Buying a house

[Kayef]

Anyone wanna buy 4 bedroom flat in central london, a minutes stroll from regents park. 500k.
huge potential for buy to let, rental income of 35-40k annually.

cash only :p

[Saif-ur-Rahman]

Anyone wanna buy 4 bedroom flat in central london, a minutes stroll from regents park. 500k.
huge potential for buy to let, rental income of 35-40k annually.

cash only :p

Would you accept IOU's?

[Kayef]

Anyone wanna buy 4 bedroom flat in central london, a minutes stroll from regents park. 500k.
huge potential for buy to let, rental income of 35-40k annually.

cash only :p

Would you accept IOU's?

LOL

[Saif-ur-Rahman]

^ Well you did say cash, and my comment wasn't just a joke, there is a seriosus thought you can take from it.

If you look at our currency, it is essentially an IOU, have you noticed what it reads on the notes under where it says 'Bank of England'?

"I promise to pay the bearer on demand the sum of..."


What do these IOU's or promise notes amount to?

As the bearer of such a note, if I were to go to a Bank and demanded the sum of the note, what would they give me?

[Zak1983]

First thing to do is get your mortgage in principal sorted, before even looking for a property!

[AK]

First thing to do is get your mortgage in principal sorted, before even looking for a property!

Even then it doesn't mean much these days. 

I had a mortgage in "principle" sorted in May, placed an offer which was accepted, put in 25% deposit on a 300k house, and then the b******s at the bank decided they needed more deposit off me, which I couldn't have provided at the time.  Lost my dream house, just because the bank decided that it was too risky?!

I had the perfect credit score, little outgoings and savings to show it. And despite my rather large deposit, they wanted more!

[Zak1983]

^That's well harsh.

[lifesatest]

Hi,

Buying a property isn’t as easy as people think. It takes time and also a lot of effort. If you are in a position of comfort then I would recommend it. The prices are still low in parts of the UK the lowest it’s been for a VERY long time. This is the best time to buy a property, because there are signs of recovery now. The only problem like many have identified is that the banks are asking for a big deposit and then you will be placed on a fixed rate depending on the bank for the first 2 years and then placed onto a variable rate, which at the moment is VERY low. The chances of staying low for the next 2 years have a slim chance and I think it will only rise from now on in.

My friend purchased a property in East London, Dagenham for over 240k 3 years ago, now the house value I would say is 160k max. Two bedroom property with a garage. He cannot afford to sell it as it will not even be close to break even.

Purchase a property that needs work and you get a bargain and spend around 30-40k doing it up and you are sorted. OR just live with your parents all your life. (Credit Crunch Tip  )