How to get on the property ladder

I bought for 85k with 10% deposit. It all depends where you are buying, I was very lucky to find a cheap property that is actually in good condition. I have a fixed mortgage and if prices do drop 15% then it does not matter to me as the house was undervalued at the point there were few buyers (6 months ago) and was proably worth 115k with a bit a work so is worth at least 95k. As for conveyancing, get some house auction details from larger estate agents and see who does their conveyancing, they are hardly likely to use solicitors who do not get results.

Renting is cheaper than buying at this time. I would most definately not buy with 90% mortgage. House prices are way too high in value and will adjust (fall of 15%) and you are wiped out. Remember repossessions? Currently interest rates are low but most SVR's are way above (over4%) while base is 0.5%.(At one time base rate was the SVR, not any more). Remember Fixed Rates do come to an end in 2 to 5 years and then you are in uncharted territory but most likely will pay higher rates with more fees. Ifyou cant remortgage then You may well have to move to SVR with the same lender which will be 4% above base at that time, so if base rate is 2 or 3% you will end up payinf 6 to 7%. This may be unthinkable now but dont hold your breadth. With inflation around 5%, base rate should be at least 7% but all of us would be bankrupt so the country is being kept afloat with Quantitative Easing (IE printing money) so it is definately not the time to be buying property on 90% mortgage. Also is your income really safe?

My son and his partner have just secured a 90% mortgage but needed our help with the deposit. I always said we would not do this but I think this is the only way most people will get on the ladder in the future.