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Original poster

Torturing myself by looking at Rightmove

53 replies

elprup · 13/08/2020 14:28

DH and I have decided to move out of London in two years' time, when our fixed rate mortgage comes to an end. We have one DS who will be 2.5 when we move.

Since we agreed this, I've started scouring Rightmove for properties in our preferred location, and have seen several absolute gems come up for sale and subsequently be sold.

It's getting me down as I keep thinking that we've missed out on yet another stunning property - even though we're not really in a position to move yet! (We'd have to pay a considerable penalty if we were to exit our fixed term early). We want to buy in a rural location so there isn't exactly a glut of properties to choose from.

Is it best just to ban myself from looking at Rightmove for the next two years?

OP posts:
Heronwatcher · 13/08/2020 17:21

Agree with the other posters, if you move now before March you’ll save on stamp duty (up to £15,000 potentially) and also possibly save on the interest you would have paid over the next 2 years.

ChicCroissant · 13/08/2020 17:26

As Pootles said, if the OP is moving to downsize and reduce the morgage it's not going to be ported - it will have to be paid off and a new one taken out.

I would advise you to stop looking at Rightmove, and thinking that houses that you haven't even viewed are perfect and you've missed out. Also, if you are the kind of person who would say out loud that you've missed out on another stunning property I think the household will be fed up of the idea of moving by the time you are ready to!

NeverTwerkNaked · 13/08/2020 17:34

I would say keep looking but with a different mindset. Treat it as research so you are figuring out what sells and what doesn't. I did this for several years when we were saving to buy and so when we were ready and I saw my perfect house I knew it would go fast and I made sure we were first viewers and immediately offered asking price. My dad thought we were mad (even though I work in the property industry) but a few years later we sold it at asking price the first day we put it on the market and we had a string of viewings lined up. Knowing the market really helped.

Anxietea · 13/08/2020 17:37

Sorry but if there perfect house comes up so often, surely the chances are that another perfect one will come along when it's time to move?

I am also an addict and I would schedule some viewings, personally, as estate agents' photos are unreliable.

PrinnyPree · 13/08/2020 17:45

Oh God I'm the same! We've just paid off our mortgage in full so completely debt free and I'm currently on Mat leave with our only child. However I'm thinking of leaving my job and starting my own business (worked at my current company for over a decade). Our income will basically half until I'm earning which may take some time before the cash comes in (assuming my business makes money) Previously I was putting my entire wage into overpaying the mortgage so without the mortgage to pay we won't miss my wage. Now is not the right time to start getting back into debt but I can't help myself looking! OP I also get really down everytime a "gem" gets sold. Grin

I know I should be patient and our house is fine for our little family, small semi detatched in a nice area in Cheshire but I can't help but daydream about the next rung on the ladder. Blush

Inmybackyard · 13/08/2020 17:49

What is your early repayment charge? I’d be really surprised if it’s more than the potential saving you stand to make on stamp duty and the cost of a couple more years of interest on a supersized mortgage.

PrinnyPree · 13/08/2020 17:56

Good shout on the stamp duty saving! Also if you're downsizing it may be worth doing now, the economy isn't looking super rosey and if house prices crash you don't want to be in negative equity with your current house. (Not that I can really second guess the housing market)

FoolsAssassin · 13/08/2020 18:00

That is not necessarily true about porting and having a smaller mortgage, we are able to port 75% of current mortgage, it may be true for most but worth asking, read on here you couldn’t and nearly didn’t ask.

Pachelbelle · 13/08/2020 18:10

I torture myself too. I look at houses that have sold and feel bereft as they would have made my life perfect. I also torture myself by looking at what we could have afforded if we'd done better out of the property market and bought and sold at the right time instead of spending years renting.

bilbodog · 13/08/2020 18:22

Weve re-mortgaged before Our fixed rate comes to an end before - just get a financial advisor to look at it - if you get a good deal for the new mortgage you can make up the penalty within about 2 years.

tothesea · 13/08/2020 20:02

Oh Pachelbelle that makes me so sad to read as I recognise my own actions so clearly and can sympathise so much.
We have made several mistakes property wise and are currently stuck in a tiny but hugely expensive flat. Rightmove shows me what I could have had. And that is not good for my mental health.

