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Hi, I am Mark Munnelly Accountant from UK, Should i buy or rent during this pandemic?

  • Thread starter MarkMunnellyAccountant
  • Start date
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MarkMunnellyAccountant

New Member
Hi everyone I need your help, I am Mark Munnelly Accountant and I recently moved to the UK so just need your suggestion that should i buy or rent especially in this pandemic,
your suggestion will be very valuable to me.
Thanks
Regards
 
F

FWL

Member
A lot will depend on the funds you have available. In the longer term there is value but in the short term it may be difficult before it gets better. Also, interest rates are near historic lows which is reflected with mortgage rates. However, personally I dont see interest rates rising very much in the next couple of years at least and maybe even longer. In summary, there is value, you can also get some great rental rates, and it really is just a matter of timing.

The £1k payment per saved employee will be paid in January 2021 - what will happen to unemployment after that?
 
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davidscheff

New Member
It will depend upon various parameters like the budget you have, the location of the property. Prices are low and the market is down. If it fits your needs I think you should buy it.
 
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lookinginvest

Member
There's nothing wrong in renting in the short-term, while you find your feet, and then looking to acquire property when you are more settled. Otherwise, there might be a danger of jumping in with both feet, not being fully aware of the local property market.
 
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Jessica Harrison

New Member
If you are settled in a particular area and have a deposit and proof of income and can afford monthly mortgage payments then buying may be a good move, you will at least then be paying money off the mortgage each year (assuming you opt for a capital and interest repayment mortgage or another option you could consider would be buying an investment property in a cheaper area and letting it out for a monthly income but again that all depends on the deposit you have available (I am just thinking if you have a fairly big deposit and can buy a fairly cheap property in an area of high rental demand you may find the rental income helps towards your expenses/rent. Speak to a broker as they will be able to outline all the options especially as you have only recently moved to the UK.
 
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Longterminvestor

Administrator
Bearing in mind the uncertainty surrounding the coronavirus pandemic, it may be better to find a short-term let and wait until the property market pulls back, as many experts are forecasting. I have a sneaking suspicion there will be some cracking bargains in the next six months.
 
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Susy23

New Member
agree with the admin, but we've seen quite a lot that after a small pullback comes to a huge growth
I think it's never a disadvantage to buy a property if you can do it without certain difficulties
 
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