Want to buy your own home, but worried about house prices dropping following Brexit?
If you are living with mum and dad, it may make sense to save for a bit longer, and play it by ear. But if you are currently renting, consider this:
By paying rent you are effectively wasting money that you could already be paying towards your mortgage. Rent a couple of years more and that could be an additional two years you may be paying for your mortgage at the other end, which could delay retirement and curtail those much longed for holidays.
There will always be peaks and troughs with the housing market, but if you are in it for the long haul, and buy wisely, then ultimately your investment will pay off.
Should you decide to move up the ladder in the shorter term and prices are low, you will make less of a profit on your current home, but this will be outweighed by the saving you will make on your more expensive purchase!
Nobody knows how Brexit will pan out, and it could take many years to be fully resolved. Putting your life on hold indefinitely will not only cause you uncertainty over your own future, but rents may also increase if there is a higher demand.
So be brave, look into affordability, and consider taking that leap of faith.
If you would like to discuss anything property related, or would like a free mortgage consultation with our in-house Financial Adviser, Chris Woodhouse, please call us on 01603 432000
