Topic: The 'Eeeek...buying/saving for a house' thread

[Elmo!]

Luckily for me leaseholds are not a thing in Scotland.

[Jake]

My mortgage deal is up at the end of the month and for the past couple of months my LTV has been 86%.
Due to some houses in the street being sold NatWest value our house a couple of grand more now and the LTV has gone to 85%.

Our new deal was meant to be £554 a month but it’ll drop to £524 now 

Happened to me this month too, HSBC said "are you happy with a 130k valuation?"

Considering I bought it for 91k three years ago, yes

In the below 50% LTV bracket now. Went for another three years fixed then might look to buy a bigger hoose.

[L8Craig]

Happened to me this month too, HSBC said "are you happy with a 130k valuation?"

Considering I bought it for 91k three years ago, yes

In the below 50% LTV bracket now. Went for another three years fixed then might look to buy a bigger hoose.

Very nice that! I keep having grand ideas of an extension and the drive being done but I don't think it would add that much more to our value.
Our new deal is for 3 years and even though we have been here for only 2 years (first house) there are places close by where I'd like to move to when we have paid a bit more off/ saved a bit more.

[carl123uk]

We will have capped our help to buy ISA in March. Been a struggle saving a bit more but we wasn't happy with any of the houses in a lower budget this time last year. Getting real again now

[LiamG]

Finally opened a HTB isa just before the deadline closed! Shoved £1200 straight into it, got about 17k in savings too! Just need to find something now

[rob1966]

Finally opened a HTB isa just before the deadline closed! Shoved £1200 straight into it, got about 17k in savings too! Just need to find something now

Shame there is a lower age limit on these, we wanted to set two up, one for each son, they are only 11 and 9, so not allowed. We will open a lifetime ISA when each one hits 18 instead.

They've £23k and £21k respectively in premium bonds and win at least £25 most months, so they are getting a cracking return from them.

[LiamG]

Shame there is a lower age limit on these, we wanted to set two up, one for each son, they are only 11 and 9, so not allowed. We will open a lifetime ISA when each one hits 18 instead.

They've £23k and £21k respectively in premium bonds and win at least £25 most months, so they are getting a cracking return from them.

I'm kicking myself for not opening one a lot sooner! The limit used to be deposit max £1400 in first month and up to £400 each month after

[carl123uk]

Finally got that 10% we needed. Had a quick search on a few mortgage calculators (I know it's only a rough idea) but 10% compared to 5% is taking around £150 per month off the mortgage price. Just the 3 ISA transfers to go Jan-Mar and we'll be set. Going to start looking at the start of February I think

[Alan_X]

Moving from the house I bought from my Mum today. Quite emotional as I grew up there.

A load of memorabilia in the loft. Found a packet of Players No6 with a drawing of a Cock on it from 1976.

Funny the things you find.

[Phil M]

I know this is a fairly subjective one, but when some of you were house hunting, on top of the mortage savings you had put together say between yourself and your other half, how much extra savings did you feel necessary to account for the moving in process and getting it basically furnished and so on?

I don't mean the extta fees for solicitors and surveyors, moreso trying to get a feel from a first time buyer's perspective of how tough it is once your mortgage savings go our of your account and you've gotten the keys and are waiting for payday with loads to do to make your new home your own etc?

Also, happy new year folks!

[gazzalfc]

I know this is a fairly subjective one, but when some of you were house hunting, on top of the mortage savings you had put together say between yourself and your other half, how much extra savings did you feel necessary to account for the moving in process and getting it basically furnished and so on?

I don't mean the extta fees for solicitors and surveyors, moreso trying to get a feel from a first time buyer's perspective of how tough it is once your mortgage savings go our of your account and you've gotten the keys and are waiting for payday with loads to do to make your new home your own etc?

Also, happy new year folks!

Looking back at our most recent move, a lot of the basics we brought with us from our flat. But for the major stuff (Kitchen white goods, sofa, bed etc) was a mixture of a very good interest free credit card and the Help to buy ISA bonus. 

Gave us the space to get everything settled and set up before juggling the finances to pay it back over the course of the interest free period.

Also gives you the fallback in case of any unexpected surprises. We had to get a new boiler within a month of moving in which wasn't nice.

[I've been a good boy]

I’ve only had two mortgage payments taken but I can tell you I really am feeling the pinch. Buying things like sofa, fridge tables, chairs, washing machine, bed and so on really leaves you out of pocket unless you can find good deals and you’re able to sacrifice on going out, shopping etc. I really wanted to go on a nice holiday this year but that’s down the drain due to all this house stuff. Then as gazza mentioned, you’ll always tend to have something in the house you need to repair or just decorate/improve. So my advice is to be a bit of a mingebag (in a good way) and save up as much as you can early on.

[Phil M]

Nice one fellas.

[LiamG]

Whats the process for most people when buying first house? do you find a house first then apply for mortgage or do you go for mortgage (in principle they are called if i'm correct?) to see how much you can afford?

[filopastry]

Whats the process for most people when buying first house? do you find a house first then apply for mortgage or do you go for mortgage (in principle they are called if i'm correct?) to see how much you can afford?

