New house regret/ advice

LauWill · 22 April 2016 at 12:10PM

Hi all, first ever post and just looking for some advice. I'm 24 and have just bought my first property. I paid 82500, with a deposit of 5%. I'm in a 2 year fixed rate (3.99) with Santander. My issue is that I know I've made a mistake purchasing the house. I'm now a month and a half in and don't feel like I'll ever feel that this is the house for me (first world problems I know). There is nothing wrong with the house, it's in a nice area and I got it for 2,500 below asking price. Just wondering what my options are- I know I have to wait 6 months min before I can put it back on the market. Is it worth putting it back on and cutting my losses (told by Santander I'll owe 2300 or so in charges) plus solicitors fees? Or, as my boyfriend suggested, would I be able to hold out and port the mortgage in 18 months time? And if I do that, would I be able to add him onto the mortgage in the process? We're planning on saving again for a house together- hopefully within 2 years. Just really needing some advice as the situation I've gotten myself into is making me ill!

AnotherJoe · 22 April 2016 at 12:33PM

I dont see how anyone can advise without knowing what the mistake you feel you've made is.

When you say "its not the house for me" what does that really mean? If you were renting it whilst waiting to save up to buy one in 2 years time, would you be looking to move to a different rental in the meantime ?

If you moved out tomorrow, where would you go? And what would your expenses be compared to what they are now?

Is it just that you are a bit overwhelmed with the responsibility of it all and any house woudl feel this way?

LauWill · 22 April 2016 at 12:40PM

I just feel as though I've rushed in. I can afford the property on my own. If I moved out id go back to parents and concentrate on saving up again with my partner. I feel incredibly silly, but my anxiety has gone into overdrive and the thought of being stuck here for a minimum of 2 years is driving me mad- I can't even see me wanting to be here for 6 months.

fewcloudy · 22 April 2016 at 12:41PM

Hi LauWill

I think maybe a month and a half is not long to feel you have made a big mistake but it's difficult to say without knowing WHAT is making you ill with worry?

Depending on what the issue is, the advice given here might be different (i.e. you wished you and BF had bought something together, or you can't afford things, or you are homesick, etc). The fact that you are planning on saving for a house together in a few years makes me think it's the first one?

You can't just add someone onto your mortgage though, no. You'd need to apply for a new one as a joint application.

I don't think anyone apart from you can say 'is it worth it' to take a big financial hit, because as an outsider to your situation it is not possible to say. Maybe better to take advice from those closest to you who are perhaps more aware of all of the issues?

fc

fewcloudy · 22 April 2016 at 12:48PM

Yes, it does sound more like anxiety going into overdrive, than a specific, logical reason. It is a big step buying your first property, moving out of parents home, financial responsibility etc. however you do it.

But I would counsel you to deal with the anxiety first, and don't do anything hasty until you've talked things through. What would be so different if you do it all again in 2 years time, this time with your BF? Just less/shared responsibility? If so maybe that is the issue, and learning to deal with that might be the best first step?

fc

frugalsmurf · 22 April 2016 at 1:39PM

Please don't take this as condescending, but is it your first house ? Is it anxiety because life is different?

What specifically is it what's making you down? Are you blaming the house but it's something else?

We once bought a house that we hated. We sat the night before we moved saying "oh !!!! we are making a huge mistake" as we couldn't afford it and hated the area.We borrowed money, renovated it and luckily sold it on six months later (paid mtg early redemption fee) but I've had instances where we've blamed where we live for unhappiness, moved and continued to be unhappy.

But until you "know" why you hate it, then you can't be sure its the answer to move.

ACG · 22 April 2016 at 1:52PM

Can you not port the mortgage to a new property now or in 4 months? Either on your own or adding your boyfriend? You do not need to wait until your 2 year deal is up to port usually.

dimbo61 · 22 April 2016 at 1:58PM

Could you rent out the other bedroom to help with the bills ?
Maybe you would feel better with someone else in the property.

nosebag · 22 April 2016 at 2:00PM

Why not think of it as a temporary situation, not as a 'property for life'? Like it would be if you were renting. You're saying the area is nice, so why not stay so that you avoid paying the ERC, moving expenses, etc. After 1-2 years if you still don't like it you can sell it or rent it out.

I'd take that over moving back with parents anytime

tiger_eyes · 22 April 2016 at 2:04PM

Is your anxiety severe? Are you in treatment for it? Just wondering if the new house is fine and you'd be happy there if your anxiety was better treated.

LauWill · 22 April 2016 at 2:17PM

Hi- I basically bought the house because I fell in love with it, not thinking it was round the corner from my ex boyfriends family. I know it's a silly reason, but because of everything else going on, I've pinpointed this as a reason to be anxious. I got on with the family, and we broke up 2.5 years ago, he lives in London now so I didn't even factor them into my thoughts when I purchased, so I'm not sure why it's bothering me so much now. Aware I sound absolutely ridiculous, however it's now tainting my view of the house. My brother is moving back home with me until the end of August, so there's no money issues with the property, simply me and my over frazzled brain!