The FTB club

hostman

VKay wrote: »

Thanks for the info about life insurance etc. That is really helpful. Is it something you chop and change each yr like car and contents insurance? Or does life insurance tie you in?

Life Insurance is something you would tend to keep. In my example our payments are fixed each month, so for the next 25 years I know we won't pay a penny more for our life insurance cover. If we change our mortgage borrowing in the future then we can modify the cover on that basis, in which case the rate we pay will be reviewed in line with the market.

SwissLe

Hi Guys!

I am on the FTB route. Just moving from my 1 bed rented apartment in Barry Waterfront to a 2 bed in Cardiff Bay. It's nearer to work and in a beautiful location. The bedrooms and kitchen overlook the city and the lounge balcony views over a river and green area. My girlfriend thumps me everytime I call it my first love!

The apartment had been empty for a year and started on the market at £200,000, originally bought for £214,000 2 years ago off plan. When I viewed it the asking price was £129,950. Having information that it was a Bellway part exchange property I thought I would be cheeky and offer £98,000 as a starting block. I didn't hear anything for 2 days but then recieved an email from the EA stating it had been accepted on the condition we could complete by the end of the month. I already had an agreement in principal and with a heavy list of contacts in the EA, solicitor and FP industry I thought I'd give it a shot.

It's a tight deadline but I think it's achievable. My solicitor is beavering away and tells me the searches are complete and my mortgage offer is in place, survey and everything done. With just over a week to go I think I am about to explode with nerves and excitment!

paulsin

twirlypinky wrote: »

I'm not sure if I'm a FTB or not.

At 18 I bought a house with my then bf. We got married, sold the house and moved to another 100 miles away.

We then split up and tried to sell the house and failed, kept on reducing the asking price to the point where the equity once all debts were paid off would leave me with less in total than it was costing me per month to live there. So i handed him the keys and walked away.

We're now divorced and I'm paying back the bit of personal debt that we owed to my grandad (for the deposit on first house) and my dad to get out of former marital home and deposit on flat, plus divorce costs.

Once I've paid this off (by Nov this year) I'll be saving for a deposit on what will be my first house alone.

It's going to take bloody ages!

I'm not sure if it will be much use to you, but HSBC (i think its them) offer a fresh start mortgage which is for people who have split up. Might be worth looking into.

sacol4940

SwissLe wrote: »

Hi Guys!

I am on the FTB route. Just moving from my 1 bed rented apartment in Barry Waterfront to a 2 bed in Cardiff Bay. It's nearer to work and in a beautiful location. The bedrooms and kitchen overlook the city and the lounge balcony views over a river and green area. My girlfriend thumps me everytime I call it my first love!

The apartment had been empty for a year and started on the market at £200,000, originally bought for £214,000 2 years ago off plan. When I viewed it the asking price was £129,950. Having information that it was a Bellway part exchange property I thought I would be cheeky and offer £98,000 as a starting block. I didn't hear anything for 2 days but then recieved an email from the EA stating it had been accepted on the condition we could complete by the end of the month. I already had an agreement in principal and with a heavy list of contacts in the EA, solicitor and FP industry I thought I'd give it a shot.

It's a tight deadline but I think it's achievable. My solicitor is beavering away and tells me the searches are complete and my mortgage offer is in place, survey and everything done. With just over a week to go I think I am about to explode with nerves and excitment!

seems like you've got yourself a bit of a bargain there! good luck with everything, let us know how you get on!

SwissLe

I know! I'd offered before on ones in the same block but not as nice at around £105,000 but they were always rejected. It's strange how grown up buying a property makes you feel, I think it might be something drilled into us as kids that buying a property is good, renting is for unstable people! I don't agree with this but as my mortgage is going to be less than my rent for the next 3 years - it makes sense!

woody252506

Xinpei wrote: »

That is similar to what we did, house originally up for 160K in Aug08, down to 145K and we got it for 135K. Not a massive decrease % wise, but we're happy with it..

