House Purchase - Should I buy or not?

morg_monster

One important thing you've missed out - how long are you likely to be in this house?
And also, if you don't mind, will you be stretched financially on this mortgage? Do you have a large deposit?

JimmyTheWig

Where are you living at the moment (e.g. renting house, shared house, with parents)?
If you're with living with parents or paying a small rent in a shared house then I'd be tempted to say stay put if you can. Keep saving up money to build up a bigger deposit and look again when things have settled a bit. But if you're paying out lots in rent then this isn't necessarily a good option.

Can you get a mortgage for the property?
Can you afford that mortgage in the months and years to come, even if interest rates go up?
Do you expect to live there for at least 5 years?
If you can answer "yes" to those three questions then it's worth it. A house is a home. It just so happens that it is also an investment if you live there long enough for any losses to be covered by any gains.

If you pulled out, could you get anything equivalent for significantly less money? Remember that other places on offer may well need 6k worth of work done.

hxdude1

Thanks for the reponse Guys much appreciated have calmed down abit.
Answers to Q below :

how long are you likely to be in this house? 5 years ish
Do you have a large deposit? yes 20%
will you be stretched financially on this mortgage? Not really should be ok upto 7.5% interest rates
Can you get a mortgage for the property? YES

Living with parents but branching out with partner.

I also believe that the price of the property has fallen 2% since it was valued in Feb. Do you think the estate agent would take this seriously!