Excited! But what will happen tomorrow?

vwjo

It'll be ok....

In 10 years the banks will all have gone bust, and 75% of the UK will be underwater, and we'll all be too fat to swim to the surface...

And the bailiffs won't be able to afford fuel for their boat to come find me for the money..........
:T

Snooze

Zammo wrote: »

What will happen? Your new home will lose 50% of it's value, you'll be in negative equity and you'll be absolutely gutted you didn't wait a few years and pick up something twice the size for the same price.

^ What Zammo said.

To put it bluntly, you're off your head buying right now when you could easily rent for a couple of years and pick up the same house for £2.50.

Clearly you've got money to burn, because in the current market that's effectively what you're doing with it if you buy now.

Rob

bjo_2

vwjo wrote: »

It'll be ok....

In 10 years the banks will all have gone bust, and 75% of the UK will be underwater, and we'll all be too fat to swim to the surface...

And the bailiffs won't be able to afford fuel for their boat to come find me for the money..........
:T

Congratulations well done.
hope these doom merchants who are still renting
can still say in 2 years time.

vwjo

Thanks for all your concern - perhaps what you are really saying is:

'Accept that you have wasted all that money on solicitors' fees and surveys, ignore the fact that you have 2 kids and that you are living in a sh*tty council flat at 35 years old, and keep on earning your £42k a year until what may happen happens.' Then I'll be older, the kids will be even closer to leaving home, and I'll have sh@t away another £5 in rent anyway, and tolerated yet more vandalism and the kids being bullied by the scr*tes that live on this !!!!!! estate.

I'll take my chances.

Thanks anyway.

Gorgeous_George

You usually exchange contracts a week or so before completion.

At 'exchange' you are legally obliged to buy the house and the vendor to sell the house. The contract is in place. Before 'exchange' you can walk away.

At 'completion', your money is in their bank account and you get the keys.

I would like to suggest that you think long and hard before committing to a huge debt on an asset that is likely to depreciate.

But, good luck!

GG

seabiscuit_2

I'm interested what all these doom mongerers are going to do when their rent goes thro the roof as a result of the higher interest rates. The local rents where we are are still higher than our mortgage and I do wonder how anyone affords it anymore.

vwjo

Gorgeous_George wrote: »

You usually exchange contracts a week or so before completion.

At 'exchange' you are legally obliged to buy the house and the vendor to sell the house. The contract is in place. Before 'exchange' you can walk away.

At 'completion', your money is in their bank account and you get the keys.

I would like to suggest that you think long and hard before committing to a huge debt on an asset that is likely to depreciate.

But, good luck!

GG

Woohoo! I got an answer! :beer:

Thank you George. I've been thinking about this too long and hard already. Should've made this move 5 years ago, but I didn't.

Thank you for the good luck, I might well need it..... this I accept.

Now I am going to bed.

PRINCESSKERRY

vwjo wrote: »

Woohoo! I got an answer! :beer:

Thank you George. I've been thinking about this too long and hard already. Should've made this move 5 years ago, but I didn't.

Thank you for the good luck, I might well need it..... this I accept.

Now I am going to bed.

I say good luck too vwjo.

People are guessing the market is going to go down by these figures, no one knows for sure and I think buying now and giving your children a stable home is the right thing for you.
I dont believe prices are going to come down as much as some posters seem to think, but whatever happens so long as you haven't borrowed too much and can afford to live where you are living then dont worry what anyone else thinks.
People may rip my thread to pieces but the reality not everyone will face negative equity and for all anyone knows this man may have secured a good price for his purchase.
If you intend to stay here for a good while then enjoy yourself and your children in your new home.

Good luck.

barnaby-bear

vwjo wrote: »

Thanks for all your concern - perhaps what you are really saying is:

'Accept that you have wasted all that money on solicitors' fees and surveys, ignore the fact that you have 2 kids and that you are living in a sh*tty council flat at 35 years old, and keep on earning your £42k a year until what may happen happens.' Then I'll be older, the kids will be even closer to leaving home, and I'll have sh@t away another £5 in rent anyway, and tolerated yet more vandalism and the kids being bullied by the scr*tes that live on this !!!!!! estate.

I'll take my chances.

Thanks anyway.

There are economic cycles and timescales but individuals also have timescales, there are points of life where your salary is good, kids are the right age, fertility is still there, work-life balance is ok etc.... it's a balance where the economic cycle and the personal path meet at the optimal point and if it works for you then it just does, after years of being f^^ked over by rubbish landlord's I would pay more than rent not to put up with or deal with the two months notice, to be able to paint my kids bedroom, to let them have a pet, to choose my neighbours... loads of people 'waste' £2k on a family holiday value before holiday £2k value after on paper £0k - quality of life relative to cost is subjective.

andys15

barnaby-bear wrote: »

There are economic cycles and timescales but individuals also have timescales, there are points of life where your salary is good, kids are the right age, fertility is still there, work-life balance is ok etc.... it's a balance where the economic cycle and the personal path meet at the optimal point and if it works for you then it just does, after years of being f^^ked over by rubbish landlord's I would pay more than rent not to put up with or deal with the two months notice, to be able to paint my kids bedroom, to let them have a pet, to choose my neighbours... loads of people 'waste' £2k on a family holiday value before holiday £2k value after on paper £0k - quality of life relative to cost is subjective.

here here

excellent post well said.