Not bad though! The one we are interested in is cheaper and if we do get it for 100k it will mean we have got 26% cheaper. :cool:

elj2287

Hi all

OH and I are first time buyers, after looking round what feels like a million and 1 properties then losing out on 1 of our favourites, we have found one we both really like!:j It is a 3 bed detached, on a quiet estate and has a guide price of £134,950.

The vendors have got a property ready to move into, they just need to sell this one, so, theres no chain and they are very keen to sell. We put in our first offer of 125k that got rejected for being too low. Then we offered 127k, again got rejected. My OH spoke personally to the couple selling who said ideally they were looking for £132 but can only go as low as £128.5. We are now struggling to get the last £1000.

We are going to try and raise some funds but I am doubtful we will be able to get the full amount. I am tempted to sit it out and wait to see if we can get it any lower but I really don't want to lose it. We have been told there has been one other woman who viewed it a couple of weeks ago who wanted her family to look at it but the vendors haven't heard anything from them since.

I don't know whats best to do!

TTFN :cool:

Xinpei

SwissLe, that sounds like an absolute cracking buy! I would have loved an apartment myself but hubby is keen biker so we need a garage.. I heard part exchanges are usually good buys - though the one we've stumbled upon has mould literally in every corner upstairs so we didn't touch it! Feeling grown up? - just got a lifetime of debt so slightly anxious but hoepfully with this thread I can feel more excited about a house!

Twirlypinky, I also spotted a fresh start type mortgage offered by Yorkshire BS - 0% (yes ZERO) for the first 6 months, then something like 6.something for the next year or two. Then back to 4.something for 3 years. Not sure how the math could work out but just a thought.

Xinpei

elj2287 wrote: »

Hi all

OH and I are first time buyers, after looking round what feels like a million and 1 properties then losing out on 1 of our favourites, we have found one we both really like!:j It is a 3 bed detached, on a quiet estate and has a guide price of £134,950.

The vendors have got a property ready to move into, they just need to sell this one, so, theres no chain and they are very keen to sell. We put in our first offer of 125k that got rejected for being too low. Then we offered 127k, again got rejected. My OH spoke personally to the couple selling who said ideally they were looking for £132 but can only go as low as £128.5. We are now struggling to get the last £1000.

We are going to try and raise some funds but I am doubtful we will be able to get the full amount. I am tempted to sit it out and wait to see if we can get it any lower but I really don't want to lose it. We have been told there has been one other woman who viewed it a couple of weeks ago who wanted her family to look at it but the vendors haven't heard anything from them since.

I don't know whats best to do!

TTFN :cool:

Hi elj, how long has the house been on the market for? I personally will hold out just perhaps for two more weeks and not be tempted to increase my offer. Let the agent know that this is the absolute highest you can go (and it is the truth as well!) I know its really emotional and you feel like you GOT TO have it.... but you will NEVER know whats going to pop up next! I got our mortgage offer through last week and I'm still looking for houses just in case this one does not go through for some reason.

If the house has been on the market for some time, reduced in price before (indicating seller is keen to sell) then you might just need to hang on for a while till they come to their senses that your offer is a good one. I don't think your offer is unreasonable so all the best and let us know how it goes..

Xinpei

sacol4940 wrote: »

Our IFA reckons that he should be able to get us Buildings and contents insurance, life insurance, critical illness insurance, sickness/accident insurance and redundancy insurance for both myself and my BF for £75 a month, thats for a 3 bed end terrace.

I thought that was pretty reasonable, but then I could be completely wrong! lol

I REALLLLLY need to look at our insurances again. I felt bad initially because our broker had been so nice to us and she went off panel to get our mortage application sorted etc. But she screwed up our solicitors arrangements recently and now I think maybe we can not get our insurance from her.. Will pm you for details of your IFA if thats ok sacol... not sure if a IFA living far away physically will matter though :huh: im in the north east of england!