Debate House Prices


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Coronavirus effect on property markets?

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Comments

  • madstar99 said:
    We could really use some advice. We are first time buyers, purchasing a small 2 bed property in the South East. We have a mortgage offer in place, our deposit is there and our solicitors are running the final searches. We are really anxious about the current situation and it's impact on our finances. How big is the risk of ending up in negative equity? We are both lucky enough to have secure jobs and the current mortgage offer would be about a third of our monthly income (and less than the rent we are currently paying!).  We felt at the time that the house was a good deal compared to others in the area. The house is currently unoccupied and has been since February as it was being rented out by the current owners. 
    We have found a company willing to do a home-buyers survey but this is obviously a large cost and now we aren't even sure we should proceed. Any advice welcome!
    I muck about on the mortgage calculators to go through several what ifs for about the time your initial rate ends. I then figure out the critical point where I'd be screwed.  I then remind myself it'll probably end up completely different to my back of a fag packet models lol.  
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