Owning your own home

I would imagine that people with significant assets today are going to do really very well out of the whole situation, with a bit of canny maneuvering of cash into € or $ and back again, and then into land/housing when it's at it's most depressed.

Land banking by foreign investors willing to take the long view for e.g.

I've been around long enough to realise that it's significantly rich people who will win here.

Well someone has to make sure Brexit means Brexit.

Reg negative equity: my plan is just to live in it.

As long as you keep your job then it's all ok, if you can hold tight.

Negative equity is what’s concerning me: if we sell and have a place we can live in for the next 10-12 years then we should be able to ride out anything that happens. If we hit negative equity and then need to move (because of starting a family for example) then we are pretty screwed.

I'm never moving. ever. I just need to persuade the bank of that.

I’ve lost jobs before and still survived. I’ve made a point of never stretching myself financially in case of such events. I’m not moving again for 20 years. I’m more concerned about London’s sea water level rise management plans.

Always the way...

Plus in neg equity you can’t refinance your mortgage so are stuck on SVR when the initial term ends unless you have some kind of lifetime product.

That is something I didn’t realise...

I’m more concerned about London’s sea water level rise management plans.

But you live in the East End? The place that will be (literally) a marsh the second that the Thames Barrier becomes unequal to the task before it?

who was it that had that lifetime fixed rate mortgage offer? or rather who with?
I'll be renegotiating in January.

https://flood-warning-information.service.gov.uk/long-term-flood-risk/map

Hmm:

As long as the Woolwich ferry still runs, I'm fine

Walthamstow is on a hill - should be fine.
Lots of boating opportunities.

I've said on this thread before but I bought in 2007. A year later my house was worth about 65% what I paid. Luckily i'd got a bloody good mortgage and held on until last year when the mega everything bubble meant I actually sold it for a decent profit. I was saved by the massive drop in interest rates but I spent many a night wishing I had held out a year as I looked at all the nicer places I could of afforded.
This time people choking up on 10+ times earnings debt aren't going to be so lucky when Rates are forced up so i'd much rather be holding a lot of £ than buying into mass debt right now.

I'm a first time buyer, expecting to exchange this week. This thread is making me VERY nervous.

^^Good point WRT where can rates go this time round.

When we were looking we were getting pushed hard to 'just up your budget! you qualify for more than you're looking at!'

So glad we stuck to a mortgage thats ~3x joint income rather than the 4-5 we were being told we 'could' afford.

I'm a first time buyer, expecting to exchange this week. This thread is making me VERY nervous.

Would rather be a FTB on a 2-5yr fixed rate than experience likely rent increases every time you renew your contract.

https://www.lettingagenttoday.co.uk/breaking-news/2018/9/rental-market-has-fallen-into-recession-says-the-dps

I'm in the same boat plus a few weeks

out of interest did you opt for a 2 or 5 years fixed term?

I'm thinking 5 is sensible with interest rates likely to creep up in coming years...

If you've got a sizable deposit, not pushing yourself like Rogan, don't need to move for 5-10years and locked into a 5-10 year fixed it should be ok.
I tend to look at selling price around 2012, for example a 2 bed flat in east london now around £450+ then around £250 plus. Again I might be totally wrong but I think we'll be back at 2012 levels within 3 years.