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

MobileSaver

anonymous12124 said:

Mortgages will be extremely difficult to obtain ... Buying a house right now = lunacy.

So buying a house right now is lunacy but if the OP waits a while then getting a mortgage will be extremely difficult? Can you see the fundamental flaw in your thinking?!?!

Have you heard the wise proverb that "a bird in the hand is worth two in the bush"?

Herzlos

If you buy now on a fixed rate deal, then hyperinflation is a good thing isn't it?

Imagine paying back a £200k mortgage at 2% when a loaf of bread costs £1k.

Safe'n'Sound

Obviously, we all want to purchase a new home at the sweet spot. That being the lowest price in the current market while also attaining the most favorable interest rate over say, a fixed over the next 5yrs.
Reading many, many threads & posts on this forum in general, I can see that there are pro's & con's in buying now or sitting on your hands. It is most definitely a decision not to me taken lightly but I am sensing a large amount of understandable panic type comments. To the OP and anyone else thinking about taking the plunge, make your decision on its merits, not what your heart is telling you.

An example could be - FTB's who are currently renting and will stay in the property for 5, 10 or even 15+ years to come. Well, with the very favorable interest rates on fixed right now, it's probably still in your interests to move. If they wait, they will probably lose the house to a competitor, the restrictions on HTB and/or mortgages may be tighter and that's before we look at more complex issues.

On the other hand - A family knows full well they'll be moving on again in a few years and needs somewhere as a stepping stone. There's no real reason to take the chance on neg equity if they can hold on until the dust settles. Also, an investor would be foolish to buy now. Then you have to factor in the possible delays regarding new builds etc...

The property market is just one of hundreds of areas that are going through an unprecedented and momentous event. I have a feeling the whole market will be paused officially very soon for anyone who has not exchanged yet. There will be winners and losers. Unfortunately the winners will be the ones who's lives don't depend on the extra £££ they'll make from this all. I was always told 'Money goes to money', let's hope our Government can do something about that post this C-19 crisis.

Thrugelmir

Safe'n'Sound said:

 Unfortunately the winners will be the ones who's lives don't depend on the extra £££ they'll make from this all. I was always told 'Money goes to money', let's hope our Government can do something about that post this C-19 crisis.

Who is making money? The economy is grinding to a halt. Debt is now a major burden across the board. Leveraging is double edged. People are now going to experience the downside. Cash has always been king for good reason. 

LoveSauce

I'm just saying, unless you have found your forever home, that is unique to everything else on the market, then i would postpone

Arklight

You may not be able to. Halifax is pulling most of their mortgages apparently as they aren't able to send surveyors to peoples' homes. I imagine most mortgage lenders will be following suit.

naee_shuruaat

Arklight said:

You may not be able to. Halifax is pulling most of their mortgages apparently as they aren't able to send surveyors to peoples' homes. I imagine most mortgage lenders will be following suit.

You're a bit late with that.

Government suspends housing market as banks withdraw hundreds of mortgages from sale 

telegraph.co.uk/personal-banking/mortgages/banks-withdraw-hundreds-mortgages-sale-coronavirus-property/