First Time Buyer scared of signing papers

poppysarah

Do you really like the house and plan to live there for at least 10 years?
Will it accomodate a baby or a lodger?

tyllwyd

How much have you spent so far in searches, mortgage application fees, solicitors fees etc on this purchase? And you would have to spend the same again on a new property. So if you pull out now you would definitely lose that money - do you expect prices will fall enough to compensate for that?

It is a gamble whenever you buy, nobody can guarantee what you will be able to sell for in the future. And that won't change even if you hang on waiting.

And it does seem a bit strange the prices you are quoting. Are you saying that rightmove is saying that property prices in your area have dropped by something like 8% in two months? Seems pretty steep!

G_M

iinvestor wrote: »

can you easily avoid the repayments. Not sure encouraging the OP to avoid the repayments is a good idea.

.....

Maybe you should go for a longer mortgage term ie 5 years. I'd be surprised if the OP has a 5 year term. Most mortgages are 25 year terms though a bit less is quite possible.

90% LTV seems high, if prices fall their could be a margin call whose call?

Good luck.

Oh dear - I'm in one of those moods.....