First time buyer thread

[SecondhandTable]

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?

Hi first time buyer here! We’re currently looking at the 95% mortgage as we have more than 5% but less than 10% deposit. Anyone going through the same? We found out that the banks aren’t lending to people on any kind of furlough for the low deposit but luckily I’m back full time from tomorrow!
Does anyone have any tips about picking a solicitor? I have an amazing mortgage advisor who said he could recommend a couple of solicitors but I don’t know what I’m supposed to be looking out for when choosing one.
We live in the South West - the demand is high - we requested to view 5 and all of them sold before we even got to the viewing, that’s hard..

[quote Wilker]@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.

[/quote]
You’re seeing shadows
Where there are none

It is as a genuine question

A 90% loan is a very high ratio to value so I wanted to understand whether this was a worry

The poster outlined why she was comfortable with it. And I thanked her

But what’s the fear @Lassolarry1980 ? What do you think will happen? What’s the solution?

Do you think it’d be better to stay in rented and save a bigger deposit? Rather than paying off our own mortgages?

The vast majority of FTB probably only have 10 or 15% deposits. I think it’s fortunate situation to be in to be able to put down 15% never mind anything more than that.

In whose eyes is 90% a high LTV ratios ?

In this climate, you do what you have to, don’t you?

I’d far rather be paying off my mortgage than paying rent.

Joining this thread as we start to look at buying.

Has anyone ever been offered a different mortgage term that what they applied for? Like, if I apply for a 30 year mortgage could the bank instead offer a 25 year one if the affordability is there? The person we might use as our mortgage broker seemed to think this could happen but our solicitor said its not something banks do.

@ShowMeTheSugar

My broker came back and said that the lender had assessed that I could pay the mortgage off in 21 years based off my affordability, but I’ve still kept the term at 35. Although I will eventually look to reduce the term when it’s time to take new mortgage deals over the years. As time and life moves on I guess I’ll have more idea about what my retirement plans will be and how quickly I’d like to get things paid off, at the moment I’ve no idea about any of that.

I just wanted my first years of being a home owner to give me some financial breathing space, so that I could do things to the house and get to grips with it all. Having bigger payments from the start made no sense for me. But I did make sure I got a mortgage product that allowed overpayments, and you can often choose whether the overpayment reduces the term or the monthly payment.

Thank you QueenOfPain thats really helpful

Thanks for the steer @QueenOfPain I was wondering how that worked if you wanted a longer term

Just had all the figures back from broker, who says a three bed is within our means. But my dad and DH think a two bed is better as thy have lower repayments due to obviously being cheaper. What are people's thoughts?

If you can comfortably afford the payments on the three bed without making life difficult for yourself then deffo go for the biggest house you can get. Three beds will be easier to sell than two beds too.

Hi, how is everyone? Any progress?

@Hijabihouse - everyone has basically advised us that the best way forward in terms of financial investment, given how low interest rates are now, and how quickly house prices are rising, is to stretch to get the biggest/most expensive we can afford. However I would still caveat that by checking you could still afford mortage repayments if interest rates rise significantly after the 5 year term as given they're so historically low right now, it seems likely that they will rise in future.

We haven't been to see anything else for awhile, I was meant to see one last week but got poorly so had to cancel it, and I'm still not feeling that much better yet so haven't been looking.

However we have noticed two of the houses in the next street have sold far, far higher than any others round here ever have and are really thinking maybe we should buy this house that we live in off my relative. We are happy here and put our heart and soul into this house and having viewed a bunch of properties, none of which compared to this one...I just don't really want to move at all! The only thing stopping us really is that it is a tiny street of 5 houses, 3 of which have been turned into two sets of flats. Next door on one side is the only other house in the street, but it's for sale, and we are worried someone might buy it to turn into flats too. The other side of us is two sets of flats and in the less than three years we've lived here there have already been about 4 different sets of tenants in them. We've not had major issues with any, but it is inevitably a bit noisier when for example one of our neighbours televisions is on the wall next to our bed. It's all been fine and copable so far but then I worry about having a neighbour in the upstairs flat having loud parties all the time for example and their living space backs on to our bedroom and how awful that would be. Also worry about how easy it would be to sell this and how we might not make that much money off it ultimately if it's hard to sell if there are flats on both sides. As much as we love it here and would like to stay, it's not big enough to be our 'forever' home so we'd definitely want to move somewhere bigger eventually. It's all such a minefield!

Hello,

There’s not a lot happening at my end currently.

• Mortgage offer is in place.

• My survey is taking place on Monday.

• Buyers solicitor hasn’t sent the contract pack to my solicitor which is really fecking annoying and has been chased loads of times.

I’m in two minds about ringing the EA and setting a deadline of when we want this contract pack by or I’ll pull out.

