Need some advice on a mortgage / buying a place.

elh_2009

elh_2009

elh_2009

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Joined
9 May 2009
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1,187
Right so im in the process of buying my first place, on my own. i posted on here a few months back about it.

Im at the stage where i need to make my solicitor a payment for the searches to be done. However the past couple of weeks ive been having a few problems at work and i dont feel my position is safe anymore, or even if i can last it much longer. I really dont think its something that will pass, ive been feeling it for a while but its really hit home the past couple of weeks.

I really dont know if nows the best time to be making such a big commitment?

So my question is or questions:

Is it to late to pull out? im guessing it isnt? who do i talk to, the estate agent or the solicitor or both?

What would you do in my situation?
 
It's not too late until you've exchanged contracts. It sounds like you haven't even paid anything yet - so inform both the estate agent and solicitor and you may just incur some small solicitor fees for their time so far, but only they can tell you that.

And whatever you do if your mind is made up or you're having doubts notify them both ASAP and don't drag it out - the other party needs to know so they can continue looking for buyers.
 
Not too late until contracts are exchanged.
Wether your renting or mortgaged doesnt really matter if you have employment issues you still need to make the payments.

whats your rent and would you be able to cover it rather than a mortgage if you had employment issues?

You could always take a look at that income insurance type stuff?
 
~Divine~Wind~ said:
Not too late until contracts are exchanged.
Wether your renting or mortgaged doesnt really matter if you have employment issues you still need to make the payments.

whats your rent and would you be able to cover it rather than a mortgage if you had employment issues?

You could always take a look at that income insurance type stuff?
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Income insurance might be tricky to pay out if he gets fired a week after taking out a mortgage and an income insurance policy... it doesn't look very good.

If your comfortable enough living at home I would give it 6 months and see how the job pans out, might give you chance to save an extra grand or two toward the deposit..
 
elh_2009 said:
I really dont know if nows the best time to be making such a big commitment?
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In my opinion buying a property when you are unsure about where you are likely to be working in the near future is probably a bad idea, but it depends a bit on how likely you are to find another suitable job within commuting distance of the property.

One of my biggest regrets was rushing in to buying our first house when I was also looking to change employer and in hindsight I wish I'd lined up the job first so I could have then searched for a house within easy reach of the new employer.

Financial factors need to be weighed up too of course and if you think you are getting a 'bargain' and can afford to pay the mortgage for a while even if you lose your job then it may be worth proceeding as planned (since if you lose your job getting approved for a mortgage will likely be difficult, regardless of whether you think you can handle it).
 
Play it safe, this is a life changing decision, it is not something to do on the spur of a whim, like walking the grand canyon on a rope! Not like anyone would do that though!
 
HangTime said:
In my opinion buying a property when you are unsure about where you are likely to be working in the near future is probably a bad idea, but it depends a bit on how likely you are to find another suitable job within commuting distance of the property.

One of my biggest regrets was rushing in to buying our first house when I was also looking to change employer and in hindsight I wish I'd lined up the job first so I could have then searched for a house within easy reach of the new employer.

Financial factors need to be weighed up too of course and if you think you are getting a 'bargain' and can afford to pay the mortgage for a while even if you lose your job then it may be worth proceeding as planned (since if you lose your job getting approved for a mortgage will likely be difficult, regardless of whether you think you can handle it).
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Yeah your right, im going to pull out today and wait untill im settled in my job. i'm not getting a bargain and i couldnt afford it without a job.
 
Like others have said, if it was me i'd pull out. I've always got 6 months mortgage payments locked away in case i'm suddenly jobless, something I feel people overlook!

Just stay at home if you can and keep saving.
 
Black Dynamite said:
Like others have said, if it was me i'd pull out. I've always got 6 months mortgage payments locked away in case i'm suddenly jobless, something I feel people overlook!

Just stay at home if you can and keep saving.
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Thats what ive done. Im just going to save what i can and wait until i know what im doing with my job.

thanks for all the advice, i think i knew the answer anyway but was nice to get peoples opinions.
 
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