Jump to content
House Price Crash Forum
WhatTheFTB

What A Day We've Had...

Recommended Posts

Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here. You are kindred spirits, and decidedly learned... so, I just had to spill out over this: :ph34r:

Mr WhatTheFTB and I have just had one helluva day. We're emotional wrecks, I'm posting on here because... well maybe some of you might understand.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

We were all ready to go ahead with it today, the mortgage was approved and we were about to hand the forms in and ask for the survey... when we suddenly, inexplicably got cold feet.

Everything about this felt affordable, do-able and pretty much worry free... except for the fact that it just.felt.wrong. :unsure:

We have a great deposit saved up, plus money for the costs of moving and the legal business. We also have plenty of disposable income, so we're saving at a speedy rate at the moment (even though we're currently renting a 1-bed flat for the privelege... :lol: ). We just felt that although the house was great, it wasn't worth giving up our freedom/disposable income for.

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

When we'd finally decided on this, after hours of stress, dilemma and tears (that's me, not the hubby, BTW. I don't want any of you strapping city-boys calling him a wuss ;) ), we felt like smiling for the first time in four days. Now, I know all you bulls out there will come on and say we've just spent too long on this website (which is probably true :P ), but we weren't even worried about prices falling further, or rising a bit (since we're saving so fast). We just felt like it was wrong. <_<

Are we total cowards, or is there a greater force at work here?? :ph34r:

Anyway, I'm not really asking for advice or for slaps on the back (or slaps in the face - c'mon bulls, you know you were thinking about it! 'Missing the boat' 'Best time to buy' blah blah blah... ;) ). I just wanted to share our experience and see if it starts a debate.

Probably not though, as none of you lot know who the hell I am! ;)

Thanks for reading anyway.

Share this post


Link to post
Share on other sites
Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here. You are kindred spirits, and decidedly learned... so, I just had to spill out over this: :ph34r:

Mr WhatTheFTB and I have just had one helluva day. We're emotional wrecks, I'm posting on here because... well maybe some of you might understand.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

We were all ready to go ahead with it today, the mortgage was approved and we were about to hand the forms in and ask for the survey... when we suddenly, inexplicably got cold feet.

Everything about this felt affordable, do-able and pretty much worry free... except for the fact that it just.felt.wrong. :unsure:

We have a great deposit saved up, plus money for the costs of moving and the legal business. We also have plenty of disposable income, so we're saving at a speedy rate at the moment (even though we're currently renting a 1-bed flat for the privelege... :lol: ). We just felt that although the house was great, it wasn't worth giving up our freedom/disposable income for.

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

When we'd finally decided on this, after hours of stress, dilemma and tears (that's me, not the hubby, BTW. I don't want any of you strapping city-boys calling him a wuss ;) ), we felt like smiling for the first time in four days. Now, I know all you bulls out there will come on and say we've just spent too long on this website (which is probably true :P ), but we weren't even worried about prices falling further, or rising a bit (since we're saving so fast). We just felt like it was wrong. <_<

Are we total cowards, or is there a greater force at work here?? :ph34r:

Anyway, I'm not really asking for advice or for slaps on the back (or slaps in the face - c'mon bulls, you know you were thinking about it! 'Missing the boat' 'Best time to buy' blah blah blah... ;) ). I just wanted to share our experience and see if it starts a debate.

Probably not though, as none of you lot know who the hell I am! ;)

Thanks for reading anyway.

One of the other posters said today you should never buy a house in the summer which is good advice. Relax and see if it's still around in the winter. If it is and you still want it, you should be able to haggle some more off the price. If it isn't you'll know it's a good area so look for similar.

Share this post


Link to post
Share on other sites
Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here. You are kindred spirits, and decidedly learned... so, I just had to spill out over this: :ph34r:

Mr WhatTheFTB and I have just had one helluva day. We're emotional wrecks, I'm posting on here because... well maybe some of you might understand.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

We were all ready to go ahead with it today, the mortgage was approved and we were about to hand the forms in and ask for the survey... when we suddenly, inexplicably got cold feet.

