Briexit what does this mean for us

banks4u

So what now? We just bought our house I wonder how house prices will go. Also they say rates will go down. What will happen?

Wake_up_call

House prices were projected to fall anyway outside of London.

Brexit might get the blame, but then it is going to be the scapegoat for many things.

If you aren't planning on moving again soon then I wouldn't worry. Work hard, pay your mortgages, enjoy your life.

PasturesNew

If you've just bought a house, congratulations ... because now at least you have a home and don't have to worry about whether to buy one or not.

Nothing much will change, to be honest - and when you look back in 3-5 years you'll say "Glad we bought when we did, we've enjoyed great stability and could get on with our lives without having to listen to nonsense and worry about things"

Captain_Shambolic

Just looking for some advice actually on this. We've had an offer accepted and are told the underwriter has accepted our application but the property is still yet to be valued and surveyed.


Should I be worried?

Double_V

We are thinking to buy.
So where do we stand ?
Will the prices go down ? Buyer market ?

shortcrust

Captain_Shambolic wrote: »

Just looking for some advice actually on this. We've had an offer accepted and are told the underwriter has accepted our application but the property is still yet to be valued and surveyed.


Should I be worried?

My situation exactly. Valuation in around 10 days time. Can't help but worry but my guess is that factors and info they use to value will be the same in 10 days from now than they were yesterday. If every subject to valuation mortgage application fails on the valuation over the coming weeks then we're all in trouble.

(That's what I'm telling myself, anyway...)

samtel

We are in the same position - just had an offer accepted, formally submitted the mortgage application (agreed in principle) and waiting on the survey and valuation.

It may be too early to say what impact (if any) todays decision will have but I'm slightly concerned!

whatbrettdid

Just had my mortgage underwritten. Shall I pull out now and resubmit in 6 months? Aren't prices going to fall? Will the cost of borrowing increase at the same time?

evansc1

whatbrettdid wrote: »

Just had my mortgage underwritten. Shall I pull out now and resubmit in 6 months? Aren't prices going to fall? Will the cost of borrowing increase at the same time?

1. Think about the costs you've already incurred.
2. Think about the extra rent you'll have to pay (presuming you are renting) before thinking again about buying/going though the application process again.
3. Are the rates you're expecting worth going for now when you don't have a clue what rates will be in 6 months?
4. Do you love the property?
5.Do you anticipate being there only a few years? House prices outside London were expected to fall in the short term regardless of Brexit so short term purchase may have been risky either way. If long term 5 + years you want to be there then prices have plenty of time to recover.
6. No one knows what will happen for sure in 6 months time, 12 months time....
7. Interest rates increase? Personally don't see that happening solely on the basis of Brexit. If anything the government is likely to keep rates flat to encourage spending so that we don't all go in to our shells in anticipation of any hardship that may or may not come in a few years time.
8. Any wiggle room in negotiating the offer price based on the referendum? I'm currently buying and don't think I'll be attempting to negotiate down (as of this moment anyway).

Hope that helps the decision a little.

Captain_Shambolic

shortcrust wrote: »

My situation exactly. Valuation in around 10 days time. Can't help but worry but my guess is that factors and info they use to value will be the same in 10 days from now than they were yesterday. If every subject to valuation mortgage application fails on the valuation over the coming weeks then we're all in trouble.

(That's what I'm telling myself, anyway...)

If it helps, I spoke to my mortgage broker and he advised that while there will likely be some changes, our deal has been accepted by the underwriter therefore there will be no changes.


Hopefully if you are in the same boat the situation will be the same for you as well but I'd check with your broker if I were you.

banks4u

Well I work for a big US bank and apparently they said if UK exit then they will move head office from here. To be honest what will happen will happen, I would still buy as I don't think house prices will go down that much. Even if they did sellers won't sell.

We got a 2 year fixed with Halifax so by then we will know what will happen. I put down 20% deposit so just need to save money just in case it all drops.

We bought near cross rail so know prices will either stay the same or go up. We didn't buy an expensive house we actually bought the cheapest best value around.