About to exchange - should we delay due to Coronavirus?

newbuildnia

Hello! Just looking for some advice. My partner and I have put a small deposit (£1000) on a new build property and we’re due to complete in July. Our Solicitors and the Solicitors of the developers are pushing us to exchange next week. We’re first time buyers and are using the government help to buy equity loan which is allowing us to put down a 5% deposit (which is due when we exchange). Should we still go ahead with this in light of the likely fall in house prices? If house prices do fall and we’ve pulled out - are we likely to lose out on help to buy offers etc in the future? Any help is really appreciated!

sjc93

Hi and welcome!

I've seen so many of these threads over the last few weeks and I personally think it all comes down to your own circumstances as to why you're getting on the property ladder.

Is this a home you really want? Is this a home you both see yourself in for a minimum of five years? Are your jobs currently secure with the ongoing crisis? Are you living with relatives or renting? Personally... myself and my partner pushing through with buying our first home. It's not under the scheme as it's around 8 years old and our Mortgage has been offered (95% mortgage 5 yr fixed, we went through a really stressful time thinking we weren't even going to get one from problems with Brokers) and we live in an area where house prices are like London and even if they did drop slightly, the demand is there for the losses to build over time.

We don't see ourselves moving for a minimum of 5 years, and with our jobs being secure and the mortgage repayment being £80 over what we're paying in rent - it's a no brainer for us. The uncertainty of renting, empty money going nowhere... Although the world seems to be scary right now, it hasn't put us off or has made us doubt our decision.