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Just as you’d feel stupid if post brexit the £900k house only falls to £850k but interest rates shoot up and that £850k debt becomes unaffordable. You’ll wish you’d locked in on a long term fixed rate at the higher purchase price because it was £2k a month cheaper to service the debt (based on a fictional 4% rise in rates).
Ramsaye-
Just as you’d feel stupid if post brexit the £900k house only falls to £850k but interest rates shoot up and that £850k debt becomes unaffordable.
I think at that point you'd realise you really are a crab in a barrel and maybe mansion owning isn't for you.
Also, I suspect a 4% increase in rates and only tiny dent in house prices isn't that realistic a scenario. Could be wrong tho.
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Just as you’d feel stupid if post brexit the £900k house only falls to £850k but interest rates shoot up and that £850k debt becomes unaffordable.
That could only happen if after Brexit everyone suddenly has lots more money so that they can suddenly afford the mortgage on a £850k place, keeping house prices bouyant despite the increase in interest rates. I'd put that firmly in the 'Unicorn' and 'Magic Money Tree' part of the Venn diagram of probabilities.
Howard
Brommers
Yes, but you'd feel bloody stupid if you bought at £900k months before brexit only to see your gaff being £500k after brexit. It's an event firmly timetabled and a very real chance of an epic fuck up and a slow recovery. The opportunity cost of £4ook is not insignificant.
Anyone with a second property coming to the end of a mid term time scale would be trying to shift it before Brexit I'd have thought.
Apologies to @GwGs