House Buying whos pulling out

Crashy_Time

Mickygg wrote: »

What if what if? Its all about what if. As I said a house is for living in and having my family around me. Sure if interest rates do go up to 5% plus I may have a problem....but if I thought of of every possibility then id never move, id still be living with my folks crying into my beans on toast wondering why id never taken a risk.

Very emotive. Remind me never to take financial advice from you.

easilydistracted

I think there are going to be a lot of regional factors in this. I recently sold in Bristol and bought in an area of the Midlands where the prices are going a bit mad. I made a ridiculous amount on my Bristol house because of the soaring prices. Although I did a bunch of work I didn't deserve to make what I did. I bought that place as my first property to live in. We may or may not have overpaid for our current place but not by loads. If I was thinking about buying now I would buy in the area I'm in but wouldn't buy In Bristol or London. I hope the prices there and in most bubble areas decrease. That will likely include my own place to a lesser degree. Property is ridiculous and I feel very sorry for people trying to buy now, I didn't support brexit but reduced house prices could be an unexpected benefit. Most homeowners are in an exceptionally lucky position compared to others. My dilemma is even more obscure as I am planning a loft conversion and don't know whether to book it now or wait (very long waiting lists) as if the house prices do tank then the cost of building probably will too.

kilby_007

Mickygg wrote:

What if what if? Its all about what if. As I said a house is for living in and having my family around me. Sure if interest rates do go up to 5% plus I may have a problem....but if I thought of of every possibility then id never move, id still be living with my folks crying into my beans on toast wondering why id never taken a risk.

If you haven't taken into consideration affordability for interest rate rises when your current mortgage rate finishes then you're very foolish. If you can't handle a mere 5%, I'd sell it before it's too late!

Mickygg

Crashy_Time wrote: »

Very emotive. Remind me never to take financial advice from you.

I'm not a financial advisor and never claimed to be. Purely saying if you spend your life saying what if to everything, you'd never end up doing anything.

Mickygg

kilby_007 wrote: »

If you haven't taken into consideration affordability for interest rate rises when your current mortgage rate finishes then you're very foolish. If you can't handle a mere 5%, I'd sell it before it's too late!

Calm down Kilby, I said may have a problem and I don't need advice from you on mortgages. I think most people on here would disagree with you that a 5% plus increase in interest rate is mere!

Crashy_Time

Mickygg wrote: »

I'm not a financial advisor and never claimed to be. Purely saying if you spend your life saying what if to everything, you'd never end up doing anything.

Buying property in the biggest bubble in history, as it starts to burst, with record low (can`t really go any lower and have the financial system survive) rates with debt you can`t really afford should never be confused with "taking chances" in life. One is healthy, the other is, well just stupid.

iantojones40

Mickygg wrote: »

Calm down Kilby, I said may have a problem and I don't need advice from you on mortgages. I think most people on here would disagree with you that a 5% plus increase in interest rate is mere!

I'd consider a 5% rise to be pretty inconsequential, but that's because I'm not over leveraged and live well within my means.

kilby_007

Mickygg wrote: »

Calm down Kilby, I said may have a problem and I don't need advice from you on mortgages. I think most people on here would disagree with you that a 5% plus increase in interest rate is mere!

You didn't say "an increase of 5%" you said "an interest rate of 5%". In the last decade (before the base rate reduction) interest rates of 5% were the norm so I disagree, it is mere. In the 80's/90's, interest rates hit over 10%. 5% is not at all unthinkable.

Prothet_of_Doom

dexterwolf wrote: »

I am buying a house due to Exchange in 5 weeks. I am not pulling out of purchase.


Anyone Pulling out of Purchase?

Life goes on.

Wasn't looking to move, but Yesterday I saw my dream house in the road that my wife has always wanted to live in.

Now It would mean taking on a mortgage of at least £100K.

I'm almost 50 and work Freelance. We are booking to view next week.

indianabones

Prothet_of_Doom wrote: »

Life goes on.

Wasn't looking to move, but Yesterday I saw my dream house in the road that my wife has always wanted to live in.

Now It would mean taking on a mortgage of at least £100K.

I'm almost 50 and work Freelance. We are booking to view next week.

By all means continue to view houses and keep an on rightmove/zoopla and read the forums. However don't make any offers for a few weeks.

There will be a reduction in home prices and it's still too early to say how much.