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Frustration & sadness
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If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!  |
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It's horrible isn't it. I feel very sorry for mortgage holders and first time buyers
All I can say is sit tight, house prices will drop over the next month and you might find that even factoring in further rate increases you'll be able to buy.
I know that scant comfort to you though |
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"It's horrible isn't it. I feel very sorry for mortgage holders and first time buyers
All I can say is sit tight, house prices will drop over the next month and you might find that even factoring in further rate increases you'll be able to buy.
I know that scant comfort to you though "
Thank you, I’m torn between finding a smaller place and sitting tight for a little longer, adding some more money to the pot and seeing where the market is later on. |
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"Things are not easy at the moment. I am sorry for what happened to you. Btw, have you been able to take advantage of the help to buy ISA for forst time buyers? "
I didn’t use one of those, the reason being I was saving more than was allowed per month into that type of account. But thank you though |
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By (user no longer on site)
over a year ago
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle! "
I know its hard, but be thankful that you hadn't completed and then faced the stress of making the payments.
In my early days of house ownership the interest rates went into double figures - i think 14/15% maybe. Lost about £20k through negative equity... that was very difficult  |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
I know its hard, but be thankful that you hadn't completed and then faced the stress of making the payments.
In my early days of house ownership the interest rates went into double figures - i think 14/15% maybe. Lost about £20k through negative equity... that was very difficult "
I’m trying to put a silver lining on it in that I can wait, but it’s just frustrating when all I want to do is spread my wings and gain a bit of independence.
I know a few people who went through similar when the interest rates shot up to those levels, I just hope they don’t go there. |
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"Really sorry to hear this, Jager. Gosh, life is hard enough as it is and wanting your own beautiful home shouldn't have to be this soul-destroying.  "
Thanks dude, honestly I should be really excited but it’s the complete opposite. |
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I get it, man.
I was homeless for the past few years and... yeah, not a fun time to be that.
I could say stay patient, hang in there but... yeah, fuck, it tore me up a little bit.
Guess all I can say is, I got there and you will too, my man.
Whatever that's worth  |
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"I get it, man.
I was homeless for the past few years and... yeah, not a fun time to be that.
I could say stay patient, hang in there but... yeah, fuck, it tore me up a little bit.
Guess all I can say is, I got there and you will too, my man.
Whatever that's worth "
Thanks mate, sooner rather than later I hope!  |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
Yeah it’s very sad for first time buyers right now. It’s only when you have bought and sold a few you realise there’s more creative ways to get good prices and raise deposits etc but hold tight, at least you can get 6% risk free growth on your savings now while you wait so hopefully get a lower LTV later on which is always what you want |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle! "
Did you vote brexit?
Did you vote conservative?
 |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
Did you vote brexit?
Did you vote conservative?
"
Lol. Minor impact really,
This is a complex combination of 3 world events and UK having more exposure to them (high imports, low skills) than other G7. The blame goes back 20-30 years ….the regulation of energy, Brexit and the incorrect data driven approach to raising interest rates actually have little impact |
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Sorry, OP. Must be very frustrating. If you can, I'd wait. Rates will fall, even it's a slow process.
On the flip side, if you borrow now knowing you can afford the repayments, you should see them fall when the time comes to renew your mortgage. |
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By (user no longer on site)
over a year ago
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"Really sorry to hear this, Jager. Gosh, life is hard enough as it is and wanting your own beautiful home shouldn't have to be this soul-destroying.
Thanks dude, honestly I should be really excited but it’s the complete opposite. "
With my age related wisdom.. I would say really evaluate what you want from life.. Once you have a mortgage you are tied to working to meet the payments... If i had my life over, I'd buy small, pay off that mortgage, then have the freedom to do what fills your soul with joy |
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By (user no longer on site)
over a year ago
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Putting a different spin on this, it’s actually quite the opportunity… if you wait.
Prices are starting to drop and interest rates are going up. Interest rates will stabilise and so will property prices, so I’d suggest that right now isn’t the best time to buy. The market has been due a correction for a while.
Keep saving, keep your options open. It’s a temporary situation. |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
Did you vote brexit?
Did you vote conservative?
Lol. Minor impact really,
This is a complex combination of 3 world events and UK having more exposure to them (high imports, low skills) than other G7. The blame goes back 20-30 years ….the regulation of energy, Brexit and the incorrect data driven approach to raising interest rates actually have little impact "
This is a result of the very rich, the establishment robbing the country of its wealth and not passing that wealth out in any fair proportion and so leaving poor people with shit wages and an insufficient housing stock to make buying feasible.. lots of landlords who could afford to buy properties in the past all banging their rents up now too so even the rental market is a nightmare .
Consecutive “pro establishment “ governments passing on money to the rich … irs all bollocks .. we need true socialism in this country… and don’t come back with arguments against communism. That is not what I would advocate |
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I would second the sit tight answer , I've recently had to remortgage and my advisor told me prices will come down soon
Use the time to throughly look at your options and maybe save a bit more
I mean is shared ownership a idea? |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle! "
First of all Well done you. Second of all, maybe give yourself a mental break. ( a cheap one) I recommend trips to the nudist beach. Thirdly, I gave up thinking about home ownership in the UK. Might still be a possibility overseas and if I do it right, I can run a B and B while living there and get a top-up from my UK pension.
