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

soupy600

As most of you have said and I think also the move is right I wonder should my question then be instead of putting down a 15% deposit and take it over 21 years (5 year fixed) should i make it say 25 years. That way it reduces my mortgage payments if anything happens it would be more manageable. But would also let me over pay once things have settled and match what I would have paid over the 5 year fixed term as if it was over 21 years if that makes sense. 

Dancer11

soupy600 said:

As most of you have said and I think also the move is right I wonder should my question then be instead of putting down a 15% deposit and take it over 21 years (5 year fixed) should i make it say 25 years. That way it reduces my mortgage payments if anything happens it would be more manageable. But would also let me over pay once things have settled and match what I would have paid over the 5 year fixed term as if it was over 21 years if that makes sense. 

We’re about to complete next Friday on a new build that we reserved the beginning of October and have exchanged, so nothing we can do now about worrying that prices will crash. We are in for the long term, so it won’t really matter what the prices do! 

We have also put down 15% deposit over 29 years, with the intention of overpaying the mortgage (5 year fixed).

Our mortgage payment will be £630 p/month whereas our rent is £950, so we are aiming to overpay by £250 p/month which could knock around 10 years off the term. 

Lorenzo94

Go ahead! I was about to get my mortgage approved and the seller has pulled out of the sale due to the economical situation. So disappointed ☹️ 

graphs

No chance. 30-40% falls in house prices incoming.

bumblebee1986

I have decided to pull out. I am meant to exchange next week and complete in the first week of April. The flat needs a lot of work. The plan was to spend a month fixing it up before moving in. The uncertainty of the length of the potential lockdown worries me as I don’t want to be stuck paying both a £2000 mortgage and £1000 rent for an indefinite period of time if the works are unable to be completed and/or I am unable to move due to the lockdown. Rumour has it that we are potentially looking at a period between 6 weeks and 6 months. So depressing!

fewcloudy

bumblebee1986 said:

I have decided to pull out. I am meant to exchange next week and complete in the first week of April. The flat needs a lot of work. The plan was to spend a month fixing it up before moving in. The uncertainty of the length of the potential lockdown worries me as I don’t want to be stuck paying both a £2000 mortgage and £1000 rent for an indefinite period of time if the works are unable to be completed and/or I am unable to move due to the lockdown. Rumour has it that we are potentially looking at a period between 6 weeks and 6 months. So depressing!

Flipping is a very particular type of house buying, very different to being “in it for the long term”.

bumblebee1986

fewcloudy said:

bumblebee1986 said:

I have decided to pull out. I am meant to exchange next week and complete in the first week of April. The flat needs a lot of work. The plan was to spend a month fixing it up before moving in. The uncertainty of the length of the potential lockdown worries me as I don’t want to be stuck paying both a £2000 mortgage and £1000 rent for an indefinite period of time if the works are unable to be completed and/or I am unable to move due to the lockdown. Rumour has it that we are potentially looking at a period between 6 weeks and 6 months. So depressing!

Flipping is a very particular type of house buying, very different to being “in it for the long term”.

I am not sure what you mean. I am currently renting and was planning on buying the flat as my first home for at least the next 5 years. My fear is that, if London goes into a lockdown, I won’t be able to refurbish the flat (as it needs some work to make it habitable) and move in which might mean that I will end up paying half of the rent on my current flat which I share (£1000) plus mortgage on the new flat (£2000). The seller has to complete in the first week of April for personal reasons (the flat is also empty at the moment) so it would not be possible to delay completion. As it is not clear on how long the lockdown might last, I am not sure if i am willing to take the risk of potentially having to cough up £3000 for the next couple of months or so. 

fewcloudy

bumblebee1986 said:

fewcloudy said:

bumblebee1986 said:

I have decided to pull out. I am meant to exchange next week and complete in the first week of April. The flat needs a lot of work. The plan was to spend a month fixing it up before moving in. The uncertainty of the length of the potential lockdown worries me as I don’t want to be stuck paying both a £2000 mortgage and £1000 rent for an indefinite period of time if the works are unable to be completed and/or I am unable to move due to the lockdown. Rumour has it that we are potentially looking at a period between 6 weeks and 6 months. So depressing!

Flipping is a very particular type of house buying, very different to being “in it for the long term”.

I am not sure what you mean. I am currently renting and was planning on buying the flat as my first home for at least the next 5 years. My fear is that, if London goes into a lockdown, I won’t be able to refurbish the flat (as it needs some work to make it habitable) and move in which might mean that I will end up paying half of the rent on my current flat which I share (£1000) plus mortgage on the new flat (£2000). The seller has to complete in the first week of April for personal reasons (the flat is also empty at the moment) so it would not be possible to delay completion. As it is not clear on how long the lockdown might last, I am not sure if i am willing to take the risk of potentially having to cough up £3000 for the next couple of months or so. 

I misread.

scoffs93

In a very similar position. 
Me and OH pulled out of a house end of last year due to subsidence and have found another one we like after being crushed with the first house. We had our offer accepted a few weeks ago with a mortgage deal of 2.39% - I am first time buyer, however my partner has two houses already (BTL). The bank valuation came back with possible woodworm so our solicitors are on hold currently, we have a homebuyers survey booked in for next week. We have decided if the house needs too much work / structural issues we will pull out again However, if the report comes back fine, we are in two minds - to carry on with purchase as normal or to pull out again due to current situation and see what happens? Both living with parents currently, my job is in construction (new housing developments) and OH is in car sales so our income could be affected. This was never going to be our 'forever' home, we were always planning on living in it for a few years, starting a family and then finding somewhere bigger. Really unsure of what to do.. 

bumblebee1986

fewcloudy said:

bumblebee1986 said:

fewcloudy said:

bumblebee1986 said:

I have decided to pull out. I am meant to exchange next week and complete in the first week of April. The flat needs a lot of work. The plan was to spend a month fixing it up before moving in. The uncertainty of the length of the potential lockdown worries me as I don’t want to be stuck paying both a £2000 mortgage and £1000 rent for an indefinite period of time if the works are unable to be completed and/or I am unable to move due to the lockdown. Rumour has it that we are potentially looking at a period between 6 weeks and 6 months. So depressing!

Flipping is a very particular type of house buying, very different to being “in it for the long term”.

I am not sure what you mean. I am currently renting and was planning on buying the flat as my first home for at least the next 5 years. My fear is that, if London goes into a lockdown, I won’t be able to refurbish the flat (as it needs some work to make it habitable) and move in which might mean that I will end up paying half of the rent on my current flat which I share (£1000) plus mortgage on the new flat (£2000). The seller has to complete in the first week of April for personal reasons (the flat is also empty at the moment) so it would not be possible to delay completion. As it is not clear on how long the lockdown might last, I am not sure if i am willing to take the risk of potentially having to cough up £3000 for the next couple of months or so. 

I misread.

No worries I am actually going ahead. I have thankfully been able to renegotiate the purchase price with the seller. Such stressful and uncertain times.