Author Topic: The 'Eeeek...buying/saving for a house' thread  (Read 247875 times)

Offline Barneylfc∗

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #120 on: November 27, 2013, 12:47:34 am »
I'm in a similar situation myself, my credit rating is shite mainly because I don't actually have one. I finished uni last year, got a job and moved out this year. It's annoying that I would never be considered for a mortgage; I priced a house down the street from me and the mortgage over 20 years would work out cheaper than the rent I'm paying atm!

When is the last time you checked your credit score? I actually hadnt checked mine in a couple of months until tonight. It's went from 'very poor' in September, to 'fair' now. If it goes up by the same score in the next 2 months I'll be in 'good'. Probably wont mean a whole lot in terms of getting a lend of 80 grand but it'll do for now.
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Offline sminp

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #121 on: November 27, 2013, 06:28:36 am »
Scores from CRA's mean fuck all, the banks have their own scoring systems. For a 95% mortgage you'd need to have been perfect over the last 3 years at least. No missed payments and certainly no defaults, any defaults in the past 6 years would also cause a problem. The idea of using a loan as a deposit is mortgage fraud btw unless you tell the bank you get a mortgage from, it will show up on your credit report that you've requested a loan and that is highly likely to mean the bank refuse a mortgage. Your best option is to ask your family if they can lend you the money and tell the bank it's a gifted deposit, that's still mortgage fraud if you intend on paying it back but at least it's much harder to trace
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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #122 on: November 27, 2013, 03:12:12 pm »
When is the last time you checked your credit score? I actually hadnt checked mine in a couple of months until tonight. It's went from 'very poor' in September, to 'fair' now. If it goes up by the same score in the next 2 months I'll be in 'good'. Probably wont mean a whole lot in terms of getting a lend of 80 grand but it'll do for now.

I last checked mine in the summer. I think mine was affected by a new job and new address in a short space of time.

I'm thinking of getting small loans and paying them back to try and build my score

Offline Claire.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #123 on: November 27, 2013, 03:18:42 pm »
I last checked mine in the summer. I think mine was affected by a new job and new address in a short space of time.

I'm thinking of getting small loans and paying them back to try and build my score

Don't get any of them payday one's, I heard on the telly or the radio or something (I'm sure I didn't imagine it!) that mortgage lenders refuse you if you have one on your credit history. Apparently they will knock you back if it was repaid or not and can affect you for 6 years, which is a tad harsh, but it's their decision I suppose.

Offline Barneylfc∗

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #124 on: November 27, 2013, 10:30:15 pm »
Don't get any of them payday one's, I heard on the telly or the radio or something (I'm sure I didn't imagine it!) that mortgage lenders refuse you if you have one on your credit history. Apparently they will knock you back if it was repaid or not and can affect you for 6 years, which is a tad harsh, but it's their decision I suppose.

Read that too. Bit harsh if you pay it back. Suppose the way they look at it would be if you need a payday loan, then you are shit at managing your money. But for something like home heating oil 4 days before payday or something, it would be a bit of a kick in the teeth.

Appointment with the bank went well today. Basically, with co ownership, the bank would accept me in principle for a loan of £45k. She did say though that my credit score would be a major factor in determining whether or not i actually get accepted. She suggested I get a personal loan to pay off both my overdraft and credit card in full, then have just the single loan to pay off. Only problem I see with that is my credit rating only being at 'fair' and being rejected for a loan yet again. She said if I got rejected for the loan, there is no point applying for the mortgage. Might leave it a wee while but time isn't on my side for buying this house I dont think.
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Offline Another Red

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #125 on: November 28, 2013, 04:30:55 am »


[/quote]



Agents are, by and large, lying ,conniving bastards..


[/quote]

A very important point to remember when buying your first home. You HAVE to be crafty when dealing with these fuckers or they'll take you for a ride. Play hard ball, don't rush into anything, don't appear too interested & bid even lower than what you think is fair to begin with because: 1) No one knows what the vendor is willing to accept (unless the dodgy agent gives you some indication) and 2) You can bid as many times as you like but the price only goes up.

Offline trenchtownrasta

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #126 on: January 19, 2015, 11:14:39 pm »
I think I agree with the above, I've heard many stories of made-up bids etc. I agree with many of the sentiments of this thread, play hard ball and don't be too interested: that's when they get you. In addition to taking your time, I've been told that the best way to ensure that you aren't taken for a ride is to present your offer and if it isn't accepted say that you want to go on standby should any other offers fall through (probably because they are made up)

Me; I put an offer in for a house and the agent is quite confident that the asset management company will accept it, it is a repossession and my offer is around 10% less than the asking price but I've heard that bids can come in until the keys are handed over.

