# Good or Bad time to move house?!?!



## Justhe1 (Jul 2, 2002)

Have sold my house and am due to exchange contracts after I've had a biulder round to give me an estimate for the repairs the survey has identified.

I'm not sure whether its just the usual excitement/apprehention of moving or not but I'm starting to think that with everything the way it is at the mo' is it a bad time to be moving up and getting a (much) bigger mortgage??? :-/ ???

I am planning on staying there for about 5 years before i move on....

Think I'm just a bit unsure about buying at the top of the market price wise, but I guess its all relative.....

Any thoughts greatly received....


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## KevinST (May 6, 2002)

We're doing the same right now.
Have accepted an offer, and the new buyers want to move in in about 5 - 6 weeks time. But, we've not made an offer on anywhere yet 'cause we haven't found the right place.

I know moving house is one of the most stressful things you can do (I promissed that we wouldn't move again when we moved in here).
The way we're looking at it is...
> The current interest rates are very low
> We're both quite good at finding jobs, and learning new technologies as required so if one of us is made redundant then we should be able to get a new job (even if it's doing things we hate) within about 3 months.
> We'll always keep at least Â£10K in the bank for emergencies.
> If the worst really does happen then we could sell up, maybe even take a loss, and move to a smaller place :'(


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## Wak (May 6, 2002)

or sell the TT!  ;D


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## KevinST (May 6, 2002)

> or sell the TT! Â  ;D


Unfortunatly, that is also an option that will be considered. :'(


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## Justhe1 (Jul 2, 2002)

I too had thought about selling the TT, but I've come to the conclusion that for me that would be false economy ;D .

As its bought and paid for I'd only spend the money on new house alterations etc etc, get settled and then want a new "toy"....

If the TT went then I'd probably need to fork out more for its replacement, a TVR Tuscan, so it would actually end up costing me more money, or I'd end up with an additional loan that i did'nt have before :-/ [smiley=dizzy2.gif] .

(Well thats my justification to she who shall be obeyed for not selling it anyway


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## IanWest (May 7, 2002)

Being in the housing game, maybe I can put in my oar!
I think the biggest difference between houes and shares is the fact that you physically own something. If and it's a big if, the market crashes, I have suggested to all my clients that they should keep the house at all costs, reduce your mortgage to interest only and rent it out. There are many people who panicked last time and sold and got into negative equity. Yes it took a while to reverse itself but it did happen.
House prices my thoughts- they will keep increasing but at a decreasing rate. Lock yourselves in at a good mortgage rate- I have remortgaged myself and many others with Northern Rock at 3.89% fixed for two years. Never been cheaper to borrow money.
Oh and good luck with the move


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## christtopher (May 7, 2002)

I'm in the same boat at the moment too. We're first time buyers, and are looking for the the right place at the moment. So far not found a place we feel is right.

I'm worried about the market direction too, but being 'up north' things may be slightly different. My thoughts are that I've got to get on the ladder at some point, and above all, I really want to strip some wallpaper and paint and do some blokey stuff around the house!! 

My view on interest rates is that they will drop a little further by the end of the year to try to put an end to the lack of consumer confidence. Just my opinion you understand ;D In a strange way it's good to know that other people are going through the 'housing game' at the moment too.


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## proeliator2001 (Feb 26, 2003)

I sold my house in Nov 2001 after I had had settled in to life in Brasil. did not figure on the rapid rise of prices so have lost a packet. Leaves me in the bad situation of having to get a bigger mortgage than I had 2 years ago just to get the same sort of house! For me, I'll sit back and wait and see as thats too bitter a pill to swallow. Low interest rates don't impress me too much as I'm still not ever likely to keep a place for more than a few years and if prices do slide, even a few percent, I'll be out of pocket. So, looks like I'll be a renter when I get back next month.

Maybe I should claim to be from some dodgy eastern european country and seeking shelter in the UK. Free food and accomodation can't be bad!!!!!!!


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## Justhe1 (Jul 2, 2002)

I've just managed to get a 2 year discounted variable interest only mortgage with the Abbey at -.21% of the Bank repo rate (currently 3.75%).

This means I'm paying 3.54% & am only tied in for two years - I also think that rates will drop again by the end of the year.....

I think I've got a good deal..... (themoney I save goes into an account and I pay off lump sums throughout the year off the capital...

Not being a financial wizard, this seem ed to make sense....

Anyone else got any better deals before I sign on the dotted line.... : ???


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## KevinST (May 6, 2002)

AbNat is who we'll be going with when we find the house we want. They gave the best rates of all the people who we went to

"above all, I really want to strip some wallpaper and paint and do some blokey stuff around the house!! "
Chris - you can always come and help out at our new place ;-)


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## Dotti (Mar 9, 2003)

Its all fun owning a house and decorating it  but not so fun when both partners can't decided or meet half way on decor LOL :-/


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## christtopher (May 7, 2002)

> Chris - you can always come and help out at our new place ;-)


Yeah, I could practise round yours, then get it right when I do my own place!


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## pgm (May 7, 2002)

I have just moved and I was also worried about buying at the moment. 
But I concluded that if house prices started to slide then when would be a good time to buy. How long before it bottoms out? You could wait forever. What do you think Ian?


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## giles (May 6, 2002)

Trying to move to a bigger house too. Ours in on the market and we are looking at one tomorrow for the 2nd time.

I do have some concerns about getting a "MASSIVE" mortgage though - but we are going for it. But if you can weather the storm, property will always increase over time.....


