Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.
bought a property in May, full of regret, anyone else in similar situation?(14 Posts)
we completed just before the credit crunch went bonkers, bought a property in N London so not cheap!
can't help but think we should have pulled out or at least lowered our offer at the last minute!
but we didn't, cant do anything now and we have to sit tight while being bombarded at how property prices are spriralling to an all time low!! arrgghh!
so can't help feeling nervous about the value of our property and our mortgage payments? we're on a 90% discounted 2 yr tracker of 0.14% above base rate so i guess is good!!
Don't feel sick - I know it's hard not to. We're in W. London and mortgaged to the hilt on interest only and so very scared with upped payments etc.
Just repeat unto yourself "I have bought in London, I may be paying through the nose now, but I am likely to retire to the country in later life, an exceptionally wealthy woman"
It's true. In expensive areas, your property is your pension. Try not to worry - you'll have to ride out a few years where you might not see the rise in value you'd have hoped, but you will come out the other side, and not regret it.
That's assuming you like your house, and it's only the price and timing you're feeling anxious about?
thanks for your reply, yes sick is an ap word! we spent 2t years trying to find something watching prices rocket then bought at the worst timing!!
well we moved from a 2 bed rented flat to 4 bed property with big garden... so yes like our house, esp as we have toddler and baby en route...
no choice but to sit tight, hard not to worry though!
Well, that's great. You've got your family home - not greater feeling of relief (especially in London!) than that.
Just try to relax about it. What's done is done. Sounds like you have a lovely property, and London is least likely to be affected by any house price collapses.
Ok, you could have waited, but whose to say you would have got that house? Vendor, if they were smart, would probably have held of selling, and either rented or stayed put until prices went back up again. Then you'd have no family home for your toddler and impending arrival!
My mum wants to sell, but pulled her sale once prices went down as why should she lose out on all that capital? No, she's going to hold off until the market is more buoyant (sp?), even if that take a few years.
It will regain its value in the end. If you can can afford the mortgage and love the house, you are a winner. Try not to dwell on it.
As long as it's long term you're there for - then don't worry - property always comes back up. Just enjoy your house - and don't think of the money aspect - you could worry yourself into an early grave!
You've got a house, presumably one that you think is nice in an area where you wanted to be.
As long as you can afford the mortgage and you don't need to move in the next couple of years, you don't have a problem.
Obviously if you were planning to flog the house for a fast profit, then your plan has gone a bit wrong. But if you want a family home to live in, then there's no reason to regret what you've done. Prices haven't actually come down much yet in London -- I think people are still in denial. There are however a hell of a lot of over-priced unsold houses on the market.
Even very steep drops are just part of a cycle. Were you planning to live there for about a decade anyway? In that case you haven't really lost out, in 5 years prices will probably be back to level that you bought at (even allowing for inflation) and in 10 years you will still have made a capital gain. It won't be as big a gain as if you'd bought now, or in 12 months or 24 months time, but on the other hand you are now living in a comfortable home and not spending every weekend looking at houses.
good points thanks all!
well we have no choice, we'll have to stay put and it's not the end of the world as we have lots of space now, sw facing big garden, fairly central (zone2)... our discounted mortgage expires may 2010 so we weren't planning on moving until at least then....
anyway dc starts school in 2 years, thankfully there are a few decent ones in the area and dh will have to hold out for his out of london house with double garage, golf course on doorstep .... for now as moving here was an interim compromise as i'm a london girl at heart!!
feelingnervous - as long as your're happy with your home, don't fret.
W bought a year ago, and sometime I wish we'd waited, but then we wouldn't have got this house,( which I love even though there is still tonnes of work to be done on it)
We intend to stay here forever, so are just looking at things long term.
Also DS1 was very unsettled moving from owned house to rented , another rented, adn finally here, so I keep telling my self you can't put a price on happy settled children.
I just re read my post.
I'm tryining to convince myself - aren't I?
DH and I have ridden the housing market from 14% interest rates in 1989 to negative equity in the late eighties (flat worth 45% of what it was mortgaged for) to whopping profits in the noughties - (sold our house for 5 times what we had bought it for). We are now in our forever house with a mahoosive mortgage but it is affordable and we are happy. The house may be worth - I don't know - maybe £100k less than it was a year ago - but it doesn't matter, because we have no intention of moving until perhaps we retire somewhere - or can't make it up the stairs anymore!!!! By which time - god only knows what it may be worth.
Don't worry about it - if you can afford your mortgage and are happy in your home relax.
Join the discussion
Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.Register now »
Already registered? Log in with:
Please login first.