What's happened to the property market...Planning ahead and the best strategy

Рет қаралды 58,593

Күн бұрын

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00:00 - Intro
02:29 - is now a good time to buy?
03:37 - Interest rates= high repayments
04:10 - speak to a mortgage adviser
06:40 - benefits of a crash
07:30 - fixed or tracker interest rate deal?
09:22 - opportunities for new home owners or investors
10:10 - what will the market look like?
11:20 - tips for existing home owners
12:34 - things to ask yourself as an existing home owner
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Пікірлер: 95

@sharijessie2078 Жыл бұрын

We are buying as we speak (first time), we've been given our mortgage offer and our interest rate is 6.19% and we had to have a 15% deposit. We had to adjust our budget and expectation for what we could afford, but we found something we loved. We offered £15000 less than what was asked and it was accepted. We feel blessed! We were originally planning to wait, but with the unpredictability of the market, for us, now was the right time.

@arinalex__ Жыл бұрын

Same

@Tisha211 Жыл бұрын

Thanks for your comment,, love ❤️ and support 🥰 for a good investment and advise ♱１９２９５４８１６８ 0 Ꮯ᷈ϴ᷈Ν᷈Ͳ᷈Ꭺ᷈Ꮯ᷈Ͳ᷈ Ꮇ᷈Ꭼ᷈

@1killerbeez1 Жыл бұрын

Now is the time to put all feelings aside and start living with multiple families under 1 roof. It's time to bring family and multiple resources together as we did back in the day!

@Stylebyshima Жыл бұрын

😂😂😂😂 Not one lie spotted in this truth.

@yanikeonpurpose Жыл бұрын

All facts 💯

@0mgCaley Жыл бұрын

This is how Asians have been forever. They have multiple generations in one house. Wealth building

@justSTUMBLEDupon Жыл бұрын

Beautiful ❤❤❤

@blacklionvisuals8849 Жыл бұрын

I’m sure it was hard for you to even type this

@onlyClaire Жыл бұрын

We have been over paying our mortgage for years in the low interest times, we have made hard decisions like not traveling, keeping aging cars etc and by next summer we will be done. It's a massive relief, but we would love to rewire, new kitchen and bathroom and we need to upgrade one of our aging cars, so our life style is not likely change for a few years. Currently we are doing any overtime we are offered.

@jordanhtiffirg1990 Жыл бұрын

Should probably consider selling, renting & investing. All that money being used to over pay the mortgage could be used to take advantage of the declining property market where people are desperate to sell

@onlyClaire Жыл бұрын

@@jordanhtiffirg1990 selling and moving was in our long term plan, but now we want to wait and see.

@stephanielcowart6867 Жыл бұрын

@@jordanhtiffirg1990 She could just live in 1 of her current properties by not renewing the lease when it comes time.

@a.m3478 Жыл бұрын

Now is not a good time to buy but you should prepare yourself if you want to purchase, house price will fall by 15-20%.

@slicusdadon Жыл бұрын

Actually, you don't know that. Also, if the property goes down because the interests are going up guess what... your monthly interests will be higher. Any time is a good time to buy a house if you financial situation is sound and you're ready.

@Tisha211 Жыл бұрын

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@wisely4u Жыл бұрын

Well the RENT is going up like mad!!! 👍

@Tisha211 Жыл бұрын

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@haseena1001 Жыл бұрын

Hi Patricia - Thank you so much for sharing your thoughts on this topic, so useful and insightful 👏🏾

@Tisha211 Жыл бұрын

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@lyainavitalisabimbola4964 Жыл бұрын

Such an informative video, thank you! 🙌🏾

@finurra3905 Жыл бұрын

This vid was sooo helpful! Thank you!

@saras4472 Жыл бұрын

Super insightful video, thank you Patricia!

@Tisha211 Жыл бұрын

Thanks for your comment, love ❤️ and support 🥰 for a good investment and advise ♱１９２９５４８１６８ 0 Ꮯ᷈ϴ᷈Ν᷈Ͳ᷈Ꭺ᷈Ꮯ᷈Ͳ᷈ Ꮇ᷈Ꭼ᷈

@Tomi_janet15 Жыл бұрын

Thanks for the advice and great video!😀😄

@Tisha211 Жыл бұрын

Thanks for your comment,, love ❤️ and support 🥰 for a good investment and advise ♱１９２９５４８１６８ 0 Ꮯ᷈ϴ᷈Ν᷈Ͳ᷈Ꭺ᷈Ꮯ᷈Ͳ᷈ Ꮇ᷈Ꭼ᷈

@ednafernandesyi Жыл бұрын

Thank you for the insight.

@Tisha211 Жыл бұрын

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@meth2003 Жыл бұрын

My thinking is this , if the original price of the property was eg £200k and the bank was lending at 4%, lets say ,you would have had to pay £208k (funds borrowed plus interest) But now that the house prices are going down and interest rate going up. The same property if price goes down by 10% , the value of the property will be £180, plus that new higher interest rate of 6% , will be around £191k - (assuming its a fixed rate) In the end the fall in house prices and increase in interest rates they balance each other out.

@evelynwilliams8746 Жыл бұрын

Yes! An additional consideration - if you buy at a lower price with a higher interest rate mortgage, you can remortgage the house at a lower rate later, once the market has recovered

@CurlHarmony Жыл бұрын

£208k? Only if you pay off your mortgage in a year.

@doveellis9123 Жыл бұрын

Your numbers aren’t right. That’s not how mortgage interest works. Find a mortgage interest rate calculator and look at the real numbers.

@Vymart Жыл бұрын

Learnt something new about if the offer accepted 6 months earlier , if there is a better deal, then you can decline the offer 😊

@kylathomas68 Жыл бұрын

Great video and advice. Multi talented young lady!

