A decision - FTB.....

woody252506

We have a mortgage in principal agreed and have made a couple of cheeky offers on properties in the last month or so.

All been rejected and we have refused to go higher due to not wanting to over stretch ourselves and also been concious that the housing market still has not bottomed out (I hope!!)

Anyway, we have a 10% deposit but have now decided to hold fire, save even more and come back in the summer armed with a 15% deposit and go from there! Time will tell if we are doing the right thing or not!!

We are going on a very cheap holiday in the sun for a week in May to have a well earned break after a year of turmoil for various reasons!!! :cool:

ad9898_3

woody252506 wrote: »

We have a mortgage in principal agreed and have made a couple of cheeky offers on properties in the last month or so.

All been rejected and we have refused to go higher due to not wanting to over stretch ourselves and also been concious that the housing market still has not bottomed out (I hope!!)

Anyway, we have a 10% deposit but have now decided to hold fire, save even more and come back in the summer armed with a 15% deposit and go from there! Time will tell if we are doing the right thing or not!!

We are going on a very cheap holiday in the sun for a week in May to have a well earned break after a year of turmoil for various reasons!!! :cool:

Good for you, may I suggest you come back in the summer of 2010, rather than 2009, you will have saved more of a deposit and prices will be down quite a bit further than they are now.

SGE1

ad9898 wrote: »

Good for you, may I suggest you come back in the summer of 2010, rather than 2009, you will have saved more of a deposit and prices will be down quite a bit further than they are now.

Excellent idea, would you like to join the OP on this long holiday? Give the rest of us a bit of peace and quiet, you know

ad9898_3

SGE1 wrote: »

Excellent idea, would you like to join the OP on this long holiday? Give the rest of us a bit of peace and quiet, you know

Debate is the spice of life, if we all agreed with Gordon, it would be a dull place.:D

Just to edit, you're not a stalker are you ??, lucky for me I don't go for solitary walks in the woods.;)

woody252506

ad9898 wrote: »

Good for you, may I suggest you come back in the summer of 2010, rather than 2009, you will have saved more of a deposit and prices will be down quite a bit further than they are now.

Thanks for your reply!

I think the summer of 2010 will be a bit too far ahead for us, we desperately want our own place but also realise to get the better rates you need 15% upwards in terms of deposit. We are looking to buy for the long term and have it as our home and not somewhere to sell on in a few years time

ad9898_3

woody252506 wrote: »

Thanks for your reply!

I think the summer of 2010 will be a bit too far ahead for us, we desperately want our own place but also realise to get the better rates you need 15% upwards in terms of deposit. We are looking to buy for the long term and have it as our home and not somewhere to sell on in a few years time

No worries, well if you can't hold out, drive the hardest bargain you can. Everything is in your favour.

lostinrates

woody252506 wrote: »

Thanks for your reply!

I think the summer of 2010 will be a bit too far ahead for us, we desperately want our own place but also realise to get the better rates you need 15% upwards in terms of deposit. We are looking to buy for the long term and have it as our home and not somewhere to sell on in a few years time

FWIW I think continuing to watch and save isn't a bad move ATM. We are watching and continuing to look. We have made offers on a couple but like you, not got there yet. Sadly the ones we like have been complicated or we've been up against developers .

woody252506

lostinrates wrote: »

FWIW I think continuing to watch and save isn't a bad move ATM. We are watching and continuing to look. We have made offers on a couple but like you, not got there yet. Sadly the ones we like have been complicated or we've been up against developers .

Same here. We had our limit and put offers in 20k/25k under the asking price and non were willing to negotiate anywhere near so were walking away for a few months

ad44downey

woody252506 wrote: »

We have a mortgage in principal agreed and have made a couple of cheeky offers on properties in the last month or so.

All been rejected and we have refused to go higher due to not wanting to over stretch ourselves and also been concious that the housing market still has not bottomed out (I hope!!)

:cool:

We hear so much in the media about property transactions being at an all-time low. And you've succinctly highlighted the cause - crazy vendors who can't accept that their properties have massively fallen in value.

woody252506

ad44downey wrote: »

We hear so much in the media about property transactions being at an all-time low. And you've succinctly highlighted the cause - crazy vendors who can't accept that their properties have massively fallen in value.

Agreed. About 6 months ago we put a cheeky offer in of £100k on a house that had been up for £130k but reduced to £120k. The EA rang straight back and said the people selling rejected straight away as they had already refused a bid of £110k from someone else.

The same house is still on the market, and guess what, its been reduced now to £109k!!

Old_Slaphead

woody252506 wrote: »

The same house is still on the market, and guess what, its been reduced now to £109k!!

If they're trading up then their purchase price will have fallen too - so they'll be better off!