Lied to by David Wilson Homes salesman

thatchamlad

Debt_Free_Chick wrote: »

Could be a co-incidence, but Thatchamlad is now trying to arrange a mortgage

And it's shared equity

And it's Homebuy

And he doesn't have a deposit

Anyone else think that this shaping up to be an unmitigated disaster :eek:

Your opinion has been noted but as a first time buyer on a website which apparantly gives advice there seem to be a vast number of experts on here who seem to have nothing better to do than put down others who just want advice.

Yes i am using homebuy and i did ask about mortgages, i did not realise this was a problem. I may not have a deposit but the reason for this is not a concern of yours in any way. If you want to know why i dont have one just ask and i will tell you. Why you think that this is going to be a disaster is your opinion but if you cannot offer any useful advice you are of no use to this thread.

olly300

thatchamlad wrote: »

I was of the understanding that this site was full of people giving advice and sharing experiances? The reality of the world we live in is that in my world it is not "nice to be important", but it is "important to be nice".

This site gives advice which you may or may not like.

The majority of posters are nice when they give you this advice. However some people interpret advice they don't like as a personal attack when in fact people don't know who they are or anything about them.

BTW If you want to be anonymous on the internet then I suggest you choose a username that doesn't have a link to your identity or where you live.

I also strongly suggest you stay consistent in all your posts as people don't like liars.

thatchamlad

olly300 wrote: »

This site gives advice which you may or may not like.

The majority of posters are nice when they give you this advice. However some people interpret advice they don't like as a personal attack when in fact people don't know who they are or anything about them.

BTW If you want to be anonymous on the internet then I suggest you choose a username that doesn't have a link to your identity or where you live.

I also strongly suggest you stay consistent in all your posts as people don't like liars.

Where and when did i lie?

olly300

thatchamlad wrote: »

Where and when did i lie?

From my previous post:

However some people interpret advice they don't like as a personal attack when in fact people don't know who they are or anything about them.

Edited to say:
People are telling you not to buy for good reasons. Rent is not a waste of money because you have to live somewhere and as the salesman is pulling the wool over your eyes, I personally would try and find a different property.

The market is declining - if I was a salesman with a potential buyer in such a market I would do everything to keep them interested at the over inflated price I quoted. I wouldn't give them rubbish about the survey or whatever taking too long. You need to learn that estate agents and property salespeople aren't your friends. In a declining market they need you more than you need them.

thatchamlad

olly300 wrote: »

From my previous post:

Thank you

I do actually agree with your updated explanation and appreciate your comments

dopester

thatchamlad wrote: »

The property which is 20K less only went on the market on Wednesday night, 2 weeks after i reserved my property.

Ok... still £20K less than you've agreed to pay, and that is only their asking price!

I wonder what it will come down to after hardened bargaining in a buyers market with a rapidly deteriorating economy, and a debt laden public?

You do realise property values are correcting rapidly? We just don't want you to overpay.

Like loaner and olly said - not being unfriendly, just blunt common sense.

kevinyork

If the OP does want to buy on this development I would say that with the DW salesman offering to see if he can get another £30k off for him then they can probably go even further than that. A few sales for some house builder at present can mean the difference between them staying afloat or going under.

If you prefer the house next door with the larger plot etc then tell them so. Point out that a re-sale is on the market for less (be specific about which-give the weblink for instance) and that if it sells it will probably sell for less than the asking price. I would recommend a firm and clear letter. Set out your position, which plot you want, which added extras and for how much. Refer to declining prices and say you are very concerned about paying for a house which will be worth less in 6 months. Be realistic and be prepared to walk away if they dont give it to you. Also mention the deposit at this stage. Point out you were mis-advised about availability and intend to recover your deposit should this not proceed.

As an aside....is the development nearly finished because many builders are abandoning their sites at present and leaving building sites around peoples houses as they dont want to invest money in putting up more new homes until the market recovers. DW have a big site at Newark and the last 25% is a muddy expanse with no date for its completion.

poppysarah

thatchamlad wrote: »

I may not have a deposit but the reason for this is not a concern of yours in any way..

Of course it is of concern to us why you don't have a deposit but want to buy a house you can't afford.

Save for a deposit and then ask again.

Debt_Free_Chick

thatchamlad wrote: »

Your opinion has been noted but as a first time buyer on a website which apparantly gives advice there seem to be a vast number of experts on here who seem to have nothing better to do than put down others who just want advice.

No put down intended and I'm sorry if it had that impact on you. Throughout the thread, many of us think that - financially - this is not a good decision. And, to be honest, on the other (mortgage) thread, they thought the same thing about the Homebuy scheme.

Some of us "talk straight" just to get the facts clear and out in the open. My post was meant to highlight all the disadvantages the Board has suggested that are likely to apply to your situation. The great thing about advice, though, is that you can ignore it On the other hand, I hope we've given you some things to consider that you hadn't thought about.

New builds generally lose money as soon as you get the keys - you've paid top-whack for all those shiny, brand new fixtures & fittings. But the day you put it on the market, it's a second-hand home complete with wear & tear.

New builds are currently showing the fastest decline in price over the past 12 months with no prospect of things getting any better in the foreseeable future.

Yes i am using homebuy and i did ask about mortgages, i did not realise this was a problem.

It's not a problem for us - it may be for you. Firstly, the "credit crunch" means that lenders have become very, very choosy about lending new mortgages. It's just about impossible to get a mortgage without a deposit. Where/if they exist, you'll pay through the nose for that privelege. So your overpriced new-build is going to cost you even more in extra interest payments.

Secondly, if you're buying only a share of the equity, your choice of lender is narrowed again. Add a bit more on to the interest repayments and you're paying even more.

Homebuy does not have a great reputation - many have posted on the difficulties they've had. Many have found that the offers simply don't materialise - have a search for Homebuy on the Mortgage Board.

I may not have a deposit but the reason for this is not a concern of yours in any way. If you want to know why i dont have one just ask and i will tell you.

It doesn't matter why you don't have a deposit - it just matters that you don't. Firstly, restricted mortgage choice. Secondly ... do you have savings for the fees involved in the sale? For anything you need to buy even down to a kettle, bed and other essentials? For "a rainy day" when things go wrong? If so, then great. But all too often "no deposit" means "no savings at all" with the result that the poster gets into a dreadful financial mess, buying an instantly depreciating asset with over-inflated interest repayments and debts on credit cards for the stuff they didn't have savings for.

Why you think that this is going to be a disaster is your opinion but if you cannot offer any useful advice you are of no use to this thread.

Hopefully, why I think it might be a disaster is clearer now. What's important though is what you think.

I genuinely hope I've given you some food for thought so that if you do go ahead, you fully understand what the outcome might be.

Regards