Everything about this felt affordable, do-able and pretty much worry free... except for the fact that it just.felt.wrong. :unsure:

We have a great deposit saved up, plus money for the costs of moving and the legal business. We also have plenty of disposable income, so we're saving at a speedy rate at the moment (even though we're currently renting a 1-bed flat for the privelege... :lol: ). We just felt that although the house was great, it wasn't worth giving up our freedom/disposable income for.

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

When we'd finally decided on this, after hours of stress, dilemma and tears (that's me, not the hubby, BTW. I don't want any of you strapping city-boys calling him a wuss ;) ), we felt like smiling for the first time in four days. Now, I know all you bulls out there will come on and say we've just spent too long on this website (which is probably true :P ), but we weren't even worried about prices falling further, or rising a bit (since we're saving so fast). We just felt like it was wrong. <_<

Are we total cowards, or is there a greater force at work here?? :ph34r:

Anyway, I'm not really asking for advice or for slaps on the back (or slaps in the face - c'mon bulls, you know you were thinking about it! 'Missing the boat' 'Best time to buy' blah blah blah... ;) ). I just wanted to share our experience and see if it starts a debate.

Probably not though, as none of you lot know who the hell I am! ;)

Thanks for reading anyway.

Well done you've missed the bottom of the market. House prices are now rising and you will be priced out forever if you don't buy NOW!!!

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable
Well done you've missed the bottom of the market. House prices are now rising and you will be priced out forever if you don't buy NOW!!!

That's the spirit!

Share this post


Link to post
Share on other sites
Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here. You are kindred spirits, and decidedly learned... so, I just had to spill out over this: :ph34r:

Mr WhatTheFTB and I have just had one helluva day. We're emotional wrecks, I'm posting on here because... well maybe some of you might understand.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

We were all ready to go ahead with it today, the mortgage was approved and we were about to hand the forms in and ask for the survey... when we suddenly, inexplicably got cold feet.

Everything about this felt affordable, do-able and pretty much worry free... except for the fact that it just.felt.wrong. :unsure:

We have a great deposit saved up, plus money for the costs of moving and the legal business. We also have plenty of disposable income, so we're saving at a speedy rate at the moment (even though we're currently renting a 1-bed flat for the privelege... :lol: ). We just felt that although the house was great, it wasn't worth giving up our freedom/disposable income for.

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

When we'd finally decided on this, after hours of stress, dilemma and tears (that's me, not the hubby, BTW. I don't want any of you strapping city-boys calling him a wuss ;) ), we felt like smiling for the first time in four days. Now, I know all you bulls out there will come on and say we've just spent too long on this website (which is probably true :P ), but we weren't even worried about prices falling further, or rising a bit (since we're saving so fast). We just felt like it was wrong. <_<

Are we total cowards, or is there a greater force at work here?? :ph34r:

Anyway, I'm not really asking for advice or for slaps on the back (or slaps in the face - c'mon bulls, you know you were thinking about it! 'Missing the boat' 'Best time to buy' blah blah blah... ;) ). I just wanted to share our experience and see if it starts a debate.

Probably not though, as none of you lot know who the hell I am! ;)

Thanks for reading anyway.

If it doesn't feel right then you proabbly would have regretted. Now, where on earth did you get a 30 year fix from and what was the rate (if you don't mind me asking)

Share this post


Link to post
Share on other sites
Are we total cowards,

Yes, but it's not your fault. You're just not well. You have a bad case of "bear-itis".

Common symptoms are a fear of commitment, mild panic attacks when signing mortgage paperwork, and a distorted perception of financial responsibility. Sufferers frequently congregate in groups, and actively seek approval of their irresponsible behaviour, usually through selective intake of erroneous information.

The only known cure is frequent exposure to a mortgage versus rent lifetime expenditure calculator. Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

Share this post


Link to post
Share on other sites
.... Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

Where you will meet many other failed property investors who thought prices only ever go up :)

Share this post


Link to post
Share on other sites
Yes, but it's not your fault. You're just not well. You have a bad case of "bear-itis".