The only way I will own a home now in the UK is if I get an inheritance...I don't want to wait for my family to die. I'd rather get my own and actually enjoy the time that I have left with them.
Most Millenials that I know who own homes, either earn a lot of money, did it with their partner, did it with their partner 1/4, their parents1/4 and their partner's parents1/4 ( as guarantors), did it with a sibling or mates or received an inheritance.
Everyone else is living at home or renting...or living in their car/van.
I honestly do not know what to tell the next generation about home ownership. |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
Did you vote brexit?
Did you vote conservative?
"
Old Millenial here. some say Xennial. It's like this all over the world because Boomers and Gen X created it like this.
Look at the age of the voters and the age of the politicians.
Rare for a millennial to have been in the same job with the same organization for 10 years. Rare for a millennial to have 2.4 children. Rare for a millennial to pay for their own home by themselves.
I studied politics...it's pretty much all the same unless you vote for someone Like Hitler. Yeah don't vote for Hitler-type personalities.
it used to take people a year to save for a home/wedding/kids/etc...not this lad is saving 7 years and is still nohwere near completion.
How much you want to bet that because he's saving all this money for a home that he hasn't paid into a pension? The sad thing is that the house won't even cover his care needs in the future.
Personally, I gave up. Since my mental health would rather sleep on the streets, the authorities have put me in social housing and that's where I will stay for the rest of my life. I can't handle the stress. |
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"Really sorry to hear this, Jager. Gosh, life is hard enough as it is and wanting your own beautiful home shouldn't have to be this soul-destroying.
Thanks dude, honestly I should be really excited but it’s the complete opposite.
With my age related wisdom.. I would say really evaluate what you want from life.. Once you have a mortgage you are tied to working to meet the payments... If i had my life over, I'd buy small, pay off that mortgage, then have the freedom to do what fills your soul with joy "
Think part of my problem is that I’ve done nothing but focus on my career for the last 8/9 years that “life” has gone by the wayside (as sad it sounds), now reality has hit and it’s like “.. what do I do?” |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
First of all Well done you. Second of all, maybe give yourself a mental break. ( a cheap one) I recommend trips to the nudist beach. Thirdly, I gave up thinking about home ownership in the UK. Might still be a possibility overseas and if I do it right, I can run a B and B while living there and get a top-up from my UK pension.
The only way I will own a home now in the UK is if I get an inheritance...I don't want to wait for my family to die. I'd rather get my own and actually enjoy the time that I have left with them.
Most Millenials that I know who own homes, either earn a lot of money, did it with their partner, did it with their partner 1/4, their parents1/4 and their partner's parents1/4 ( as guarantors), did it with a sibling or mates or received an inheritance.
Everyone else is living at home or renting...or living in their car/van.
I honestly do not know what to tell the next generation about home ownership."
Thank you, I agree I think it’s time to take a mental break from houses etc as it’s practically torture now, it doesn’t help that it’s being compounded by friends telling me i should have bought a year ago and rubbing my nose in it.
Like I mentioned to Midnight, I gave up social stuff as well to get the money together, but now I’m just thinking “what was the point” and spent it elsewhere.
I hope you get to your dream of a B&B though! Save a room for me
I would dread to think what the next generation will face, I think home ownership won’t be a thing anymore and it’ll be rentals (such as it is in Germany now). |
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By *hesblokeMan
over a year ago
Derbyshire village |
"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle! "
It's effing rough. We bought our first two years ago, and were very lucky to get in when we did - ours is, of course, going up but if we hadn't have taken the leap I don't think we ever could have. |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
It's effing rough. We bought our first two years ago, and were very lucky to get in when we did - ours is, of course, going up but if we hadn't have taken the leap I don't think we ever could have."
I was ready to make the leap, but alas interest rates just went way up so now I’m having to bide my time. |
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By *hesblokeMan
over a year ago
Derbyshire village |
"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
It's effing rough. We bought our first two years ago, and were very lucky to get in when we did - ours is, of course, going up but if we hadn't have taken the leap I don't think we ever could have.
I was ready to make the leap, but alas interest rates just went way up so now I’m having to bide my time. "
I hope things improve for us all, fingers crossed eh? |
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"If this sounds like a rant, it is.
As a first time buyer, I’m hating having to phone estate agents up and withdraw offers on houses because the mortgage rates have shot up!
Spent the best part of 7 years, gave up car, socialising, holidays etc to get the deposit etc only to have what feels like the rug pulled out from underneath me at the last hurdle!
It's effing rough. We bought our first two years ago, and were very lucky to get in when we did - ours is, of course, going up but if we hadn't have taken the leap I don't think we ever could have.
I was ready to make the leap, but alas interest rates just went way up so now I’m having to bide my time.
I hope things improve for us all, fingers crossed eh?"
I’ll keep em crossed and hope we don’t see the return of 15% |
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