I went to a (free) broker first to get an idea of what kind of mortgage I would be likely to get.

Numbers can vary a bit between lenders so if you are likely to be pushing it on affordability, it might be better to get those numbers from a broker than just asking one individual lender

You can also check affordability calculators from some lenders online yourself.

[Elmo!]

Whats the process for most people when buying first house? do you find a house first then apply for mortgage or do you go for mortgage (in principle they are called if i'm correct?) to see how much you can afford?

I ended up going with my bank Nationwide and they basically said don't apply for a mrotgage or even make an appointment to discuss until you are ready to make offers, then they can give you a decision in principal which lasts 90 days. Before that you should just use their mortgage calculator on their website.

You don't want to get the decision in principal if you are not expecting to buy in the next 90 days as it affects your credit rating each time it is done.

[Phil M]

Whats the process for most people when buying first house? do you find a house first then apply for mortgage or do you go for mortgage (in principle they are called if i'm correct?) to see how much you can afford?

https://www.moneyadviceservice.org.uk/en/articles/money-timeline-when-buying-property-england-wales--n-ireland

[carl123uk]

We have found a house we both like but won't have the deposit until the end of March. Is it worth even going to look at it yet or wait til nearer the time?

[CraigDS]

We have found a house we both like but won't have the deposit until the end of March. Is it worth even going to look at it yet or wait til nearer the time?

Yeah go and look at it if you want, but don’t get all your hopes up as that’s quite a long time away to be able to afford it.

I’d not let on you can’t afford it yet though and make out you are in a position to buy, as if it’s still available in March you could possibly use the fact it’s been on the market a while, and it’s one you’re ‘settling for’ after looking for a while to get a better deal. If they know you love it and have for ages they’ll be less likely to come down.

[Groundskeeper Willie]

You should all move to rural Sweden. Our 3 bedroom house cost £40k.

When I bought my first flat, it cost me the grand total of £50.

[I've been a good boy]

You should all move to rural Sweden. Our 3 bedroom house cost £40k.

When I bought my first flat, it cost me the grand total of £50.

And with Finland introducing a four-day working week, Scandinavia is looking like an interesting move for the future. If only you had better weather

[L8Craig]

We have found a house we both like but won't have the deposit until the end of March. Is it worth even going to look at it yet or wait til nearer the time?

Some estate agents want to see proof of deposit before even arranging a viewing
We had our deposit sat there and broker lined up and Your move wanted us to go in and speak to their mortgage advisor before anything even happened.
So we missed out on a house that sold for £125k that’s now worth £155k, bunch of jokers.

If you do bid on a house, the estate agent are legally obligated to pass your offer on to their seller.
I’ve seen some houses sell for a lot less than they were advertised but there is that medium in bidding for somehting that someone else might be interested in and then you losing out.

We bid on this in 2017 https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=60754735&sale=54949721&country=england

Viewed it. Put the offer on purple bricks of £135k. Someone had literally offered £140k in the same afternoon as us on their website and the seller accepted their bid as they were selling it themselves.

We were first time buyers and think we gained a lot of experience out of it all.

[CraigDS]

We had our deposit sat there and broker lined up and Your move wanted us to go in and speak to their mortgage advisor before anything even happened.
So we missed out on a house that sold for £125k that’s now worth £155k, bunch of jokers.

Ah, estate agents 

[carl123uk]

Cheers for both the replies lads. Getting itchy feet now it's so close so I guess waiting another 2 months is nothing really. If it sells is wasn't meant to be and if its still for sale we've got some negotiating room then.

House was up for sale from start of October and then went up as no longer for sale mid December. Now back on the market re decorated neutral, new kitchen and planning permission for an extension and is up for 10k more. Other than decorate a few rooms to our taste its perfect

[CraigDS]

Cheers for both the replies lads. Getting itchy feet now it's so close so I guess waiting another 2 months is nothing really. If it sells is wasn't meant to be and if its still for sale we've got some negotiating room then.

House was up for sale from start of October and then went up as no longer for sale mid December. Now back on the market re decorated neutral, new kitchen and planning permission for an extension and is up for 10k more. Other than decorate a few rooms to our taste its perfect

Is there a value you have the deposit for now or are you going to really jump the deposit you have in the next 2 months? If it's the former you could try your hand at putting in an offer (after viewing) at the level you can currently afford.

[carl123uk]

Is there a value you have the deposit for now or are you going to really jump the deposit you have in the next 2 months? If it's the former you could try your hand at putting in an offer (after viewing) at the level you can currently afford.

2 months time we will have 10% then and anything else we save will go towards the other different fees

[carl123uk]

2 months time we will have 10% then and anything else we save will go towards the other different fees

We've moved some money around and now we'll be good to go from the 21st of this month. Mortgage appointment booked for the same day. Only issue will be 2 months statements and Payslips so hoping we'll be OK

[filopastry]

We didn't have the full deposit yet when we offered on ours, just told the vendors we wouldn't be in position to complete until early April in our case (offered in mid Jan) it's going to take at least a couple of months to complete anyway and that's if you are lucky.

