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Advice on buying a repossession please
nooneshuffle
Posts: 14 Forumite
Dear Moneysavers,
I am looking for any advice I can get about buying a repossession.
We have a found a flat to buy at 135000, which apparently was sold a few years ago at £240,000, which is a repossession.
I am about to have my first child in November and recently lost my job. I am now self-employed, but have discovered that in HSBC's eyes, I am a dependent of my partner unless I can show 3 years bank statements from being self employed. This has severely dented the amount we thought we could borrow, which is £105,000 based on my partner's salary. We can rustle together £30,000 for a deposit, however, so can afford this flat. We were going to wait until April '10, when we would have a £40,000 deposit but because the amount we can borrow won't change, and from November the amount we can save from me working will decrease to almost zero, we think we should take the plunge now. The mortgage would be the same, or less than the rent we're paying now, albeit with fixed rate mortgages being quite high, we'd essentially just be paying interest to the bank instead of money to our landlord.
The flat is a lower ground flat and has mould in patches in the bathroom, it doesn't look like rising damp as some of it is quite high up the walls and we hope it's due to condensation or a leak in the gutter, but realise because it's LG it might be affected by Rising Damp, although it was built in 1900, so may have a damp course. Would you recommend that we get a builder to have a look at this before plunging for a survey in case we can nip the need to spend hundreds in the bud? What kind of survey should we get, as we need to test the services, as don't want to find out we can't afford a new central heating system with a newborn arriving? Some say homebuyers, others structural, but we don't know the reasons for either. What other problems should be aware of with a repo sale? What could go wrong, could we get burnt? I'm not familiar with repo sales, so any advice would be greatly appreciated. And finally one last cheeky question, in terms of mortgages, given that interest rates look set to stay low for a while, what type of mortgage (variable, fixed etc) would you recommend for a 1st time buyer?
Many, many thanks in advance for any help at all, realise I've asked a ton of qns but pretty nervous as this our first time in all sorts of ways!
I am looking for any advice I can get about buying a repossession.
We have a found a flat to buy at 135000, which apparently was sold a few years ago at £240,000, which is a repossession.
I am about to have my first child in November and recently lost my job. I am now self-employed, but have discovered that in HSBC's eyes, I am a dependent of my partner unless I can show 3 years bank statements from being self employed. This has severely dented the amount we thought we could borrow, which is £105,000 based on my partner's salary. We can rustle together £30,000 for a deposit, however, so can afford this flat. We were going to wait until April '10, when we would have a £40,000 deposit but because the amount we can borrow won't change, and from November the amount we can save from me working will decrease to almost zero, we think we should take the plunge now. The mortgage would be the same, or less than the rent we're paying now, albeit with fixed rate mortgages being quite high, we'd essentially just be paying interest to the bank instead of money to our landlord.
The flat is a lower ground flat and has mould in patches in the bathroom, it doesn't look like rising damp as some of it is quite high up the walls and we hope it's due to condensation or a leak in the gutter, but realise because it's LG it might be affected by Rising Damp, although it was built in 1900, so may have a damp course. Would you recommend that we get a builder to have a look at this before plunging for a survey in case we can nip the need to spend hundreds in the bud? What kind of survey should we get, as we need to test the services, as don't want to find out we can't afford a new central heating system with a newborn arriving? Some say homebuyers, others structural, but we don't know the reasons for either. What other problems should be aware of with a repo sale? What could go wrong, could we get burnt? I'm not familiar with repo sales, so any advice would be greatly appreciated. And finally one last cheeky question, in terms of mortgages, given that interest rates look set to stay low for a while, what type of mortgage (variable, fixed etc) would you recommend for a 1st time buyer?
Many, many thanks in advance for any help at all, realise I've asked a ton of qns but pretty nervous as this our first time in all sorts of ways!
0
Comments
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Homebuyers reports only cover the basics, they are fine for a new build or new conversion that is covered by an NHBC or developers guarantee. IMHO any older property or anything with obvious issues (e.g. damp) really should have a full structural survey. Bear in mind your next buyer may opt for a full survey and find something you missed, and have since decorated over .... yours sounds like condensation, but it's best to err on the side of caution.
Otherwise have a damp survey to be carried out and be present when it is completed. I once had a turn-of-the-century cottage which had damp in several locations. Two damp companies quoted for the work in my absence, each recommending a full damp proof course. Then I had Rentokil in, who took the time to investigate properly and explain the issues to me. Three areas of damp - a blocked up chimney breast (needed the muck clearing and a new vent in), the area by a side lean-to extension (concrete floor breaching damp course) and the back bathroom extension (removed skirting to find plaster going down to the floor). Unblocking the vent and chopping back the plaster saved me several hundred of pounds in damp coursing that would have been ineffective.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
I advise you use the search button:
http://forums.moneysavingexpert.com/showthread.html?p=21555835&posted=1#post21555835
Or click on my links.Been away for a while.0
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