Common symptoms are a fear of commitment, mild panic attacks when signing mortgage paperwork, and a distorted perception of financial responsibility. Sufferers frequently congregate in groups, and actively seek approval of their irresponsible behaviour, usually through selective intake of erroneous information.

The only known cure is frequent exposure to a mortgage versus rent lifetime expenditure calculator. Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

It's OK mate, I've already told her she will be priced out forever if she doesn't buy now. I think it's best if you troll on the other threads we agreed to troll with Valerius earlier. Where's Sibley? He would know what to do.

Share this post


Link to post
Share on other sites
Yes, but it's not your fault. You're just not well. You have a bad case of "bear-itis".

Common symptoms are a fear of commitment, mild panic attacks when signing mortgage paperwork, and a distorted perception of financial responsibility. Sufferers frequently congregate in groups, and actively seek approval of their irresponsible behaviour, usually through selective intake of erroneous information.

The only known cure is frequent exposure to a mortgage versus rent lifetime expenditure calculator. Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

Funny

Share this post


Link to post
Share on other sites
.. except for the fact that it just.felt.wrong. :unsure:

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

It felt wrong..... so there you are... a bit of woman's intuition, if you like. ;)

And if it didn't feel right, it probably wouldn't of been right.

Just put the stress behind you now, and sit back, and enjoy the summer in that flat overlooking the sea.

Imo, by the end of the summer, as those house prices start to fall again, you will be glad you did not tie yourself down with a house purchase.

Share this post


Link to post
Share on other sites
Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

+1 (in all the time I lurked some people are/were immense)

Slightly OT but mind me enquiring what the rate and provider is for that mortgage, is that for real?

Good luck ;)

Edited by givemethegun

Share this post


Link to post
Share on other sites

OP... at 3.5x one income, don't stress on the mortgage. Unless the income that's paying that mortgage (assuming it's not an equal earning household or thereabouts) looks like it's about to dry up, that's perfectly payable. If you want it, go for it. If not, don't. That said, from your post I kinda get the feeling there are other factors at play here, so you've probably got the right result.

Slightly OT but mind me enquiring what the rate and provider is for that mortgage, is that for real?

One forgeteth deposit size.

Share this post


Link to post
Share on other sites
OP... at 3.5x one income, don't stress on the mortgage. Unless the income that's paying that mortgage (assuming it's not an equal earning household or thereabouts) looks like it's about to dry up, that's perfectly payable. If you want it, go for it. If not, don't. That said, from your post I kinda get the feeling there are other factors at play here, so you've probably got the right result.

One forgeteth deposit size.

I think we are more intrigued at the 30 year fix thing

Share this post


Link to post
Share on other sites
Yes, but it's not your fault. You're just not well. You have a bad case of "bear-itis".

Common symptoms are a fear of commitment, mild panic attacks when signing mortgage paperwork, and a distorted perception of financial responsibility. Sufferers frequently congregate in groups, and actively seek approval of their irresponsible behaviour, usually through selective intake of erroneous information.

The only known cure is frequent exposure to a mortgage versus rent lifetime expenditure calculator. Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

i see you're still worried enough to be trolling here for FTBers

bless

Share this post


Link to post
Share on other sites
Yes, but it's not your fault. You're just not well. You have a bad case of "bear-itis".

Common symptoms are a fear of commitment, mild panic attacks when signing mortgage paperwork, and a distorted perception of financial responsibility. Sufferers frequently congregate in groups, and actively seek approval of their irresponsible behaviour, usually through selective intake of erroneous information.

The only known cure is frequent exposure to a mortgage versus rent lifetime expenditure calculator. Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

Welcome WhatTheFTB,

Beware of Shameish McLavish, he has a pile of equity that he wishes to maintain. He will encourage you to sign on the dotted line, as every house sale (hopefully at, or above asking price) is helping to increase his own "wealth".

I don`t wish to be rude, but how old are you ? By Hamish`s standards, you are "pathetic" if you only have £100k of equity by the age of 36 (or something like that). Hamish had £400K of equity by 38, I believe, so you may wish to reconsider your decision not to buy, if you want to avoid being "pathetic".

