FTB looking for advice....

TheAnalyst

Thanks for all the replies, very helpful....

The way I see it is this:




The flat is a large 2 bedroom attic flat, has huge lounge, huge kitchen dining room, ensuite and dressing room off master bedroom, walk in wardrobe off 2nd bedroom, HUGE walk in storage cupboard in hall (very important to me with expensive bikes, snowboarding equipment, golf clubs, camping gear ect).

• It's only a 10 mins commute to Glasgow City Centre where I work.
• Right bang in the middle of the re-generation area for the commonwealth games.
• Next door to a big Tesco.
• 24 hour city bus right outside.
• 5 mins walk from train station.
• New M74 extension is going to be 2 mins away.

It was originally listed last year at £150,500 and they sold a number of them, this is the last one and it's probably going to survey between £130-135k which will be matched regardless... if it's any more then I'll get my own survey done and take it from there.

I'll be lookiong to stay for at least five years and probably much longer as it has plenty of space. Yes, initially I may possibly see a bit of negitave equity but I'll have fixed payments for a good term and honestly with what's going on in the area over the next few years I don't see my losing out in the medium - long term.

The other 25% is already affordable on my salary however as I don't have much of a deposit it's not an option just now.

TheAnalyst

Just an update on this..

Went through the full application with the mortgage advisor at £135,000 (the max this flat could have surveyed at in our opinion) and Halifax asked for payslips and 3 months bank statements.

My mortgage advisor called me back a couple of days later after looking through my statements and suggested due to a returned DD (returned at my request) and one DD taking me below £0 on the day that my wages were paid in (they are paid in at around 2pm by CHAPS but this still showed me going over on that day, although no charges obviously) that this was less than ideal and that it would probably have prompted the underwiter at Halifax to ask all sorts of questions.
His sugestion was that we chance it and go to the builders and ask them to drop the asking price to £121,000 as at this level of borrowing (£90,750 for my 75% share) Halifax would not even need bank statements and I would stand a much better chance of being accepted, something about having a B credit rating at this level of borrowing?

So thats what he did, and I got a call yesterday to say they have agreed!!! Survey is being done on monday and were expecting it to come in around £130,000 but as the builders are so keen to sell and to have someone in for June they have agreed £121,000 regardless!

I paid online for previous sales prices for this exact type of attic flat in this development today and 3 others sold last year between October and December for £139,650 & £140,500, this was on an original price of £150,500.

So looks like im getting a hell of a reduction, pending the survey obviously but going on the last survey a few weeks ago of £130,000 I'll be looking at £9,000 in the green right off... gives me a bit of breathing room with regards to further decline in house prices.

Anyone have any opinions?