The FTB club

SavingSteve

VKay wrote: »

Can i ask about what sort of life insurance, payment protection etc people are signing on for? I don't plan to get anything through a broker as I've read on here that it's v expensive. i think I'll shop around online but i really don't understand what it would be sensible for us to get. i think we want a life ins that is not level term but will just pay off the mortgage if one of us dies before term (we have no children). Is critcal illness cover something separate again or part of life ins.?

Also buildings and contents- can I ask what sort of prices you are paying for 3 bed semis (lots of you seem to be going for these like us!)is it cheaper to separate them or buy together?

Ahhh so many questions! Sorry

I personally think, for Critical Illness cover, you need to see a professional.

Life insurance is EASY, you die, your benificiaries get paid, simple.

Critical illness less so. The list of what is considered a 'Critical illness' varies from insurer to insurer, so cheapest is not always best, as coverage may not be the same. Unless you are really aware of what to look out for I wouldn't try to buy critical illness on my own if I were you.

Xinpei

Yes, I don't think we'll be doing that (taking his keys before completion). I think he was just asking for the sake for it - probably not even thought about it first! Thank you for all your warnings - it is much appreciated.

Hmmm Life and critical illness is tricky.. I'm paying £23.42/month for myself and £22.22 for the OH. Is that about what everyone is getting? It is for £115500 decreasing term - broker said level term will be more expensive? Might need to shop around for this bit as it is the largest portion of our insurance payments.

SwissLe

I went through the life insurance and critical illness with my solictor. I was stuck deciding between level term and mortgage protection assurance. For me the difference was about £4pm difference. All the companies that came out cheapest offered the same level of cover. I then went to the internet companies recommended by this site and bought the same package off them. It sounds a bit sucky but I'd rather save the cash than give me FA a kickback, we are supposed to be moneysavingexperts after all! :money:

As for my mortgage I didn't really have much choice as we are in a rush. HSBC and Abbey both wanted a 12 week mortgage offer peroid, which just wouldn't do. Birmingham Midshires offered a stunning 2 day turnaround but at a rubbish rate. I ended up going with a small local building society on a 3yr discounted fixed at 4.25% - worth noting I have a 30% deposit.

The solicitor is my normal family one as we trust him to push it through within the period stated and still get all the boxes checked. He seems to charge the standard £250 including searches fee, that both the EA and mortgage provider offered.

SwissLe

Xinpei wrote: »

Yes, I don't think we'll be doing that (taking his keys before completion). I think he was just asking for the sake for it - probably not even thought about it first! Thank you for all your warnings - it is much appreciated.

Hmmm Life and critical illness is tricky.. I'm paying £23.42/month for myself and £22.22 for the OH. Is that about what everyone is getting? It is for £115500 decreasing term - broker said level term will be more expensive? Might need to shop around for this bit as it is the largest portion of our insurance payments.

http://www.cavendishonline.co.uk/ - I got mine here Xinpei. My advisor printed off a sheet of his recommended companies, I took the cheapest one which was Friends Provident and went with them. With the savings I made level term was the same price as decreasing term or mortgage assurance, as it is also known as.

Level term is more expensive from the outset but makes sense if you ever plan on buying a more expensive property as you only have to top it up, rather than cancel the policy and start a new one at future market prices. I guess it boils down to, is your only concern paying off the outstanding balance if you die in this current property?

miih

Hi all,

I'm also tentatively stepping into the housing market. Estate agents are being really snotty with us. We're doing our first viewings on Sunday and they wanted to see proof that we could afford them before we even saw them. Is this normal?

Thing is, we can afford them as we've been saving for years and, through one thing or another, can put down about 45% of the property value on a £140,000 house. The way I see it, we're in a fantastic position for bargaining but I'm not sure if we should let on how good a position we're in incase the agents try and push us to more than we want to pay. Do we keep the details from them initially or let them know we have a hefty deposit?

The advice on the MSE forums is invaluable!

Cheers!

elj2287

elj2287 wrote: »

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.)

Just to update...
We didn't have to ask in the end :T wahoo!! Just waiting for OH to call after he has spoken to EA. Fingers crossed

hostman

miih wrote: »

Hi all,

I'm also tentatively stepping into the housing market. Estate agents are being really snotty with us. We're doing our first viewings on Sunday and they wanted to see proof that we could afford them before we even saw them. Is this normal?

Thing is, we can afford them as we've been saving for years and, through one thing or another, can put down about 45% of the property value on a £140,000 house. The way I see it, we're in a fantastic position for bargaining but I'm not sure if we should let on how good a position we're in incase the agents try and push us to more than we want to pay. Do we keep the details from them initially or let them know we have a hefty deposit?

The advice on the MSE forums is invaluable!

Cheers!

The agent wanted to know about our mortgage situation but nothing too in-depth. I wouldn't reveal too much, because as you say, it could work against you when you're putting in lower offers.

woody252506

Miih - id give them proof that you have a mortgage in place. As far as I know thats enough and they cant ask for anymore than that.

What you have saved up is your business, if they ask for more then say sorry I cant its confidential to me. Just kindly point out that why would you be wasting your sundays looking at houses if you werent a genuine buyer.:D

Moldy

Hi all,

My fiancee and I are first time buyers, we're currently torn between an extended 2 bed terrace in a great area (130k), a 3 bed semi with about 10-15k of work needed in an ok area (120k) and a 4 bed semi new build we saw yesterday that I'm negotiating with the agent for (currently at 140k). You can read about the negotiations here: http://forums.moneysavingexpert.com/showthread.html?p=18987043#post18987043.

We're pretty much completely torn between the three, there are pros and cons for each. We're looking for a home for the next 5-10 years and are concerned about resale value (particularly with the new build). Any advice greatly appreciated.

Rob

p.s. The new build is finished and there are only 4/5 homes still being built on the development. The rest of the homes are complete and occupied.

TopKat*1

Hi Hostman

You have to watch estate agents, even though some come across as helpful they can be very sneaky (I am not saying all estate agents just most ha). They are at work - they make money from selling houses so they are going to try every way in the book. I would even go as far as saying not to use their mortgage advisor as then they know exactly how much u can borrow. Keep your cards close to your chest buying a house is the biggest financial decision of your life so you dont want to get ripped off. They will make small chat with you and try and find out info about you just dont give too much away.