Final stages of buying (Advice needed)!

sp_84

colink24 said:

sp_84 said:

Miranda25 said:

Douve87 said:

Nobody knows what will happen with house prices. Before covid it was brexit, after covid it will be brexit again and after brexit it will be something else. People are always predicting crashes and eventually they are right as capatalism is boom and bust. But imo that shouldn't stop you living your life especially if youre not buying it as an investment or to sell on in the short term. As property value drops wont affect you (barring the circumstances the other person said death and divorce that may necessitate a sell). Again as youve been told your existing lender will have to offer you a new  product at the end of exisiting product even if negative equity occurs, you just may not be able to change lender. The rate of a new product may be higher than now but once again that could be the case in the future anyway(even if youre in a lower ltv bracket). Ultimately its your decision but i wouldnt let it stop me living my life.

After brexit will be second wave of covid:

Oh lovely 😐😐😐 !!! That is also an obvious fear for everyone when it comes to property prices ! And something that is itching in the back of the mind. 

I am also of the opinion that I need to live my life - growing the family, getting our own space, great location, good school area etc are important and are all offered at this house. Plus I'm not getting any younger. I'm sure there are thousands in the same boat. 

Correct me if I'm wrong, but I have also heard people say that unlike 2008 - the banks do have money this time. Meaning they are willing to lend to those that meet their lending criteria. Meaning that, because people need somewhere to live - there will be demand for mortgages and homes???

Also on a separate point - I know you have said that negative equity also matters in death ... But wouldn't a decreasing life insurance policy, with critical illness cover ... Wipe out any negative equity in that event? 

Im also NI based, and looking to buy in the next 6-12 months. I am originally from England, and owned a property their during the recession in 2008. 

The issue with house prices in NI, as you correctly say, is a little different from the mainland. NI was hit harder back during the last recession, and the economy here, such as jobs etc, will likely be hit harder due to the nature of it being an island!

I expect prices to come down, but I dont believe selling prices are recorded in the same way they are in England, so we have to wait for the data to come out. Its going to take many months before we see a picture of where we are.

Good area's are more important in NI as well. Choice is more limited. Saying that, I am seeing house building accelerate at an impressive rate, so this should help with supply.

Hi Colin! 

May I just ask where in NI you are based ? I am in Belfast and have been sale agreed on a house in Lisburn (just off the Belsize Road) for many months now. Just in case you know the area. 

As the previous poster has said - I may speak to my mortgage broker today and maybe see about getting locked in for a longer period of time ! 

My living circumstances (with parents) - dictate that I either go ahead and buy ... Or rent! 😟

colink24

sp_84 said:

colink24 said:

sp_84 said:

Miranda25 said:

Douve87 said:

Nobody knows what will happen with house prices. Before covid it was brexit, after covid it will be brexit again and after brexit it will be something else. People are always predicting crashes and eventually they are right as capatalism is boom and bust. But imo that shouldn't stop you living your life especially if youre not buying it as an investment or to sell on in the short term. As property value drops wont affect you (barring the circumstances the other person said death and divorce that may necessitate a sell). Again as youve been told your existing lender will have to offer you a new  product at the end of exisiting product even if negative equity occurs, you just may not be able to change lender. The rate of a new product may be higher than now but once again that could be the case in the future anyway(even if youre in a lower ltv bracket). Ultimately its your decision but i wouldnt let it stop me living my life.

After brexit will be second wave of covid:

Oh lovely 😐😐😐 !!! That is also an obvious fear for everyone when it comes to property prices ! And something that is itching in the back of the mind. 

I am also of the opinion that I need to live my life - growing the family, getting our own space, great location, good school area etc are important and are all offered at this house. Plus I'm not getting any younger. I'm sure there are thousands in the same boat. 

Correct me if I'm wrong, but I have also heard people say that unlike 2008 - the banks do have money this time. Meaning they are willing to lend to those that meet their lending criteria. Meaning that, because people need somewhere to live - there will be demand for mortgages and homes???

Also on a separate point - I know you have said that negative equity also matters in death ... But wouldn't a decreasing life insurance policy, with critical illness cover ... Wipe out any negative equity in that event? 

Im also NI based, and looking to buy in the next 6-12 months. I am originally from England, and owned a property their during the recession in 2008. 

The issue with house prices in NI, as you correctly say, is a little different from the mainland. NI was hit harder back during the last recession, and the economy here, such as jobs etc, will likely be hit harder due to the nature of it being an island!

I expect prices to come down, but I dont believe selling prices are recorded in the same way they are in England, so we have to wait for the data to come out. Its going to take many months before we see a picture of where we are.