Quick question: I've got a DIP: tomorrow if the offer is accepted should I prioritise finding a conveyancer or should I wait until I've spoken to the lender and the survey is completed? I don't want to spend unnecessary money.
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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #127 on: January 20, 2015, 12:19:29 am »
For those wanting to improve your credit rating, take out a credit card, and set up a direct debit to pay it back in full each month.  If you can get a cashback credit card, then you're winning.

I am putting away around £400 a month, into an account with Lloyds, that gives me 4% interest on that, but there is an account with M&S bank that offers around 6%, but thats only if you deposit a maximum of £250 a month.  Still, better than nothing.
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Offline Mark Walters

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #128 on: January 20, 2015, 09:19:00 am »
I feel sorry for anyone saving for a house these days, especially if you live in London/the South East.  When I bought my first place 16 years ago I'd been saving £500 a month for nearly a year and it still wasn't enough for a deposit on a 2-bed flat costing just over £100k. If you're fortunate enough to save £6k in a year and you need £20k as a deposit, house prices will have gone up by at least that much by the time you have enough to buy!
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Offline adopted_scouser

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #129 on: January 20, 2015, 02:53:04 pm »
I feel sorry for anyone saving for a house these days, especially if you live in London/the South East.  When I bought my first place 16 years ago I'd been saving £500 a month for nearly a year and it still wasn't enough for a deposit on a 2-bed flat costing just over £100k. If you're fortunate enough to save £6k in a year and you need £20k as a deposit, house prices will have gone up by at least that much by the time you have enough to buy!

So true.  Can only really hope for the bubble to burst, and all the money that is saved up can buy you a lot more.

When my dad was my age, he lived at home rent free until he could afford a place, so I am doing the same.  I have sussed that living at home, I can live quite comfortably off £5k a year, so hopefully starting a new job in the summer on around £25k a year, so hopefully can put £20k a year away.  Easier said than done though.  My car is 14 years old now, and only a matter of time before I need to fork out for a new one.  And various other bits and bobs.
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Offline .adam

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #130 on: January 21, 2015, 01:54:23 pm »
So true.  Can only really hope for the bubble to burst, and all the money that is saved up can buy you a lot more.

When my dad was my age, he lived at home rent free until he could afford a place, so I am doing the same.  I have sussed that living at home, I can live quite comfortably off £5k a year, so hopefully starting a new job in the summer on around £25k a year, so hopefully can put £20k a year away.  Easier said than done though.  My car is 14 years old now, and only a matter of time before I need to fork out for a new one.  And various other bits and bobs.

You'll have to pay some tax and NI :D

Assuming you don't have any outgoings you'll take home about £1,600 a month, you should be able to stick a decent amount a way each month :)

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #131 on: January 21, 2015, 05:00:13 pm »
You'll have to pay some tax and NI :D

Assuming you don't have any outgoings you'll take home about £1,600 a month, you should be able to stick a decent amount a way each month :)

Goes without saying.  If I put the hours in, could potentially get £25k a year AFTER tax :D
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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #132 on: January 21, 2015, 05:45:51 pm »
I can't stand the "Eeeek" in the thread title. I remember hating it when the thread was started ages ago, so I've been nothing but consistent. Did a mouse start this thread?

Offline El Phes

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #133 on: February 4, 2015, 04:22:40 pm »
Our house has just gone on the market today! We're currently a 3 bed semi, wanting to move into a 4 bed with a toilet downstairs! 4 boys in the house and only 1 toilet/bathroom doesn't work. Trouble is, Cheltenham is sooo expensive, so we'll be looking to buy at around the 300K mark to find anything worth living in for the next 10yrs +

To say I'm bricking it is a complete understatement!

Offline killer-heels

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #134 on: February 4, 2015, 06:10:33 pm »
Our house has just gone on the market today! We're currently a 3 bed semi, wanting to move into a 4 bed with a toilet downstairs! 4 boys in the house and only 1 toilet/bathroom doesn't work. Trouble is, Cheltenham is sooo expensive, so we'll be looking to buy at around the 300K mark to find anything worth living in for the next 10yrs +

To say I'm bricking it is a complete understatement!

Do you have the deposit?? Have you looked at the repayments?

Offline SamAteTheRedAcid

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #135 on: February 4, 2015, 06:42:34 pm »
Did a mouse start this thread?

