Mortgage...sign the dotted line or wait? #Coronavirus

Etray reviewer

Long and short of it is; due to finalise paperwork for a mortgage within the month.

In light of the Coronavirus and potential financial impacts on the economy, does Boards.ie folk recommend waiting for as long as possible, draw it down or avoid like the plague pardon the pun

All opinions welcome.

Oral Surgeon

Etray reviewer wrote: »

Long and short of it is; due to finalise paperwork for a mortgage within the month.

In light of the Coronavirus and potential financial impacts on the economy, does Boards.ie folk recommend waiting for as long as possible, draw it down or avoid like the plague pardon the pun

All opinions welcome.

Get on with it, if it was a good idea a month ago then it’s a good idea still.... imo!!

harrylittle

it would be nuts now to draw down a mortgage

enricoh

Will you get a mortgage approval again in 6 months time?
If I was in the public sector I'd probably pull out in the hope of a decent discount in 6 months time.
If in private sector I'd plough on

ct5amr2ig1nfhp

I'd rethink the decision to draw down this month at the very least. Delay it another month and then reevaluate.

wirelessdude01

We are in the same position here as well. Herself hasn't mentioned it but since the weekend it has been on my mind whether we should try and delay or plough on.

rahmalec

Same here

LeinsterDub

Etray reviewer wrote: »

Long and short of it is; due to finalise paperwork for a mortgage within the month.

In light of the Coronavirus and potential financial impacts on the economy, does Boards.ie folk recommend waiting for as long as possible, draw it down or avoid like the plague pardon the pun

All opinions welcome.

If you intend to live there long term then go for it. What you lose the swings you'll pick up in the roundabouts.

The chan chan man

What are your concerns?

rahmalec

I’m self employed and work with events and “mass gatherings”. If I draw down the mortgage be then am out of work for months what happens?

Etray reviewer

enricoh wrote: »

Will you get a mortgage approval again in 6 months time?
If I was in the public sector I'd probably pull out in the hope of a decent discount in 6 months time.
If in private sector I'd plough on

Public sector but it’s the house of our dreams and a decent price as prices are currently.
I could see the banks being shut till god knows when within the month so am feeling the pressure to make a move either way.

Wesser

Recession coming v soon. Houses prices may drop along with the recession you might loose your job or take a pay cut.

LeinsterDub

Wesser wrote: »

Recession coming v soon. Houses prices may drop along with the recession you might loose your job or take a pay cut.

All of these things could happen and you'll still be paying a rent about 1.5 times a mortgage

Icepick

This is a classic one.

When property prices go down because of economic slowdown, so does mortgage availability not to mention income prospects.

You can't win .. unless you win or inherit a large enough lump sum.

KilOit

If it's the house of your dreams i'd go with it. As other have said banks might not lend in the future and people certainly won't be selling their very nice homes in a dip.
If it was an average house and your young with not a huge need for a roof over your head to call your own i'd hold off

VeryRapidSkoda

The banks look as though they are going to offer up to a 3 months pause on payments due to the situation and people having to be out of work in self isolation, so maybe check that out first.

E30i

If you are both happy with the house and the area And the mortgage is less than you are paying if renting I'd personally go with it. Sounds like you have jumped through the hoops to get to this stage and if the house drops say 10% and you can't get a mortgage for the lower AMT how would that make you feel.

Sunrise_Sunset

In the last recession, the value of the property I owned decreased in value by a lot more than 10%. It was closer to 50%. If it's the home you plan on living in for the foreseeable then go ahead, otherwise I'd wait.

Gael23

Run a mile. House prices will go into free fall after this

confusedeire

The difference this time around is there isn't a surplus of houses available so we wont see the collapse in housing like we did 10 years ago.

but what may happen is a stall in the market where the banks will be stricter with there lending and not give a mortgage. building of new houses will stall also and in turn driving up the cost of the rental market

if you take a chance and wait there might be a possibility that the banks wont lend. and there might be no significant drop in the housing market

dotsman

Gael23 wrote: »

House prices will go into free fall after this

Why?

PhilOssophy

Don't do it, wait until this blows over. You don't know what could happen house prices in the interim.

nthclare

Just froze the mortgage there today for 3 month's.
Have to have a life when laid off temporarily, working in the tourism sector myself.