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AIBU?

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Original poster

Panicking about buying house

24 replies

OnePotato2Potato · 02/06/2017 09:07

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. Sad

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?

OP posts:
araiwa · 02/06/2017 09:24

are you buying an investment or somewhere to live?

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

Original poster
OnePotato2Potato · 02/06/2017 09:46

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.

OP posts:
honeyroar · 02/06/2017 09:56

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 · 02/06/2017 10:02

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 · 02/06/2017 10:09

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 · 02/06/2017 10:17

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.

Original poster
OnePotato2Potato · 02/06/2017 10:54

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!

OP posts:
Groupie123 · 02/06/2017 10:57

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 · 02/06/2017 12:55

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!

Original poster
OnePotato2Potato · 02/06/2017 13:10

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.

OP posts:
PeaFaceMcgee · 02/06/2017 13:35

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 · 02/06/2017 13:59

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 · 02/06/2017 14:01

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 · 02/06/2017 14:10

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 · 02/06/2017 14:22

searches only take 10 working days or so

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

Original poster
OnePotato2Potato · 02/06/2017 14:33

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.

OP posts:
MatildaTheCat · 02/06/2017 14:34

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 · 02/06/2017 14:49

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

missedcall · 02/06/2017 14:50

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 · 02/06/2017 14:55

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 .

Original poster
OnePotato2Potato · 02/06/2017 16:04

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!

OP posts:
MargaretCavendish · 02/06/2017 16:09

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 · 02/06/2017 16:09

*given the way

Allthebestnamesareused · 02/06/2017 17:56

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!

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