Author Topic: The 'Eeeek...buying/saving for a house' thread  (Read 65760 times)

Offline L8Craig

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1040 on: March 11, 2019, 05:22:41 AM »
In a quandary. Found a lovely house in Great Sutton. 4 double beds, nice garden although North facing, decent schools within walking distance, detached. Problem-it's not our perfect location and we would have to use the car to travel to parks, amenities etc. Made an offer which was accepted before Christmas. This house would be near my family.
Last week we viewed a semi with a huge garden and in an amazing location for schools, amenities etc. But it's a semi and has a small bathroom and the house is generally not as good. It's also 30k more than the house in Great Sutton.

What would you do?
Ive lived with parents in terraced, semi, terraced, in laws in a terrace and now own a semi.
80 year old one side, 90 year old the other.

Is a detached that much better than a semi providing the neighbours are decent?

Iíve lived here in Prescot for 18 months now. 2 corner shops 2 minute walks. 2 train stations within 10 min walks. Tesco/ high street 3 or 4 minute drive. Family 2 min drive.

House buying is hard as there at that many and I think budget decided mine at £150k.
Nicer semis within 5 mins walk were ~£200k and In Rainhill they are ~£200k too, although a year and a half later, moving there wouldnít have been that much of an upgrade imo.

Next time I buy my list will probably include getting to schools quickly as thatís a daily thing. Parks and amenities imo arenít daily things and a bit longer to travel to Iíd be happy with if famil/school was quicker to get to.
Although Iíd move across the road from Calderstones Park at the drop of a hat with no thought of anything else haha

Offline smicer07

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1041 on: March 11, 2019, 09:17:09 PM »
Well we ended up offering on the semi detached, got outbidded by a couple who apparently offered well over the asking price and I wasn't willing to go higher (not for a semi which needs work..) so we're going for the detached- it's 30k less and walking distance to schools... shops not that close but manageable. And we can drive if we have to!

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1042 on: March 11, 2019, 09:27:14 PM »
I think Iíd always go for the better house over the area, assuming the area isnít a shit hole of course.

Youíll spend a hell of a lot more time in the house than you will travelling anywhere else, so itís important to get that right.

Offline west_london_red

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1043 on: March 11, 2019, 10:29:26 PM »
I think Iíd always go for the better house over the area, assuming the area isnít a shit hole of course.

Youíll spend a hell of a lot more time in the house than you will travelling anywhere else, so itís important to get that right.

Areas also change, whatís a good area now might not be so desirable in 5 years time, especially if itís related to a local schools - your only one OFSTED report from a minor disaster!

Offline west_london_red

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1044 on: March 11, 2019, 10:33:07 PM »

Is a detached that much better than a semi providing the neighbours are decent?


We moved 2 years ago from a semi to a detached and one thing I will say is that the new house is a damn site colder then the old one. Donít underestimate the insulation value of having two whole houses attached to yours!

Offline Sangria

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1045 on: March 11, 2019, 10:38:40 PM »
Is a detached that much better than a semi providing the neighbours are decent?

Question for John: Do you prefer a semi or a detached?

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Offline rob1966

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1046 on: March 12, 2019, 09:16:00 AM »
Well we ended up offering on the semi detached, got outbidded by a couple who apparently offered well over the asking price and I wasn't willing to go higher (not for a semi which needs work..) so we're going for the detached- it's 30k less and walking distance to schools... shops not that close but manageable. And we can drive if we have to!

I've got family in Little Sutton and Whitby, my uncle and auntie moved there in the early 70's so spent a load of time over there, its always been a decent area to live in - bit too many Utd supporters though for my liking.

Offline smicer07

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1047 on: March 12, 2019, 03:17:45 PM »
I've got family in Little Sutton and Whitby, my uncle and auntie moved there in the early 70's so spent a load of time over there, its always been a decent area to live in - bit too many Utd supporters though for my liking.

Yes... I grew up there and my dad lives round the corner. It's a good area for young families so I'm sure we will make it work! It's a lovely house, detached and private and I'm hoping it'll mean we can have more of a social life as my dad would be closer to babysit!!

Offline Lfsea

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1048 on: March 12, 2019, 04:12:12 PM »
Well we ended up offering on the semi detached, got outbidded by a couple who apparently offered well over the asking price and I wasn't willing to go higher (not for a semi which needs work..) so we're going for the detached- it's 30k less and walking distance to schools... shops not that close but manageable. And we can drive if we have to!

Chester is getting daft like that at the moment. Best mate has just bought in the City and someone came in at the last minute and offered 40k over asking - fortunately sellers had a bit of dignity and concluded that they were too far down the line to take the chance.

