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Original poster

First time buyer thread

94 replies

SecondhandTable · 25/03/2021 16:58

Any other FTB hopefuls about? DH and I have just started looking as we just realised we actually have enough to put down a 10 per cent deposit on houses in our area. We've both been off work this week so had our first few viewings which was strangely fun, felt very grown-up but in future I am either going to have to do viewings alone whilst DH is at work or we will have to take toddler with us on weekends, neither of which is ideal...! Any other FTBs want to chat as we go through this potentially looooong process?

OP posts:

Matilda2013 · 30/03/2021 23:06

I'm hoping to start looking in the summer. Single after a terrible break up so this will be my first house purchase and I'm actually so nervous they won't even consider me!

confusedalways · 02/04/2021 11:25

We’re waiting on our searches to come back and survey booked in for next week. We where aiming for a June completion but the seller seems to think it could be early to mid may. Exciting stuff!

Salarymallory · 02/04/2021 11:28

Have you got a mortgage in principle sorted OP?

EmpressWitchDoesntBurn · 02/04/2021 11:33

I’ve had an offer accepted on a new build flat, chain free on both sides which is a definite plus, and the first one I looked at . It simply ticked every single box so no point in looking any further.

I’ve got an AIP, but the valuation got cocked up because the mortgage lender forgot to ask for an EWS form to confirm there were no cladding issues, but that’s been sorted & I’m now waiting impatiently for my offer.

The seller’s solicitors seem to be dragging their heels but I’m hoping I can be in for May.

Good luck everyone!

Salarymallory · 02/04/2021 11:36

@EmpressWitchDoesntBurn

I’ve had an offer accepted on a new build flat, chain free on both sides which is a definite plus, and the first one I looked at

. It simply ticked every single box so no point in looking any further.

The seller’s solicitors seem to be dragging their heels but I’m hoping I can be in for May.

Good luck everyone!

Nothing to lose with looking at least a couple more Biggest purchase of your life If only to confirm how right this property is for you

EmpressWitchDoesntBurn · 02/04/2021 11:45

Maybe you’re right...

Original poster

SecondhandTable · 02/04/2021 11:45

@Salarymallory

Have you got a mortgage in principle sorted OP?

Yep, we have.

Two viewings today, first was nice, I just don't know the area really and as I don't drive I'm a bit concerned about being stuck up there with a baby and toddler and having nowt to do with them/take them to.

Second one I didn't even go in because DH didn't tell me he invited my DM and then DD was kicking off screaming in the car saying she didn't want to go in so I ended up staying in the car with her while they went to view it which was a total waste of time (meanwhile she screamed the whole time anyway and then pissed all over me). Fed up of this viewing malarky already lol.

Both houses are £10k over budget and in desirable areas so I think even if we put offers in we wouldn't get them anyway as I'm sure there are people who would pay asking price or more. Worth a punt maybe.

Good luck with the flat Empress! I wish we could find something that easily!

OP posts:

EmpressWitchDoesntBurn · 02/04/2021 11:48

Thanks Secondhand! How annoying that you didn’t even get to see the second house.

Salarymallory · 02/04/2021 11:53

What are the rates and terms for 90% mortgages?

purpleme12 · 02/04/2021 12:06

@secondhandtable
One of my deciding factors is location because I don't drive. Although probably easier if you've got a partner who drives
It's just me so I'm only taking really good Central locations

EmpressWitchDoesntBurn · 02/04/2021 13:23

[quote purpleme12]@secondhandtable
One of my deciding factors is location because I don't drive. Although probably easier if you've got a partner who drives
It's just me so I'm only taking really good Central locations[/quote]
Me too. Two of the highest priorities on my list were three different routes to work (going by experience!) and a safe route home at any time of night.

It does limit my scope but since I think I’d hate driving, the payoff is worth it.

QueenOfPain · 02/04/2021 21:38

@Salarymallory

I had two recommendations from L&C with Accord which the broker said came out best for both scenarios;

90% LTV had an interest rate of 3.57%
85% LTV had an interest rate of 2.80%

Both were fixed for 5 years.
35 year term.
Slightly differing application fees and cash back.

Purchase price of £205000.

I’ve gone with the 85% as I got knocked back for 90% as they’re much stricter on their underwriting for the higher LTV.

I got my mortgage offer through last week at 85% LTV without any issues at all, and they came back and said I could pay it off in 21 years based off their calculations so could have shortened the term if I’d wanted, but I didn’t want to at least for the first five years.

