Advice on buying the wrong house

Buddy1990

Hi everyone , I'm after some advice and don't know where to turn. Me and my partner just bought a house 4 month ago and have made the biggest mistake of out lives. Basically we don't like it here for a few reason, the house is all fine ect and just been decorated throughout. But we've been over it a number of times and want out. But don't know what to do with out loosing thousands. We put 16k down and 144k mortgage. Fixed for 5 years. And the erc comes in at around £7500. So if we just sell we're set to loose around 12k I think if we sold.
Is there any thing that can be done to solve this big mess.

Caz3121

do you plan to buy again or rent?

ACG

Is your Mortgage portable?
That may be a way around it, if you downsize then you would only have to pay the ERCs on the difference (possibly after a 10% overpayment), if you need a bigger mortgage then you would need to apply for the extra amount from the same lender.

AnotherJoe

When prospective buyers ask why you are moving after 4 months, will your reply be "we dont like living in an area thats riddled with crack dealers" or "the house is far too pokey" or "its miles to the station/shops/school" etc or will you have a more plausible reason that wont put them off?

Your second mistake was a 5 year fix. Costs more and also very expensive to get out of. As said, ask if it can be ported.

glentoran99

AnotherJoe wrote: »

When prospective buyers ask why you are moving after 4 months, will your reply be "we dont like living in an area thats riddled with crack dealers" or "the house is far too pokey" or "its miles to the station/shops/school" etc or will you have a more plausible reason that wont put them off?

Your second mistake was a 5 year fix. Costs more and also very expensive to get out of. As said, ask if it can be ported.

Why tell them?

Buddy1990

Basically we were first time buyers ,and lived at home. Maybe we should of rented for a bit first to get jist of everyday living. We looked at a few houses that needed loads of work. This one came up we both liked it. Big 3 bed extended semi, big open block paved drive , huge rear garden , garage. On suit, down stairs shower room and so on. We drove by every day to suss the area night and day ect. I've worked on it non stop after work to make it how we want it. Now we feel like we're alone in this big family sized hours. We only use the bedroom and kitchen and living room for about an hour a night. Also next door have 3 young children so can here a lot of impact noises and this is really getting my girlfriend down. Shes lived in a detached all her life with parents. Getting to the point it's making her ill.

Buddy1990

The terms and conditions say it's portable to terms and conditions. As for the 5 year fix we really didn't know what we were doin , we just thought low rate mortgage payments for 5 years sounded good. As it were a whole new world to the both of us.

PasturesNew

In all honesty MOST people regret what they bought for some reason or other. Many get cold feet in the final 1-2 weeks, others regret it after they've bought it.

Maybe you're just both talking it down to each other .... you need to learn that most people aren't in a house they love (or even like a lot of the time) - and accept that you're where you are and that you've got a "home to call your own" and try to make small changes that improve things, or just keep your head down so you're not selling in haste.

Just calm down and think with your head, not your heart.

As you say, you'd lose money (a lot of it) if you sold right now - so slow down and just shrug and think "!!!!!! happens, this is the reality of home ownership and they're not all lovely like the telly programmes make out"

You've got rooms you're not using .... is there one that's furthest from the noisy bugg4hs that you can put a telly/sofa in?

There's no guarantee that anywhere you move to (renting or buying) will solve the problems of noisy neighbours.

Having too many rooms isn't a problem, just don't open the door except once a year to check the room's still there.

Mojisola

Buddy1990 wrote: »

Now we feel like we're alone in this big family sized hours. We only use the bedroom and kitchen and living room for about an hour a night.

Also next door have 3 young children so can here a lot of impact noises and this is really getting my girlfriend down. Shes lived in a detached all her life with parents. Getting to the point it's making her ill.

Why not get a couple of lodgers? You won't be rattling around on your own; with more noise in your house, you won't notice the neighbour's noise so much; and you'll get some extra income every week.

glentoran99

Have a couple of kids.....

Newbie78

I wish I had your problem

Im in the waiting period for our mortgage, valuation took place today hoping for offer next week

I would accept what you have got and make it your home, homes take time to grow into and as you experience life your home grows with you

Don't risk losing any money and just try living a little, a minimum a year at least