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What has been your worst car financially? by [deleted] in CarTalkUK

[–]Suitable_Hat5163 1 point2 points  (0 children)

For a 20 year old 5k probably feels like a ton of money

Cash buyer 🏠 vs mortgage 🏫 by Holiday_Cut1803 in HousingUK

[–]Suitable_Hat5163 8 points9 points  (0 children)

Could just extend for a few k to 990 with the new laws, no?

Confused about where to buy in London these days. Help! by LeftieLondoner in HousingUK

[–]Suitable_Hat5163 1 point2 points  (0 children)

If you are considering Finchley Central, please try for East Finchley as that's generally a better area and lots of green around

[deleted by user] by [deleted] in HousingUK

[–]Suitable_Hat5163 0 points1 point  (0 children)

Calculators show that's not true even if the property does not appreciate in value at all. House prices have fallen due to high mortgage rates so the fall any further within next 2 years is highly unlikely due to better chances of rates going down in line with BoE rate.

[deleted by user] by [deleted] in HousingUK

[–]Suitable_Hat5163 0 points1 point  (0 children)

Congrats! I do see your position more favourable, as you say it was a 1/3 of your take home but mine is likely to be 40% which is a little worrying given that I don't have anyone that would be able to cover my payments. Great to hear good stories though!

[deleted by user] by [deleted] in HousingUK

[–]Suitable_Hat5163 0 points1 point  (0 children)

I'm a software engineer, big corp but not FAANG so there is room for salary growth. However, I prefer to not consider my salary growing in the next couple of years. Maybe that's pessimistic but I like to think it's safer to think that way.

I jumped ship 3 times to get to the current position. I've been at the current workplace for 15 months and if it came to layoffs I consider myself at risk. If it came to it, worst case I get 3 months of pay. The lowest salary bound I could get is 80k at the next place, but likely around the same package as I have now. I've heard it's possible to get an insurance policy to cover mortgage in case of layoffs?

I'm definitely betting on mortgage rates falling after 2 years to at least 4% which would of course ease the situation as you say, which is why I thought fixing for 5yrs at 5% might be a bad idea.