Looks like Hamish is mocking you for not buying. I`d say that if you can afford to buy the place, which it appears that you can, then go ahead if you want to. Obvioulsy you had a last minute change of heart, which is fair enough. The purchase of a home is a major financial decision for most people, so you must feel comfortable before you go ahead and take on the mortgage.

Don`t let the bulls on this site try and frighten you into buying soon, in case you "miss the boat". On the other hand, don`t let the bears tell you that you should wait, because prices will be 20% cheaper in 12 months time. The fact is that nobody can be certain what will happen to house prices over the next couple of years. The bulls have their views, the bears have theirs. Keep visiting this forum, and try to gain knowledge from some of the more sensible posts. I`m sure you will enjoy some of the less sensible ones !

Share this post


Link to post
Share on other sites
Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here. You are kindred spirits, and decidedly learned... so, I just had to spill out over this: :ph34r:

Mr WhatTheFTB and I have just had one helluva day. We're emotional wrecks, I'm posting on here because... well maybe some of you might understand.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

We were all ready to go ahead with it today, the mortgage was approved and we were about to hand the forms in and ask for the survey... when we suddenly, inexplicably got cold feet.

Everything about this felt affordable, do-able and pretty much worry free... except for the fact that it just.felt.wrong. :unsure:

We have a great deposit saved up, plus money for the costs of moving and the legal business. We also have plenty of disposable income, so we're saving at a speedy rate at the moment (even though we're currently renting a 1-bed flat for the privelege... :lol: ). We just felt that although the house was great, it wasn't worth giving up our freedom/disposable income for.

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

When we'd finally decided on this, after hours of stress, dilemma and tears (that's me, not the hubby, BTW. I don't want any of you strapping city-boys calling him a wuss ;) ), we felt like smiling for the first time in four days. Now, I know all you bulls out there will come on and say we've just spent too long on this website (which is probably true :P ), but we weren't even worried about prices falling further, or rising a bit (since we're saving so fast). We just felt like it was wrong. <_<

Are we total cowards, or is there a greater force at work here?? :ph34r:

Anyway, I'm not really asking for advice or for slaps on the back (or slaps in the face - c'mon bulls, you know you were thinking about it! 'Missing the boat' 'Best time to buy' blah blah blah... ;) ). I just wanted to share our experience and see if it starts a debate.

Probably not though, as none of you lot know who the hell I am! ;)

Thanks for reading anyway.

You made the right choice, you have just saved yourselves a fortune by delaying your purchase. Start looking again in a year or so and you'll be glad you held out.

Share this post


Link to post
Share on other sites
We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

Thanks for reading anyway.

Interested to know where you found that one. :huh:

Share this post


Link to post
Share on other sites
Afternoon all. I have lurked on this site since early 2005, and though I haven't posted much at all, I feel so much respect for the posters on here. You are kindred spirits, and decidedly learned... so, I just had to spill out over this: :ph34r:

Mr WhatTheFTB and I have just had one helluva day. We're emotional wrecks, I'm posting on here because... well maybe some of you might understand.

We found a house we were interested in last week. Very nice 3-bed semi, great area, only had to borrow 3.5x one of our incomes (at a very good fixed rate for 30 years), once we'd haggled a bit off the asking price that was...

We were all ready to go ahead with it today, the mortgage was approved and we were about to hand the forms in and ask for the survey... when we suddenly, inexplicably got cold feet.

Everything about this felt affordable, do-able and pretty much worry free... except for the fact that it just.felt.wrong. :unsure:

We have a great deposit saved up, plus money for the costs of moving and the legal business. We also have plenty of disposable income, so we're saving at a speedy rate at the moment (even though we're currently renting a 1-bed flat for the privelege... :lol: ). We just felt that although the house was great, it wasn't worth giving up our freedom/disposable income for.

Our flat looks out over the sea, and it's in a prime area, and - to be honest - it's pretty darn nice. We've been looking for a house for a while, but when this one came along...

