The nervous wait to exchange....

  • Thread starter Thread starter noj
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Do we have any expert opinion to draw on? I'm keen to avoid knee jerk reaction, but don't want to buy a house and then be screwed.

Is this just a short term blip in the £, or is it going to steer the economy for the coming years? Where can I get some advice?
 
Its the uncertainty in the market and a possible recession that will effect people buying/selling houses, rather than wether we are actually in or out of Europe.

I've done some reading around and it seems the concensus on house prices is that they will see a slow down in their rate of rise, rather than a fall, which is not too bad and people should have planned for that coming anyway (my future planning was based on a rate of rise half of the current rate).

Interest rates are a complete unknown though. They could go up, or down, or stay the same. But anyone with a Mortgage should have been expecting a rise in rates soon anyway so again not too bad.

My major issue is the person at the top of my chain is selling their house, paying off their mortgage and moving to Bulgaria... Or at least they were planning too... :eek:
 
The Craig said:
Would you not? :o

(I wouldn't be concerned if it was remain..)
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Why worry? Nothing is going to happen overnight! Even Cameron is waiting until October before he steps down as PM!

People are overly concerned. We are in the process of trying to sell and buy too and it has certainly not put us off.

I can remember when we had our first mortgage the rate was in the region of 15% at one point! This is going back many years!
 
Skeeter said:
I think you have a lack of understanding of how the money markets work...

Quite a lot has already happened over night.
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I do understand and what has happened 'overnight' was bound to happen! People panic! The markets have panicked! It will settle down.

Too many people getting their knickers in a twist!
 
Don't forget if the market declines its all relative as the house you'll be selling will also decline so you'll need just as much money in the future. Unless your job is directly effected by this vote then its difficult to determine anything as no one knows what is going to happen over the next 5 years leave or remain.
 
b0rn2sk8 said:
Don't forget if the market declines its all relative as the house you'll be selling will also decline so you'll need just as much money in the future. Unless your job is directly effected by this vote then its difficult to determine anything as no one knows what is going to happen over the next 5 years leave or remain.
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So, life must stop then?
 
koolpc said:
Why worry? Nothing is going to happen overnight! Even Cameron is waiting until October before he steps down as PM!

People are overly concerned. We are in the process of trying to sell and buy too and it has certainly not put us off.

I can remember when we had our first mortgage the rate was in the region of 15% at one point! This is going back many years!
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If youre selling and buying it won't make too much difference as the market will be relative. I'm buying from fresh, so don't wanna saddle myself up for 200k mortgage if I could have bought the house for 30k less a couple of months later!
 
The Craig said:
If youre selling and buying it won't make too much difference as the market will be relative. I'm buying from fresh, so don't wanna saddle myself up for 200k mortgage if I could have bought the house for 30k less a couple of months later!
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Agreed but can't see anything like that happening anytime soon.
 
koolpc said:
Agreed but can't see anything like that happening anytime soon.
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I'm buying a house, got my appointment next friday to sign the paper work and agree the date for the keys. I'm moving out my parents so have the potential to end up negative equity.
the way i see it is the rate is fixed for 2 years (assuming they can't change this between now and next friday) hopefully in two years any interest changes should have sorted themselves out and i';m not planning on selling for a number of years by which point im hoping things would have sorted themselves out.
the out campaign has in my opinion placed a risk which wasn't needed at the moment. Martin Lewis doesn't know whats going to happen.
although this is the home and garden section so not one for politics.
 
The seller of the house we are buying has moved to the US. The money from that house will not be as much as he was hoping for now due to exchange rates. Can only he hope he doesn't withdraw from the sale.
We would have to rent for longer. Thats going up too.
 
b0rn2sk8 said:
Don't forget if the market declines its all relative as the house you'll be selling will also decline so you'll need just as much money in the future. Unless your job is directly effected by this vote then its difficult to determine anything as no one knows what is going to happen over the next 5 years leave or remain.
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I'm not worried about the next 5 years, I'm worried about the next 5 days!

We have a deadline of the 9th July to Exchange and the person at the top of our chain is selling their house, paying off their mortgage and then moving to Bulgaria! We are praying that they haven't been screwed by the £ to an extent they pull out, as that would detroy the whole chain (only 3 in it) and we would be back to square 1 (again)!
 
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