@Tisha211 Жыл бұрын

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@malikbarry7542 Жыл бұрын

It always baffles me that here in the United States you can get a 30 year fixed mortgage and that is not the case in other countries

@Iminlovewithmyradio Жыл бұрын

In Spain is the same too!

@JohnBrown-sn3kh Жыл бұрын

In uk we get free healthcare that baffles me other countries have to pay

@Tisha211 Жыл бұрын

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@kellieg841 Жыл бұрын

What’s free healthcare got to do with fixed mortgages? Can’t just take the information and go, have 1up like it’s a competition lol

@JohnBrown-sn3kh Жыл бұрын

@@kellieg841 stop being defensive. We are discussing pros and cons of different countries

@manabastore14 Жыл бұрын

Your english make me happy

@Andromeda2976 Жыл бұрын

The 6 months strategy is such a great tip, thankyou!

@Tisha211 Жыл бұрын

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@Vymart Жыл бұрын

Very helpful video . Thank you

@Tisha211 Жыл бұрын

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@afromochileiro Жыл бұрын

🔴Thanks for the video The break♥️🇲🇿

@Tisha211 Жыл бұрын

Thanks for your comment,,, love ❤️ and support 🥰 for a good investment and advise ♱１９２９５４８１６８ 0 Ꮯ᷈ϴ᷈Ν᷈Ͳ᷈Ꭺ᷈Ꮯ᷈Ͳ᷈ Ꮇ᷈Ꭼ᷈

@robertah2353 Жыл бұрын

Thank you for the knowledge!

@Tisha211 Жыл бұрын

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@Dannniiiiiiiii Жыл бұрын

💯Valuable video thank you

@Tisha211 Жыл бұрын

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@shadowz4780 Жыл бұрын

Patricia! Great video. WWYD with £80k but cant get a mortgage? Would you buy a simple BTL less than that price or wait until you could get one to afford a higher price property?

@chard3582 Жыл бұрын

Such a stressful time, my mortgage fixed term is ending in March 23. Not sure how it will be affordable 😣.

@byst8729 Жыл бұрын

@ Char D. Speak to a whole of market mortgage broker for your options. You may be able to lock in a good rate now as it’s likely to increase by the time you get to Mar 23. There may be a early repayment charge but it may work out cheaper than a higher interest rate.

@doveellis9123 Жыл бұрын

Get a lodger if you have a spare room. That’ll more than cover your higher interest rate.

@Afrinaturality Жыл бұрын

My search is on pause for the time being. It's a bit early to see the benefits of a house price correction now.

@Tisha211 Жыл бұрын

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@copper1675 Жыл бұрын

would you recommend selling property if they can still make a profit off of it as this point?

@Tisha211 Жыл бұрын

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@lolyschmoney Жыл бұрын

This video comes right on time for me thanks!

@Tisha211 Жыл бұрын

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@eunicedaka8072 Жыл бұрын

Watching such videos makes me feel so privileged. God am grateful

@Tisha211 Жыл бұрын

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@SleepingBinaural Жыл бұрын

Great video as always!

@Tisha211 Жыл бұрын

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@Thatbabekoko Жыл бұрын

PATRICIA! I’m halfway through the video which has come at the God given time! First time buyer looking at shared ownership and worried about if this was the right time to take the step to purchase. God bless you always. Do share your thoughts on shared ownership soon please. Love always ❤️

@byst8729 Жыл бұрын

@Thatbabekoko. I’ve done shared ownership twice. My advice is to buy a resale house rather than a flat if possible. Buying older houses/flats is cheaper than new builds as the developers adds an extra 20% on top. If you can only buy a flat make sure it’s in a development that has a maximum of 20 flats as it’s easier to sell in the future, than the huge developments. Also check the service charge per month and if the housing association has a reserve fund for cyclical works. Don’t go for a place where the service charge is more than £60-£70 per month, as it increases every year depending on the housing association and can become extortionate especially if there’s a lift in the building. The service charge is much lower for houses £20-£30 per month. Overall shared ownership is a very good choice but you have to choose carefully. Get yourself a whole of market mortgage broker as the best rates for shared ownership are usually with smaller building societies than with banks. Once you’ve got your mortgage, on the share you own, overpay your mortgage even by £50 per month will make a difference and will give you more equity when you come to remortgage.

@Tisha211 Жыл бұрын

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@EzzyDT Жыл бұрын

Thanks for the video. Sorry, can you explain the mortgage system? In the US, you can get a mortgage for 30 years.

@CurlHarmony Жыл бұрын

In the UK most mortgages last from 2-5 years (although some go to up 10 years). At the end of the term, you remortgage for another fixed term. When we're in economic turmoil like at the moment with rapidly increasing interest rates, people who are coming to the end of their mortgage term could potentially experience a large increase to their monthly mortgage payments when they have to remortgage. This coupled with the cost of living has many people in a precarious position.

@Tisha211 Жыл бұрын

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@bizcraftzone 9 ай бұрын

And now, 9 months later, they are still going up. At least in Europe

@MoheenMahmood Жыл бұрын

Is it a good time to buy now?

@Tisha211 Жыл бұрын

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@nuveeycharles9661 Жыл бұрын

Homes should only be for living in, not for investment.

@lovejesus12012 Жыл бұрын

If that were the case, then food should only be for eating not for selling and making profit.

@Tisha211 Жыл бұрын

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@kay-473 Жыл бұрын

If you can't afford it just don't buy it. End off.

@stephanielcowart6867 Жыл бұрын

It's not about if you can't afford it, the point of the convo is if it smart to buy knowing prices will likely decrease 10-20% over the next couple of years. Meaning you'd likely be upside down in the house due to it.

@kay-473 Жыл бұрын

What crystal ball did you look in to tell you prices will decrease 10-20%