[carl123uk]

2 viewings booked for tomorrow. I guess its happening now

[frag]

Me and the wife are first time buyer,  saved for around 18 months and have always said we’d look at an older house. We’d planned to start looking next month as we’d have the deposit all boxed off.

We’ve had a few conversations this week and completely flipped our thought process, and decided to go for a new build and had viewing on the below on Saturday.

https://newhomes.place/liverpooledenhurstgrange/thefarndon-edenhurstgrange

By this afternoon we had the Agreement in Principle and have reserved the plot for an August move in date. God bless Help to Buy.

Just hoping no nasty surprises when it comes to the formal agreement, the broker sounds confident but read some horror stories of the AIP not holding through the formal process.

[Mark Walters]

Me and the wife are first time buyer,  saved for around 18 months and have always said we’d look at an older house. We’d planned to start looking next month as we’d have the deposit all boxed off.

We’ve had a few conversations this week and completely flipped our thought process, and decided to go for a new build and had viewing on the below on Saturday.

https://newhomes.place/liverpooledenhurstgrange/thefarndon-edenhurstgrange

By this afternoon we had the Agreement in Principle and have reserved the plot for an August move in date. God bless Help to Buy.

Just hoping no nasty surprises when it comes to the formal agreement, the broker sounds confident but read some horror stories of the AIP not holding through the formal process.

I hate new builds.  Often flimsy af, not exactly generous on space and really difficult to extend/remodel to your requirements.

Each to their own however and good luck you to and your missus

[CraigDS]

I hate new builds.  Often flimsy af, not exactly generous on space and really difficult to extend/remodel to your requirements.

I'm not the biggest fan, but it definitely depends on the developer. Some put some actual thought into design and make pretty functional and well made houses. Others...

[The G in Gerrard]

Me and the wife are first time buyer,  saved for around 18 months and have always said we’d look at an older house. We’d planned to start looking next month as we’d have the deposit all boxed off.

We’ve had a few conversations this week and completely flipped our thought process, and decided to go for a new build and had viewing on the below on Saturday.

https://newhomes.place/liverpooledenhurstgrange/thefarndon-edenhurstgrange

By this afternoon we had the Agreement in Principle and have reserved the plot for an August move in date. God bless Help to Buy.

Just hoping no nasty surprises when it comes to the formal agreement, the broker sounds confident but read some horror stories of the AIP not holding through the formal process.

Nice. My preference is always new builds.

[gazzalfc]

If you are going for a new build, make sure you know if it's freehold or leasehold plot of land.

Loads of horror stories about property developers selling off the land holding to 3rd parties so they can leasehold any properties and charge ground rents that double every 10 years making it impossible to sell the house on in future.

If it is a lease hold then make sure your solicitor goes through it with you. Including all the pros and cons of it.

Things to think about

What is the ground rent and what is the scope for it increasing or decreasing in value
Can I buy the land holding in future and if so for how much
Does it affect what I can do to the land (extensions right down to the grass and trees on the land)

Also with new builds, you can haggle over extras like tiles, carpet, turf in the garden etc. Also keep a very strict snag list with them to hold them legally obligated to when you move it.  Corners can be cut and if they can get away with it then they will

[rob1966]

I'm not the biggest fan, but it definitely depends on the developer. Some put some actual thought into design and make pretty functional and well made houses. Others...

Our house was built in 1935, the one I lived in in Southport 1895, there is a house up the road from us built in 1722 or such - I doubt anything built since 1990 will still be standing in 50/80 years.

[Col]

We need a new furnace. It's the first real issue we've had since we bought the place 2 and a half years ago... bloody expensive though.

[gazzam1963]

Originally lived in a terraced house growing up until the age of 18 then moved into a new build with my parents until bought my first own home which was a new build . When the kids came along we moved to a bigger new build . In the years we had the new builds never had any issues or any real major jobs needed doing so very low maintenance.

Five years ago bought an old house to completely renovate so all the basic but expensive items were done ( full rewire , central heating and roof etc but some people who buy a second hand older property can be hit with loads of nasty surprises especially when the previous owners have gone all diy sos . Seen it in my job loads of times called out to electric faults and the original wiring is still there with bits added on ... an older property can be high maintenance, pros and cons with both .

[Crimson_Tank]

Just closed on our first house this morning.

Proper chuffed.

[carl123uk]

2 viewings booked for tomorrow. I guess its happening now

First viewing and the house I liked the most wasn't anything like it looked in the photos. Very small and the quality of the new kitchen was poor and needed a few bits more doing than it made out.

Second viewing and we found the one. Only a year old and the couple who live there are moving the next street over onto a bigger house. Room sizes bigger than we though for a new build and all the teething problems have been sorted.

Offer in Friday accepted on Monday and with all being well should be in before the end of the season.

Good job the 2nd house turned out well as there was nothing else to even be viewed after that. Adult life starts now as long as everything goes well and being first time buyers we will probably do something wrong. Exciting times though

[Adeemo]

We're in the process of moving, we've accepted an offer on our current property and had an offer accepted on a house as well. Anyway, we've got the surveyor coming round to our house tomorrow and I was wondering if they'll be asking me any/many questions etc?