Owning your own home

Let's hope so! We'll be OK, I feel for the poor bastards who get it every year!

Had a great man in a van today - absolute don. Message me if you ever need one in East London

So should we all learn how to make sod houses now for when the banks come to take ours?

This thread should be renamed "negative equity"

Looks like I'll be withdrawing the offer I made on Wednesday then.

or maybe knocking 10% - 20% off it.

There goes my dream of selling my Zone 2 property in 5 years and moving to a 6 bedroom house in a more gentile but racist part of the country.

You don't want to go there anyway, what with the neighbours...

Asking completely self-interestedly here, what does this mean for the 'average' London homeowner? Will interest rates go up? House prices down? Is it all tied to value of the pound?

Inflation will come. Interest rates will rise.
London market will no longer be as strong a prospect for investors. Prices will fall.

Shit shit shit shit shit shit shit shit shit

I'm halfway through a re-mortgage with a 5 year rate (documentation with the solicitor at the moment). It's meant to be valid until end of July or something. Any idea if this can be pulled by the bank, I assume an offer isn't binding.

Nah. Nothing's changed. Investors are a small proportion of the market, people still need to live places where there are jobs.

There will be a pause as first time buyers and investors take stock, but the worst developed-world economic conditions for 80 years only made London house prices soften slightly for 2-3 years, this won't be anything like that.

Once the dust has settled folk will reason that nothing has actually changed, they would still rather buy than let and we still don't have enough houses.

Also, it's still the Tories and their favourite thing in the world is looking after house prices.

With Farage as prime minister is that still true though?

Libor is published around midday - I'm waiting to see what the 3 & 12 months rates are.

Is he Prime Minister already?

thatescalatedquickly.jpg

I'm glad/worried about having completed on Tuesday now. In all fairness, we have a fixed rate and we probably couldn't get a mortgage now anyway.

Should've got a tracker, bruv:

http://www.bbc.co.uk/news/business-36621554

'UK interest rate 'likely to hit zero' following Brexit'

I've heard enough different theories about where interest could go that I'm happy with our current situation. At least we know where we stand for a while.

If only 1,000,000 more people had your attitude yesterday.

Had a 2.99% fixed for ~3 years (since I first bought). 1 year to go. No clue where that'll be come next August

Ha, true.

Mate at work was due to exchange today, asked estate agent if he could delay. Estate agent asked him why, erm have you seen the news?

Interest rates expected to hit 0%.

If you can exchange soon, do it.

Just make sure it's in the Indepemdent State of Independent London.

Re: Interest Rates, just re-fixed for 5yrs as not a gambling person. Might be cheaper short term on variable but chances of being stung over longer term are greater given no-one can predict with any certainty what rates will do in the current mess.