Price agreed on buying our first home, but where do we stand on todays result?

Daniel_Lindsay

Hi,

Me and my partner are buying our first home and we are desperate to start our lives, we have searched for a long time on the right home and have finally found our home.

We have already agreed price at a two year fixed and are at the end stages of the application, our home is at an average price in our area and at the lower end of the market for the UK as a whole. Will house prices in our bracket be affected dramatically by the decision to leave the EU?

If anybody with experience in this field can shed some light on this, we would be very grateful as we have been looking for a long time. I don't want to make any silly moves.

Thank you

evansc1

No one has experience in this field as the UK hasn't exited the EU before. We can all guess that there will be movement, but we could all be completely wrong.

If there is volatility, it's likely to occur in the next couple of years. In my eyes, a 5 year fix would more than likely prevent worries of negative equity. That's only my opinion of course, but is what i will be going with for the purchase I'm making.

If you love the house and you really can't bear to wait any longer, go for it! You face uncertainty over what rates you'll achieve at he end of your 2 year fix either way. The potential issue lies with the house value in a couple of years time.

Some people say London will be worst hit, others say outside London will be worst hit. No one knows.

If you feel uncomfortable, depending where exactly you are in the process, maybe try and re-negotiate. Be prepared for the vendor to refuse though.

Daniel_Lindsay

Thank you, our mortgage offer was already agreed with Nationwide do you think this will be disruptive changing our term?

MEM62

Short answer - nothing charges immediately. How thing pan out in the future nobody knows. We are in unchartered territory here.

Exciting isn't it?

evansc1

Honestly not sure as I'm going straight in with 5 years anyway. Someone here may be able to assist but failing that, give the bank a call and ask to discuss with one of the mortgage advisers.

Bear in mind that they have probably been inundated with similar questions and queries throughout today and probably will be for a while still...

Best of luck

shortcrust

I'm in a similar situation. Have agreed a price, mortgage accepted (5 year fixed) subject to valuation, just about to pay the solicitor for searches. I've had a little wobble but I won't be changing my plans or trying to renegotiate. I really want the house and plan to live there for at least 10 years or so.