Really confused about what I want :(

theoretica

danlightbulb said:

Tiglet2 said:

coachman12 said:

32 pages of the piano, the map, the level driveway, someone who has no idea whether he wants anything at all really. Am I missing anything ?????????

Don't forget to count all the other threads on the same subject!  Really don't know why I keep investing my time in this.....

I appreciate the time you've given (and others). Clearly I need help figuring out what I want/can settle on. Im not trying to be awkward, but I also don't want to make the wrong choice.

One thing you need to remember is that this isn't like a maths question - with a right answer if only you can work it out.  There is a range of OK choices and perfect probably doesn't exist. 

Do you know the phrase 'The best is the enemy of the good'?  That is the trap you are falling into.

danlightbulb

MFWannabe said:

danlightbulb said:

MFWannabe said:

danlightbulb said:

I fear this all could be for nothing anyway now, as it looks like there are still very few 10% deposit deals available and the rate is far higher on them. My previous deal was with HSBC, 90% LTV at 2.09% fixed for 2 years. HSBC have a new minimum of 15%. I simply don't have 15%, it would cut my max purchase price from £190k down to circa £150k.

Why would it have to be with HSBC? 
Go to a good broker and ask if there are any 10% deals around 
When you say rates are far higher how much are they? 
We had a much higher rate to start off with because we really wanted our own house and to stop throwing money away on rent but now it’s come right down 

Im waiting for my L&C broker to come back to me with an appointment. But from using some comparison tools it looks like its gone from 2.09% up to 2.65%. That's adding about £60 per month on £190k, or £40 per month on £160k. It perhaps doesn't sound like much but all these little extra bits eat into your budget don't they.

Yes it does but you have to be realistic or do you want to carry on renting for ever and throwing your money away when you could be paying off your own mortgage on your own property? 
theres only so many times we can keep saying the same things here! 
It boils down to ultimately how much you want to own your own home and only you can answer that 
The property at 160k ticks almost all the boxes and you can comfortably afford it. Also gets you on the property ladder! 
When we got out first property the interest rate was higher than the above but we REALLY wanted our own home so was worth it! 

Yeah it just adds another dilemma though doesn't it. Covid is going to screw over alot of people probably. If it has caused my costs to go up (higher rates, less availability of mortgages, bigger deposits), and coupled with still increasing prices....crazy. The timing is just really poor from my point of view, if I wasn't 40 and worried about the mortgage term issue, I'd probably wait and see what shakes out re covid. 

Crashy_Time

MFWannabe said:

Ps we spent over 50k on rent until we could buy! Sobering thought and one you can avoid! 

How do you avoid your house falling 50k in value?

Crashy_Time

danlightbulb said:

MFWannabe said:

danlightbulb said:

I fear this all could be for nothing anyway now, as it looks like there are still very few 10% deposit deals available and the rate is far higher on them. My previous deal was with HSBC, 90% LTV at 2.09% fixed for 2 years. HSBC have a new minimum of 15%. I simply don't have 15%, it would cut my max purchase price from £190k down to circa £150k.

Why would it have to be with HSBC? 
Go to a good broker and ask if there are any 10% deals around 
When you say rates are far higher how much are they? 
We had a much higher rate to start off with because we really wanted our own house and to stop throwing money away on rent but now it’s come right down 

Im waiting for my L&C broker to come back to me with an appointment. But from using some comparison tools it looks like its gone from 2.09% up to 2.65%. That's adding about £60 per month on £190k, or £40 per month on £160k. It perhaps doesn't sound like much but all these little extra bits eat into your budget don't they.

You need to compensate by making lower offers.
https://www.housingtoday.co.uk/news/rightmove-records-first-house-price-fall-in-four-months/5108998.article

danlightbulb

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

Crashy_Time

danlightbulb said:

MFWannabe said:

danlightbulb said:

MFWannabe said:

danlightbulb said:

I fear this all could be for nothing anyway now, as it looks like there are still very few 10% deposit deals available and the rate is far higher on them. My previous deal was with HSBC, 90% LTV at 2.09% fixed for 2 years. HSBC have a new minimum of 15%. I simply don't have 15%, it would cut my max purchase price from £190k down to circa £150k.

Why would it have to be with HSBC? 
Go to a good broker and ask if there are any 10% deals around 
When you say rates are far higher how much are they? 
We had a much higher rate to start off with because we really wanted our own house and to stop throwing money away on rent but now it’s come right down 

Im waiting for my L&C broker to come back to me with an appointment. But from using some comparison tools it looks like its gone from 2.09% up to 2.65%. That's adding about £60 per month on £190k, or £40 per month on £160k. It perhaps doesn't sound like much but all these little extra bits eat into your budget don't they.

Yes it does but you have to be realistic or do you want to carry on renting for ever and throwing your money away when you could be paying off your own mortgage on your own property? 
theres only so many times we can keep saying the same things here! 
It boils down to ultimately how much you want to own your own home and only you can answer that 
The property at 160k ticks almost all the boxes and you can comfortably afford it. Also gets you on the property ladder! 
When we got out first property the interest rate was higher than the above but we REALLY wanted our own home so was worth it! 

Yeah it just adds another dilemma though doesn't it. Covid is going to screw over alot of people probably. If it has caused my costs to go up (higher rates, less availability of mortgages, bigger deposits), and coupled with still increasing prices....crazy. The timing is just really poor from my point of view, if I wasn't 40 and worried about the mortgage term issue, I'd probably wait and see what shakes out re covid. 

I can definitely see mortgage rates spiking up.

MFWannabe

Crashy_Time said:

MFWannabe said:

Ps we spent over 50k on rent until we could buy! Sobering thought and one you can avoid! 

How do you avoid your house falling 50k in value?

Really? Not going to happen! Back in your box please 🤐

MFWannabe

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

The response to Crashy is your best response so far! 😂🤣

Crashy_Time

MFWannabe said:

Crashy_Time said:

MFWannabe said:

Ps we spent over 50k on rent until we could buy! Sobering thought and one you can avoid! 

How do you avoid your house falling 50k in value?

Really? Not going to happen! Back in your box please 🤐

I could post up links all day from PropertyLog of people having to knock 50k or 100k off their price, they probably thought that price was more or less a given...until it wasn`t.

MFWannabe

Crashy_Time said:

MFWannabe said:

Crashy_Time said:

MFWannabe said:

Ps we spent over 50k on rent until we could buy! Sobering thought and one you can avoid! 

How do you avoid your house falling 50k in value?

Really? Not going to happen! Back in your box please 🤐

I could post up links all day from PropertyLog of people having to knock 50k or 100k off their price, they probably thought that price was more or less a given...until it wasn`t.

😂🤣🤣🤣🤣 you are funny. Exactly how much have you spent in rent in your lifetime? 🙄🤷‍♀️