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The FTB club

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Comments

  • Xinpei
    Xinpei Posts: 122 Forumite
    Mine is with Coventry BS, also 4.99% fixed for 2 years, after which reverts to SVR, currently at 4.74% for 3 years. It came on the market beginning of Jan, which proved to be popular and about end of Jan, Coventry increased the deposit required to 25% for the same deal.

    I do think the building societies tend to have better rates. My broker was suggesting, that Coventry often does this - have a market leading product for a period of time to attract enough people, then take it off. So maybe other BS will have same strategies. Keep a constant look out so you can jump on a good deal when u see it!
  • mine is all agreed now and we are in the process of buying so fingers crossed it all goes through quick as it is a repo
  • Xinpei
    Xinpei Posts: 122 Forumite
    SwissLe wrote: »

    I think we should all post pictures of our first time bought houses when we get them :D

    :j

    That sounds brilliant :cool:
  • bobbadog
    bobbadog Posts: 1,606 Forumite
    I love that idea!

    I'm currently having a panic about getting the sofas we've got our eye on through the window / front door of our new pad... mmm...
  • hostman
    hostman Posts: 377 Forumite
    bobbadog wrote: »
    I love that idea!

    I'm currently having a panic about getting the sofas we've got our eye on through the window / front door of our new pad... mmm...

    I had the same worry, in the end it turned out OK.
  • OH and i are FTB's with our mortgage in principal done and a really big deposit saved. We have nothing to sell and only have to put in 1 months notice on our flat.
    So far everything is going fine. Have our eye on a place just now and had our first offer rejected for being too low. We knew this would happen as we went in deliberatly low so we added £1k on and offered again. The vendor said still a bit low and then told us what they want.
    So now we are just thinking it over and will give it a couple of days before we go back to them with an offer.
    OH thinks we should offer again and offer to split the difference this time which would take us to £1500 below there price. It's just a total battle of nerves, the ball is in our court. Very scary!!!!
    Will let you know how it goes!
    Spreading the gospel that is Martin Lewis to the future generation....I'm a Home Economics Teacher and being thrifty is the way!:A
  • elj2287
    elj2287 Posts: 154 Forumite
    Good luck Hockey, were in a similar position though our vendor has named his price which is a very reasonable 6.5k below the asking price! We need to make up the difference somehow, whilst playing the horrid waiting game!! I'm no good at that, so impatient!! Were off to ask family shortly if we can get a small loan from them to help us a long a bit. I'm actually dreading it! I hate asking for stuff, especially money!!

    (Edit - The difference being about £500-£1000.)
  • Xinpei
    Xinpei Posts: 122 Forumite
    yea good luck Hockey.. must be nerve wrecking!!!!

    Our seller has been very pleasant so far. Just rang him up to ask if they could exchange and complete on the same day (next friday!!!) and he said yes - they are moving into rented accom and are gettin their keys tommorrow. Then he asked if we would like the keys next week before we exchange so we could start moving stuff in! Hubby didnt know what to say to him lol

    i know what you mean about asking for money elj, i hate it too. We had part of our deposit tied up in a fixed term deposit (for 6 months beginning Nov 08) because we didnt think we'll find a house that quickly and were going to go with 10%. But when we found a house, broker said 15% is best so we had to try to take the fixed term deposit out but it wasnt easy at all. We sort of asked his parents for it, saying we will return it as soon as our fixed term is up in May 09 with interest too but it was like "not a chance" type reply. Felt really really bad asking to start with. Good luck with it too.
  • Xinpei, whilst it sounds great that the seller is willing to give you the keys before completion I would (personally) just feel wierd about moving my stuff in
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Xinpei wrote: »
    Then he asked if we would like the keys next week before we exchange so we could start moving stuff in! Hubby didnt know what to say to him lol
    His solicitor should not allow him to do this, especially BEFORE exchange. You could move in and squat and pull out of the deal. Do not be surprised if he changes his mind once his solicitor gets wind of it.

    Unlikely, but also, you could move in ... and he could then say he wants more money for it ... and he'll have you over a barrel as you've already moved in and won't want to lose it and move out.

    The house is only yours on completion day, once his solicitor has confirmed to him that he has received your money in full, only then should he be releasing the keys to you. Anything else has a high potential of ending in tears.

    Another angle is that you might move in, but find he's still not wholly moved out - and ends up coming round every day to empty his shed, or dig up plants in the garden, which is annoying and disconcerting, but it'd still be his house.

    Then there are other problems. If you look on the mortgage board, you'll find people who have had their mortgage removed at the last minute.

    It's fraught!
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