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The FTB club
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My partner and I aren't FTB but we are buying right now. Mortgage deed was sent back and now we are just waiting for the final contract to sign and send back so we can exchange and then complete.
We've going from a two bed terrace to a rented one bed flat for a bit over a year that is entirely too small for two people and two cats, to a three bed semi with bags of space so I can't wait.It's not easy having a good time. Even smiling makes my face ache.0 -
My partner and I bought our first house last year, got the keys end of November 2008, whole process was quite smooth. From our offer being accepted to completion was 14 weeks. We experienced no problems with the mortgage.
We bought because:
1) We were living with my partners parents and had a young baby (our offer was accepted 6 days before little man was born, so good news all round that week)
2) The property was extremely well priced. Even now with another three months of awful economic news and property prices falling since we completed you cannot buy a property in the area as cheap as we managed to secure ours for
3) I was too tempted to waste our large deposit on a nice new car0 -
Welcome to everyone.. It great hearing from other FTB's.. I love your nick things_are_looking_up lol!
Congrats on the contract exchange bobbadog, what types of insurance did you get for your mortgage?? We are looking at MPP, critical illness and of course home and buildings. The broker is arranging these for us and it looks like it will cost £120/month in total (!). Not sure if this is about what everyone else is paying??
Hiya!
We've got mortgage protection insurance, was £20 a month ish to cover our shares of the mortgage if we're made redundant. Other than that, OH has a policy of his own that covers him at work (carpenter) and I have life insurance... plus buildings (management company handles that) and contents. We're going to look into critical illness cover etc once we're moved
Note though - I used a broker recommended by a friend, and best he found for us was 5.69% fixed / 5.39% SVR - we found 4.79% SVR ourselves through Britannia and went direct through them - definitely worth doing your own research online (on here - just pop in your LTV) x0 -
Wickedkitten wrote: »Mortgage deed was sent back and now we are just waiting for the final contract to sign and send back so we can exchange and then complete.
quote]
Hiya.. may seem like a silly qn, what is a mortgage deed?? When will we get that and who will we have to send it to? I got our mortgage offer from Coventry and there wasn't anything to send back! Thanks!0 -
Welcome to everyone.. It great hearing from other FTB's.. I love your nick things_are_looking_up lol!
Congrats on the contract exchange bobbadog, what types of insurance did you get for your mortgage?? We are looking at MPP, critical illness and of course home and buildings. The broker is arranging these for us and it looks like it will cost £120/month in total (!). Not sure if this is about what everyone else is paying??
120? O_o
The only thing that we let the broker arrange for us is life assurance, the rest of it we are doing ourselves and going through quidco so we can get cashback for it.It's not easy having a good time. Even smiling makes my face ache.0 -
My partner and I bought our first house last year, got the keys end of November 2008, whole process was quite smooth. From our offer being accepted to completion was 14 weeks. We experienced no problems with the mortgage.
We bought because:
1) We were living with my partners parents and had a young baby (our offer was accepted 6 days before little man was born, so good news all round that week)
2) The property was extremely well priced. Even now with another three months of awful economic news and property prices falling since we completed you cannot buy a property in the area as cheap as we managed to secure ours for
3) I was too tempted to waste our large deposit on a nice new car
Is 14 weeks normal? I hope so because then maybe we can afford some furniture when we get the house lol! Putting almost all available cash into the deposit so need every last penny/pay check before exchange.
Congrats on the little boy too!0 -
Wickedkitten wrote: »Mortgage deed was sent back and now we are just waiting for the final contract to sign and send back so we can exchange and then complete.
Hiya.. may seem like a silly qn, what is a mortgage deed?? When will we get that and who will we have to send it to? I got our mortgage offer from Coventry and there wasn't anything to send back! Thanks!
The Mortgage deed is pretty much the thing you sign saying that you agree to the terms of the mortgage offer and gives them charge over the property. You should get it from your solicitor so you can sign it and send it back to him before you exchange contracts.It's not easy having a good time. Even smiling makes my face ache.0 -
My trip down FTB avenue here:
http://forums.moneysavingexpert.com/showthread.html?t=1198755
had a place before but it was in GF's name, this one is in my name so technically a FTB
Managed to get the property listed down from £349,000 down to £275,000 with them paying 2% Stamp @ £5,500
21% reduction overall, picked up the keys today :j
The kicker is the lender valued the house at £349,000however what this means in a credit crunch is anyones guess
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Is 14 weeks normal? I hope so because then maybe we can afford some furniture when we get the house lol! Putting almost all available cash into the deposit so need every last penny/pay check before exchange.
Congrats on the little boy too!
I would expect it to take between 2-4 months, any longer and perhaps something is wrong. But it depends on the chain. We were lucky and the previous owner was moving out to rent (I stayed quiet when she said this, as IMO she missed the boat by several months and had to heavily discount the property to sell it).
On the day of completion we weren't expecting to have the keys until 4PM, but received a call before midday confirming funds have been sent and we can collect the keys from the agent. We then had a mad week of painting, fitting carpets and moving in. All good fun when you look back at it, even though painting is painfully boring.0 -
Hello Im a FTB too. Feeling bit nervous about the month ahead. We had an offer accepted about 3 weeks ago and now waiting for survey and hoping the house is sound! We are content with the price we paid but did pay asking price. We braced ourselves to pay around £160k for what we wanted but have ended up paying £140k for a house which needs redecorating throughout. We are looking forward to making it ours though.0
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