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First time buying now!
kyledunn
Posts: 2 Newbie
Just looking for some advice, i’m in the process of buying my first property and will be laying out a large sum of money for my deposit, but i will be leaving some savings for cover, do you think i’m making a mistake if i go through with the purchase of a property at this current time? I’m a sole buyer with no one depending on me.
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The only concern I'd have in your situation is what happens if you end up losing your job. You don't say what line of work you're in but obviously some people will be at risk of becoming unemployed due to the way the virus pans out.
If you feel you have a secure job & can call on a bit of help elsewhere if needed ie: parents or an insurance policy that would pay out for a period should you become unemployed, then I'd just go ahead with my plan to buy. You sound quite sensible regarding finances as you're already intending to put aside some savings for emergency measures.
It's a big step buying alone I know, as I did some years ago. I ended up becoming ill & losing my job after a couple of years, but a policy I'd taken out for cover in case of sickness/unemployment was my salvation. As an aside, I'm pleased to say that I managed to clear my mortgage within 12 yrs, which was a wonderful feeling.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.1 -
I’m an electrician, work for a big firm and should be quite safe fingers crossed. They are even willing to pay people with the virus at the moment even though they only have to pay us statutory sick pay. So i guess my only concern is work. I’m going to try keep around 8 months money for mortgage and poll tax.0
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I think there are a lot of us in this position. Thankfully, I know I won't lose my job or my wage, I will get paid even if I am off. If my mortgage by some miracle gets accepted, I will still buy, and I refuse to Gazunder unless the hope report picks up anything nasty. If it's going to be a property for the long term, go for it. If it's only a short term thing, then maybe not. It's a choice only you can make. The housing market is volatile at best, and If you've found a house you really love, it's probably best to roll with it.
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