We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is now the right time to get a mortgage?
Options

shadia1
Posts: 1 Newbie
My partner & i have been saving to buy our first home.We would like to buy a house for approx £150,00 & have raised a 5% deposit ourselves. However on meeting with our independent mortgage advisor yesterday he suggested we should consider waiting a couple of months to see what happens with the interest rates as they are very high at the moment. His other suggestion was to take out a capped variable tracker rate mortgage for 2 years & then change it after this time.
I'm not sure what to do as obviously interest rates may rise again plus property prices are going up dramatically in our area. Any advice would be gratefully received.
Thanks
I'm not sure what to do as obviously interest rates may rise again plus property prices are going up dramatically in our area. Any advice would be gratefully received.
Thanks
0
Comments
-
Funny, I thought interest rates were at historically low levels, even at 5.25%. The market has them priced at 5.75% by the end of the year, but really it's anyone's guess."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Sounds like you have thought things through. Its up to you now! Do you want to wait a few months to see what happens or dive in now? No one really knows what is going to happen to interest rates.
Olly## No signature by order of the management ##0 -
Depends on whether you care a jot about effectively losing your deposit when property values in your area fall which they inevitably will. Why pay more for something now when you can get it more cheaply by waiting ?
If, however, it's IMPERATIVE you buy now then, as a previous poster said, you've thought it through so you might as well bite the bullet.0 -
Completely agree with above posters, BUT... a mortgage advisor advising you to wait?? (after all they make money on the mortgages you decide to buy).. What's his motive?0
-
Have you found a house you would like to make an offer on? If not, I'd be inclined to keep looking anyway, because it might well take several months to find the right property. By the time you actually come to apply for a mortgage, things may have changed (in either direction, of course).0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards