Brexit - pulling out of purchase

Crashy_Time

BallboBiggins wrote: »

Devastated by the news yesterday about Brexit. We were due to exchange on our first house early next month - what should we do? Prices have already dropped since we offered in early May and there is a real danger we could lose our jobs as a result of this. We certainly can't afford a significant rate rise. Is it still worth the gamble - is owning your own house really all it's cracked up to be? We're holding off paying the surveyor now because of this - terrified by the future, any advice?

Prices have already dropped, you could lose your job, and you can`t afford a significant rate rise - and you are still asking "Is it worth the gamble"??? We have just had a more or less "Black Swan" event! And it only happened about 48 hours ago! Do yourself a favour, stop thinking about "Getting on the ladder for a while", enjoy life, and come back when houses are cheaper and you can properly afford one.

Crashy_Time

smile88egc wrote: »

Sounds like this purchase is going to be risky in the post brexit UK. I'd seriously think about reducing your offer by 5-7% or pulling out of your purchase and seeing where the dust settles regards mortgage lending.

5 - 7%? You are having a laugh aren`t you? :rotfl:

needhouseadvice

if you're worried about your jobs i'd pull out if i were you. no point in taking on extra stress and financial responsibility if you don't know for sure what's happening with your income.

pinkshoes

Surely it depends what you are buying with how much??

A sensible purchase would be something that you can stay in long term, with a decent deposit, and a mortgage that is affordable on one salary.

kilby_007

Honestly, you're heading for a fall. I would wait until you feel more secure in your job, house prices are lower and you know that you can afford increased rates. Now is not the time to rush into a purchase if you have any level of doubt!

Davesnave

'Devastated,' 'terrified,' 'if prices drop 25%...'

Overcooked.

Clutterfree

Davesnave wrote: »

'Devastated,' 'terrified,' 'if prices drop 25%...'

Overcooked.

Hmmm, this is the second post I've read by a new member who says they are "terrified".

Am I concerned? Yes.
Terrified? No.

Prothet_of_Doom

Just do it. You need to get on with it !!!!!

kremmen

Prothet_of_Doom wrote: »

Just do it. You need to get on with it !!!!!

Totally off topic but your post gave me a chuckle.

I think it's great that the "Profit of Doom" says get on with it.

:beer:

Paul

Davesnave

kremmen wrote: »

Totally off topic but your post gave me a chuckle.

I think it's great that the "Profit of Doom" says get on with it.

:beer:

Paul

He or she isn't a Profit, or even a prophet.

http://www.ancestry.co.uk/name-origin?surname=prothet

But as the horse down the lane says, "The end is neigh!" so yes, hurry up!