Really confused about what I want :(

hazyjo

It's like people who miss a recession and refuse to buy. We're still pretty much in it. Prices haven't really risen much in the last 3-4 years. My last house nearly doubled in price in 3 years. Bought just over £225k and sold for £515k. It's all relative for those of us who own as everything else rises and falls with it.

But for those starting out or with nothing to sell, it don't get much better than what it's currently like. So you missed the very bottom. But only barely.

RelievedSheff

90% LTV mortgages are becoming available again. Accord today have launched their new range.

https://www.financialreporter.co.uk/mortgages/accord-launches-permanent-90-ltv-range.html

Not sure you can use mortgage availability as an excuse.

Crashy_Time

RelievedSheff said:

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.

Say the whole area is overpriced, what then?

danlightbulb

RelievedSheff said:

90% LTV mortgages are becoming available again. Accord today have launched their new range.

https://www.financialreporter.co.uk/mortgages/accord-launches-permanent-90-ltv-range.html

Not sure you can use mortgage availability as an excuse.

But look at those rates! Less than 6 months ago I was getting 2.09%. Base rates haven't changed.

Its not an excuse is it when this adds over well over £100 to my monthly costs. I thought some availability/rates might have changed lately but not to this extent. I was just starting to get more positive about what I was seeing as well.

I am pushing my limit with monthly budget as it is, I simply do have not much room to move without seeing a compensation effect in the sale price. 

danlightbulb

hazyjo said:

It's like people who miss a recession and refuse to buy. We're still pretty much in it. Prices haven't really risen much in the last 3-4 years. My last house nearly doubled in price in 3 years. Bought just over £225k and sold for £515k. It's all relative for those of us who own as everything else rises and falls with it.

But for those starting out or with nothing to sell, it don't get much better than what it's currently like. So you missed the very bottom. But only barely.

I dont know what bottom you're referring to but around here prices have gone up and up in the last few years and still are now. The years of low rates are one of the reasons prices have been able to climb so high - noone could afford these at 5%!

Rising prices, rising rates, larger deposits....I'd love to know where all the money is coming from.

MFWannabe

danlightbulb said:

RelievedSheff said:

90% LTV mortgages are becoming available again. Accord today have launched their new range.

https://www.financialreporter.co.uk/mortgages/accord-launches-permanent-90-ltv-range.html

Not sure you can use mortgage availability as an excuse.

But look at those rates! Less than 6 months ago I was getting 2.09%. Base rates haven't changed.

Its not an excuse is it when this adds over well over £100 to my monthly costs. I thought some availability/rates might have changed lately but not to this extent. I was just starting to get more positive about what I was seeing as well.

I am pushing my limit with monthly budget as it is, I simply do have not much room to move without seeing a compensation effect in the sale price. 

Really? You’re looking back at the past again! 
In a few years time they may well be even higher; what are you going to say then?! 
As previous posters have said lower your expectations; there’s perfectly nice properties around below 160k 
have you put the numbers into mortgage calculator as I mentioned earlier? Could Ben less than you pay in rent; so you can’t use budget as an excuse there 

theoretica

danlightbulb said:

RelievedSheff said:

90% LTV mortgages are becoming available again. Accord today have launched their new range.

https://www.financialreporter.co.uk/mortgages/accord-launches-permanent-90-ltv-range.html

Not sure you can use mortgage availability as an excuse.

But look at those rates! Less than 6 months ago I was getting 2.09%. Base rates haven't changed.

Its not an excuse is it when this adds over well over £100 to my monthly costs. I thought some availability/rates might have changed lately but not to this extent. I was just starting to get more positive about what I was seeing as well.

I am pushing my limit with monthly budget as it is, I simply do have not much room to move without seeing a compensation effect in the sale price. 

Looking at what things were really won't help you - unless you have a time machine in which case I want it to go back and buy a place in about 2000 when I thought about it vaguely and decided I didn't like anything I could afford - would really like to have had the property value increase between then and when I did buy in my pocket.  But I don't.  You need to make decisions on things as they are now and with and eye to how they might be in future, not looking to the past.

MFWannabe

danlightbulb said:

hazyjo said:

It's like people who miss a recession and refuse to buy. We're still pretty much in it. Prices haven't really risen much in the last 3-4 years. My last house nearly doubled in price in 3 years. Bought just over £225k and sold for £515k. It's all relative for those of us who own as everything else rises and falls with it.

But for those starting out or with nothing to sell, it don't get much better than what it's currently like. So you missed the very bottom. But only barely.

I dont know what bottom you're referring to but around here prices have gone up and up in the last few years and still are now. The years of low rates are one of the reasons prices have been able to climb so high - noone could afford these at 5%!

Rising prices, rising rates, larger deposits....I'd love to know where all the money is coming from.

Of course they can! People are means tested to see if they’d be able to afford it at higher rates! And people lock in for 2, 5, 10 year fixes
For goodness sake; you’re sounding more and more like Crashy! 

danlightbulb

MFWannabe said:

danlightbulb said:

RelievedSheff said:

90% LTV mortgages are becoming available again. Accord today have launched their new range.

https://www.financialreporter.co.uk/mortgages/accord-launches-permanent-90-ltv-range.html

Not sure you can use mortgage availability as an excuse.

But look at those rates! Less than 6 months ago I was getting 2.09%. Base rates haven't changed.

Its not an excuse is it when this adds over well over £100 to my monthly costs. I thought some availability/rates might have changed lately but not to this extent. I was just starting to get more positive about what I was seeing as well.

I am pushing my limit with monthly budget as it is, I simply do have not much room to move without seeing a compensation effect in the sale price. 

Really? You’re looking back at the past again! 
In a few years time they may well be even higher; what are you going to say then?! 
As previous posters have said lower your expectations; there’s perfectly nice properties around below 160k 
have you put the numbers into mortgage calculator as I mentioned earlier? Could Ben less than you pay in rent; so you can’t use budget as an excuse there 

Yes Ive been checking the rates/calculators, and spoke to mortgage broker this morning.

£160k with 15% deposit - 3.15% - £600 per month which is more than my rent. So what have I gained? Ive had to put in MORE deposit than I wanted, and am spending MORE each month. When its (partially) the cheap rates that have pushed prices up in the first place, why would I not expect to see a compensatory effect the other way when rates rise?

My original £190k with 10% - would have been £660 per month, now is nearly £800.

£160k with 10% - 3.65% - £670 per month, £100 more than my rent.

MFWannabe

Looking at the past again! 🙇🏻‍♂️🤦‍♂️
You should have bought 12 months ago; you didn’t 
now you’re talking yourself out of it again by dwelling on what could have been 
Good luck to you