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Original poster

Buyers roll call!

36 replies

Nichelette · 10/08/2018 23:05

Okay, so as there is a sellers thread, I thought it would be good to start a buyers thread!

My situation: Long story but helped my dad out and am in the final stages of coming off his mortgage. Have saved very aggressively for a while now by having no life and have a 10% deposit. Live in a village in SE where we rent and ideally would love to stay. Basically we are FTB without the stamp duty benefit Hmm.

As we are looking in a village places we can afford don't come up often. We are going to look at a fixer tomorrow a few miles outside of our village. Have registered interest with 3 houses which are SSTC in case they fall through. As we don't have a huge amount of money from HPI it will be a bit of a struggle, especially as we're trying to find a way to afford kids in the near future (I'm 32 and graduated right in to the recession in 2008, not that I'm in a bad situation but

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Original poster
Nichelette · 10/08/2018 23:06

Posted too soon! Could be better! Anyway, anyone else care to share their buying journey?

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Lolly567 · 11/08/2018 09:13

Hi! Also a FTB here! We’ve been searching for about 6 months and just recently found a new area we live so fingers crossed we get an offer accepted! It sounds like you have a partner you’re buying with- are they a FTB? If they are and you put the mortgage mainly in their name you can benefit from no stamp duty rule I think- A friend of mine owned a flat already which they decided to rent out, and they put the mortgage in her partner’s name who was a FTB, even though both their salaries were being used for affordability.

Berimbolo · 11/08/2018 09:18

My DH and I have been trying to move from rented for years. First house we tried to buy a few years ago was right at the cusp of the price madness. Spent 6 months in a chain that eventually collapsed and the same houses were going for 100k more so we had to stay put and save a bit more. Second time last year the house had so many issues on the survey and the bank value was lower but the sellers still insisted on the full price!

We are close to London, prices are delusional here but the market does seem to be slowing a little. Desperately trying to move but we have specific requirements so that limits us unfortunately

Original poster
Nichelette · 11/08/2018 09:59

Lolly unfortunately we could only do that if we were unmarried so it isn't an option for us, but I am very nearly off his mortgage. Our bigger issue now is that the house increased in value by 50% in the 8 years I have been on the mortgage so now we're spending a lot more and looking for a bigger place than I could have lived in back then (for example, I could have bought a 1 bed back then, got a bit of equity behind me and been in a better position now), but we really need a larger place due to my age if we're ever to have kids. It's such a catch 22 as we wouldn't be able to get enough in mortgage if we had to apply with childcare costs and I'm not getting any younger. So difficult!

Am also aware of economy and being SE, although I am looking at things over the longer term and want a home and not somewhere that will make me buckets of money, I would rather not extend ourselves and get a huge mortgage on something that drops dramatically post Brexit or the like.

The whole thing gives me a headache lol

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Cel982 · 11/08/2018 19:30

Can I join you?! We had an offer accepted almost a month ago so we're moving slowly towards exchange. (We're in Ireland where exchange seems to happen a bit earlier in the process than in England/Wales.) We're FTB but mid/late-30s so maybe a bit older than the average - I feel like we've been waiting forever to put down roots!

Desperately excited now and hoping against hope that nothing goes wrong. Had an email from our solicitor yesterday that she has received the contracts from the vendor's solicitor, but is waiting on a number of other documents/queries. Bank valuation and survey were done this week and both are ok...

mortagemoans · 11/08/2018 19:41

We are potentially on this roll call. Just found out this week that our rental property of 8.5 years is being put on the market. We are not entirely sure if we will be able to afford it but are awaiting a valuation and then will have to see if we can get a mortgage for it. I think we will only be able to buy it if they adjust the price as a nod to us being good tenants and having to avoid agency fees. If they don't, then I really don't think we would be able to afford to buy it. Nailbiting times! Should say that we would be first time buyers.

I have been looking at what similar properties have been going for in this area and can sense that things have dropped in price since last December? Are things going a bit quiet and does this put us in a better purchasing position? We are in Scotland.

Original poster
Nichelette · 11/08/2018 20:09

Everyone is welcome here :)

So the fixer is a no go as the work would be too expensive for us to afford right now, and it isn't possible to live in it before the work is done.

We have registered with a few agents in case they get anything suitable on their books. The one we visited physically said listings usually pick up in September so we will see. Made my husband drive past the SSTC ones and one which is still available to show him why I'm not as keen by comparison to others (all are same price). There is one in particular I'm really gutted about. It's in a street my in laws lived in so I'm familiar with it, it's within budget and needs no work. We weren't in a position to go for it when it was listed due to my mortgage situation but obviously things have moved on since then.

Am secretly worried we won't find anything suitable but I know I'm being silly really.

Mortgage - I definitely get the feeling prices are stagnating around here... I think it depends how much people need to sell and if they are willing to make a deal as some will probably rather stay put than reduce. I think it sounds like you are in a good position though. I am taking the view that if we find something we love and can afford it's a long term commitment so we will deal with it, but equally I am worried about the size of the mortgage we will have and if the monthly figure can be lowered I'm looking to do that.

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Bubbles121 · 11/08/2018 22:19

Can I join? I really belong on both threads as we are selling two properties (one each) and buying one together. It's super stressful! We have so far found one house that we both like, which is in a great location but the vendors have completely neglected it and done this huge extension that's really badly finished. I don't think the vendors can see the issues so sticking to their asking price and I'm not sure the estate agents have seen the property in the last six months (vendor does all the viewings).

Other than this house we have seen about 20 houses that we just don't love, but both properties that we are selling are now under offer and we need to decide what we are doing sharpish or end up losing a buyer. Argh!

It's so hard to decide on a house when there's two of you!

