Buying out of frustration?

[Berimbolo]

Has anyone else bought a property out of frustration/or because your situation dictated it?

My story - live in rented and has become unbearable over the years (new build apartment, the noise, smells and awful neighbours).
We've tried to buy previously, both times falling through. One we were in the chain for 6 months, and when it collapsed the area prices had gone up by 100k so we had to stay put to save some more.
Current situation is I have a new job, just started a new qualification for a career change but will be self employed when I qualify late next year. Prices stagnating here and worrying about overpaying.

Having lost another 3 nights of sleep due to the people/noise around us it feels like DH and I are being pushed in to moving, but with everything going on it'd be sheer stupidity to do it right now. Just wondering if anyone has been through same/similar and if it worked? Or even a WWYD, I'm open to all comments!

Do you need your earnings to get a mortgage? If so I would imagine being self employed will have consequences. So are you asking if you should rush to buy now before the being self employed impacts on your borrowing ability? If thats the case I would be cautious as not only is there a risk of overpaying for a property right now - but a bigger risk is that not guaranteed income means you might not even be able to afford the mortgage.
I would not panic - would have a 3 year plan to buy (take the pressure off, get settled in your new career, wait for Brexit to play out) - but definitely move to a new rental for your own sanity.....that can happen in a couple of months and you will have a much improved QoL and a clearer head. Sounds like you have a lot going on - take it easy.

Thank you for your comments.
My salary is taken in to account so I'm on the mortgage, but DH ok to pay it by himself. Things would be tight but doable when I'm self employed.
We were thinking of moving before I am se, and would fix for 5 years to enable me to have enough accounts for remortgage.

With regards to moving to a new rental, DH doesn't want to. Been here 10 years and have a really good rent which enables us to save a lot deposit wise. DH worried in case we encounter more of the same and be will paying more rent.

I realise I'm tired and fed up, which is definitely clouding my mind. Friends and family tell us regularly we should have got out a while ago and I know they'd push us to move now if I spoke to them about it

If you're going to do it now's the time before you go self employed as that will make it harder for a while. I would just go for it.

Listen to them.

It sounds like you have it all sorted, have had 10 great years of low rent, but if that is draining your mental health then it will impact your new job, working for a new qualification and then your confidence and ability to perform whilst SE.

If things are stagnating you wont need to save as much deposit maybe?
Would invest in your mental health, not cheap rent. It might be only one year of renting as things maybe clearer which way Brexit is going to drag us by March. You could have a nice 12 months house hunting - takes that long generally anyway....

We have all sorted as far as deposit and other moving funds go. I enquired here about a mortgage in a new job (helpful people on that too) so now have that sorted as spoke with a broker. Technically everything is in place that needs to be, except for my mind.

Thank you again, your comments are appreciated

Are you in London?

Essex

I agree with you re holding out. Prices are stagnating, try an grin and bear it for a bit longer