Do I sign mortgage or wait?

[Deleted User]

Hey all,

I’m not sure if a similar question may have been asked. We are first time buyers and have just been accepted for a mortgage on a new build property. 

However due to the upcoming financial uncertainty we are wondering whether to proceed or not. The property has been purchased under the affordability scheme to help us get on the property ladder. It is not something we see as our long term home but rather a stepping stone. 

We are wondering wether to hold out incase house prices plummet and we could afford something more to our taste? Or whether to buy and hope for the best. We have already established that we would have a good five years in the property before moving again but if it’s worth holding out and a more suitable property may come into our budget then we are prepared to wait. 

Any advice is appreciated. 

Thanks 

[Deleted User]

It's been asked a million times and the answer is always that it has to be your choice.

If you like the house and need somewhere to live, then you might want to go ahead.  

If you want to wait in case the price drops and hope you can still get the mortgage as lending tightens and that others don't snap up what they see as a bargain, then would do that.

Property shouldn't be seen as a short term investment.

Mr_Incredible

If it’s just about money I’d wait for a cheaper mortgage rate

Thrugelmir

Are you currently paying rent or living at home? 

[Deleted User]

Thrugelmir said:

Are you currently paying rent or living at home? 

Living at home