Original poster
Nichelette · 12/08/2018 09:49

Oh wow, selling two at once must be so stressful! I'm very fortunate in that DH is quite laid back and unless there was a massive issue is likely to be happy with whatever I like, though that is still up be proven! To be honest at the level we can afford I don't expect to find something we love so I'm happy to compromise for area, though we could get so much more a bit down the road which is tempting but schools are rubbish and that's one thing I really don't want to compromise on.

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hambo · 12/08/2018 10:01

Mortgagemoans, it depends where in Scotland you are. Near or in Edinburgh the property is in boom again.....

HopefullyMoving · 12/08/2018 10:12

Hello!
We are buying and selling atm. Hoping to exchange this coming week. Fingers crossed!!!

Cel982 · 12/08/2018 10:48

The market is so different over here than it seems to be in the U.K. at present - rising rapidly and a real dearth of supply so everything is selling well above the asking price. Ours went to best and final offers (nerve-wracking!) and we finally got it for 6% above asking.

fabulousathome · 12/08/2018 11:34

We offered to our buyers that if they have us more money (but still not the asking price) we would move out and rent. They turned us down so we are looking frantically for what we want (a bungalow).

beibermylove · 12/08/2018 12:07

Helloo FTB here. Am bit of a nervous wreck buying with Brexit coming up, but due to work situation, might not be be able to get a mortgage in a years time so here I am!

Had to drop out of first house I wanted to buy after survey - although I really loved its vibe. The house I'm hoping to complete on this week is more practical, but pretty souless at the moment - but decorating might be fun. Also I think I'm overpaying by around 5%, but it went to sealed bids, so I offered the asking.

The place where I'm looking there is nothing - apart from new builds, the market for terraces seems to consist of BTL sell offs and former OAP residences. Maybe one or two suitable houses within my price range comes on every month, and they seem to sell within a week.

Hopefully will complete soon, as new job starting in the area in September. Its a dream job, but its a town far away from everything and everyone I know in London, so everything it quite scary!

mortagemoans · 12/08/2018 18:39

Hambo we're in West End of Glasgow in a 1930s 3-bed semi-detached.

hambo · 12/08/2018 22:35

Sounds really lovely, I hope you get it. Cross my fingers for you x

Dorothyislost · 13/08/2018 09:49

Can I join? Mortgage offer officially came through this morning after some haggling over the amount so we're officially buying ready Grin

We've reserved a new build round the corner and the developer has agreed to part ex our current house. Have a quote from solicitor and valuation in place but not sure what comes next!

I'm so excited!

Mcmcmcmc · 13/08/2018 15:24

FTB here, currently renting, have been looking for a 2-bed flat in South London, ideally Victorian conversion, for the past 1-2 months. Really keen to move out as I’m tired of paying my landlord’s mortgage on an overpriced, moth-infested flat. Our budget is up to £500K, but so far our offers of £490k on two flats (one priced at £540K but clearly in need of renovation, and the other price at £525k) have been rejected. Really disappointed as I loved the last one. I guess I’ll have to keep looking, but I can’t stand going on viewings several times a week for much longer, it’s turning into a full-time job!

howwillthispanout · 13/08/2018 16:43

Can I join please?! Have had a weird 24 hours and am getting very anxious about the whole situation. Is it normal to have regrets so early?

Very briefly...not FTB but not had a house for over 15 years (sold up and moved abroad; still have property overseas). Back in UK nearly five years and have been renting (and saving) since then.

Finally have 10% saved and decided to "dip our toe in the water" on Saturday. Viewed one and didn't like it and then viewed another and absolutely loved it. It has ticked every box we had plus some of the "wishful thinking" boxes too.

Offered the asking price and it has been taken off the market. Am now trying to get mortgage sorted (with broker).

Am going from elated and anxious that we won't get this property to thinking "how can we know after only seeing two houses"! It is a whirlwind.

In the NW and property is not staying on long - not in chain as we are renting and seller is moving into another property they own.

Original poster
Nichelette · 13/08/2018 18:47

I think nerves are normal. It's the biggest thing you are ever likely to buy. I am all over the place too and I'm only worrying we won't find anything where we want! Registered with another EA today. Am wondering if we should compromise and look in the town where we work as it's a bit cheaper and there is more stock but my heart really isn't in it. May reconsider if we don't find anything suitable by spring but I really hope it doesn't take so long.

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MeMeMeow85 · 13/08/2018 22:27

We exchanged last week on our new house (still another 6 weeks to go till completion!).

Don’t be disheartened by the search if you’re struggling to find somewhere. In the end I viewed 83 houses over 6 months before finally finding a house that we both loved!!

During the search, we made 2 offers on other houses that were rejected (1 as they wanted more money and the other one chose a different buyer who offered a teeny bit more than us). Both EAs actually came back to us 6-8 weeks later to say that the vendors wanted to now accept our original offers. Too late by that point!! Over the past 6 months, I’ve seen a lot of chains collapse and properties coming back onto the market. Also, vendors are very slowly coming to realise that the market is changing!

Good luck to everyone making offers! It is so nerve wracking

Cel982 · 17/08/2018 17:35

How's everybody doing?! The bank issued our formal loan offer this week, and all the bumpf that accompanies it; it's very horrifying interesting to see exactly how much money we'll be paying back to them over the next 30 years Shock

Lilmisskittykat · 17/08/2018 18:30

Not best day here house buying wise... been in a bidding war all week and found out we didn't make it today.

So the search continues but wow is it dry around where I'm looking... hoping it's an August thing

HopefullyMoving · 18/08/2018 19:08

I'm waiting to exchange. Just waiting on seller to get one final bit of info then we are good to go.

Lilmisskittykat · 18/08/2018 19:41

@HopefullyMoving sounds like you can be more than hopeful about moving 😊