Folks who have been trying to buy for a year or more …

[gjrogjegkek]

With all of the cost of living increases and increased interest rates are you still planning to move home or are you staying put?

I am so torn. It’s potential interest rates at the end of a 5 year fix I am most concerned about.

We’ve been looking for ages, 5months since we sold. Feeling pressure to secure a place or rent.

Renting means paying early redemption fees and not being able to keep and port our 1.6% fix which has 3yrs left on it. Hopefully being chain free will put us in a good position though.

We need to move to be in catchment for DS secondary school application. He has 2yrs left at primary from sept. We’re also not happy in current house for a variety of reasons.

if we were in right location and just wanted more room (we actually need to downsize to be in right catchment!) we’d stay put for a bit till market calms down. I can’t see interest rates dropping back to previous lows for some years to come, so would have to accept a higher rate when remortgaging in 3yrs time anyway!

Recently had our offer accepted on 3rd house (first 2 fell through)! Waiting for vendors to find a property now. Secured a 5 year fixed mortgage which is affordable. If this one falls through, we will have to sit it out until all this inflation dies down. Interest rates will probably rise again and it's too risky with price rises etc! Gutted! Saved for years, come to buy and all this kicks off!!!! Also, house is 20k more than it would've been 2 years ago! Wish we were able to buy sooner but that's life!

I’m in a similar situation to you both.

It feels so unfair that it’s taken us so long to buy that we are now contending against both ridiculous house prices and rising interest rates.

Would either of you consider a 10 year fix if buying soon? I am tempted. This is definitely a long term home for us.

My mortgage advisor gave us the option of 2 year fix or 5 year fix and advised us to go for the 5. It's so dis-heartening! I'm not getting my hope's up as been let down twice now! I have a feeling it will take the vendors ages to find a property and eventually they might give up and pull out! I wonder if house prices will drop as the inflation kicks in?