The FTB club

SelenaLouise

sam1973 wrote: »

Hey,

FTB here - offer accepted/valuation done/waiting on formal offer.

Can I ask - is anyone else sh*ttng it that now is the wrong time to buy and we should be waiting?

I've been renting for 5 years and defo wanna move - but recently learnt the term 'bull trap'

any thoughts?

Whats this 'bull trap' business??

nudda

SelenaLouise wrote: »

Whats this 'bull trap' business??

http://lmgtfy.com/?q=bull+trap

HockeyDuo8083

sam1973 wrote: »

Hey,

FTB here - offer accepted/valuation done/waiting on formal offer.

Can I ask - is anyone else sh*ttng it that now is the wrong time to buy and we should be waiting?

I've been renting for 5 years and defo wanna move - but recently learnt the term 'bull trap'

any thoughts?

Hiya, welcome!

Personally I am glad we have bought when we did as house prices are starting to creep up again here. Not just that there seems to be less on the market too now compared to 6 months ago.

TBH sometimes you just have to bite the bullet and dive in! What might be the right time for some might not necessarly be the right time for others.

I was renting for about 8 years and I am so glad that I will no longer be paying domeone elses rent!!:T

Good luck and keep us all poste don your journey:A

tcb1973

I take your point HockeyDuo8083, thanks.

I think we prob are gonna go for it - out of interest, do you worry about the remortgaging side of things , if when it comes to do so you are in neg equity?

I'm starting to think that the whole thing is a gamble, much like life. The only definite I know is we love the house and we are fed up of paying someone else's mortgage. The idea of waiting another 3-5-7 years (?) to see how the whole thing pans out seems unbearable. Plus by then we'll have been renting for upwards of 8 years, at £6000 a year = £48,000 of someone else's debt - but our landlord loves me!:eek:

HockeyDuo8083

MsConfused wrote: »

Woohoo Hockeyduo - thats great!

Just thought Id update you all. We decided to stay with just the mortgage valuation rather than get a homebuyers report in the end. The valuer called me personally and said he wouldn't bother personally, so we're happy with that. So since then we've had our mortgage accepted by Nationwide - so thats all official. Only thing is all the paperwork keeps saying leasehold so need to get onto the solicitors about that. Our solicitors have been rubbish. I emailed a couple of questions and we had to call again three times till we got an answer (for three days) - and they were really basic questions! We sent all our ID documents off to them recorded delivery and even though we know theyve been signed for they havent told us theyve got them - and they havent returned them even though its been over a week. So a word of advice, get reviews of solicitors first! I dont know where we are now. I figured the solicitors would contact us to let us know what happens next - but as no word from them...? Are we supposed to have a completion date set up? Guess we'll be on to them again next week to see what we're actually paying them for - especially as they seem very overpriced compared to some.

Hiya!

From my experience so far I have found nothing gets done unless your phone, phone and phone again:mad: it's frustrating but it is also the only way you know things are getting done. My solicitor is good but he has not got email (Crazy, i know)
When we initially had our offer accepted he asked when we wanted to move in, we chose within 8 wks, and he put that into our official paperwork. The sellers did not dispute this so we knew what date we expect to complete.

Did you get a quote from your solicitor at the beginning? We did and it was around £800 and he would inform us in writing if this changed.

JonnyBravo

tcb1973 wrote: »

I take your point HockeyDuo8083, thanks.

I think we prob are gonna go for it - out of interest, do you worry about the remortgaging side of things , if when it comes to do so you are in neg equity?

I'm starting to think that the whole thing is a gamble, much like life. The only definite I know is we love the house and we are fed up of paying someone else's mortgage. The idea of waiting another 3-5-7 years (?) to see how the whole thing pans out seems unbearable. Plus by then we'll have been renting for upwards of 8 years, at £6000 a year = £48,000 of someone else's debt - but our landlord loves me!:eek:

If you're worried about NE at the time of remortgage there are a few simple things to do to mitigate this risk as much as possible.

1) Obviously maximise your deposit but I guess this is smallish if you're worried about this.... anything you can do to change this?
2) Take a nice long term on your mortgage eg fixed rate for 5 yrs... (even 10 yrs but this is unlikely to be sensible for a FTB house as you may wish to move within 10yrs?)
3) Overpay (or save if overpaying not allowed by mortgage) during your first few years. Overpaying/saving will put you in a much stronger position when you need to re-mortgage.


Also bear in mind you'll hopefully have a few years of payrises (and a promotion?) come re-mortgage time.... don't blow all this extra money... assign a portion of it to the mortgage... don't fritter it all away!


I'm due to pay off my mortgage in 28 months... only had it since '98 and simply due to a bit of diligence and planning.

Good luck.

tcb1973

jonnybravo - thanks for the reply - any advice is greatly appreciated.

In answer to your questions -
we are putting down a 15% deposit. we could stick another 10 grand downout of savings, but that'll leave us with nothig to do some bits and bobs (roof/couple of windows)
we are on a 5 year fixed awaiting the offer but defo do not want to move (house has much potential). Have been wondering about applying for the Skipton 10 year....
I will defo have pay rises over the next 5 years and am guaranteed to be on another 6 grand minimum.
We are hoping to over pay by at least 100 quid a month.

Am very impressed you are nearly paid up on your mortgage - that is our aim - chuck everyting we have (within sensible reason) at the mortgage to clear the debt ASAP

Beardmidget

Hi all-

Just wanted to introduce myself:
I'm a FTB who has just had an offer accepted in a house in SW London... Spent all weekend biting my nails about whether they'd take it; now will spend the next three months biting my nails about the buying process!

tcb1973

I'm down to bloody stumps where my fingers used to be - if I was supple enough, I'd be toeless by now too:eek:

HockeyDuo8083

Welcome beardmidget! We are a friendly bunch here so you will fit right in, no nails left here either! Also you may want to start to apply wrinkle cream to prevent the stress lines that will definitly appear!Lol

tcb1973 - not worry too much atm as we are just finalising BUYING the house. Don't see the point on dwelling on neg equity etc. Will cross that bridge when we come to it.
Don't want to sound like we are putting our heads in the sand but tbh want to enjoy this part and just take each week/month/year as it comes!

p.s remember to check you paperwork for any over payment penalties. It's very unfair to be charged for paying off a debt quicker than they want you to.Ah well that's life!