New house purchase, am I being an idiot??

[Sheetmaself]

I can only see two posts from Sarnie and I believe I have responded to them.

I have been proven wrong before many times however.

[leef44]

Sheetmaself said:

I can only see two posts from Sarnie and I believe I have responded to them.

I have been proven wrong before many times however.

Sarnie is a mortgage broker with many happy customers on this site.

He meant you should PM him to get another opinion of mortgages. Even if it comes to nothing, he may have a few pointers which you may have overlooked so it would be useful.

That's all.

Disclaimer: I have not used Sarnie since I do not need a mortgage right now but I had bookmarked a thread in case I needed one and I would have enquired with him.

[Sheetmaself]

Ah cool thanks.

[redandwhite]

For me, it would be too much around my neck - although i am too far focused on getting rid of my mortgage rather than increasing it.

Do you need to spend that much? Do you need to buy 'new'?

Fair enough your mortgage is 1k for the next 5 years, but what then ? You will still owe £200k+ , could you still handle a payment with an interest rate that doubles ?

Another option - get a 126k house and put your feet up being mortgage free. zero worry.

Edited by redandwhite on Friday 7th August 10:38

Edited by redandwhite on Saturday 8th August 02:17

Edited by redandwhite on Saturday 8th August 02:18

[Sheetmaself]

Mortgage will be £257,000 if sell at £250,000 and buy at £382,000.

That said there is a concern about what happens if interest rates go over 6% in years 6-10 say, before i have built a buffer to carry me through hardship.

[Sheetmaself]

I will be contacting Sarnie shortly unless he objects.

[Sheetmaself]

In some more positive news my house went on the market at 1700hrs yesterday and i have just had a call to say I already have a viewing.

I know a viewing is nowhere near sold but it also on the market for £20,000 more than I have projected my figures for.

[Sheetmaself]

anonymous said:

[redacted]

I’ve stated elsewhere on this site that the house is sat empty, and also have alluded to watches, guitars etc that I own. Therefore i think it would be unwise to show the location of the property.

I will once sold if there is still an interest.

[CAPP0]

Have you factored in what happens when the new lady excitedly shows you a little plastic stick with a red line across it?

[Sheetmaself]

CAPP0 said:

Have you factored in what happens when the new lady excitedly shows you a little plastic stick with a red line across it?

That’s why I’m not buying a bungalow!

The new lady is 41, neither of us want that is the answer if i remove my dark sense of humour.

[Sheetmaself]

anonymous said:

[redacted]

I’ve stated elsewhere on this site that the house is sat empty, and also have alluded to watches, guitars etc that I own. Therefore i think it would be unwise to show the location of the property.

I will once sold if there is still an interest.

[craigjm]

My suggestion would be to stop replying to all the what ifs and buts in an attempt to convince yourself and do the one sensible thing -

Contact sarnie who you stopped replying to earlier in this thread and give him all the information you have and you will know pretty quickly what is affordable and more importantly what is available

Edited by craigjm on Friday 7th August 23:19

[Enut]

Sarnie has a very good reputation on here, either speak to him or another independent mortgage broker.

The last people you should be seeking mortgage advice from are those that the developers put you in contact with, there might just be a conflict of interest there.

Also be aware that buying a new build property also has a higher risk that it could drop in value, certainly in the early years and in the economic climate we are in.

You sound like you've thought it all through so if Sarnie thinks it's 'doable' and can get you the mortgage offer then go for it. Just be prepared that in 5 years time you might be paying a fair bit more than you are for the first 5 years, if interest rates go up.

[redandwhite]

Sheetmaself said:

Mortgage will be £257,000 if sell at £250,000 and buy at £382,000.

That said there is a concern about what happens if interest rates go over 6% in years 6-10 say, before i have built a buffer to carry me through hardship.

Edited my post, cheers