...ok so we have not only not got the house we wanted, we also have lost out on the only rental property that was suitable.
There is a 3 bed det with garage and con - new build built in 2004 looks very nice.
Thing is, we dont have a massive deposit and the mortgage repayments would be approx £150 more than we pay now (although we have 4 years of a fixed rate left to go so would know what the payment were for the next 4 years).
We could literally move in tomorrow - its lovely.
In the next couple of years I am hoping to get a p/t job so that should help the finances.
The repayments would be over a third of dhs take home pay per month...would have approx: £1600 left after mortgage.
You KNOW you shouldn't buy something because you feel backed into a corner - I have caught up on your other thread. The market is going one way, interest rates can only go the other. What will you do after the 4 year fix comes to an end and your payments may well be rising?
It's a big gamble. Any other options? The semi vendors may well come back to you in a few weeks time. Please don't do anything in a rush/under pressure. Camp with your in-laws as long as possible!
As the previous poster said - make them an offer at a level which doesn't mean you will be paying £150 more a month, if you feel you absolutely have to move on it at all.
Are you sure that you would get the additional money at the same rate as your fixed rate? When we borrowed some extra money on our mortgage once, it was at the bank's SVR rather than the discounted rate the rest of the money was on so you could end up paying much more than the #150 you are anticipating.
How do you know they paid 175k for it? If it was a part-ex isn't it a bit blurred? - how much they took off the house they parted in exchange for it, IYSWIM. Isn't it a bit of a fudge, part-exing? Does Land Reg say 175k? If you want it, offer the amount that suits you first and see what response you get. Don't measure your offer against what they're asking......
Lots of sites do Land Reg data now - very useful. Have you viewed it? Do you love it? How much would you & DH want to pay for it? Offer what you want to offer, and no more. Please don't stretch yourselves. (I am my own nanny state!)