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About to buy first home - how will EU result affect us?
SoSophie
Posts: 5 Forumite
Hi all,
I know no one can give a definitive answer but I'm going to ask anyway! We had an offer accepted for a house; the valuation then valued at £10,000 below our offer. Yesterday, we put in a revised offer that matched the valuation and which meant the mortgage lender would still give us the money. Then the EU vote happened.
What on earth do we do now? Do we pull out in case house prices fall off a cliff (bearing in mind that this would screw over the vendors)? Do we press ahead and get it sewn up while we can still get a mortgage? Will the lenders already be thinking of withdrawing the mortgage offer? Aargh!
Any genuine advice much appreciated - please bear in mind that this is our whole life and savings we're talking about so I'd be grateful if people could give honest thoughts, not just post that we're screwed! :eek:
Thanks so much
I know no one can give a definitive answer but I'm going to ask anyway! We had an offer accepted for a house; the valuation then valued at £10,000 below our offer. Yesterday, we put in a revised offer that matched the valuation and which meant the mortgage lender would still give us the money. Then the EU vote happened.
What on earth do we do now? Do we pull out in case house prices fall off a cliff (bearing in mind that this would screw over the vendors)? Do we press ahead and get it sewn up while we can still get a mortgage? Will the lenders already be thinking of withdrawing the mortgage offer? Aargh!
Any genuine advice much appreciated - please bear in mind that this is our whole life and savings we're talking about so I'd be grateful if people could give honest thoughts, not just post that we're screwed! :eek:
Thanks so much
0
Comments
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We are in the same boat!
A price reduction is the only obvious way forward, especially if it's not a forever home.0 -
Do you need somewhere to live? If yes, buy it.
Did the seller accept your lower offer?0 -
We're renting at present but desperate to get out of our flat. Although, there's no reason we HAVE to - we actually haven't even given notice yet.
The vendors haven't responded to our revised offer yet...
David171, do you know whether your mortgage lender will still give you the money?0 -
There is a housing crises in Britain. There aren't enough houses. This fact isn't changed by brexit.
You got your lower offer accepted go for it.
No point panicking because everyone else is going to.Loan 1 £5200/£8000
Loan 2 £300/£5800
Total £5500/£138000 -
Assuming you are buying because you want to make it your home, rather than seeing house purchase as a trade on property prices, why wouldn't you go ahead.
They may be blips over the coming months, but it will settle down. End of the day there is still demand for housing, so I can't see a cliff fall (unless you are in Dover).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
One thing to remember: Negative equity.
It's all good and well to just buy because you need a roof above your head but you must consider the consequences of being in negative equity if there is a crash.0 -
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"honest" advice? ...hmm let me get my crystal ball
oh why bother - silvercar's response covers it allAssuming you are buying because you want to make it your home, rather than seeing house purchase as a trade on property prices, why wouldn't you go ahead.
They may be blips over the coming months, but it will settle down. End of the day there is still demand for housing.
but if you expect to need to move again "soon" then as JJ says, plan for negative equity in the short term0
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