Good area's are more important in NI as well. Choice is more limited. Saying that, I am seeing house building accelerate at an impressive rate, so this should help with supply.

Hi Colin! 

May I just ask where in NI you are based ? I am in Belfast and have been sale agreed on a house in Lisburn (just off the Belsize Road) for many months now. Just in case you know the area. 

As the previous poster has said - I may speak to my mortgage broker today and maybe see about getting locked in for a longer period of time ! 

My living circumstances (with parents) - dictate that I either go ahead and buy ... Or rent! 😟

Im Bangor area myself. I do know the area yes, Lisburn was one of the locations we looked at when moving! Its tough at the moment with decision making, but sadly its a lot of guessing/hoping we make the right decisions!

Good luck with it. 

sp_84

colink24 said:

sp_84 said:

colink24 said:

sp_84 said:

Miranda25 said:

Douve87 said:

Nobody knows what will happen with house prices. Before covid it was brexit, after covid it will be brexit again and after brexit it will be something else. People are always predicting crashes and eventually they are right as capatalism is boom and bust. But imo that shouldn't stop you living your life especially if youre not buying it as an investment or to sell on in the short term. As property value drops wont affect you (barring the circumstances the other person said death and divorce that may necessitate a sell). Again as youve been told your existing lender will have to offer you a new  product at the end of exisiting product even if negative equity occurs, you just may not be able to change lender. The rate of a new product may be higher than now but once again that could be the case in the future anyway(even if youre in a lower ltv bracket). Ultimately its your decision but i wouldnt let it stop me living my life.

After brexit will be second wave of covid:

Oh lovely 😐😐😐 !!! That is also an obvious fear for everyone when it comes to property prices ! And something that is itching in the back of the mind. 

I am also of the opinion that I need to live my life - growing the family, getting our own space, great location, good school area etc are important and are all offered at this house. Plus I'm not getting any younger. I'm sure there are thousands in the same boat. 

Correct me if I'm wrong, but I have also heard people say that unlike 2008 - the banks do have money this time. Meaning they are willing to lend to those that meet their lending criteria. Meaning that, because people need somewhere to live - there will be demand for mortgages and homes???

Also on a separate point - I know you have said that negative equity also matters in death ... But wouldn't a decreasing life insurance policy, with critical illness cover ... Wipe out any negative equity in that event? 

Im also NI based, and looking to buy in the next 6-12 months. I am originally from England, and owned a property their during the recession in 2008. 

The issue with house prices in NI, as you correctly say, is a little different from the mainland. NI was hit harder back during the last recession, and the economy here, such as jobs etc, will likely be hit harder due to the nature of it being an island!

I expect prices to come down, but I dont believe selling prices are recorded in the same way they are in England, so we have to wait for the data to come out. Its going to take many months before we see a picture of where we are.

Good area's are more important in NI as well. Choice is more limited. Saying that, I am seeing house building accelerate at an impressive rate, so this should help with supply.

Hi Colin! 

May I just ask where in NI you are based ? I am in Belfast and have been sale agreed on a house in Lisburn (just off the Belsize Road) for many months now. Just in case you know the area. 

As the previous poster has said - I may speak to my mortgage broker today and maybe see about getting locked in for a longer period of time ! 

My living circumstances (with parents) - dictate that I either go ahead and buy ... Or rent! 😟

Im Bangor area myself. I do know the area yes, Lisburn was one of the locations we looked at when moving! Its tough at the moment with decision making, but sadly its a lot of guessing/hoping we make the right decisions!

Good luck with it. 

Thank you! 

Same to yourself - spoke to the broker and I'm still none the wiser ! I think I may his behind the letter from the solicitor and see if I can even get the house back down to asking price. 

Miranda25

Miranda25 said:

Douve87 said:

Nobody knows what will happen with house prices. Before covid it was brexit, after covid it will be brexit again and after brexit it will be something else. People are always predicting crashes and eventually they are right as capatalism is boom and bust. But imo that shouldn't stop you living your life especially if youre not buying it as an investment or to sell on in the short term. As property value drops wont affect you (barring the circumstances the other person said death and divorce that may necessitate a sell). Again as youve been told your existing lender will have to offer you a new  product at the end of exisiting product even if negative equity occurs, you just may not be able to change lender. The rate of a new product may be higher than now but once again that could be the case in the future anyway(even if youre in a lower ltv bracket). Ultimately its your decision but i wouldnt let it stop me living my life.

After brexit will be second wave of covid:
https://www.theguardian.com/commentisfree/2020/jun/21/beijing-coronavirus-second-wave-virus-china

Why was this reported? We are not allowed to give links on newspaper's articles?