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Thread: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

  1. #1
    Join Date
    Feb 2010
    Posts
    9

    Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    Hi all,

    Well.. I'm here again and without sleep for the past week or so. Can't eat and feel physically sick all the time.
    And as silly as this sounds I have no real reason to feel this way, I'm in the process of buying a house with my partner, everything seems to be going well..
    contracts are even signed, formal mortgage offer received and all's well.. on track.

    But I can't help but be absolutely sick with worry that somehow something terrible can happen and we can end up homeless? (we've handed our notice in at the current place we're renting and we have to move out in 4 weeks, and the house we're buying is complete and ready to move into in 3 weeks time. The survey and searches all came back perfect, the mortgage has not just been "pre-approved" it's actually fully OFFERED.

    so, why am I feeling so so scared :'( we've spent so much money on the solicitors fees, the deposit... conveyancing etc etc. it's sooo expensive and I guess I'm perhaps just so scared that we'll lose all of that?

    but surely that's it now? like, once a formal legally binding offer has been presented to the solicitor (which he MUST have before doing any searches) I should just chill out.

    Has anybody else faced such an extreme amount of anxiety/worry/panic over buying their home?

    Is it normal to be like this? :(

    I guess I'm just scared that the mortgage company (big, HUG bank!) will pull out and we'll be on the street. We bank with them, all our everything is with them.. does this work in our favor? I've been on stupid forums like money saving expert and read like 2 horror stories about this happening to someone before, so now I'm in full panic-mode.

    please help :'( ...do they do further credit checks, even after it's all approved? basically all that's left is for the solicitor to ask the bank to release the funds and we can move in..

    sorry to go on so much, I must sound so pathetic. I'm jsut so lost in worry, and I know there are so many other people in the world with far greater worries than myself, but I can't help but feel this right now.

    many thanks, and if you have a lot of negative things to say please, please just don't say anything..

    x

  2. #2

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    If the bank have made the offer then why would they pull out? I expect the offer was made subject to a number of conditions such as the value of the property and its condition - sounds like you are buying a brand new place (forgive me if I got that wrong) in which case it should be covered by an NHBC certificate and you will have had the bank's valuation done by now.
    Will they do further credit checks? Why would they? That is an extra cost to them, so unless you have given them a reason to do one they wont. They will want the mortgage to go ahead now just as much as you do as they will have had all their costs in administering you application and until the mortgage starts they get nothing from you.
    RE having all your banking with them, is this a benefit to you, yes definately
    Stop worrying, sit back and relax and enjoy planning how you will enjoy your new home
    Dani

  3. #3
    Join Date
    Feb 2010
    Posts
    9

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    Hi there Dani,

    Many thanks for your reply. You're correct, it is a new build. It's all ready soon.

    Yeh when they approved it in principle at first this was based on the checks on the property by the surveyor being ok.. and they did that and did our credit checks etc and then they had the interview with us and got back to us after a few days with a formal offer for us and our solicitors and a surveyors report on the property.

    Thank you so much for your reply, It's helped me so much. I actually smiled when the logic clicked in my mind - why would they do another check!? I mean, even if so.. it's all ok. Just you know, you read one bad story and it sends you into a mad frenzy.

    I wish I could say this is the end of my panic, but something tells me I'll only stop fretting when we actually have the keys.

    x
    x

  4. #4

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    Enjoy getting those keys, I'm sure you will be very happy in your new home
    If you want to chat further about your worries on this then drop me a PM
    Dani

  5. #5
    Join Date
    Feb 2010
    Posts
    9

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    I might just do that.. as I'm constantly up and down with it all. I know it's so irrational, but you sound like a home owner so I hope you understand :'(

    overly stressful times!

    x x

  6. #6
    Join Date
    Oct 2007
    Posts
    877

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    totally normal to feel a little daunted but your worries do seem to be getting out of hand lol! you have been paying rent all this time so why would you worry you would not be able to pay your mortgage? technically any one of us could loose our homes but it would be very rare. most mortgage providers are quite understanding regarding redundancy etc - you would have more chance of being kickd out of a rented property.

    follow your worst fears through - what is the worst that could happen? that you would have to go back to renting? would that really be the end of the world? don;t let your fears spoil your enjoyment of your new home x

  7. #7
    Join Date
    Jul 2008
    Posts
    402

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    Dont worry enjoy and just remember that if the bank didnt think you could afford it then they would not have lent you the morgage money. Many years ago when I bought my house I had similar concerns as I am sure everybody does but now 33 years down the line it all seemed so futile as so long as you are sensible everything will work out fine.

    You see with anxiety you are concentrating on the ifs and what might be instead of the positives and the future with your partner. Have you discussed your fears with your partner, just maybe you went down the morgage route to quickly or more likely you have watched to many horror stories on TV. Dont forget those instances are the absolute worst that could happen and thats why they are interesting to the media. Can you talk to your mum or dad as they could possibly help you put things into perspective as I feel that is what you need to get right in your mind. Yes buying a house is expensive and all of that money going out of your account but you are starting an investment together and that is a very exciting prospect if you could just relax. I would say you have anticipatory anxiety and that is very common and will settle once you have moved in so once again I say enjoy and get yourself excited about the prospect.

  8. #8
    Join Date
    Feb 2010
    Posts
    9

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    Thank you all so much for your replies - this place is a godsend.

    You're so right, it is just antisipation that is doing this to me.. but I'm SO nervous, so scared of it all going wrong - in my head I see things that are pretty much unlawful for a company to do, yet I see them happening to us :S

    I'm a wreckhead. I need to sort it out.

    thanks again

    x x

  9. #9
    Join Date
    Jun 2010
    Posts
    1,266

    Re: Mortgage Worries, I'm a first time buyer and am so scared of losing everything

    I felt a bit like this when I first bought a house about 20 years ago. In the end, I rationalised it by thinking that what I was actually doing was paying rent to the bank. I think the most important thing to remember is that if you do ever get any financial problems (which I'm sure you won't!) always make sure that the money you prioritise first is for the mortgage. If you do this, you will always keep a roof over your head.

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