Bought property, big mistake :( any words of wisdom?

Fedupofworrying86

zaax wrote: »

You brought a very wise investment. House prices might go down in the near term but in the long term they always go up. Of course it will be shortly be time to make the next investment - children

Oh I hope so ZAAX, for us and everyone else I just hope things slow for a while then just climb slowly again in time....and yes if we are lucky enough to have children then it will be time to move!

Thrugelmir

Fedupofworrying86 wrote: »

Well mainly because I am worried that having bought a new build flat at the peak of the market and looking to move further up to the midlands in say 3 years if we can ensure we could work out of London, that we might have to sell for less than we paid, given the way the market seems to be going.

If you had rented for 3 years. Then that would have been dead money.

Prices in the Midlands are lower. So whatever equity you build in the current property will go a long way. Being mortgage free makes a huge difference in later life. Removes a major financial worry.

In your position with the size of debt you owe. My concern would be the future direction and speed of increase of interest rates.

Summer-Sunshine_2

You GOT to start enjoying ur new home. I would rather be u then someone renting and paying their landlords mortgage!

U will probably be feeling overwhelmed but remember so MANY other people are worse off then u and would love to have their own home and can't.

Fancy swapping? :P

Cheer up :j

Fedupofworrying86

Thrugelmir wrote: »

If you had rented for 3 years. Then that would have been dead money.

Prices in the Midlands are lower. So whatever equity you build in the current property will go a long way. Being mortgage free makes a huge difference in later life. Removes a major financial worry.

In your position with the size of debt you owe. My concern would be the future direction and speed of increase of interest rates.

Yes this is true, hopefully prices there will stay relatively low, although I expect they will rise more than here, so that we can afford to move there happily.
I suppose possible increase in interest rates is why overpaying as much as poss is a good idea...it's just hard to know whether it's best to save in a savings account or to put down anything we can extra as an overpayment. It is scary having nothing as a backup esp as I lost a bit of faith in property!

Fedupofworrying86

Summer-Sunshine wrote: »

You GOT to start enjoying ur new home. I would rather be u then someone renting and paying their landlords mortgage!

U will probably be feeling overwhelmed but remember so MANY other people are worse off then u and would love to have their own home and can't.

Fancy swapping? :P

Cheer up :j

Your name suits you Summer-sunshine, thank you
Oh if you are renting then Enjoy it. Enjoy being able to go wherever and whenever u want I think having a mortgage just isn't quite what I expected, but there is more to life than money I know- I just had to be too aware of it the past year I think!

warehouse

We purchased a flat in 1988, paid through the nose on our endownment mortgage for 8 years and sold it for an £11K loss!! We then bought a bigger place at the bottom of the market and sold for a massive profit in 2006.

Once you're on the ladder then long term you will be big winners, stop thinking short term, you'll be fine.

Good shout with Watford as well, with the new Metropolitan rail link prices are only going one way.

Jack_Johnson_the_acorn

Fedupofworrying86 wrote: »

Yes I think that's what is it; we didn't know we were taking a risk until we were so far into the whole process and thanks to a purchase falling through week before exchange and lots of other hiccups, in the end we just had to go with something before our mortgage offer ran out. It is what it is though as you sum it up, it may pay off but it may not and we will deal with it there and then. We didn't do it to make money at all, just to stop renting, and it was supposed to be more like a 5 year thing but I can't see that now... I just need to try and get in in perspective. It just helps to hear other peoples advice and similar experiences...

Sorry just re-read my post, didn't mean to sound insulting I think I would change stupid to naive.... Best of luck. The more equity you build the better of you will be... And you won't be stuck if the time does come to sell.

moneyistooshorttomention

zaax wrote: »

You brought a very wise investment. House prices might go down in the near term but in the long term they always go up. Of course it will be shortly be time to make the next investment - children

That was rather an assumption to make!!!!!

In this case, OP does want children...but lots don't ........

Slinky

If you are wanting to move in 2 years, will the development you are on be finished then (they've been building houses on a site near me for 7 years now and still aren't finished and it's only about 400 properties)? You could be competing selling your second hand home against new properties if they haven't finished the site. Renting this flat out may be a better option at that time than selling.

But who knows what will happen in the next couple of years, if crystal balls were accurate, we'd all be rich.

Fedupofworrying86

Jack_Johnson_the_acorn wrote: »

Sorry just re-read my post, didn't mean to sound insulting I think I would change stupid to naive.... Best of luck. The more equity you build the better of you will be... And you won't be stuck if the time does come to sell.

Don't worry, any thoughts and advice are helpful and your comment shows you understand where im coming from- hindsight is a wonderful/very annoying thing!! Good to hear people's experiences too as i often blow things out of proportion in my mond- the reality of making a loss wouldnt be the worst thing ever...
Hoping things work out well, one things for sure next time i move i want it to be for good and never again after that!