Buying a house?

[NoRoomInBed]

I have had an inheritance and looking at using it as a deposit on a house. 1st time buyer in Scotland. Me and OH are not married.
Should we buy now or wait?

depends on the size of the inheritance and your income and future plans.

house price crashes after you have bought only matter if you need to move soon, so if you would be buying a place that is too small to stay for longer than 3-4 years then you could end up in negative equity and stuck.

house price crashes before you buy actual have only a very minimal effect on your real wealth because the sum agreed for the purchase has a much lower effect than the interest rate in your deal.

so if you just want somewhere to live, your deposit gives you a high enough LTV to access good interest rates, and you expect to stay there for at least 5 years, then go for it.

if you would just about be squeezing a 5% deposit from the inheritance for a place that is honestly too small for you but ok for a first home, and you"ll be wanting to upgrade soonish, then I might advise holding back.

It's a 20% percent deposit and will be our forever home until if we decide to downsize later in life. The morgate payments would be about £50 cheaper than the rent we are paying now.

Go for it! No guarantees with property but it's yours then

I wouldn't hesitate to buy now with a big deposit like that and the fact you want to stay there for a long time

I would go for it, as long as you plan to live there long term then prices going down isn't so much of an issue. Id also advise to ringfence the inheritance just in case you do split then you can get that back first then split the rest.

Yeah dh has agreed to if we break up and needed to sell the house I would get back my inheritance. He's said if we did break up he wouldn't force a house sale but you never know.