Panicking about buying house

[OnePotato2Potato]

So we have been looking to buy a house for about 2 years, finally after being outbid several times on different houses and now finding house that meets our requirements, we have had an offer accepted.

The mortgage offer has come through, surveys done, even negotiated down a bit on the price after a lower valuation, searches are to commence soon. And now I'm panicking that we are buying at the wrong time.

I've read articles about house prices having fallen for 3 months in a row. We've been looking for so long that we've become desperate and now it seems like the wrong time. Adding in that it's not like we have got the property for a bargain, we may even be paying more than its value (according to a surveyor).

Anyone in a similar position?
Aibu to worry?

[araiwa]

are you buying an investment or somewhere to live?

if youre living there for a long time, small price changes wont matter will they

[OnePotato2Potato]

Thanks for replying.

It's a family home not an investment nut not sure how long we'd be in that area as we could move because of my DH'S job.

[honeyroar]

There have been articles about house prices falling for at least 12 years. They haven't. Don't worry about it. Buy your house and take much of what the surveyor said with a pinch of salt. House buying is stressful.

[AntiHop]

Are you renting now? If you delay and continue to rent then you're losing money by paying rent. I'd do it now whilst interest rates are low. Did you go for a fixed rate?

[HeadsDownThumbsUpEveryone]

As someone who brought this year after worrying so much about whether or not it was the right time, honestly I say buy. Yes the house prices may fall but if nothing else you will have the stability of always knowing you have a home to come back to without worrying about rent, being evicted or waiting for weeks for things to be fixed. The relief that these bricks are mine is worth all the worrying, the truth is unless you are buying with the intention of selling it again shortly I really wouldn't worry about supposed falling house prices.

[Foxyloxy1plus1]

Well, if prices fall and you have to move, the one you buy next will be cheaper too, as well as the one you sell.

[OnePotato2Potato]

Thanks for the replies.

Yes it's a 2 year fixed mortgage. We are giving 10% deposit.

I know what you mean HeadsDown as we are renting and I'm desperate to have a home of our own to do what we want with it. We have been stuck in this current rental for over 2 years as there are no other feasible rental options near by. With an uninterested landlord.

It just feels like it's now or never!

[Groupie123]

Ok so put it this way. You will never find a cheaper mortgage for 90 percent LTV than now. Mortgage rates will go up after Brexit regardless of whether the Boe base rate does.

[Allthebestnamesareused]

Out of interest why on earth haven't the searches already been done? They should have been initiated at the same time as your mortgage application. If I was your seller I would be nervous you weren't serious anyway and be putting it back on the market!

[OnePotato2Potato]

Allthebestnamesareused I was advised by my solicitor not to start searches until I had my mortgage offer in place. (This was delayed slightly due to an error on the part of the lender.)

I think we had made a good offer significantly higher than the others so he was happy to wait. Also I don't think it was a very sought after property.

[PeaFaceMcgee]

That's ridiculous that you'd consider putting it back on the market Allthebestnamesareused - conveyancing is obviously underway and searches only take 10 working days or so. Why are you trying to frighten the OP?

[Hillingdon]

Buy now. Life is too short. You will feel great being a home owner. Consider a longer fix rate though. Mortgages have never been so low.

If your DH needs to move roles you could always rent but the house is yours!

[Hillingdon]

We have moved recently after nearly 20 years in old place. We brought a new build and the house isn't worth what we paid for it but it doesn't matter. It will hopefully be our last house now that the kids have grown up.

I

[caroldecker]

Assuming you rent at £1,000 a month, waiting a year will cost you £12k.
It the house is say £240k, you will be better off even if house prices fall 5% in the time you are there.

[fanfrickintastic]

searches only take 10 working days or so

Really? I've been waiting 39 working days for mine.

[OnePotato2Potato]

I wouldn't have paid for searches early on anyway as I was waiting for the mortgage offer and home buyers survey. Glad I did because things came up in the survey that allowed me to negotiate. I didn't want to waste money on searches in case something came up in the survey (has happened to us before).

I was told about 4 weeks for the searches.

Reading this thread has put my mind at rest. At least we will be paying towards something that is ours rather than wasting money on rent. Thanks for replying.

[MatildaTheCat]

Go for it. I don't believe prices will drop significantly and if there is a drop you will benefit anyway if you have to move. That said, I would recommend buying and staying put for as long as possible due to the ridiculous cost of moving.

It is very scary to commit to such a huge purchase but as long as it's sound and in a decent area you won't lose or regret IMO.

[PeaFaceMcgee]

fanfrickintastic that's excessive. Solicitors can access online search packs that don't take anything like as long.

[missedcall]

It all depends on where you are buying and how much you are paying and where you think house prices in the area will be in the next few years. Also what would be the cost of renting compared to the mortgage interest payments.? I'd be cautious if in London. House prices are extremely high compared to historical income to house price ratios with interest rates at historic lows and there isn't much room to cut them further. Property isn't shifting and there are falls in certain areas.

[ginorwine]

It sounds like it's a bit of shock and is this it kicking in ?
All will be well - keep going ..!
Surveyors typically put a lower price in my experience .

[OnePotato2Potato]

missedcalls We are in the Midlands, and this particular area is quote popular and in high demand, although this house in on the fringe of it. In theory, there will always be interest in this area.

I think you're right ginorwire. Now tht it's actually happening it all feels scary!

[MargaretCavendish]

If it's any comfort I could have written this exact post two years ago - I also felt uneasy and kept reading articles about how a house price crash was days away. So far buying has worked out to be a great decision and giving the way prices have gone up in my area I'd really regret it now if we hadn't bought then when we could have done.

[MargaretCavendish]

*given the way

[Allthebestnamesareused]

Searches round here definitely tske longer than 10 days and if my buyer had to wait to make sure they woukd definitely get a mortgage offer then I would assume they can't afford it and leave it on the market rather than take it off!