| House Advice 12:11 - Aug 19 with 2740 views | Swailsey |
Hey TWTD,
There's been a few of these threads I know, but looking for some advice here.
I am a first-time buyer, looking to buy a property on my own.
I've just updated my AIP and obviously the rates are significantly higher than they were when I last did this (approx. 6 months ago).
Unlike 6 months ago, I am now in a position to buy, looking to put down 10%. However, given that the rates are so high - is now the best time?
I know it isn't an exact science - my logic is that if I can afford it now, and I get a fixed 5 year, then that's all I should worry about. I'm not looking to 'play the stocks' with it. If the rates drop and I could have had it cheaper, so be it. I just want a home, some security and to kick-start the next part of my life. But I'm trying to temper that excitement with pragmatism.
With the huge caveat that most of you aren't mortgage advisors, does anyone have any opinion on this? Are you currently buying? Would you suggest I park it, or are they only going to increase?
Also, I am aware that this may come across as a bit tone-deaf, since a lot of people are struggling at the moment. So I apologise if it does comes across that way.
Thanks. [Post edited 19 Aug 2022 12:12]
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| Who said: "Colin Healy made Cesc Fabregas look like Colin Healy"? | We miss you TLA |
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| House Advice on 11:17 - Aug 20 with 398 views | The_Flashing_Smile |
| House Advice on 11:08 - Aug 20 by Funge |
Congrats Dollers, that's good news.
Whole process is a colossal ballache, innit. |
You can say that again. On the plus side, I reckon I could now start a new career as a mortgage advisor/conveyancer after going through all that! |  |
| Trust the process. Trust Phil. |
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| House Advice on 11:28 - Aug 20 with 385 views | fab_lover |
| House Advice on 11:05 - Aug 20 by Swailsey |
Thank you, and again to all.
To answer some of the common questions:
Not looking for a short term investment - looking for a long-term stay (15+ years).
Comfortable that all being well, salary will stay the same - in long-term work.
If the worst happens, I (hopefully!) have accumulated transferrable skills in the last 8 years.
Budget for 5+ years is ok with some left over for ‘rainy day”. [Post edited 20 Aug 2022 11:07]
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Excellent. The last piece of advice then - over-pay the mortgage as much as possible. Depending on who you get your mortgage with, over-payments could then - if things go wrong - be used to take a "payment holiday" so it's a form of protection, but if things don't go wrong, even modest over-payments will significantly reduce the mortgage term.
Get as long a mortgage as possible, but then over-pay more, rather than being optimistic now and going for a shorter term, which takes every penny of your spare income.
Get a deal now, a mortgage agreement will last six months, if you're confident you can find somewhere and move in before that date. Good luck ! |  | | |
| House Advice on 12:28 - Aug 20 with 360 views | fabian_illness |
| House Advice on 11:08 - Aug 20 by Funge |
Congrats Dollers, that's good news.
Whole process is a colossal ballache, innit. |
Echo that.
Congrats on your purchase mate. |  | | |
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