FTB - Are there any out there?

wolvotim

Got my 10% waiting and have for a while but now it seems that aint enough to get a fare and sensible interest rate. Looks like I’ll need to do some more saving and the money will have to stop in the bank for another year

slopemaster

Possible deal lurking on horizon at around 16% below current asking price, about 25% below peak - round about 2003 prices.

My offer of 20% below asking was dismissed out of hand a few weeks back - now they've got back in touch wanting to negotiiiiate...

slopemaster

PS I have 50% deposit

gelato_cat

What's STR?

Suze

PasturesNew wrote: »

I'm a FTB ... it takes 9 months after an STR for a lender to consider one an FTB.

Zelie

Suzey wrote: »

What's STR?

Suze

Sell to rent.

wymondham

BiggaThanBen wrote: »

I am an WTB - waiting to buy

You are also wise

TDS_2

sympatex wrote: »

The mortgage costs in interest would be about £550 p/m with this mortgage...to rent a similar house to the one potentially being bought 1,000+.

Looking at those figures, I can see why you're keen to take them up on the mortgage offer...

sympatex wrote: »

We budgeted for rates originally at 6.29%, the interest rate on our mortgage has now almost halved.

...but I think this is the relevant point. The interest cost (based on BR) has halved (presumably down from £1000+, which is roughly what you'd be paying in rent on an equivalent property).

You'll be paying this off over 25 years(?), so it makes sense to look at the average cost over that period - no point basing calculations on a 'teaser rate' for the first few years if rates are gonna be 5 or 6% for the majority of years after that.

That's my two'pence worth anyway. Not trying to preach - I'm sure you'll make the right decision for you. For me personally, the only time I'd be willing to buy a house because of a mortgage offer is if it was a v. cheap long term fix. Generally speaking you won't ever get a v. low long term fix for the simple fact that over a long term, you won't get 'low' BR.

gelato_cat

My name's Suzey, and I'm an FTB :hello:

I'm excited that I'm buying a place as it means I get to live with my boyfriend. I've been saving like mad during all the time the house prices were going up, so hopefully this is our time. BF has a flat he bought in 1999 which we are selling, so hopefully we can get rid of that quickly and use the money to put with my savings as a deposit on a house.

I think prices have a lot further to fall, but given that his flat will sell for more than he bought it for, we accept that we're probably going to pay over the odds for our new place... it's a bit of a balancing act for us.

Good luck to all the other FTBs out there.

Suze

mrstinchcombe wrote: »

Just a quick thread to see if there are any FTBs out there taking the plunge in this current climate, and whether you are worried buying in such a climate or excited that you are buying a place?

I am one anyway, offer accepted on a 3 bed house in Bristol, a lot off asking price and quite a lot less than what similar ones sold for in the same road at peak. Yes house prices more than likely have further to fall, but I feel I do have a cushion in terms of what I paid (althouh time will tell!)

beingjdc

Suzey wrote: »

I'm excited that I'm buying a place as it means I get to live with my boyfriend.

Curious. I've lived with people in rented places, nobody told me it was impossible! Honestly I don't think I could take the leap from not living with someone at all, to co-owning with someone, all in one go! Maybe I have commitment issues...

gelato_cat

Well, this is a thread about FTB, not renting... it's the choice I've made. Rather than wondering if you have commitment issues, maybe you should stop comparing yourself to other people

Suze

beingjdc wrote: »

Curious. I've lived with people in rented places, nobody told me it was impossible! Honestly I don't think I could take the leap from not living with someone at all, to co-owning with someone, all in one go! Maybe I have commitment issues...