Mortgage regrets

Robbie82

Hi I’ve just got my first mortgage through Halifax with my girlfriend and have moved in a property about 2 weeks ago and I am instantly regretting it at the time seemed like it was right thing to do and was really excited about it we are both away from our families and wish we never went ahead with it what can we do about this any advice would be appreciated thanks

[Deleted User]

Do you actually mean mortgage regrets, or do you mean property regrets?

They're different problems with different solutions.

shorty2240

You'll get used to it mate. It's time to grow up and move on, fly the coop n that

Robbie82

Both if I’m honest but mainly the property thanks

Robbie82

Can u get out of a mortgage or is it case of selling property then paying bank back with huge early repayment charge

ACG

Your probably stuck in the property for 6 months unless you try to sell and your buyers are prepared to use one of a handful of lenders.

You can probably port your mortgage to a new property, but you will end up having to pay legal fees, valuation fee and possibly stamp duty depending on the value of the property.

cattie

Ahh, do give yourselves a chance as you'll probably settle down as time goes on. I felt this way after getting married & moving into a new home with my ex. I'd left my family who lived in a completely different area & felt bereft for the first few weeks. But gradually I started to settle down & learn to appreciate my new area.

Even if you wanted to sell, you wouldn't be able to do so until you've owned the property for 6 months & I think that should give you both enough time to see if you can grow to love your new home.

Robbie82

To port the mortgage the current property would have to sell first is that correct

[Deleted User]

Robbie82 wrote: »

To port the mortgage the current property would have to sell first is that correct

I doubt you'll be able to afford the mortgage on two properties just yet, so you'll want to sell the first.

But if you regret taking the mortgage you did, you probably won't want to port it anywhere.

I think you need to figure out what it is you want to do.

FIRSTTIMER

I had this same feeling a couple of years ago. In hindsight, it was the best thing I did. Area is a good one and house value has gone up circa 20-25k. I probably won't be here for life, but I can definitely feel the benefit of better LTV repayments and being on the property ladder as opposed to living at home.

The reality of bills is a shocker but I have managed to get my essentials inc mortgage down to only £800 a month plus I am debt free. Stick with it I say.

ScottishSaver14

Does your girlfriend feel the same way?