1st time buyer in Brexit

[Greg]

Hello I am a first time buyer, I have all but signed the dotted line for this property. Everyday new news in regards to Brexit (often negative) comes out. I am now really apprehensive in regards to if it is the right time to buy.

I read somewhere that house prices could lose a third of their value after Brexit… A THIRD !!

In addition to my concerns over the property value staying solid my main concern is in regards to income. I work as a contractor for a handful of companies, I am worried I commit to this and then lose work due to cutbacks from clients.
Do you have any advice ?

[Naz Mustafa]

HI Greg

Thank you for your enquiry.

It is very hard to predict the future and how Brexit may affect house prices in the short term. In the long term houses do always hold their value as long as there is a demand and there is a lot of demand for properties to be purchased.

In regards to you income if you feel that you income will drop and your mortgage will be unaffordable for you in the future then perhaps it may be wise to look at a lower price property or a lower mortgage that will allow you to save money each month to cover any down time in your business.

Depending on your lender you can also chose to make overpayments with a view to making under payments or taking holiday payments. Terms and conditions do apply and each lender is different with their allowances.

Please do call if you wish to discuss further on our freephone number

regards

The mortgage Sorter Team.

[Author]

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