To worry about buying a house now?

[KateGrey]

We’re part way through buying a house. Chain should’ve been small but we’re having issues with our buyers solicitor refusing to inform our solicitor how things are progressing. We’re taking on a much bigger mortgage and we’re worried now about Brexit. We’ve brought at the ceiling price for the house due to family divorcing and would not sell for less. My dh is getting worried now given that we started this process in May. Should we worry about Brexit? Should we hold where we are?

Unless you plan to sell in a year or two go ahead, it'll settle longer term whatever happens

It depends what you mean by ceiling price. If the mortgage repayments each months are going to be the maximum you can afford then don't do it. Interest prices will go up- not because of Brexit, but just because they are ultra low at the moment. You should always buy with some leeway in your payments to allow for this or other things to happen.

If your ceiling price allows for this then fine, you should go ahead.

Agree with PP, how affordable are the repayments and are you on a fix? Long term it usually works out OK.

Have in mind that interest rates are going up, food prices are going up, petrol etc will continue to go up. The only thing not really increasing is a person's wages.
I wouldn't go to your very, very top of budget as you'll probably struggle when inflation is above wage increases.

Predictions of a 1/3 fall in house prices if we have a no deal Brexit, which is now looking likely.

It depends what your alternatives are to buying this house - local cost of renting? staying with family? buying somewhere cheaper.

Also depends a lot where you are in the country and how local house prices have performed. In London/SE you can expect prices will continue to fall, as they've shot up so much in recent years. If you're in a part of the country like the NE where prices have fallen in the last decade, the downside risk is probably smaller. Look also at how much local employment will be affected by Brexit - if your area relies on EU funding for example, then there may soon be local job losses.