Shall I go ahead with plans to apply for a mortgage in April?

nottynotknots

My partner and I are in the process of putting together our documents to acquire our home from a Housing Association. We have already got an In Principle from a high street lender and were going to make the application first week of April. Shall we go ahead with it or just wait just a few more months given the recent interest rate reduction and all the uncertainty around everything? Is that going to take a while to filter into the market or can we get the benefit straightaway? My other question is that will we be tied down by our In Principle agreement? I didn't think that would be the case but will appreciate some views around this.  We are fortunate that our jobs will remain unaffected by the outbreak but are there other things we should consider that may affect (positively or negatively) the house buying process?

Many thanks.

triathlon

nottynotknots said:

My partner and I are in the process of putting together our documents to acquire our home from a Housing Association. We have already got an In Principle from a high street lender and were going to make the application first week of April. Shall we go ahead with it or just wait just a few more months given the recent interest rate reduction and all the uncertainty around everything? Is that going to take a while to filter into the market or can we get the benefit straightaway? My other question is that will we be tied down by our In Principle agreement? I didn't think that would be the case but will appreciate some views around this.  We are fortunate that our jobs will remain unaffected by the outbreak but are there other things we should consider that may affect (positively or negatively) the house buying process?

Many thanks.

And why wouldn't you go ahead?
Trust me there will always be uncertainty, tomorrow will be as good a day as any to buy a home as any, I could have given you a 1000's reason plus why property could have collapsed since the 1990's, but it just didn't.
Good luck with whatever you decide to do

graphs

If you like throwing money away go for it.

Herzlos

I would; mortgage rates aren't going to get any better and any house price blip will recover.

You might find in 6 months time the mortgage requirements have tightened up significantly.

triathlon

graphs said:

If you like throwing money away go for it.

Don't over elaborate will you 

Arklight

It's not timing the market, it's your time in the market. If you are sure you are going to be able to make repayments I would just go ahead. There is a whole forum full of people who have been waiting for the stars to align and provide them with bargain priced house, and most of them have been posting  hoping since 2005.

anonymous12124

triathlon said:

graphs said:

If you like throwing money away go for it.

Don't over elaborate will you 

It's true though. The government is throwing money back into the economy which in turns will create hyperinflation, which we're starting to see in other countries. We'll see it to, it's just we're a week behind most other places.

Interests and therefore house prices will drop. Mortgages will be extremely difficult to obtain without the job security we had before.

Buying a house right now = lunacy.

anonymous12124

Arklight said:

If you are sure you are going to be able to make repayments I would just go ahead. There is a whole forum full of people who have been waiting for the stars to align and provide them with bargain priced house, and most of them have been posting  hoping since 2005.

How is anyone going to be sure they're going to make repayments in this climate? Put simply - don't buy right, just wait a few weeks to see if things stabilise or not. Every industry is being impacted and therefore they will try to push for stability asap.

Getting_greyer

If we have hyperinflation would you rather have a mortgage or cash in the bank?

Arklight

anonymous12124 said:

Arklight said:

If you are sure you are going to be able to make repayments I would just go ahead. There is a whole forum full of people who have been waiting for the stars to align and provide them with bargain priced house, and most of them have been posting  hoping since 2005.

How is anyone going to be sure they're going to make repayments in this climate? Put simply - don't buy right, just wait a few weeks to see if things stabilise or not. Every industry is being impacted and therefore they will try to push for stability asap.

No.
Buy.

[Deleted User]

anonymous12124 said:

triathlon said:

graphs said:

If you like throwing money away go for it.

Don't over elaborate will you 

It's true though. The government is throwing money back into the economy which in turns will create hyperinflation, which we're starting to see in other countries. We'll see it to, it's just we're a week behind most other places.

Interests and therefore house prices will drop. Mortgages will be extremely difficult to obtain without the job security we had before.

Buying a house right now = lunacy.

Inflation, hyper or otherwise is when you have too much money chasing too few goods isn't going to happen.
House prices are driven by supply and demand, going forwards supply will still be low and demand as it is now, as for interest rates they won't go below 0.1%