Mortgages

So, after many an internal battle, I have decided that the current housing market presents such an opportunity that I would be a fool to consider travelling over buying a house. (A dilemma faced by many of my peers).

Whether the market recovers to the fully (over?) inflated price it stood at last September (+10% on today’s figures) or whether there it will rise to a level that is more realistic isn’t too much of an issue at present. The real point to making the decision is that the market continues to fall to a level where I (along with my current housemate) might be able to enter in to joint ownership of a house that is comfortable both in terms of size and repayments. With tracker rates out there beginning at 3.88% we would be fools not to… But, (and as you an see that is a “but” with a capital “B”!) where on earth are we going to find the 40% deposit that is necessary to secure this rate? With both of us being only 18 months out of university, and despite both being in well paid employment, there is no way we will be able to find the £79,200 (based on average house price of £198,000) to take advantage of this. Unfortunately, it seems that those who would truly benefit and are willing to take advantage of the current market simply don’t have the finances to get started. Indeed, I doubt any first-time-buyer does. And as long as that trend continues, I’ll be keeping my passport valid and my eye on airline costs.

Diane Gracie
Project Manager