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Original poster

Idiots guide to getting a mortgage!

39 replies

OnTheFlossDayOfChristmas · 05/12/2005 22:44

How low should our offers go? When the seller is very desperate to sell and their house depends on it?

If I have an agreement in principle, is the next step to put in the offer and then check that I can really really have all the money?

Dp's more useless than me (erm, he used to work in mortgages ), my mum can't remember. None of my friends have brought yet. MN help needed for one silly feeling idiot.

OP posts:
Sleighmenere · 05/12/2005 22:46

They should expect to get 10 per cent less than the asking price (according to Sarah Beeney) so I'd offer a bit less than that

Glitterygook · 05/12/2005 22:50

YEs Floss, you only ever get the agreement in principle before you have an offer accepted - you only get a final mortgage offer once you've had your offer on the house accepted and the precise loan amount is known.

Don't fret - just get the offer accepted first - that's the first step.

Original poster
OnTheFlossDayOfChristmas · 05/12/2005 22:55

So would it be reasonable to start the opening offer at 19995 for a 134995 house? Really?

OP posts:
AwayInAMunker · 05/12/2005 22:58

Flossam, do you mean that?! Or 129995? If you're offering that, I'd go to 130000 - they'll hear the 130 better than the 129, I think.

Sleighmenere · 05/12/2005 22:58

No I think it means that you would offer around £121500

GoodKingWestCountryLass · 05/12/2005 22:59

You know I think so!!!!

Yeah, you put in the offer, once an offer has been accepted you then have to do the actual application, you will probably find out if the mortgage has been approved within a week (if not approved try another lender).

Original poster
OnTheFlossDayOfChristmas · 05/12/2005 23:02

Hunker, it's GWL who suggested it! 10% than 134995 is about 121500. Then a bit less again (well ok, enough for us to avoid paying stamp duty) would be 19995. I can't believe we should ever really offer that. They'd hate us surely?

OP posts:
AwayInAMunker · 05/12/2005 23:03

No, please don't offer a fiver shy of 20k for it - that's what confused me - you're a figure short and I was trying to work out which figure it was - LOL!

AwayInAMunker · 05/12/2005 23:04

Depends what the market's like where you're buying too - how quickly are properties moving atm? They might be tempted to hold off till after Christmas if you offer too low.

Original poster
OnTheFlossDayOfChristmas · 05/12/2005 23:07

Thats true HUnker. I've been odd all day, sorry. I have been up too long. Need my bed!

OP posts:
GoodKingWestCountryLass · 05/12/2005 23:08

I would go for a round figure of £120K to test the water. They want a buyer in two weeks and it is pretty slow round here at the mo

Original poster
OnTheFlossDayOfChristmas · 05/12/2005 23:08

BTW< all the agents only had one agent in each - the market is very slow because it is xmas, but, these people will loose the house they want to buy if they don't have a buyer in about 10 days time.

OP posts:
GoodKingWestCountryLass · 05/12/2005 23:12

Plus youa re first time buyer, have a mortgage in principle, can move quickly, blah blah blah. I would put the offer in saying something along the lines of "we are offering £120K which we feel is a good offer because we are first time buyers, we can move quickly, we have a mortgage agreed in principle". Sell it to them baby!

AwayInAMunker · 05/12/2005 23:19

hey can only say no! You're unlikely to get it for 120k though, IMO, just because people don't tend to accept first offers.

Original poster
OnTheFlossDayOfChristmas · 05/12/2005 23:22

So what you're saying Hunker, is, offer 110k, first right?

OP posts:
AwayInAMunker · 05/12/2005 23:25

LOL! No, your original plan of 20k sounds good Make 'em grateful for the 1 in front of it

It's a nightmare though - you have all my sympathy. It's nice when it's settled though and lovely when you're in your own home - keep us posted!

Original poster
OnTheFlossDayOfChristmas · 06/12/2005 22:05

Still havent decided what to do really!!

OP posts:
GoodKingWestCountryLass · 06/12/2005 22:11

If you like the house offer the £120K and see what they come back with. You said before you were hoping to get it for £130K so if they reject £120K which they probably will, then offer them £122500 and see how it goes from there.

Go on!!!!

Original poster
OnTheFlossDayOfChristmas · 06/12/2005 22:20

Still just want to sit and do the sums of what we can afford over and over again in lots of new ways. It is scary doing this!

OP posts:
charliegirl25 · 06/12/2005 22:32

Message withdrawn

AwayInAMunker · 06/12/2005 22:40

I still do those sums, Floss. Have come up with whole new mathematical theories over our mortgage. I basically throw half-remembered equations at half-remembered figures and scare myself shitless in the middle of the night!

charliegirl25 · 06/12/2005 22:41

Message withdrawn

Original poster
OnTheFlossDayOfChristmas · 06/12/2005 22:47

You mean it never ends? Girl at working next to me today's (grammer?!!) boyfriend just got a new job, she found out this afternoon, with a salary of 70k or over. How nice would that be?

OP posts:
AwayInAMunker · 06/12/2005 22:49

Nice? Delicious!

Money doesn't make you happy...but it buys you a better class of misery, right?

And frankly, I'd like to challenge the theory it doesn't make you happy. Said by rich people who'd be miserable f*cks if they were poor too, I suspect

charliegirl25 · 06/12/2005 22:50

Message withdrawn