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It was always going to be risk but it is rather nerve wracking to have taken on a fucking mahoosive mortgage in May.
Stonehedge-
I work in the engineering department of a university. All my funding comes from massive EU projects. I am very worried about completing on my house.
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Same boat. My better half is really, really anxious - and feels silly for buying at the top of the market (and probably overpaying) before a period of economic uncertainty.
I'm not quite as worried (although not exactly happy). We have a 5yr fixed that is less than we'd pay renting (assuming we can make it there long enough to eat the SDLT). We had 25% deposit, not 5%. Interest rates are still a million miles from what my parents had to pay. Also our reason for buying the house we bought was to have somewhere we'd be able to to live for life if we needed to.
I guess the real problem comes if we loose our jobs and can't afford our mortgage, etc.
root
hugo7
It's going to be that bad.
I was really shocked that it even reached LFGSS by adding so much to the monthly bill because of the USD > GBP exchange rate.
Already know of a few people laid off, a couple of 10% reductions in house purchase offers, and over-listened talk from a Buy-To-Let seller on the train this morning who fears that they can't afford to hold too long, yet selling will come at a big loss.
Now that last one, perhaps that's a good thing... but a crashing housing market is going to have ramifications way beyond "My rent has gone down.".