The FTB club

Xinpei

LiGhTfasT wrote: »

No, but i'm told there is a lot of intrest but from people with properties to sell...

I'm going to view it again and bring my parents. After more thinking i think £100k is a good start and would be chuffed to get it at that price.

The properties on the street sold for £130k-£140ish at peak but modernised.

Hiya, if other modernised properties sold at 130K at peak, those will probably be worth about 105K ish - now. So one needing some work could be quite a bit less (judging from what work you mentioned needed doing) - about 95K? When you put an offer in, ideally you should think about price falls in the next months to even a year. So I will personally start at 88 - 90K...

Then again, if you really really really like the house and it can be so emotional can't it? If you can afford 100K comfortably and get a good mortgage deal, handle possible rate increases etc etc then go for it! Good luck!

HockeyDuo8083

Jenni363 wrote: »

Hi All, really interesting to read about your experiences. I am to be FTB, saving for a deposit with my partner. We have £10k in the bank now and our target is around £20, we are looking for a property for less than £200k. We could borrow much more as are both on decent salaries, but we don't see the point in borrowing more than we need to.

quote]

This is very true as OH and I were offered nearly quarter of a million:eek: No need! Why saddle yourself with a high debt than needed? We have bought our first place and thanks to some savvy negotiating we only need a mortgage of £98K:j
Best advice I can give is save like there is no tomorrow and use that for a deposit. The bigger the deposit the better.

Good luck to you x

Update: We have a meeting at lunchtime to finalise our Mortgage. Solicitor called to say the missive would be sorted this week so everything is on track. Yay:T

HockeyDuo8083

Well it all went fine at the meeting. Got Mortgage applied for along with all the applicable insurancies.
Got to wait 2 weeks for that to come back and then we can sign off missives and that will be that!
EXCITED!

geoffky

Saver-Rob wrote: »

The be all and end all.... or not.

Its very easy to sit and complain about other people making a start in life while you are sitting (probably) in your own home.

Perhaps your sole intention in life is to make as much money as possible but there are actually people here who are putting family life ahead of profit margins.

But you all will be in negative equity very shortly if you are putting a 10% deposit down..then try and find a mortgage for 100%ltv you wont so you will all have a problem with your ltv ratio and be on svr...i am not sitting in my own home and i am not prepared to let my finacial circumstancesbe at risk because i could not wait a year..100% LTV are not available now so what will you all do when you come to remortgage? can someone answer this for me..

Saver-Rob

geoffky wrote: »

But you all will be in negative equity very shortly if you are putting a 10% deposit down..then try and find a mortgage for 100%ltv you wont so you will all have a problem with your ltv ratio and be on svr...i am not sitting in my own home and i am not prepared to let my finacial circumstancesbe at risk because i could not wait a year..100% LTV are not available now so what will you all do when you come to remortgage? can someone answer this for me..

Remortgage? Not everybody does that, do they?

Not everybody here is putting a 10% deposit down either. Anyway as long as everybody knows the risks then what more can be said. We all know if we "cannot keep repayments up....."

And as for negative equity, once again where does this necessarily matter? Millions of people are probably in negative now but it is not causing many any real problem. If they are treating it as their house rather than as an investment that will make them money then I dont see as it matters too much.

Of course we all want somewhere that will rise in value, but some things in life some people are putting first. I cant blame them for it myself.

Wickedkitten

We are exchanging on our purchase tomorrow, completing on our sale Wednesday, and completing on our purchase next Wednesday now since the movers are coming to pack us up here and get the rest of our stuff out of storage and bring it to the house on next Friday.

Insurance is absolutely ridiculous now. I just did a quote with Norwich Union for buildings and contents insurance that came up to £446 then price checked it and with the same amounts of cover and features I can get it for 70% cheaper through eHome


....who are underwritten by Norwich Union :rotfl:

before_hollywood

hey guys and girls, 2 offers in one day by me, first one virtually laughed out so i have increased by 3 grand.

very serious mortgage meeting tomorrow, e.a put sellers cards on the table but hoping 2nd offer is lucky, but with it being a cheap house for where it is (04 prices on same block were 20k more than i am offering) i am thinking of it as a keeper, its hard to find better in that town as in bigger AND nicer area without doubling the price

Xinpei

geoffky wrote: »

But you all will be in negative equity very shortly if you are putting a 10% deposit down..then try and find a mortgage for 100%ltv you wont so you will all have a problem with your ltv ratio and be on svr...i am not sitting in my own home and i am not prepared to let my finacial circumstancesbe at risk because i could not wait a year..100% LTV are not available now so what will you all do when you come to remortgage? can someone answer this for me..

Thanks for the concern geoffky it really brings it home for me yes. I mean how many ftb will think of such an eventuality? What is this ltv thing you're talking about?

Anything can happen.. Likelihood is, you're probably right. But it is not the point here. For many people here, it is a calculated choice, believe it or not. There are only ten million other threads here that argue why a FTB should wait. You could find a better audience there.

Jenni363

Thanks for your replies! Indeed we are now just concentrating on saving saving saving. We are not in a rush and are trying to time our purchase to when the markets bottom out- who knows when this will be. It is tough times and we do not want to take any unneccessary risks. I was made redundant in October (luckily found a new job straight away) and now my partners job is in jeopardy...

MsConfused

Hi all - Im new to the thread. We're FTB, and have put in our first offer this morning (94k on a 115k property - price never been dropped since it's been on the market). Not having much fun though - the only response so far has been a very rude EA who has near enough shouted at me down the phone for not wanting to use their mortgage service when we already have a mortgage in priniple.