Should I pull out of my purchase last minute? Covid concerns.

jaks101

I think you are paying too much attention to your home being your investment.

i don’t think house prices will drop much and even if they do I’m sure if your on a 2 year +fixed mortgage any loss will be cancelled out in two years time but you will have been able to pay your mortgage down and more importantly live your life in your new home for 2 years

Thrugelmir

Davesnave said:

moneysavinghero said:

hotnoise said:

graphs said:

Anything between 20-40% falls in property looking likely. This virus is not going away and recession is coming if not a depression.

And you're getting those figures from...? Property prices didn't even drop 20% in 2008, and that was a banking crash that directly affected mortgaging and the housing sector.

I think people are vastly overplaying how badly house prices are going to be affected with this current economic downturn. I'm buying a property myself right now, so I'll be sure to pop back and let you tell me "told you so!" if things pan out as miserably as you think they will.

Back in 2008 interest rates were slashed from 5% to 1%.

Then it's odd that we were getting 6 to 6.5% on our money in various banks during the first half of 2009!

Made a tidy profit on renting temporarily until July of that year.

Must have been fixed rates. BOE base rate was in decline from July 2007 to March 2009. 

Davesnave

Thrugelmir said:

Davesnave said:

moneysavinghero said:

hotnoise said:

graphs said:

Anything between 20-40% falls in property looking likely. This virus is not going away and recession is coming if not a depression.

And you're getting those figures from...? Property prices didn't even drop 20% in 2008, and that was a banking crash that directly affected mortgaging and the housing sector.

I think people are vastly overplaying how badly house prices are going to be affected with this current economic downturn. I'm buying a property myself right now, so I'll be sure to pop back and let you tell me "told you so!" if things pan out as miserably as you think they will.

Back in 2008 interest rates were slashed from 5% to 1%.

Then it's odd that we were getting 6 to 6.5% on our money in various banks during the first half of 2009!

Made a tidy profit on renting temporarily until July of that year.

Must have been fixed rates. BOE base rate was in decline from July 2007 to March 2009. 

Probably, but we couldn't have been tied-in long, as we needed that money in '09.

Thrugelmir

Davesnave said:

Thrugelmir said:

Davesnave said:

moneysavinghero said:

hotnoise said:

graphs said:

Anything between 20-40% falls in property looking likely. This virus is not going away and recession is coming if not a depression.

And you're getting those figures from...? Property prices didn't even drop 20% in 2008, and that was a banking crash that directly affected mortgaging and the housing sector.

I think people are vastly overplaying how badly house prices are going to be affected with this current economic downturn. I'm buying a property myself right now, so I'll be sure to pop back and let you tell me "told you so!" if things pan out as miserably as you think they will.

Back in 2008 interest rates were slashed from 5% to 1%.

Then it's odd that we were getting 6 to 6.5% on our money in various banks during the first half of 2009!

Made a tidy profit on renting temporarily until July of that year.

Must have been fixed rates. BOE base rate was in decline from July 2007 to March 2009. 

Probably, but we couldn't have been tied-in long, as we needed that money in '09.

My mortgage at the time was 0.35% above base on a life time tracker. A complete godsend.