Really confused about what I want :(

MFWannabe

Morning OP
Not sure if this one starts been posted before? https://www.rightmove.co.uk/properties/72906672#/
Been on for a while so should be a deal there; room in living room for piano but also says it has a study which would also be ideal
A bit ‘out there’ but have you also considered something like this: 
https://www.rightmove.co.uk/properties/72806595#/
Still under warranty, we’ll within budget; of you play around with mortgage calculator can be less than you’re paying in rent which gives you option to over pay 
This ones detached: 
https://www.rightmove.co.uk/properties/75162588#/

RelievedSheff

danlightbulb said:

MFWannabe said:

danlightbulb said:

Yeah I still have the viewing on the other house to come at the weekend. The two I just called up about (from Tiglet's list) have both gone under offer.

I don't know how much weight I should give to issues like the unadopted road, or the very steep garden. Obviously those things affect what the house would sell for and are the reason I might get it for a good price. But at the same time maybe I should not be taking those risks at all? Earlier in the thread people were ruling out a shared driveway which I assume is for a similar reason - the potential for big hassle.

What’s the house you’re viewing at the weekend? 
Ref todays go and have a drive round the area at different times of the day to see what it’s like 

https://www.rightmove.co.uk/properties/84183691#/

Couldn't be any more different could it really. Probably why I struggle to choose, its not like im deciding between two generally similar houses on the marginal things, its real extremes.

There is plenty of room for improvement with that house. Looks to be a nice house underneath that you can put your own mark on over time. Just a bit of tidying up at the front and it would look and present a lot better.

The back garden is steep but with some work it could be terraced and landscaped to make a nice relaxing space.

seradane

Dan - re the discussion about your available mortgage being potentially a lot less than you were initially thinking you'd have available, and how you're suddenly sounding more positive, it's got me wondering whether you're falling into the same mindset as some friends of mine.

They already owned a house, a small 2-bed, but after 8 years there they were in need of more space. It's just the two of them and they weren't sure if they want kids, but also wanted a house that might cover that eventuality. So similar to you in the whole current living situation is not bad, but for various reasons they want to move, and this theoretical new property has to cover a lot of potential 'what-ifs' in life. They spent about 18 months looking at houses at the top of their budget, and just for whatever reason weren't happy with any of them. They had some lovely options, but their expectations for this house were fairly huge and nothing was just right. They also weren't really interested in doing much work to a new property so it had to be perfect already. 

I'm not sure what prompted the change, but eventually they started looking at property that was about 40% under their max budget - and all of a sudden they found not one but two properties they liked enough to offer on. The first one fell through cause of COVID, but the second they have finally moved into just recently. 

But I think the key to that all was, when you're spending max budget, you have this expectation that it has to be perfect, cover every eventuality, even those you might not know you need right now (like your future partner you might meet someday) - because you're spending so much money, of course it has to be right!

However if you are instead looking at something that's comfortably affordable, maybe all of a sudden compromising doesn't feel like such an impossible task - because its so much more affordable, you have options - maybe you can afford to do some work to it, or its just easier to see it as a step rather than a forever home and you can move again sometime when you need to. Or just the house doesn't have to be 100% right because you now have room in your finances for other things you might want to do, whether they're hobbies or just savings or whatever. Or in your case, if you fear you might make a mistake, well... something that's comfortably below budget will mean you're very unlikely to ever default on your mortgage and be forced to sell, so you're a lot safer from market downturns or whatever.

So, maybe it's worth starting from the bottom - in your search area there are seemingly decent properties below the £150k mark, like this one say: https://www.rightmove.co.uk/properties/73972149#/?
I'm sure it doesn't meet all of your criteria, but when you're looking at a much lower mortgage, maybe all of a sudden you're more comfortable with the compromises you are invariably going to have to make?

MFWannabe

seradane said:

Dan - re the discussion about your available mortgage being potentially a lot less than you were initially thinking you'd have available, and how you're suddenly sounding more positive, it's got me wondering whether you're falling into the same mindset as some friends of mine.

They already owned a house, a small 2-bed, but after 8 years there they were in need of more space. It's just the two of them and they weren't sure if they want kids, but also wanted a house that might cover that eventuality. So similar to you in the whole current living situation is not bad, but for various reasons they want to move, and this theoretical new property has to cover a lot of potential 'what-ifs' in life. They spent about 18 months looking at houses at the top of their budget, and just for whatever reason weren't happy with any of them. They had some lovely options, but their expectations for this house were fairly huge and nothing was just right. They also weren't really interested in doing much work to a new property so it had to be perfect already. 

I'm not sure what prompted the change, but eventually they started looking at property that was about 40% under their max budget - and all of a sudden they found not one but two properties they liked enough to offer on. The first one fell through cause of COVID, but the second they have finally moved into just recently. 

But I think the key to that all was, when you're spending max budget, you have this expectation that it has to be perfect, cover every eventuality, even those you might not know you need right now (like your future partner you might meet someday) - because you're spending so much money, of course it has to be right!

However if you are instead looking at something that's comfortably affordable, maybe all of a sudden compromising doesn't feel like such an impossible task - because its so much more affordable, you have options - maybe you can afford to do some work to it, or its just easier to see it as a step rather than a forever home and you can move again sometime when you need to. Or just the house doesn't have to be 100% right because you now have room in your finances for other things you might want to do, whether they're hobbies or just savings or whatever. Or in your case, if you fear you might make a mistake, well... something that's comfortably below budget will mean you're very unlikely to ever default on your mortgage and be forced to sell, so you're a lot safer from market downturns or whatever.

