New house purchase, am I being an idiot??
Discussion
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.I have been proven wrong before many times however.
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.
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.
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
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
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
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.
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.
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