A turkey, I think...
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Offline Roady

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #136 on: February 4, 2015, 06:55:21 pm »
had an appointment and an in principle offer from the bank today.my mum passed away three weeks ago and i am stressed to fuck.the house has been left between me.and my sister so ive either got to buy her out or sell up and buy somewhere small for myself. Depends on my credit i suppose.i was hoping to keep the house on and i could afford it.but i dont know if it is the best option.so confused and somewhat scared to be honest.
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Offline AndyInVA

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #137 on: February 4, 2015, 06:59:19 pm »
had an appointment and an in principle offer from the bank today.my mum passed away three weeks ago and i am stressed to fuck.the house has been left between me.and my sister so ive either got to buy her out or sell up and buy somewhere small for myself. Depends on my credit i suppose.i was hoping to keep the house on and i could afford it.but i dont know if it is the best option.so confused and somewhat scared to be honest.

you have some big decisions to make

you really need some impartial advice

is there anyone on RAWK you trust to PM ?

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #138 on: February 4, 2015, 07:02:25 pm »
had an appointment and an in principle offer from the bank today.my mum passed away three weeks ago and i am stressed to fuck.the house has been left between me.and my sister so ive either got to buy her out or sell up and buy somewhere small for myself. Depends on my credit i suppose.i was hoping to keep the house on and i could afford it.but i dont know if it is the best option.so confused and somewhat scared to be honest.

Sorry to hear about your mum mate. I know what that's like.

Offline Roady

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #139 on: February 4, 2015, 07:06:30 pm »
Agreed mate.dont want to rush into anything.but im living in the house as i was my mums carer on top of my job.and i cant stay here for too long without sorting what my sister is entitled to.my heads already up my arse with missing my mum and the last thing i need is this.feel im cracking up a bit as its a headache on top of everything else i dont need.i dont mean that ungratefully.i know my mum and dad worked their socks off to give me and my sister this opportunity as the house is paid for.but obviosuly id sooner i had my mum back.i feel i need to take full advantage of this opportunity and want to make sure i make the right decision.
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Offline Roady

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #140 on: February 4, 2015, 07:08:04 pm »
Sorry to hear about your mum mate. I know what that's like.
thanks mate.Appreciate it. The pain is too much at times.lost my dad as many know on here years back and i take some confort that my mum was highly religious and is going to be in his arms again
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Offline .adam

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #141 on: February 5, 2015, 12:28:56 pm »
Hope you're doing all right, Roady, really sorry to hear about your Mum.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #142 on: February 5, 2015, 12:39:49 pm »
had an appointment and an in principle offer from the bank today.

Sorry to hear about your loss mate.

With regards to going the bank - I'd also go and see an independent mortgage adviser, as they will look at pretty much all offers out there currently and find the best one for you where as the bank can only offer the products they do.

In my experience any adviser won't charge you for their service as will get the payment from the company if you take up the offer.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #143 on: February 5, 2015, 01:13:54 pm »

Me and the wife ran up hefty CC balances when we owned our own house 4 years ago, mine was 5 grand, hers was a bit less.

She was offered a settlement of 2500 last month, but because of the move we just couldn't risk it. My settlement was offered at 3500.

We weren't daft with our money at all, but both suffered long term back injuries within 2 months of each other, and we were living off CC until we got back to work. It didn't happen, we had to sell the house, lost 55k equity because we sold at the top of the housing crash. But paid mortgage off at least.

We've been carrying these debts ever since, the debt keeps being passed to different 'agencies' for collection, we speak to them, explain the circumstances, and it gets kicked back just to start again.

I've been paying 20 quid a month for 4 months now. They won't take money off Rachel because our incoming/outgoings don't stack up. Her account is on hold.
She was offered a settlement that we were paying, but due to the move costing us a few quid we didn't want to risk it and let them know that we'd pay in 3 months due to moving house etc.

Thinking my Credit rating would be shot, 6 months ago I set up an Experian account, fed in all my details and got as close to a perfect score as was possible ??

Applied for a CC to boost my rating but was declined ?

Just applied again now, and it went straight through.

It's all smoke and mirrors  :D

The plan is to pay Rachel's off in the next 3 months, we'll still have the money when we move, but it knocks a huge hole in our 'buffer'. I'll just keep paying 20 a month and keep offering settlements until they accept one.

Paying this new CC off in full every month will help keep my rating high as well won't it ?
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Offline El Phes

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #144 on: February 6, 2015, 11:08:23 am »
Sorry to hear you news Roady. You definitely need to speak with someone. Also, whilst your sister is due a share, these things can take a long time to sort out, especially in your circumstances needing to sort your head out at the very least...surely she can wait? Anyway, good luck with things mate + I hope it turns out well for you.

Paying this new CC off in full every month will help keep my rating high as well won't it ?

Should do mate. Even just small sums, but definitely make sure you pay it off in full each month.

Do you have the deposit?? Have you looked at the repayments?