Part of me wonders if the vendor has told his solicitor not to do any work on anything until my survey has taken place so he can save himself some legal fees if I pull out or attempt to negotiate on price. Dunno if that’s a thing or just me being paranoid though?

• As a result of the lack of contract pack my solicitor can’t really do anything or start any work on searches.

• I’m packing my flat up bit by bit to try and reduce some of the stress of it all and I’ve made myself a list of little repairs and touch ups I need to do in my rented flat before I had the keys back.

Buyers solicitor hasn’t sent the contract pack to my solicitor which is really fecking annoying and has been chased loads of times.

I’m in two minds about ringing the EA and setting a deadline of when we want this contract pack by or I’ll pull out.

I know the feeling, Queen. My seller’s solicitor finally sent the pack through this morning after weeks of chasing. I’m just hoping there won’t be too many questions now because I can see it taking more weeks for them to answer .

Hope the survey goes well.

I just realised I meant that the vendors solicitor has sent the contract pack. Hahah. I have no buyer!

What sort of questions are likely to arise?

@QueenOfPain

I just realised I meant that the vendors solicitor has sent the contract pack. Hahah. I have no buyer!

What sort of questions are likely to arise?

That’s what I thought you meant .

I’m not sure, but apparently they do sometimes.

My survey was done today, should have the report by Wednesday or Thursday. I hope there’s no big shocks on it!

My vendor is still dragging his heels with everything. All his paperwork has finally gone back to his solicitor, apparently they had to send out a protocol form for him to sign last Monday on receipt of his paperwork and as yet they’re still waiting for it. So they can’t send the contract pack to my solicitor for her to start work on anything. I’m so frustrated.

His EA seem to be as frustrated as I am about it all and are thankfully providing pretty comprehensive updates to me. If there’s no contract pack by end of the week I’m going to ask to view another property listed with them so that hopefully word will get back to him and put the wind up him a bit.

It’s so annoying.

His EA seem to be as frustrated as I am about it all and are thankfully providing pretty comprehensive updates to me. If there’s no contract pack by end of the week I’m going to ask to view another property listed with them so that hopefully word will get back to him and put the wind up him a bit.

That sounds like a good move, he sounds pretty useless!

Thought I would add my story to the thread.

Saw a lovely house quite a rare unique one. Not knowing if I could afford a mortgage I put in an for a DIP with L and C. Unfortunately house had 5 offers on day 1.

A week later so another house. Offer accepted. Filled in all of the L and C form online. They rang they could not get me an appointment to speak to a broker until 2.5 weeks time. Not good. Apparently the DIP from l and c are useless and agent would not take the house off the market.

Found a local broker and got an appointment straight away. Full application went in and we got an offer today. Its at 90 ltv.

Conveyancing now and I can finally get a bit excited. Though not sure how long this will take.

So many typos. Sorry

Congrats Riga!

@EmpressWitchDoesntBurn

Congrats Riga!

Thank you.

It is a very stressful process.

Tell me about it. I’m hoping to be in my flat at the end of May but I’ve decided for my own sanity not even to think seriously about dates until the solicitors start talking about exchanging.

Really it's a bit too much for me

But I'm doing it so I can have some security and I can keep my pets

@EmpressWitchDoesntBurn

Tell me about it. I’m hoping to be in my flat at the end of May but I’ve decided for my own sanity not even to think seriously about dates until the solicitors start talking about exchanging.

Think that's definitely a good idea. It's such a rollercoaster.

My survey came back today, it’s a bit of a shit show all told.

The surveyor has recommend I get in a structural engineer to do an invasive survey before I commit to purchasing. Not just a structural survey from a chartered survey, an actual structural engineer.

There’s so much on it. Not a single thing detailed in the homebuyers has been documented as being in good condition.

We’ve got bits of asbestos seemingly scattered throughout every room in one way or the other, even in the chimneys. There’s no damp proof course, moisture levels are high, chimneys bowing, roof needs replacing, soffits, fascias and all wood doors and windows are rotten, he suspects woodworm in the bathroom floor. There’s no insulation in any part of the property not in the roof, or the cavity wall. All the ceilings are lathe and plaster. It needs a rewire and new consumer unit, the drains need a survey doing. There’s fresh movement cracks in the walls, which have happened since it was last redecorated (6 months ago) suggesting the movement is progressive rather than historic and the wall ties between the external brick and internal are likely rotten. Gahhhhh.

I know the survey is designed to give worst case scenario on everything, and I plan to have a bit of a sense check chat with my step dad (quantity surveyor) over the weekend once he’s had a few hours to look over it. And then I’m going to go back to the EA and ask if the vendor is prepared to negotiate on price. If he says there’s absolutely no movement then I don’t think I’ll be going to the expense of the structural engineer.