Offline Tricia Dingle

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1049 on: March 23, 2019, 09:33:19 PM »
People of RAWK, I have a question about applying for a mortgage.

My Dad sadly passed away just before Christmas and he left his house for me and my brother in the will. My brother already owns a home and is happy for me to take over my Dad's property. I need to be accepted for a mortgage first of all though. I have no outstanding debt and will comfortably be able to pay the mortgage.

My problem is that whilst I have an excellent credit score, my bank is still registered at my mothers house. I moved out 7 years ago and due to the fact that my current building has multiple occupants, I thought it best to leave all my bank statements to be sent to my mothers house.  Everything else is registered to my current address - electoral roll, wage slips, etc. I have a meeting with a mortgage adviser on April 1st (happy April fools!)

I also switched my bank over to a Monzo 6 months or so again. All of my wages are paid into the Monzo. That Monzo account is registered to my current rented address, whereas my old account (Halifax) is still registered at my mothers house. I transfer money over to the Halifax to pay my rent

It's a bit of a mess and I feel that all of this will seriously hinder my chances of getting accepted on a mortgage. I didn't anticipate that I'd be applying for a mortgage so soon, otherwise I would've changed everything over to the same address a long time ago! This has become a matter of urgency as along with everything that has happened with my Dad, I am also going through a break up of a long term relationship and need somewhere to live!

Thanks.
« Last Edit: March 23, 2019, 09:38:31 PM by Tricia Dingle »

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1050 on: March 23, 2019, 10:18:29 PM »
I had multiple addresses on my credit history when I applied for my mortgage and it wasnít a problem. Donít think it was even mentioned actually.

Offline Jake

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1051 on: March 24, 2019, 04:13:41 PM »
I bet you'll be absolutely fine mate. I got a mortgage and probably lived in 7 places in as many years.


Offline gazzalfc

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1052 on: March 24, 2019, 04:33:46 PM »
Yeah. As long as you are registered on the electoral roll you'll be fine

Offline rob1966

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1053 on: March 24, 2019, 08:45:40 PM »
Its the electoral roll they are bothered about, so you'll be fine.

Offline AlphaDelta

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1054 on: March 28, 2019, 04:18:05 PM »
Similar question to Tricia Dingle to be honest.....

In a nutshell my beloved mum passed away suddenly just over a month ago (see previous posts on here).

We lived together in a housing association (council) property in Huyton.

We have lived in the house since 1980 continually and despite my initial fears of a single-guy in a three bedroom house, I successfully succeeded the tenancy AND inherited my mum's tenancy privileges.
What the Housing Association has said is I quality for the Right to Buy scheme and can buy the property immediately. Due to my mum's circumstances I qualify for a 70% discount on the value of the house.

On the face of it I have been presented with a genuinely attractive offer to get myself on the property ladder. Naturally I would happily sleep in a box in the street if it meant getting my mum back but I must be realistic.

I have submitted already my RTB1 form so I am awaiting the Housing Association to value the house. I estimate (going on other properties in the street), I am looking between £75-85k. Our house is a mid-terrace property, with the house next door unoccupied and in poor condition (privately owned).

Naturally many of my friends are trying to influence me on what to do, but this is something completely new to me. In an ideal world I want to be paying as little as possible on my mortgage each month, but also not too much interest (I am a FTB).

Finally, I have looked at my credit score which is 800 and I have £8k in cash in the bank, so even with my very limited experience, I think I am in a very strong position.

Mortgage or equity wise, any advice is genuinely appreciated.
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Offline Jake

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1055 on: March 28, 2019, 07:25:24 PM »
Whats the question? Should you buy a house at 70% discount? Or about which mortgage to get?

I'm of the opinion that if you don't have enough spare cash to put in "investments" like stocks and shares with a higher annual interest rate than your mortgage, then you should pay as much as you can off the house as quickly as possible. I was surprised just how much of my monthly repayment is interest and I think it's only like 2% p.a.

Sympathies for you losing your mother of course should go without saying.
« Last Edit: March 28, 2019, 07:27:03 PM by Jake »

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1056 on: March 28, 2019, 07:32:58 PM »
As Jake alluded to, its a no brainer with regards to if you should or not. Sounds like youíre in a great financial position and the offer is a very good one. Extremely sad circumstances obviously and honestly mate canít imagine what youíre going through but hope things are as good as they can be at this time.

As for mortgages, I guess it depends what your income is like and what you can afford. Jake is probably right that paying it off quite quickly is normally not a bad idea.

Offline AlphaDelta

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1057 on: March 28, 2019, 08:43:48 PM »
Cheers boys for the advice. I am certainly buying it, but I know when I had to speak to a bank manager to close my mums account she mentioned about instead of a deposit for the house, I could use equity.
Its a bit of a minefield for me to be honest as I havent got a clue.