So, maybe it's worth starting from the bottom - in your search area there are seemingly decent properties below the £150k mark, like this one say: https://www.rightmove.co.uk/properties/73972149#/?
I'm sure it doesn't meet all of your criteria, but when you're looking at a much lower mortgage, maybe all of a sudden you're more comfortable with the compromises you are invariably going to have to make?

What a brilliant post; very well put 👍
I agree the property you’ve put a link to looks lovely 

danlightbulb

@seradane yeah you're spot on on the value for money front. If Im spending alot (relative to my own circumstances of course) then I want alot for it - only logical. Trouble is finding something cheaper that is also at least partially appealing.

I spoke to my mortgage broker today anyway, and its not good news. The deal I had back in March (now expired) was 90% LTV, 2.09% fixed for 2 years with HSBC, and I was approved for it.

Now, an 85% LTV is 3.15%, and a 90% LTV is nearer 3.65%. I'd still have no issue getting approved, but at those prices Im not sure I want to. He also told me at least half of all applications are getting downvalued, and that the deals are changing really frequently. I could apply now, then next week a better deal could come along or 90% LTV could be more available. Its a terrible time I think.

MFWannabe

danlightbulb said:

@seradane yeah you're spot on on the value for money front. If Im spending alot (relative to my own circumstances of course) then I want alot for it - only logical. Trouble is finding something cheaper that is also at least partially appealing.

I spoke to my mortgage broker today anyway, and its not good news. The deal I had back in March (now expired) was 90% LTV, 2.09% fixed for 2 years with HSBC, and I was approved for it.

Now, an 85% LTV is 3.15%, and a 90% LTV is nearer 3.65%. I'd still have no issue getting approved, but at those prices Im not sure I want to. He also told me at least half of all applications are getting downvalued, and that the deals are changing really frequently. I could apply now, then next week a better deal could come along or 90% LTV could be more available. Its a terrible time I think.

Seriously OP only you can decide; I feel like we’re repeating ourselves over and over again 🤦‍♂️
If you punch the numbers into a mortgage calculator for say the Shaw Road property they come out with £626 per month over 25 years at 3.5% or £562 per month over 30 years (which is less than your rent) 
when we bought 5 years ago we were on a 5 year fix higher than those rates but the difference was we really wanted to buy 

danlightbulb

MFWannabe said:

danlightbulb said:

@seradane yeah you're spot on on the value for money front. If Im spending alot (relative to my own circumstances of course) then I want alot for it - only logical. Trouble is finding something cheaper that is also at least partially appealing.

I spoke to my mortgage broker today anyway, and its not good news. The deal I had back in March (now expired) was 90% LTV, 2.09% fixed for 2 years with HSBC, and I was approved for it.

Now, an 85% LTV is 3.15%, and a 90% LTV is nearer 3.65%. I'd still have no issue getting approved, but at those prices Im not sure I want to. He also told me at least half of all applications are getting downvalued, and that the deals are changing really frequently. I could apply now, then next week a better deal could come along or 90% LTV could be more available. Its a terrible time I think.

Seriously OP only you can decide; I feel like we’re repeating ourselves over and over again 🤦‍♂️
If you punch the numbers into a mortgage calculator for say the Shaw Road property they come out with £626 per month over 25 years at 3.5% or £562 per month over 30 years (which is less than your rent) 
when we bought 5 years ago we were on a 5 year fix higher than those rates but the difference was we really wanted to buy 

Sure I just feel that you wouldn't buy something that only 3 months back cost £100 per month less or whatever. If mortgage rates go up and deposit requirements go up, surely prices have to fall to compensate. 

MFWannabe

danlightbulb said:

MFWannabe said:

danlightbulb said:

@seradane yeah you're spot on on the value for money front. If Im spending alot (relative to my own circumstances of course) then I want alot for it - only logical. Trouble is finding something cheaper that is also at least partially appealing.

I spoke to my mortgage broker today anyway, and its not good news. The deal I had back in March (now expired) was 90% LTV, 2.09% fixed for 2 years with HSBC, and I was approved for it.

Now, an 85% LTV is 3.15%, and a 90% LTV is nearer 3.65%. I'd still have no issue getting approved, but at those prices Im not sure I want to. He also told me at least half of all applications are getting downvalued, and that the deals are changing really frequently. I could apply now, then next week a better deal could come along or 90% LTV could be more available. Its a terrible time I think.

Seriously OP only you can decide; I feel like we’re repeating ourselves over and over again 🤦‍♂️
If you punch the numbers into a mortgage calculator for say the Shaw Road property they come out with £626 per month over 25 years at 3.5% or £562 per month over 30 years (which is less than your rent) 
when we bought 5 years ago we were on a 5 year fix higher than those rates but the difference was we really wanted to buy 

Sure I just feel that you wouldn't buy something that only 3 months back cost £100 per month less or whatever. If mortgage rates go up and deposit requirements go up, surely prices have to fall to compensate. 

Who has a crystal ball? 
Prices could drop or could go up more and then more properties are out of your range 
Who knows 🤷‍♀️

MFWannabe

When interest rates rose to 15% I’m sure house prices didn’t drop to compensate 🤷‍♀️

MFWannabe

You’ve already been discussing it on here for 18 months and in that time seen house prices and interest rates increase. 
Is that the problem? You’re now beating yourself up for not making a decision much earlier? 🤷‍♀️