Last minute nerves

[cooperbug]

We accepted an offer on our house in July after it has been on the market for only a couple of weeks. It’s expected to complete in next 2-3 weeks.

We put it in the market originally for a house that we really wanted and had offer accepted on only for them to take off the market in less than a week.

Fast forward five months and we have had an offer accepted on a house for sale privately. It’s more than we wanted to pay and is above the ceiling price on the street for a 4 bedroom semi. It’s lovely though and although I don’t live it as much as the first it ticks all of our boxes.

Had our mortgage application appt today and i just can’t help feeling really anxious about it all and whether we can afford it.

Our current mortgage expires in March 2021 therefore will need to port it, take out two mortgages and pay ERC. Unless that is we delay our completion and exchange until
January which means we might lose our buyer and the rental we have secured to go into temporarily.

Sorry for the rant I guess I just feel we are overpaying for the house and don’t know what to do!

[cooperbug]

Anyone?

[DaphneduM]

Someone on here yesterday was talking about the perception of over-paying for a house and they felt that the prices appearing as sold on the land registry are not so relevant at the moment due to the time delay and sale price agreed pre-covid. How much over the ceiling of other houses on the street is it? I think we all realise that there is a bubble thing going on at present, but you need to weigh up how much the house is worth to you. If it's to be a long term home and it fulfils your needs, then I would think you'll be ok.

[NotQuiteUsual]

Really practical advice from the previous poster.

The other thing to remember is lady minute nerves are to be expected. You're making a huge purchase, you'd be mad not to question it. Especially now you're nearly at the point of no return. I do think most people have doubts at this point in the process. You just have to discern whether they're valid concerns or just cold feet, which no one here can really help with.

[Thewindsofchange]

Sorry I know not the point of the thread but I don't understand why you need two mortgages and a rented house.

[Saz12]

I put an offer on a house yesterday, at the time I thought it was far too low, now I think it’s far too high... waiting to hear back from vendor. I think it’s normal to feel like this! I don’t think values round us will fall much next year, maybe just stay the same or less demand.