Will 'lockdown' effect house purchases?

davidmcn

Mr87 said:

@davidmcn a sensible suggestion. What if a new tenant is lined up? 

Bit premature for anybody to be lined up before the old tenant has moved out. They'd just need to wait.

DCFC79

Question was asked on BBC1 this morning, I'm sure the answer was if you can stay in your current home.

I'm sure you could find it on iplayer.

luvchocolate

Just on news yes you can move house at the moment ...more on todays statement

Sara21

luvchocolate said:

Just on news yes you can move house at the moment ...more on todays statement

That's fantastic - where did you see that @luvchocolate ?

ACG

JustJane101 said:

ACG said:

I cant see there being any houses going on the market and I cant see anyone wanting to buy other than people already in a chain. So if you look at supply and demand, there will probably be neither and so house prices should stay fairly static as there will be no evidence of down valuations once things return to normal. 

In the last recession house prices dropped as there were mass redundancies - 10,000 at a time in some companies. The government has stepped in like never before to not just protect banks but most businesses out there. Some business will go under and there will be redundancies, but I cant see it being on the scale of 10 years ago. 

Nobody knows if house prices will drop, personally, I think there will be a little drop but I dont think it will be anything more than maybe 10%. But to be fair if people want to move in 6 months time and nobody is listing, you might even find demand outstrips supply and the opposite happens. 

My accountant boyfriend agrees with you here, and so do I. But it is a fact that Kensington amongst others have pulled 95% LTav mortgages. 

How long does a mortgage offer last? If I do get my mortgage offer today, will it only be 12 weeks? What happens if they don't allow me to exchange and complete before offer expires? Will they renew the offer now they aren't going 95% mortgages?
This is even saying I do get my offer!  This house means so much to me. It's going to be my home for a very long time so negative equity in the short term isn't a worry of mine. 
I'm sick with worry, I'm anxious. I'm angry that I won't get to see my boyfriend now until all this blows over as he lives 600 miles away. I'm still working as normal which is probably a God send to be honest. I understand nobody has a crystal ball but I cannot cope with not knowing for much longer because there is nothing I can physically do to help my situation. If I lose this house purchase, I will end up waiting a very long time for something this perfect to come up again, especially if the market slows. I need this house otherwise me and my boyfriend will not be able to live together any time in the near future, and our lives are pretty much on hold.   

If you fit on the 95% product with Kensington there may be 1 or 2 other lenders who may consider you at 95%. 

Some of the specialist lenders have tightened their belts, that is because they are currently not eligible for the money the government are offering to conventional banks. If that changes you may find things revert to "normal" on that front. Their thinking is if they tighten their belts a little now, they should be able to carry on lending over the longer term without struggling to get more money in. 

Nobody really knows and if I am being completely honest, the last 2 days have been exhausting, so I can imagine what you are going through. I get quite invested in our customers mortgages so if things go wrong it weighs on me. After this week I cant wait for it to all just die down as it has been the worst week I have had since being a broker and I normally love my job. 

I am really surprised at how ill prepared mortgage lenders are with cancelled valuations. I raised this issue 2 weeks ago with a few lenders and they have nothing. 

I cant really offer any helpful words other than this is affecting everyone and I would like to think if you applied before the 95% product was pulled, they should be agreeing it if they would have accepted you last month. If it is declined, you probably have some time to explore other lenders as no estate agent is really expecting any movement for the foreseeable. 

Fingers crossed! 

homeless9

If I end up moving into my new build I'd be sleeping on the floor as you can't buy any beds, sofas, etc right now. Ain't even got a blow up bed. I'd be shivering on the floor.

ACG

I think Ikea and Amazon you can still order online. Not sure about anywhere else.
Ive woken up in my garden and various train stations around the country over the years, a few weeks on your own floor youll be fine. It will put hair on your chest as my granddad used to say.  

JustJane101

ACG said:

JustJane101 said:

ACG said:

I cant see there being any houses going on the market and I cant see anyone wanting to buy other than people already in a chain. So if you look at supply and demand, there will probably be neither and so house prices should stay fairly static as there will be no evidence of down valuations once things return to normal. 

