So spoke with our mortgage advisors just before the weekend and he basically told us (possibly without even looking into it??) that there are no lenders willing to lend us a 90% right now and to basically sit tight and carry on saving. House is worth 210k at last valuation and we have 10% of that saved.
I just checked on two building societies websites directly and both “allow” me to see mortgages with these terms although reasonably high interest rates. These two building sites were ones who would loan to us before covid (hence checking them) and will allow us to print a AIP with both too
So where do we go from here? We are saving 1.5 time’s our rent currently and are able to significantly overpay if needed. We want to buy the house we are renting, landlord would be happy to sell to us.
Where do we go from here? I understand prices may drop but the area we’re in is significantly in demand and most houses end up in bidding wars and go for over the amount, this house is probably the worst on a decent estate. We aren’t planning to move at all for the next 5 years at least and are worried about being priced out of the market if prices continue to rise.
Can anyone help with some constructive suggestions? I understand nobody knows what the market will do with regards to rising or falling but right now I feel as though we’d take negative equity over renting and being priced out forever? 