Should i go ahead with buying a house/ getting a mortgage at this time?

soupy600

Hi all,
At the minute i'm looking to get back on the property ladder (currently renting) I've made an offer on a property which has been accepted and just about to hopefully pull the trigger on a solicitor today to get the ball rolling to buy this property. But with all that is going on i'm starting to worry is this the right decision?

• should i go ahead knowing the house etc is right for me and its a long term investment and not for a quick profit
• hold off in case the worst comes and jobs are lost
• hold off in case the market crashes and i could by the same house or similar in 6 months/1 year a good few grand cheaper?

I know, no one knows what will happen in the coming weeks or months but just wondering peoples thoughts or if anyone else is in the same boat? if I do go ahead and get the ball rolling with the solicitor then at least i have a good few week before i have to sign in case things do change a lot? 

amnblog

You have answered your own question - its a long term investment and not for a quick profit

JustJane101

I thought long and hard about this, too. But the house I have offered on is perfect for me and I won't get anything like this come up in the village for a long while. Go with your heart on this one! 

soupy600

amnblog said:

You have answered your own question - its a long term investment and not for a quick profit

Yeah thats what i'm thinking but theres still that doubt 

soupy600

JustJane101 said:

I thought long and hard about this, too. But the house I have offered on is perfect for me and I won't get anything like this come up in the village for a long while. Go with your heart on this one! 

Thanks, yeah a bit similar with me being waiting and saving that long to get back on the ladder and this house i feel is perfect for me. Also in the same street to know the area well.

sjc93

We had our mortgage application go to offer yesterday as FTB's (awaiting it in the post impatiently!) however despite all the crisis going on, we absolutely adore the house and see us in there for a minimum of 5 yrs.

Like you, we're renters and our mortgage is only £80 more than our actual rent - holding off for us has never been an option, but I guess that comes down to personal preference since our jobs are pretty secure even in this climate. 

I'd say if you have a positive feeling about it, go for it. Like you said, you still have a couple of weeks, maybe even months if this virus makes everybody work from home, to pull out as long as you haven't exchanged contracts.

jessray85

We're due to complete on our house purchase next Friday and wondering whether while should go ahead too. We currently live with my parents with our 7 year old and have a baby due in August. I work in education which has great terms re. Maternity leave, etc and my husband is a senior manager in construction. My concern is that we move and one or both of us lose our job and we can't pay the mortgage. Will we be eligible for the 3 month break? I know there's no answers right now but any thoughts are very welcome!!!!

anonymous12124

My brother has been searching for a house and had an offer accepted. I told him under no circumstances should be even consider moving until the situation stabilises. It's nothing to do with being greedy/selfish, it's everything to do with knowing the situation of the economy. Right now the economy is in a terrible state and it could go on for a few months. There will huge job losses, a huge number of homes re-possessed and therefore I'd try and avoid it and get back looking when things are stable. For some that might not be possible though.

onthemend88

After renting for almost 8 years, we reserved our property last April and it is due to be completed next month. There are very limited 4 bedroom properties in our area and the house we are buying is a new build, 4 bedroom detached property with garage and nice size garden and the builder was offering HTB. The Location is perfect and means our children don't have to move schools. 

We are very lucky in the fact that we have excellent job security (now more than ever, as we are both frontline NHS workers). 

Our mortgage offer was issued yesterday and we cannot wait to move.

It is hard to ignore all of the noise around you surrounding current issues but for us, it was now or never. 

Windofchange

anonymous12124 said:

My brother has been searching for a house and had an offer accepted. I told him under no circumstances should be even consider moving until the situation stabilises. It's nothing to do with being greedy/selfish, it's everything to do with knowing the situation of the economy. Right now the economy is in a terrible state and it could go on for a few months. There will huge job losses, a huge number of homes re-possessed and therefore I'd try and avoid it and get back looking when things are stable. For some that might not be possible though.

How many people who brought just before the great banking collapse of 2008 do you suppose still regret their decisions now? Some maybe, but 12 years later I bet prices have recovered and some. Trying to guess the market is a fools game. If the property is right for you then go for it. If you are looking to buy, do up and flip 3 months later then my answer would be very different. We are moving toward completion hopefully in the next month, and I am still 100% certain this is the right call. Even if prices crash the moment we walk through the front door, we are there for 10 years minimum I reckon, and as with a previous poster, the mortgage is barely any increase on what we are paying for rent at present. 

dimbo61

Mortgage rates have never been this low and for many having the security of owning your own home without worying about the Landlord is worth taking that Leap of faith alone.
Good Luck in whatever your decision.
Crash in house prices ???