FTB indecision. What would you do?

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Savvy

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I'm currently renting a house(600/month for a 4 bed detached house down the country) and I've been very eager to get on the property ladder for 12-18 months. But now that I'm in a position to buy I'm wondering if I should hold off for another 6-9 months.
I know you can not predict the future but interest rates can hardly get much lower and I'm concerned that rate rises would make it harder to make the repayments.
If you were/are a first time buyer looking what would you do?Would you buy asap or hold off and wait.
 
take a 5% mortgage rate and see if you are still comfortable with the repayments. If you are I don't see any gain in waiting 9 months.
 
Savvy said:
I'm currently renting a house(600/month for a 4 bed detached house down the country) and I've been very eager to get on the property ladder for 12-18 months. But now that I'm in a position to buy I'm wondering if I should hold off for another 6-9 months.
I know you can not predict the future but interest rates can hardly get much lower and I'm concerned that rate rises would make it harder to make the repayments.
If you were/are a first time buyer looking what would you do?Would you buy asap or hold off and wait.
Click to expand...
Buy today - if you can afford it and it's decent value.
 
If you're worried about interest rate rises, see if you can afford the repayments on a 3 or 5 year fixed rate mortgage. Rates may increase by the end of your fixed rate, they may not. There's a probability that your income will have risen. And you'll have been living somewhere and paying down the mortgage in the interim.
 
Savvy said:
If you were/are a first time buyer looking what would you do?Would you buy asap or hold off and wait.
Click to expand...


I would emigrate before I pay today's prices. Preferably to where I can earn more, save more and have some fun without stepping up the ladder to a 30+ year heavy debt noose. I would check back regularly over the next 5 years to assess the situation.

Or I would invest in my own education to get a good qualification then go to Step 1

Either way I would stay out of the housing market in it's current state.

First time buyers have been falling steadily as a percentage of the overall market, 43% in 2001 and 34% in 2004, with their role being replaced by investors. This is not a healthy situation when we are moving towards a phase of falling capitial appreciation and poor yields - the key investor motivators.
 
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