Really confused about what I want :(

janoid19

JGB1955 said:

janoid19 said:

MFWannabe said:

I’m really beginning to think either you are Crashy or this complete post is a wind up 

I was just thinking this must be a wind up too. 

But just think - we all know far more than we need to about houses for sale in DY4... and all those vendors are wondering why they have so many hits on their Rightmove page.

Hahahaha this made me laugh! I think i've looked at more houses in DY4 on Rightmove than I have in the area I am buying in.

strawb_shortcake

What would you do if your landlord decides to sell up, would you rent another a place or push yourself into buying? 
When I first got my mortgage I had to take it over 32 years, with one remortgage and overpayments I've managed to knock it down to 15 years in just under 5 years. Admittedly some of that was due to an unexpected lump sum but 5 years was down the remortgage for an extra £50 a month. 
It does seem that your preference really is to rent forever rather than buying a house

MFWannabe

Of course it’s a concern like it is for everyone! That’s why people go for long term fixes so they know exactly what they’ll be paying.
 But you’re becoming increasingly frustrating
You’re  seriously talking yourself out of doing it  because of this.  instead of thinking right okay, I’ll go for cheaper properties and get myself on the property ladder for THE SAME amount currently spending on rent 
various posters have tried to help you and looked at cheaper properties and there should been different excuses over and over again 
Are you surprised people are fed up? 

JGB1955

I'm going to have to put an alert on houses for sale in Nightingale Drive... because I'm bored and in lockdown.  Simple pleasures.

danlightbulb

MFWannabe said:

Of course it’s a concern like it is for everyone! That’s why people go for long term fixes so they know exactly what they’ll be paying.
 But you’re becoming increasingly frustrating
You’re  seriously talking yourself out of doing it  because of this.  instead of thinking right okay, I’ll go for cheaper properties and get myself on the property ladder for THE SAME amount currently spending on rent 
various posters have tried to help you and looked at cheaper properties and there should been different excuses over and over again 
Are you surprised people are fed up? 

No Im not surprised people are fed up but neither should you be surprised that Im now worried about the impacts of buying right now. It was bad enough finding something I could be happy buying with what I had to spend and now my buying power has reduced (through nothing Ive done), that problem will be worse. I'm giving up more of my cash safety net, more of my monthly budget, getting less house for that.

Im finding this whole thing just as ridiculous as you all are to be honest. It should not be this hard.

 

Tiglet2

MFWannabe said:

Of course it’s a concern like it is for everyone! That’s why people go for long term fixes so they know exactly what they’ll be paying.
 But you’re becoming increasingly frustrating
You’re  seriously talking yourself out of doing it  because of this.  instead of thinking right okay, I’ll go for cheaper properties and get myself on the property ladder for THE SAME amount currently spending on rent 
various posters have tried to help you and looked at cheaper properties and there should been different excuses over and over again 
Are you surprised people are fed up? 

No point getting too invested in this - have a read at Dan's other threads on this subject.  They all go round in circles, posters (including myself) have tried to offer advice and solutions to no avail.  Best thing to do is bow out nicely and wait for the next Dan thread in a few months time.  On the other hand, Dan could opt for a one year fix on the mortgage and hope that in a year's time, the rates will have gone down again in time to remortgage!

danlightbulb

annabanana82 said:

What would you do if your landlord decides to sell up, would you rent another a place or push yourself into buying? 
When I first got my mortgage I had to take it over 32 years, with one remortgage and overpayments I've managed to knock it down to 15 years in just under 5 years. Admittedly some of that was due to an unexpected lump sum but 5 years was down the remortgage for an extra £50 a month. 
It does seem that your preference really is to rent forever rather than buying a house

Honestly I would have to move back with parents. The rental market here is awful, barely anything available and I'd be paying alot more than I am now. I simply would refuse to pay more for less.

My preference is to be financially secure. That means owning a house yes, but it also means having a safety net in savings, and not running my monthly budget to the bone.

robatwork

Maybe Dan started this thread as a social experiment, and you reading this are the white mice. 

Page 47 and counting would suggest he's doing a fine job, and DY4 estate agents are probably visiting the Mini dealers already looking for an upgrade.

If I may quote from the greatest album of all time  "If I don't stand my own ground, how can I find my way out of this maze?"

Salemicus

danlightbulb said:

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.

Right, but all of your rent is a cost, whereas of the £600 a month, only the interest payment (~£360 right not, but declining over the course of the mortgage) is a cost, whereas the remaining £240 is you building equity in the property. So in reality it is cheaper to buy (if you plan to be in the property for a good while).

danlightbulb

You know I'll just have a break from here for a while. I have the viewing on Saturday still. Im just really angry that after coming to terms with some compromises and finding some places I could view (with all your help), that the useless mortgage market and covid is now putting a spanner in.