FTB buying before Brexit?

[Lolly567]

Worried about buying before Brexit but also worried about waiting if there are massive interest rate rises? What do people think will happen?

I think, but this is just my opinion, you'd be ok buying now before brexit as long as your not planning on selling any time soon and you'd be staying put long term.

As nothing is known at present I would suggest basing your financial calculations on a POSSIBLE say 10 percent rise in overall costs, and weigh it up with the degree of job security you feel.
If you work for a company that is foreign owned or deals a lot with foreign (not necessarily EU) customers you may be wise to factor in greater loss than my suggested 10 percent, which is only plucked out of the air, I know nothing!
Obviously only you know your personal circumstances but an attempt to rationalise the costs and possible problems may make you feel more confident. Like climate change, Brexit will be a change, possibly a very big one, but the world is not going to end.
Read information far and wide and think logically.

There was a long delay thread on this recently that got derailed. The conclusions in summary were:

1. Brexit is an entire unchartered, unknown. Therefore any advice is a best guess.

2. Only move now if you could stay in the property for 5-10 years (ideally the latter). Then if you end up in negative equity you have a fighting chance of the market recovering before you sell again (although this might take more or less time, no one knows).

3. Make sure you can afford the payments based on a range of rate hike scenarios.

4. Be realistic about your employer’s chances post-Brexit, if there’s a bad deal (many manufacturers, banks and others will up-sticks taking jobs with them). If your employer is firing warning shots at this point, maybe think twice.

So, if you are buying a roof over your head for the medium term, aren’t banking on a profit, aren’t stretching yourself to the bone on the minimum payment, and are fairly confident about your job, it’s probably a reasonable thing to do. If you want to move again in under 5 years, are counting on a rising market or uncertain about your job, I’d give it a bit more time to see what the deal is...

*long, de-railed