Really confused about what I want :(

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? 🤷‍♀️
Life is full of ifs and maybes 

RelievedSheff

Indeed. Had the OP bought a house 18 months ago when they had started looking they would have 18 months of mortgage payments under their belt plus the house would have increased in value.

As it stands now the OP has paid an extra 18 months in rent and has found that properties they could afford 18 months ago are now out of reach.

An extra 0.25-0.5% on the mortgage rate is nothing in the grand scheme of things and I fear the OP is just using this as another reason to be non comital. Trying the time the market is a fools game. Ask Crashy how it has gone for him.

danlightbulb

RelievedSheff said:

Indeed. Had the OP bought a house 18 months ago when they had started looking they would have 18 months of mortgage payments under their belt plus the house would have increased in value.

As it stands now the OP has paid an extra 18 months in rent and has found that properties they could afford 18 months ago are now out of reach.

An extra 0.25-0.5% on the mortgage rate is nothing in the grand scheme of things and I fear the OP is just using this as another reason to be non comital. Trying the time the market is a fools game. Ask Crashy how it has gone for him.

It might not be much in the grand scheme but its significant in the short term when it means I have to put in an extra 5% and pay more per month when Ive set my budget.

Obviously its the whole virus situation that's causing it and noone has a crystal ball. It does limit my max though, big time, dropped to about £170k from £190k before.

RelievedSheff

danlightbulb said:

RelievedSheff said:

Indeed. Had the OP bought a house 18 months ago when they had started looking they would have 18 months of mortgage payments under their belt plus the house would have increased in value.

As it stands now the OP has paid an extra 18 months in rent and has found that properties they could afford 18 months ago are now out of reach.

An extra 0.25-0.5% on the mortgage rate is nothing in the grand scheme of things and I fear the OP is just using this as another reason to be non comital. Trying the time the market is a fools game. Ask Crashy how it has gone for him.

It might not be much in the grand scheme but its significant in the short term when it means I have to put in an extra 5% and pay more per month when Ive set my budget.

Obviously its the whole virus situation that's causing it and noone has a crystal ball. It does limit my max though, big time, dropped to about £170k from £190k before.

What will be your next excuse? Brexit perhaps?

If you have no intention of buying a property then you are just wasting everyone's time here but more especially the time of those who are taking the time to let you view their properties in these Covid affected times.

If you are not willing to commit to anything then stop booking viewings and continue as you are in your rental property.

Crashy_Time

MFWannabe said:

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.

Ahhh you got a viewing on it! 
You’re really keen on this one aren’t you? It looks really nice
Good price, end house and better location? Also cul de sac location is a tick 
i think we all like different styles of properties for different reasons 

Good price?

Crashy_Time

MFWannabe said:

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#/

The last one looks pretty cool, and the price is good, some of the other rubbish at a similar price is laughable TBH.

Crashy_Time

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.

Yep, down-valuations, higher mortgage rates and larger deposit requirements will be a wake up call for many sellers , hopefully down-valuations are here to stay though because one lower sale basically drops the price for the whole neighbourhood.

RelievedSheff

Crashy_Time 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.

Yep, down-valuations, higher mortgage rates and larger deposit requirements will be a wake up call for many sellers , hopefully down-valuations are here to stay though because one lower sale basically drops the price for the whole neighbourhood.

Not really if the mortgage valuation just brings the value down in line with other properties in the area rather than being too high.

hazyjo

This is one of the worst times in history, with the lowest interest rates. They're still RIDICULOUSLY low. Most of us are used to paying around the 5% mark (and I'm from a time when they were well into double figures).

Dan, you talk like they've gone up and will stay. And you think house prices will compensate! Ha! It really doesn't work like that mate. You may look back in another 2 years and they'll be way over what they are now. Or prices may have risen £100k.

Stop keep looking back. You really can't rewrite history. Try to live in the moment.

MFWannabe

hazyjo said:

This is one of the worst times in history, with the lowest interest rates. They're still RIDICULOUSLY low. Most of us are used to paying around the 5% mark (and I'm from a time when they were well into double figures).

Dan, you talk like they've gone up and will stay. And you think house prices will compensate! Ha! It really doesn't work like that mate. You may look back in another 2 years and they'll be way over what they are now. Or prices may have risen £100k.

Stop keep looking back. You really can't rewrite history. Try to live in the moment.

Well said! 
Look back in 2 years and come on complaining how now you really can’t afford to buy! Or... 2 years into paying a mortgage 🤷‍♀️
The choice is yours Dan the choice is yours