Buying a house - concerned

[NorthWestPerm2Contr]

Recently put an offer on a house in the region of 300,000 with a 15% deposit in place. It has been accepted and we really like the house. After the offer the following things happened:
- Double Dip recession
- New Greek/Euro banking crisis
- Unemployment is predicted to get worse for the next 5 years
- Contract market suddenly looking a lot weaker again

My mortgage will be in the region of £1,200/month and that is well affordable if I can continue contracting.... I am however feeling a little nervous about the future following all of these crises. Should I just crack on ahead or consider withdrawing the offer?

[FiveTimes]

Recently put an offer on a house in the region of 300,000 with a 15% deposit in place. It has been accepted and we really like the house. After the offer the following things happened:
- Double Dip recession
- New Greek/Euro banking crisis
- Unemployment is predicted to get worse for the next 5 years
- Contract market suddenly looking a lot weaker again

My mortgage will be in the region of £1,200/month and that is well affordable if I can continue contracting.... I am however feeling a little nervous about the future following all of these crises. Should I just crack on ahead or consider withdrawing the offer?

withdraw and then offer 30k less

MF

[cojak]

Moved because this is a business question.

[Peter Loew]

Recently put an offer on a house in the region of 300,000 with a 15% deposit in place. It has been accepted and we really like the house. After the offer the following things happened:
- Double Dip recession
- New Greek/Euro banking crisis
- Unemployment is predicted to get worse for the next 5 years
- Contract market suddenly looking a lot weaker again

My mortgage will be in the region of £1,200/month and that is well affordable if I can continue contracting.... I am however feeling a little nervous about the future following all of these crises. Should I just crack on ahead or consider withdrawing the offer?

Take it. You may not get the chance again given the increasingly difficult financial situation we're in. If you have a mortgage offer, take it. Unless you work in an obscure contracting area I don't see why you should worry (providing you're good at what you do).

[nomadd]

Recently put an offer on a house in the region of 300,000 with a 15% deposit in place. It has been accepted and we really like the house. After the offer the following things happened:
- Double Dip recession
- New Greek/Euro banking crisis
- Unemployment is predicted to get worse for the next 5 years
- Contract market suddenly looking a lot weaker again

My mortgage will be in the region of £1,200/month and that is well affordable if I can continue contracting.... I am however feeling a little nervous about the future following all of these crises. Should I just crack on ahead or consider withdrawing the offer?

Your call.

I rent cheaply and wouldn't even dream of buying in the current market. Falling house prices, unemployment, rising interest rates (no, they won't stay at their current levels for ever), etc., etc.

In the first 5-10 years of your mortgage, you are paying very little of the capital off - you are simply making a Bank rich.

Lots to considered. Everyone's circumstances different - and people have very polarised views when it comes to houses.

[Kanye]

Theres no way I would buy a 300k house in the current market.

I bought a small dumpy flat for cash and recently upgraded for a small house for cash too.

Took a bit of self control when I've been netting 130k a year for the last few years, but I think it was the most sensible thing to do.

The saddest day of my life was when I got my 1st year mortgage statement on my previous property. I'd paid something like 20k and only 2k was off the capital.

I would definetly sit tight for a bit longer, especially if you are buying in the North West.

[Peter Loew]

I would only buy in central London btw and only a 2+ bedder. You should be able to make back at least 50% of your mortgage if you get the numbers right.

[Fandango]

oh tulip

well we've put in an offer on a £440k +house moving from our £225k one which has made precisely £0 in the 4.5 years since we've bought it (assuming we get what we want for it)

we'll have about £100k in equity (from what we've paid off, some savings and some inheritance money) so it would be about a £340k mortgage. repayments would be about £2k/month

I was having slight worries about that but now you lot have got me even more worried

[d000hg]

Recently put an offer on a house in the region of 300,000 with a 15% deposit in place. It has been accepted and we really like the house. After the offer the following things happened:
- Double Dip recession
- New Greek/Euro banking crisis
- Unemployment is predicted to get worse for the next 5 years
- Contract market suddenly looking a lot weaker again

My mortgage will be in the region of £1,200/month and that is well affordable if I can continue contracting.... I am however feeling a little nervous about the future following all of these crises. Should I just crack on ahead or consider withdrawing the offer?

Even if things all go wrong you will need somewhere to live, much harder to get kicked out of a house you own than one you rent.

[northernladuk]

How is the warchest? If you have a nice lump in there that will cover a worst case situation for 4-6 months then your risk is reduced considerably....

To the OP, my memory might fail me but aren't you a first time buyer?