I think the best bet is enlist a good mortgage advisor and go from there.
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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1058 on: March 28, 2019, 08:51:56 PM »
Find an independent mortgage advisor, preferably one you can find who is highly recommended, and theyíll work wonders for you mate.

Just take your time and get advice from trusted places and make the best decision for you.

Offline gazzalfc

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1059 on: March 28, 2019, 10:08:35 PM »
Mortgage brokers can get you a good deal. We got ours through one. Got us a better deal than any of the high street banks. But as always there are pros and cons for everything

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1060 on: April 8, 2019, 10:51:53 PM »
Slightly OT, but I'm looking to buy the house I'm renting.  I can afford it but my question is do I a) take a mortgage over a longer term, making my monthly payments more manageable but pay more interest, or b) take a shorter length mortgage, pay more monthly but paying less interest?

The reason I ask is that this is likely to be a short term home and I could be looking to buy elsewhere in a year or two.  Say I move in two years, is the extra interest I'll pay by taking out a longer term mortgage going to be noticeable after 2 years?

Offline AndyInVA

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1061 on: April 9, 2019, 01:56:26 AM »
Slightly OT, but I'm looking to buy the house I'm renting.  I can afford it but my question is do I a) take a mortgage over a longer term, making my monthly payments more manageable but pay more interest, or b) take a shorter length mortgage, pay more monthly but paying less interest?

The reason I ask is that this is likely to be a short term home and I could be looking to buy elsewhere in a year or two.  Say I move in two years, is the extra interest I'll pay by taking out a longer term mortgage going to be noticeable after 2 years?

My opinion

If you may move in less than 24 months then keep renting. The buying and selling of property has lots of associated costs that all get burnt when you move. My suggestion. Ask for an 18 month lease from your landlord and save as much as you can for a home you want.

Offline gray19lfc

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1062 on: April 9, 2019, 08:06:04 AM »
My opinion

If you may move in less than 24 months then keep renting. The buying and selling of property has lots of associated costs that all get burnt when you move. My suggestion. Ask for an 18 month lease from your landlord and save as much as you can for a home you want.

The house is up for sale. Landlord is looking to sell it over the next six months.

Also, mortgage Iíve found has no arrangement fee, and includes £500 cashback which will help towards the valuation fee and solicitor fees.

Offline redbyrdz

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1063 on: April 9, 2019, 08:19:39 AM »
Slightly OT, but I'm looking to buy the house I'm renting.  I can afford it but my question is do I a) take a mortgage over a longer term, making my monthly payments more manageable but pay more interest, or b) take a shorter length mortgage, pay more monthly but paying less interest?

The reason I ask is that this is likely to be a short term home and I could be looking to buy elsewhere in a year or two.  Say I move in two years, is the extra interest I'll pay by taking out a longer term mortgage going to be noticeable after 2 years?

Look for a mortgage with a low (or none) early repayment charge - that is a one-off fee you pay if you leave the mortgage early.

I went for a long-term mortgage, which means monthly payments are low, but try to overpay every month. That gives me security knowing I can meet the payments, but I should still pay it off before the 25 years I've signed for. Obviously check that you can overpay, and by how much, first.
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Offline AndyInVA

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1064 on: April 9, 2019, 06:07:36 PM »
The house is up for sale. Landlord is looking to sell it over the next six months.

Also, mortgage Iíve found has no arrangement fee, and includes £500 cashback which will help towards the valuation fee and solicitor fees.

Sounds perfect.
I echo redbyrdz advice. Long mortgage with ability to over pay gives you flexibility

Offline rob1966

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1065 on: April 9, 2019, 06:35:41 PM »
Look for a mortgage with a low (or none) early repayment charge - that is a one-off fee you pay if you leave the mortgage early.

I went for a long-term mortgage, which means monthly payments are low, but try to overpay every month. That gives me security knowing I can meet the payments, but I should still pay it off before the 25 years I've signed for. Obviously check that you can overpay, and by how much, first.

That's what we did. My wife bought the house on a fixed rate in 2006, mortgage was about £470 per month. In 2011 we remortgaged and went with a tracker. First two years we were restricted to the amount we were allowed to overpay in the year (think it was £7k or something) then after that we could pay what we wanted. We overpaid £150 a month, which we would stop around Christmas and January/Feb then restart in the March and also managed to make a couple of decent one off payments and the monthly mortgage payments dropped, we continued to pay the same amount each month, so this upped our overpayments. It really is good to know that you are saving thousands just by overpaying.


