Help for first time buyer

adelburn

I have been to view a new build today valued at about £110k. I will be using the First time buyers inititiative so am hoping to buy about 70% of the property with the government providing the equity for the remainder.

I think the mortage I will be going for is this one - http://www.npbs.co.uk/mortgages/base-rate-tracker.asp the base rate + 0.75%

I have a meeting with the estate agents on Wednesday who the scheme is run through and just need some pointers as to what to read up on before that time. I think they will assess my finances and tell me how much the goverment will front. Is there anything I should be wary of?

Cheers for any help you can give

wymondham

other than you've picked the worst time to buy, no. Can you wait a while and save at all?

adelburn

I could do yes. The property I am looking at is not available until November anyway as it is still being built.

I know house prices have fell for 7 months straight but wouldn't this be a good time to buy because of that? They will rise again soon enough and I will be staying there for over 5 years anyway. I can afford the repayments comfortably as it is only around £70 or so more than I pay in rent. The area I am moving to is also being regenerated with over 1.8 billion being plughed into it.

jammie*dodger

adelburn wrote: »

I know house prices have fell for 7 months straight but wouldn't this be a good time to buy because of that? They will rise again soon enough

Wow :think: how do you know that? if you have insider info i'd appreciate hearing it.

JD

adelburn

jammie*dodger wrote: »

Wow :think: how do you know that? if you have insider info i'd appreciate hearing it.

JD

OMG the trolls escaped AAAAAHHHHHH :rotfl:

On a serious note what offer should I put in been as though it's a new build and taking into account the current market.

guide price of 110k so should I offer 70k? Or do I go lower than that?

jammie*dodger

Who's that trip, tripping over my bridge

Seriously make as low an offer as you dare, the common belief is that if the Sales person doesn't cry you've offered too much. I'm looking to secure somewhere between 15-20% off (if I decide to buy again)

JD

poppy10_2

adelburn wrote: »

I know house prices have fell for 7 months straight but wouldn't this be a good time to buy because of that?

No .

Rabiddog_2

Is that 70K for 70% or more realistically £70k for the whole she-bang? (100% plus the curtains, carpets, Landscaped Garden and removal expenses thrown in for good measure) HARD BALL. Squeeze their cojones till their eyes pop out. :eek:

ziknik

Read this before you go.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/05/cnnegeq105.xml

adelburn

Rabiddog wrote: »

Is that 70K for 70% or more realistically £70k for the whole she-bang? (100% plus the curtains, carpets, Landscaped Garden and removal expenses thrown in for good measure) HARD BALL. Squeeze their cojones till their eyes pop out. :eek:

Ye thats 70k for 100%. As it's not finished yet I asked and she did actually say I could choose carpets e.t.c. I'll go and see the estate agent and see what they say. I do think now though from what peeps on this site and other sites say, that i'll wait till probably early next year before commiting but it depends how much juice I can squeeze from their nuts

neverdespairgirl

adelburn wrote: »

I know house prices have fell for 7 months straight but wouldn't this be a good time to buy because of that?

No.

adelburn wrote: »

They will rise again soon enough

Says who?

adelburn wrote: »

The area I am moving to is also being regenerated with over 1.8 billion being plughed into it.

That implies it's a desparate, crime-ridden hell-hole.