage and I was 30yr old) I was on target to have it paid off by now.

    The house is now worth £250 unfortunately I sold it in 2004 for 168K and bought the ex wife a house in Germany.

    Still, the soon to be current wife has a interest free mortgage with the bank of Mum And Dad and if you didn't guess already, that's how come I get all the best toys

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    £109,000 plus £11,000 deposit would get you a nice 2 (possibly 3) bedroom new build up here.

    The builders are struggling to get rid of new houses and will take stupid offers on them. I know a couple who offered £95,000 for a build worth £110,000 and the builders snapped their arm off at that.

    I'm saving hard for it, and making my money work in shares that is managed by my bro - thing is, shares aren't doing too good either. That's why I'm trying to get more money put in! Buy low sell high.
    Last edited by Hightower; 19th June 2008 at 11:42 AM.

  6. #21
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    Quote Originally Posted by Hightower View Post
    £109,000 plus £11,000 deposit would get you a nice 2 (possibly 3) bedroom new build up here.

    The builders are struggling to get rid of new houses and will take stupid offers on them. I know a couple who offered £95,000 for a build worth £110,000 and the builders snapped their arm off at that.

    I'm saving hard for it, and making my money work in shares that is managed by my bro - thing is, shares aren't doing too good either. That's why I'm trying to get more money put in! Buy low sell high.
    If your saving for a deposit I wouldn't buy shares! Put it in the bank at high interest 8%+ Why take a risk? You need to remember to cut your losses sometimes rather than ploughing in more money IMHO

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    Quote Originally Posted by dave.81 View Post
    Wouldn't buy you much around this area, 1 bed flat if you were lucky.
    £109000 wouldn't buy you a lot here either.


    And if I could predict the property market I wouldn't be here!

  8. #23

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    Quote Originally Posted by somabc View Post
    If your saving for a deposit I wouldn't buy shares! Put it in the bank at high interest 8%+ Why take a risk? You need to remember to cut your losses sometimes rather than ploughing in more money IMHO
    Sorry somabc - didn't realise you were a financial expert. So should I take my money out and put it into a bank?

    My money is being managed - meaning if shares aren't performing they are sold and others bought. High risk in the shares market when managed isn't high risk. Yes, you could lose a lot, but you have a business manager who will pull the money at the first sign of trouble.

    Do you really think my brother is going to let me throw my money away or is he going to tell me the best way to make money work for me?

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    Fair enough if you are happy to take on the risk that's your business, and managed is often better than unmanaged. You obviously trust your brother enough to make investments for you, if he is generating returns of greater than say 5-6% then go for it!

    I meant generally investing in shares just now should only really be done with money you are willing to lose or at least not see gains ie not your house deposit!

    I wouldn't mention "risk management" to some of the bigger banks ie Bear Stearns who now know full well the dangers of thinking you understand all the risks and can hedge your bets when in fact you don't know if the whole shebang is spinning out of control. I am not an economist but there's a lot of miserable people walking around the City just now!
    Last edited by somabc; 19th June 2008 at 01:51 PM.

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