Hi Jo .
No nothing to do with greed , it's not in my nature and I have no such luxury I'm afraid but way too complicated. Although I see how it sounded that way .
The 3rd is a very much needed roof over our heads and after a damn lot of sacrificing and a very rough time but , what happens if in 6 or 12 mths time you have paid too much and it 's only worth 1/2 but you can't cover the difference .
Will banks expect 2/3 of the country to just rip that kind of money out of a hat to cover , or do we all end up American 08 ?
Cheers
Hi Blaster,
If you need a roof over your heads and are planning to keep this new property for a very long time.. . a downturn in it's price will not matter as it will eventually rise again.
I cannot see how you will pay 50% too much for your property. Houses will not go from 400k to 200k.....well gee that would be great for investors buying now - but nevertheless, wishful thinking!
I don't understand what you mean by :
you can't cover the difference .
You don't need to cover the difference in equity. (The lessor value of your property.) You DO need to make sure you can cover your payments and allow for interest rates to rise again.
I must be misunderstanding you, becasue I would think that someone who has two properties and is wanting a third would understand this?
Regards JO