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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1066 on: April 10, 2019, 07:40:40 AM »
The house is up for sale. Landlord is looking to sell it over the next six months.

Also, mortgage Iíve found has no arrangement fee, and includes £500 cashback which will help towards the valuation fee and solicitor fees.

would you be planning on adding value to the house in the time you'll be in it?

For the hassle of buying it and then only staying in it for 2 years I'd just find somewhere else to live.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1067 on: April 10, 2019, 03:17:09 PM »
Itís also worth considering the impact it will have on choosing your next house if you buy - as not only will you be at the whim of the sales market and how long it can take to find a buyer at the price you want, but youíll also then likely be in a chain which can go wrong and add complications to buying a house you want.

At least with renting youíll be able to choose when you move, but youíll be in a better position when putting offers in for a house as not being in a chain is often pretty attractive to sellers.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1068 on: April 10, 2019, 09:28:16 PM »
would you be planning on adding value to the house in the time you'll be in it?

For the hassle of buying it and then only staying in it for 2 years I'd just find somewhere else to live.

When I say I'd be looking to move in a year or two, it would be to a totally different part of the country.

Offline L8Craig

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1069 on: April 11, 2019, 09:52:02 AM »
Valuation ~ £400
Solicitors ~ £1100

Iíd personally rent. No costs if something goes wrong in the house.
No hassle of having to sell it.
No early repayment charge.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1070 on: April 11, 2019, 10:16:04 AM »
Valuation ~ £400
Solicitors ~ £1100

Iíd personally rent. No costs if something goes wrong in the house.
No hassle of having to sell it.
No early repayment charge.

+ cost of selling it.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1071 on: April 11, 2019, 10:46:18 AM »
When I say I'd be looking to move in a year or two, it would be to a totally different part of the country.

Oh, even more complexity, add in trying to sell a house and I'm sure your stress levels will be fine 😅

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1072 on: May 9, 2019, 11:59:41 PM »
Found a nice little house for which we got an offer accepted and I was just about to sort out a mortgage in principle but at the last minute they told us the house is a flying freehold (part of the house overlaps the next house) which they never told us about at the viewing. Mortgage advisor has now told us that not every lender will give a mortgage for such a house so may be difficult. Is it just me or does that seem a bit sly by the estate agents? I've seen another house that is potentially ideal so may go for that.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1073 on: May 10, 2019, 07:47:08 AM »
Flying freehold can be quite common. If you really like it Iíd see what mortgage options are out there as may not be as bad as you think.

Offline Lfsea

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1074 on: May 10, 2019, 04:22:09 PM »
Found a nice little house for which we got an offer accepted and I was just about to sort out a mortgage in principle but at the last minute they told us the house is a flying freehold (part of the house overlaps the next house) which they never told us about at the viewing. Mortgage advisor has now told us that not every lender will give a mortgage for such a house so may be difficult. Is it just me or does that seem a bit sly by the estate agents? I've seen another house that is potentially ideal so may go for that.

We've got a flying freehold. Natwest didn't give a toss.

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1075 on: May 17, 2019, 01:56:59 PM »
Just starting out on the road to buying (hopefully next year), so barely even on the first step of the buying process ladder. Have been reading back through this thread and there's some fantastic advice and resources in here so hats off to all the contributors.
I have a lot of questions and queries but I'll try and go through the thread first to see if they were answered first.

One I will throw out though is, regarding ISA's, can these be started/taken out at any stage?

We have some savings put aside but I feel we're not making the most of our earnings by simply having it sit there in our standard bank savings accounts.
« Last Edit: May 17, 2019, 01:59:10 PM by Phil M »
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Offline gazzalfc

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1076 on: May 17, 2019, 02:07:01 PM »

One I will throw out though is, regarding ISA's, can these be started/taken out at any stage?

We have some savings put aside but I feel we're not making the most of our earnings by simply having it sit there in our standard bank savings accounts.

You can only set up 1 ISA in a Tax year (April to April) so if you have set one up in your name in the past month then you will have to wait until April 2020 before you can.

But the sooner you open it the more bonus you can end up claiming once you buy your house. We had no idea what house we wanted or what kind of price range we were looking for but knew we needed to start putting money to 1 side for the deposit so it's the 1st thing we did. The max you can put in is £1k initially then a max of £200 a month after. It's a great way of not getting tempted to spend your deposit on a holiday or something else as its not in a place that is easily accessible

If you are buying with a partner (I'm assuming since you said we) then they can open one as well and they get the bonus as well.

Offline Phil M

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Re: The 'Eeeek...buying/saving for a house' thread
« Reply #1077 on: May 17, 2019, 02:27:03 PM »
You can only set up 1 ISA in...

Thanks mate.
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