In the last recession house prices dropped as there were mass redundancies - 10,000 at a time in some companies. The government has stepped in like never before to not just protect banks but most businesses out there. Some business will go under and there will be redundancies, but I cant see it being on the scale of 10 years ago. 

Nobody knows if house prices will drop, personally, I think there will be a little drop but I dont think it will be anything more than maybe 10%. But to be fair if people want to move in 6 months time and nobody is listing, you might even find demand outstrips supply and the opposite happens. 

My accountant boyfriend agrees with you here, and so do I. But it is a fact that Kensington amongst others have pulled 95% LTav mortgages. 

How long does a mortgage offer last? If I do get my mortgage offer today, will it only be 12 weeks? What happens if they don't allow me to exchange and complete before offer expires? Will they renew the offer now they aren't going 95% mortgages?
This is even saying I do get my offer!  This house means so much to me. It's going to be my home for a very long time so negative equity in the short term isn't a worry of mine. 
I'm sick with worry, I'm anxious. I'm angry that I won't get to see my boyfriend now until all this blows over as he lives 600 miles away. I'm still working as normal which is probably a God send to be honest. I understand nobody has a crystal ball but I cannot cope with not knowing for much longer because there is nothing I can physically do to help my situation. If I lose this house purchase, I will end up waiting a very long time for something this perfect to come up again, especially if the market slows. I need this house otherwise me and my boyfriend will not be able to live together any time in the near future, and our lives are pretty much on hold.   

If you fit on the 95% product with Kensington there may be 1 or 2 other lenders who may consider you at 95%. 

Some of the specialist lenders have tightened their belts, that is because they are currently not eligible for the money the government are offering to conventional banks. If that changes you may find things revert to "normal" on that front. Their thinking is if they tighten their belts a little now, they should be able to carry on lending over the longer term without struggling to get more money in. 

Nobody really knows and if I am being completely honest, the last 2 days have been exhausting, so I can imagine what you are going through. I get quite invested in our customers mortgages so if things go wrong it weighs on me. After this week I cant wait for it to all just die down as it has been the worst week I have had since being a broker and I normally love my job. 

I am really surprised at how ill prepared mortgage lenders are with cancelled valuations. I raised this issue 2 weeks ago with a few lenders and they have nothing. 

I cant really offer any helpful words other than this is affecting everyone and I would like to think if you applied before the 95% product was pulled, they should be agreeing it if they would have accepted you last month. If it is declined, you probably have some time to explore other lenders as no estate agent is really expecting any movement for the foreseeable. 

Fingers crossed! 

Really?! That's positive to know. I honestly thought this was my only chance. 

I really don't want to annoy my brokers again, as I've asked for an update monday and yesterday. Still nothing. They said they would call Kensington yesterday but I have heard nothing back and frankly that scares me because I now am pretty certain I haven't had it. 

Honestly thank you guys for all the hard work you do for us. You all deserve a lot more appreciation than you get. It is frustrating but I'm glad my valuation has already been done to some extent. 

The quicker all this blows over and life goes back to normal the better. I hope you guys aren't suffering because of it. 

I'm on night shift this week but I have slept about 30 minutes and so anxious I can't sleep, and I've been like this since friday. I feel sick. My job is one of the most secure out their (I will not lose it and I will get full sick pay If I need it)...i honestly thought this would help me but maybe I'm wrong 

JustJane101

homeless9 said:

If I end up moving into my new build I'd be sleeping on the floor as you can't buy any beds, sofas, etc right now. Ain't even got a blow up bed. I'd be shivering on the floor.

Supermarkets sell blow up beds and quilts. It will be essential for you so surely they would have to sell for you 

Firsttimebuyer_25

homeless9 said:

If I end up moving into my new build I'd be sleeping on the floor as you can't buy any beds, sofas, etc right now. Ain't even got a blow up bed. I'd be shivering on the floor.

I'm in a similar situation, but just got a bargain mattress delivered next day from Very! £120 quid and very prompt delivery....credit to them!