MedusasBadHairDay · 03/04/2021 19:51

Hey everyone, I'm glad to see this thread. Could do with chatting with others who are also going through this.

We've been to a couple of viewings of houses we thought might be OK, turned out neither was right and we should have gone with our gut instincts. But we've got another one booked for Tuesday, and so far it seems to tick all the boxes for us (including features we just had as "would like to have") so feeling hopeful. But also trying not to get hopes up a it's the top end of our budget, so wouldn't be difficult for someone to offer higher than us.

BackforGood · 03/04/2021 22:55

Hope you don't mind me loitering
My ds is hoping to become a FTB in the next year or so and I'm worried any advice I might be able to give as he asks me things will be out of date, so am really pleased to find this thread to pick up bits of info from.

Hijabihouse · 04/04/2021 22:34

Good luck @MedusasBadHairDay with the viewings on Tuesday. Fingers crossed!

Sorry to hear about the palaver with that last viewing @SecondhandTable. Although I can drive, I hate it so am simarlary mindful of remote locations.

Learned this weekend that the 2 previous houses we saw and liked have sold, so guess we're back to square one!

EmpressWitchDoesntBurn · 04/04/2021 22:37

That must be so annoying, Hijabihouse.

Good luck, Medusa!

RigaBalsam · 05/04/2021 10:59

@QueenOfPain did they say what was wrong with your credit to not be able to access the 90 LTV?

I am worried I will have the same problem but there is no way I could find the extra money.

Great thread.

QueenOfPain · 05/04/2021 11:34

@RigaBalsam

Nope, but I hadn’t managed to secure a 90% LTV AIP from anywhere either when I’d made my own enquiries pre broker so I wasn’t surprised really.

The broker said that for 90% LTV deals they’re generally looking for 999 credit scores or those rated “excellent” and mine is just “good” at the minute.

I know, on the face of it 5% seems negligible but when it’s these huge sums of money we’re talking about it’s a massive amount of extra cash to find. In my case an extra £10k or thereabouts. I’m very very very fortunate that my dad has agreed to contribute that part as he’s in a position which means he can, and he’d sooner see me out of rented and into my own home rather than let the purchase fall through, but he left me to stew on it for a while first while I tried to gather the money myself.

It still means that any money I’d have had up front to spend on the house has to go into the deposit now, so house will need doing payday by payday and through saving up for things. But I guess once I’ve got the house I’ve a life time to do the work on it.

Lassolarry1980 · 05/04/2021 11:41

I am genuinely interested and zero judgement.

90% LTV... is this not a terrifying prospect?

QueenOfPain · 05/04/2021 11:53

Who are you asking @Lassolarry1980 ?
Why would it be terrifying?

What’s far more terrifying is paying someone else’s mortgage off for the next 35 years.

In my case I’ve got 85% LTV. But my mortgage payment is 20% of my monthly take home (and I work part time - 30 hours a week) which leaves me a lot left over to make improvements to increase the properties value and also overpay my mortgage. I’ve also got a five year fixed, which I hope will me through whatever economic downturn covid ultimately brings which I find reassuring.

I’ve also deliberately chosen a future proof house so that my plan is to stay there forever, so hopefully I’ll be able to weather any fluctuations in property values without negative equity being a concern for me.

In the last 5 years alone I’ve spent £35k on rent, and that’s in a cheap area in the Midlands. But I’ve actually been renting since I first moved out 17 years ago so it’s far far more than that over the years.

RigaBalsam · 05/04/2021 12:26

Ahh thanks for the reply @QueenOfPain
I wonder why your report is just good with no missed payments or anything. It really is a mystery.

I agree also on the point of paying a land lord versus an expensive mortgage on an asset.

Lassolarry1980 · 05/04/2021 12:29

Thanks for clarity

Wilker · 05/04/2021 14:08

@Lassolarry1980

Thanks for clarity

We’ve paid £45,000 on rent in the last five years, with absolutely nothing to show for it.

I find that much more “terrifying” than a 90% LTV on my own home, paying off my own mortgage!

What a silly post.

Lassolarry1980 · 05/04/2021 14:16

@Wilker

What in earth are you on about?

I was thanking the poster for her answer

Wilker · 05/04/2021 14:18

@Lassolarry1980

I am genuinely interested and zero judgement.

90% LTV... is this not a terrifying prospect?

We’ve paid £45,000 on rent in the last five years, with absolutely nothing to show for it.

I find that much more “terrifying” than a 90% LTV on my own home, paying off my own mortgage!

What a silly post.

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