We just couldn't do it. :rolleyes:

When we'd finally decided on this, after hours of stress, dilemma and tears (that's me, not the hubby, BTW. I don't want any of you strapping city-boys calling him a wuss ;) ), we felt like smiling for the first time in four days. Now, I know all you bulls out there will come on and say we've just spent too long on this website (which is probably true :P ), but we weren't even worried about prices falling further, or rising a bit (since we're saving so fast). We just felt like it was wrong. <_<

Are we total cowards, or is there a greater force at work here?? :ph34r:

Anyway, I'm not really asking for advice or for slaps on the back (or slaps in the face - c'mon bulls, you know you were thinking about it! 'Missing the boat' 'Best time to buy' blah blah blah... ;) ). I just wanted to share our experience and see if it starts a debate.

Probably not though, as none of you lot know who the hell I am! ;)

Thanks for reading anyway.

Buying in a bear market is tough. Your reaction is natural. We all need to feel we are doing what everyone else is doing so its always more comfortable to buy during the top of a bull market and pay a crazy price and then lose a fortune. Same applies to stocks and other assets. This is what bubbles are all about.

It is unlikely you will call the bottom of the market so if you are just interested in property investment then now is probably a good time to buy if you can fix at the current low rates. Over 5-10 years you should do well.

If its a lifestyle choice then only you can tell. Personally I could not rent longterm but people do - especially in Europe and value the freedom of moving whenever they want and not tying up capital. The delema you have is that you haven't really thought about your motive for buying.

My father was a professional property investor in the 1970s and his attitude was that you never overpay or get emotionally involved with property. If you lose a bargain there will always be another. Its not as if there is a shortage is it?

Share this post


Link to post
Share on other sites
Interested to know where you found that one. :huh:

This has got troll written all over it

2 posts? 30 year fixed rate mortgage?

Edited by pete.hpc

Share this post


Link to post
Share on other sites
This has got troll written all over it

2 posts? 30 year fixed rate mortgage?

Irritating yes :angry: ,with all the icons :blink: but why a troll :unsure:

Just needs to tell everyone what a wonderful ;) life :rolleyes: she has. We all need stroking now and then :lol:

Share this post


Link to post
Share on other sites
Yes, but it's not your fault. You're just not well. You have a bad case of "bear-itis".

Common symptoms are a fear of commitment, mild panic attacks when signing mortgage paperwork, and a distorted perception of financial responsibility. Sufferers frequently congregate in groups, and actively seek approval of their irresponsible behaviour, usually through selective intake of erroneous information.

The only known cure is frequent exposure to a mortgage versus rent lifetime expenditure calculator. Useful additional therapies can include volunteering at homeless shelters, and group homes for the elderly and impoverished.

Really ?

Would this be the same calculator that you introduced to us all in the Scottish sub forum ?

Before we all showed that based on today's numbers this calculator actually shows the opposite of what you were wanting ?

All this to be followed by you never linking this Rent vs Buy calculator again ?

Simpy due to the fact that now it is not useful to yourself - you seem to think it ceases to exist ?

Rent vs Buy

Put in houses falling at 10% YoY. Rent increases at zero. (It doesn't allow for the fact that rents are falling). A savings rate of 1% and a mortgage rate of 4.90.

It results in a sea of red. Red means it is better to rent than buy.

So Hamish - what was your point again... :lol:

Share this post


Link to post
Share on other sites
Really ?

Put in houses falling at 10% YoY. Rent increases at zero. (It doesn't allow for the fact that rents are falling). A savings rate of 1% and a mortgage rate of 4.90.

If house prices kept falling at 10% a year, you wouldn't need a mortgage calculator at all........ Pretty soon they'd be coming free with a packet of cereal. :rolleyes:

The point is of course that you have to enter a reasonable value for what you expect HPI to average on an annualised basis for 25 years. That would be the bit that you missed.

Nobody disputes that it can make financial sense for people to delay buying in the middle of a crash. However even buying at peak is vastly cheaper than renting for a lifetime.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.