I am buying a house! and I am very excited. And I dont care if the market is not right!

[Pavlovthecat]

We went to see a financial advisor yesterday and we are able to get much much more than we thought possible.

We had our apartment valued at x which is higher than current mortgage, been offered min mortgage of y (which is much higher than current mortgage and have a deposit of z.

So, we have a larger amount than we thought to buy with, and gives us leeway when selling ours, so we can market competitively. This is after we have taken off a little higher than advised for fees.

We are able to take a slightly higher mortgage which we did not think possible, so we will do that, and use some of our deposit to pay debts off.

We will have a 3 bedroomed house with a garden, no debts, and be better off by about £150.00 per month and likely have enough to re-decorate and recarpet.

So, I am very very very very happy!!! I just feel very excited!

I know it is the start of a very stressfull process, and it might all go wrong really soon (ie mortgage co wont remortgage. My biggest fear as DH has old bad credit but we have been honest with mortgage co when getting advice first and they indicate prob be ok as we have more than 25% dep).

So, YEYEY!!!

I was very surprised that we could get much more than the min amount which in itself was more than we thought. It was a lot, and if we took it, could get a lovely house.

But, we wont be able to pay the mortgage back, no way and I was surprised that they even offered that much as a mutliple! As much as I would like a big house, its much too much to pay back each month.

WOW! Lucky you I want to moooooooove! Happy house hunting

I think moving house is very exciting at the outset, although it does get very dull once you're in the nitty-gritty final stages. Then the relief when you finally get in is wonderful.

It must be a bit like childbirth in that lots of people swear they will never do it again, but they almost always do.

I'm quite looking forward to our next move. We are going to Dublin, probably next year. I started looking at the market there about 18 months ago, and prices there have gone down so much that we are now looking at quite a different category of house, up from a 3/4 bed semis to 4/6 bed detatched houses with bigger gardens.

Its not ridiculous sums of money, but its enough to get us a house. I did not think we could do it, but seems we can do it, without stretching ourselves unreasonably.

I am concerned about not getting the mortgage redone, as DH is not on this one, but will be on next one, and has old CCJ that is not yet off his file. But, I think it will be ok, as it is his money that we are using as deposit, and our mortgage lender said in principle we are less risky as we will have good equity in the property. Courtesy of my DHs mother, and a bit from our apartment.

I am excited, and scared all at once.

What lovely news! Best of luck and keep us posted