MojoJojo71 · 13/08/2020 20:16

If you’d like to move sooner then I’d recommend giving London and Country a call. I’ve used them twice to find me a mortgage and they’ve been fab. Last time I moved I was planning to port the mortgage but they found me a better deal that actually saved me money even taking into account the early repayment fees.

www.landc.co.uk/

AdoreTheBeach · 13/08/2020 20:28

Actually you’re being very smart. This will help you get to know what is in the area and pricing. While you are looking also click the link to look at the street view so you can a better idea of what is where

My DH has been doing this for 6 years - yes SIX years. We’re now on the market and looking. You’d be so surprised how much knowledge he has about areas, houses back on the market etc.

OpalExtra · 13/08/2020 21:00

It took us 2.5 years to find our current house, we put offers in on half a dozen dream homes in that time but in retrospect the one we have now is totally perfect and we'd have struggled with aspects of the others. You'll find the one!

notheragain4 · 13/08/2020 21:48

Isn't the early redemption fee outweighed by the stamp duty holiday which most likely won't be available in a couple years?

But yeah if moving really isn't possible, don't look.

bornninthe80s · 13/08/2020 22:08

We are paying a penalty for porting mortgage - we are only a year into a fixed 5 year - but we are happy to suck it up (especially as we will be getting some stamp duty relief). We found a beautiful home and it's out of London so we are cutting a huge chunk off our mortgage by selling up here. Is your new place less than London place? Might be worth seeing how much you would be happy to take some of that penalty on the chin. Ours would be £28k if we closed the mortgage, but by porting it across (we are paying back £300k of it due to buying a cheaper house) the penalty drops to £11k. Not great but it's our time to move.

bornninthe80s · 13/08/2020 22:14

Oh and just saying - we haven't had a single alert of anything we would even book to look at since we offered on our new home. If something special comes up, go for it - get your place on the market!

Also if you want to send a link to any of the gems you're seeing I'd love to see it Grin love a bit of property porn!

AngelicCurls · 13/08/2020 22:42

We are moving within our fixed rate and porting, according to our bank you would pay a % of the early repayment if we didn’t use all the mortgage on our next house, so worthwhile taking the hit for us

Original poster
elprup · 13/08/2020 23:00

I didn’t consider the stamp duty holiday - that’s a really good point, thanks all!

OP posts:
ZaraCarmichaelshighheels · 13/08/2020 23:21

@unfortunateevents

Why do you have to wait for your mortgage period to expire? Can you not port it if you are desperate to move now? And remember, if you see gems selling now, more will come along when you are ready to move! OR you may find when you really start to explore properties that many houses are not as perfect as they seem - I say bitterly, as someone who is currently trying to move and finding that estate agents are doing a marvellous job of hiding the fact that a suitable house e.g. is right behind a breakers yard or next to a motorway.
This is so true but now I have discovered the pure joy of online viewings you can really sort the wheat out from the chaff! Houses that look great in pictures can be a huge disappointment when viewed online, there is nowhere to hide the truth, it’s been the one benefit of the pandemic.
Bingobongo1 · 13/08/2020 23:25

I ported my mortgage when I had a fixed rate. Ended up with two mortgages for a year.
Would paying the charge be worth it at the moment while there is no stamp duty?

mumsy27 · 14/08/2020 02:06

@Pootles34 bank will allow you to pay 10% of the balance (halifax plc) without ERC.
so you can port and reduce by 10%.
i don't know if you are allowed to borrow more than the property is worth in case it is more than 10% drop.

RollercoasterRaver · 14/08/2020 21:27

See a financial advisor, long term it was significantly better for us to pay our £9k exit fee....we used the proceeds of the house sale to pay that and the rest went into the new house.

However if you do want to wait, the right place will come up. I found a place I loved when I was pregnant and my DH said we should go see it but we weren't ready to move. Was sad when it sold but when we did move....this house is so much better!

NachoNachoMan · 15/08/2020 09:57

It's also worth considering what will happen to interest rates - they're very low at the moment so stamp duty cut + lower interest rate might even out the early repayment charge.

Bouncycastle12 · 15/08/2020 20:45

On the other hand, in 18 months time, lots of people will be selling their new country houses to get back to London, so they may be cheaper (I speak from sad experience!)

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