Yes, although we have good equity in our current house, we do actually have a sizeable deposit to put towards the new house. We have also looked at the repayments. What do you mean? Can we afford them? There's a £200 per month difference from having an interest rate of 6% and 3.5% and that sort of data worries me.

Offline killer-heels

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #145 on: February 6, 2015, 11:18:13 am »
Yes, although we have good equity in our current house, we do actually have a sizeable deposit to put towards the new house. We have also looked at the repayments. What do you mean? Can we afford them? There's a £200 per month difference from having an interest rate of 6% and 3.5% and that sort of data worries me.

When you do those %age comparisons then it does seem scary but by the time interest rates reach 6%, wages should have gone up a bit you would imagine.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #146 on: February 6, 2015, 11:20:04 am »
When you do those %age comparisons then it does seem scary but by the time interest rates reach 6%, wages should have gone up a bit you would imagine.

Doubt it as companies seem to be taking the piss out the recession and not increasing wages.

Wahes should be increasing at most companies but they're not.

Offline CraigDS

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #147 on: February 6, 2015, 11:24:23 am »
Some great fixed rates out there currently, think are a few new 10yr fixed at decent rates with a 5 year break.

Offline killer-heels

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #148 on: February 6, 2015, 11:35:14 am »
Some great fixed rates out there currently, think are a few new 10yr fixed at decent rates with a 5 year break.

What does that 5 year break mean? Is it a penalty free review/cancellation after 5 years?

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #149 on: February 6, 2015, 11:55:05 am »
What does that 5 year break mean? Is it a penalty free review/cancellation after 5 years?

No early repayment charge after 5yrs basically, but can continue on the fixed rate set now for the remaining 5 if wanting to.

Offline killer-heels

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #150 on: February 6, 2015, 12:32:32 pm »
No early repayment charge after 5yrs basically, but can continue on the fixed rate set now for the remaining 5 if wanting to.

Sounds good. What sorts of rates are being offerred???

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #151 on: February 6, 2015, 01:45:07 pm »
Sounds good. What sorts of rates are being offerred???

About 3.44%. You need a fairly decent deposit though as max LTV is 60%.

That's the TSB one anyway, I imagine more will follow suit if they haven't already.

Offline El Phes

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #152 on: February 6, 2015, 01:46:42 pm »
Sounds good. What sorts of rates are being offerred???

That does sound good! I'm in a 10yr fixed currently at 5% ish. I'm also around 5yrs in, so could do with that break on my mortgage! Would cost me about £2500 to break it now!

Offline El Phes

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #153 on: February 6, 2015, 01:47:45 pm »
About 3.44%. You need a fairly decent deposit though as max LTV is 60%.

That's the TSB one anyway, I imagine more will follow suit if they haven't already.

Nationwide do a 10yr fixed at 2.94% (£999 fee) or 3.04% (no fee). Unsure of any break with that though.

Offline killer-heels

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #154 on: February 6, 2015, 03:32:41 pm »
Ah ok. 40% deposit is a fair chunk however.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #155 on: February 6, 2015, 03:34:52 pm »
That does sound good! I'm in a 10yr fixed currently at 5% ish. I'm also around 5yrs in, so could do with that break on my mortgage! Would cost me about £2500 to break it now!

Ouch.

You have to be careful with even 4 or 5 year fixes. Even now there is the possibility that the rate may not go up more than a couple of % in the next 4 or 5 years. It could be better just getting the lowest interest rate now even on a 2 year fix or tracker and just overpaying on your mortgage.

Offline El Phes

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #156 on: February 6, 2015, 03:41:27 pm »
Yes ouch! I'm not bitter though, I took the punt and rates haven't moved for years! I could have been smiling, but it wasn't to be!

I think you're maybe right about 4 or 5 year fixes etc. Will think carefully next time!

Offline Mark Walters

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #157 on: February 6, 2015, 09:53:21 pm »
In this climate, a fixed rate is the way to go because interest rates can only go one way - UP!
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Offline .adam

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #158 on: February 6, 2015, 10:54:02 pm »
In this climate, a fixed rate is the way to go because interest rates can only go one way - UP!

Yes, but interest rates will only rise slightly if indeed at all over the next couple of years so I am personally not fixing for longer than two years in the current climate.

The product I've recently selected (with Skipton) is two years fixed at 3.28% with no product fee. I'm hoping rates don't rise much (if at all) over the next two years so I am locked into a rate that is not too high. After the two years have passed, I can select another fixed deal, perhaps for longer depending on how the economy and inflation is looking.

Offline Joff

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #159 on: February 8, 2015, 08:10:49 am »
I'm variable @ 2% above the base rate, and have been for about 4 years. Won't see me changing anytime soon...
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