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## Justhe1 (Jul 2, 2002)

Just wondering, without getting to personal, what peoples generally accepted level of mortgage borrowing would be in terms of multples of their salary?

I'm now looking to borrow approx 3 times my salary and felt comfotable with this, but in the back of my head have been wondering in light of low rates whether to push myself a bit further.....

Just interested to know other trains of thought on this...


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## giles (May 6, 2002)

Saw that house house today and put an offer in which has been accepted.

As for level of mortgage, we are increasing ours to Â£500k


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## christtopher (May 7, 2002)

Also looked arounda house today and are going for second viewing on Monday 

As for borrowing, mine will be about 4 times basic, but 3 times basic plus bonuses judged by last years P60. I'm quite happy about that as my girlfriend will be sharing the cost....and we're pretty serious!! ;D


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## Andyman (May 6, 2002)

> Â£500k












Wow, that must be one hell of a house. Lower down on the ladder myself. I sold my flat yesterday and had an offer accepted on a new 3 bed detatched. With mortgage rates being as low as they are there I can't see them dropping that much more, maybe just a little. There seems to be more scope for rates to increase than decrease from what I can see. I'm considering going onto a 2 year fixed mortgage with Barclays at 3.59%. At least I'll have a garage now


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## giles (May 6, 2002)

My thoughts too. Borrow large at a very low rate and fix it.

v v v expensive round my way for a good house.


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## Andyman (May 6, 2002)

Do you have a photo of the kitchen?


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## giles (May 6, 2002)

;D ;D ;D ;D ;D ;D

Yes I do and it is very nice indeed!


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## gunner (May 18, 2002)

> v v v expensive round my way for a good house.


so where is this v v v area that you live Giles? IM guessing it must be Surrey somewhere ?


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## gunner (May 18, 2002)

> v v v expensive round my way for a good house.


so where is this v v v area that you live Giles? ??? ??? IM guessing it must be Surrey somewhere ? : : :


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## PaulS (Jun 15, 2002)

> Saw that house house today and put an offer in which has been accepted.
> 
> As for level of mortgage, we are increasing ours to Â£500k


  You mentioned 'massive' but that is gigantic, by most peoples standards. Haven't there been reports out that prices are slipping at the top end of the market in London? (the days of regular company big bonuses in the city are over and are taking effect on the property market)

I have just done the opposite.

On the assumption that the housing market has peaked for the time being (there were indications that prices were slipping where we were) we sold the house, and bought a flat to use for investment/London base/potential rental income. We are enjoying a morgage holiday at the moment, and are 'trying before we buy' out in the country. We've swapped various finances around so that all our money 'on paper' in the old house is now Â£'s for real in a bank account. Seriously considering a property in Spain.

OK savings interest rates are relatively low at the moment, but due to our change of situation we will have more 'disposible' income of which more will be going into the lump sum in the bank on a montly basis, so we hope it will increase, at a rate similar to what it did 'on paper' with the old house.

Just waiting to see what the housing market does really, also this may be a good time to get back into shares.



> Do you have a photo of the kitchen? Â


for Â£500k + it had better be very nice. Will we see a picture of it, somehow I doubt it Â


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## giles (May 6, 2002)

> You mentioned 'massive' but that is gigantic, by most peoples standards. Haven't there been reports out that prices are slipping at the top end of the market in London? (the days of regular company big bonuses in the city are over and are taking effect on the property market)
> 
> I have just done the opposite.
> 
> ...


Funnily enough it is nice, yes. (well I think so).
We will have around 30% equity in it too, so pretty safe for the time being.
Rates are low and fixable.
We would live there for at least 5 years if not ten, and so again pretty safe.

Yes I have photos, and yes I won't be posting.

As for the area, we live in a very secluded part of "west" West Sussex - Midhurst/Petworth area.

Very excited.


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## christtopher (May 7, 2002)

> Â Seriously considering a property in Spain.


Paul, if you're serious, IM me, I have a contact (my Dad! Â ;D ) in Spain that has some excellent properties on the books with excellent investment potential. They are selling quicker than they can build them, and are being sold for 50% profit before even being finsihed!!


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## PaulS (Jun 15, 2002)

Thanks ChrisTTopher, we are serious. We have been out to Spain 3 times so far to have a look. Madrid, Malaga-Nerja, and Alicante-Costa Blanca areas. Next visit will be to the 'Green Spain' in the North. We are really looking at a cortijo (rather than a traditional holiday apartment) with some sort of property on it, even if it's derelict, with a view to having something built. Land is such good value out there, and it's sunny most of the time. But I have heard some rather disturbing news lately re Spanish property law - if services for new developments have to come over your land, YOU have to pay for them. The investiment potential for some areas does sound very tempting. May be we might have to buy a flat to start with ?? Realistically, as far as we are concerned, it's all about stepping stones, so we are not in a rush.


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## christtopher (May 7, 2002)

Paul, I'll see if I can get a website address off my Dad for more info. The area he deals with is somewhere you might not have considered yet, I think it is Costa Calida, near Almeria and is less popular than the 'usual suspects' but is becoming more so. I'll IM you when I get some details.


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## IanWest (May 7, 2002)

Giles- lovely area, my ex lives in Fittleworth and everyone seems very friendly- still couldn't get over that fact that they leave the door unlocked.

Paul- let me know if you want us to rent your flat out for you- we'll do you a good Forum rate


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