House Buying - Moneysaving Tips

DVardysShadow

maryam1985 wrote: »

I realy enjoy your subject and really appreciate because they were very useful for me .

Spam. Deal accordingly.

Tracey1_2

Can anyone help to clarify if this is legal and fair behaviour on the part of the estate agent? I viewed a house today for £130k and put in an offer of £122k (I have viewed 2 other houses in the same street but the first went before I was in a position to buy and the second needs so much work done it is daunting) The agent came back and said the vendor was looking for £125k - I replied that I wasn't going up to the threshold and as the porch needed attention, my top offer was £124. They again came back to me and said that the vendor would accept the offer on the condition that I went through the agent for my mortgage (I have an MIP through London & Country). Surely this is nothing short of blackmail! I feel that it has either come from the agent or they have convinced the vendor to make this condition by saying the sale would drag on otherwise. I feel they are trying to back me into a corner by saying how many viewings they have booked. I've told them that I will hear what they have to say but will go with the mortgage deal that suits me - they still want me to go in tomorrow so they could 'cancel any further viewings if we got things sorted'. Surely this is not right. I don't want to lose the house (as I know it is a nice property in an area I love) but I refuse to be blackmailed. They then started to go on about using their solicitor - even when I said I had my own from my last house purchase). In my experience, it seems like agents are really pushing their mortgage products at the moment. I have a feeling that's how I lost out on my last place (a repo - the other buyer went through the agent for their mortgage. Another example is when I contacted an agent to view a property, I was called back by someone wanting to set up a mortgage appointment - I told him I just wanted to view the (darn) property at this stage! I have tried to get in touch with L&C to ask their opinion, but have not had a reply. Can anyone advise please?

Yorkie1

Tracey1, you've posted the same question 4 times on other peoples' threads on this one board.

In addition to potentially confusing the original posters / repliers of those threads, it's not encouraged to post multiple times. Firstly, it means you get disjointed replies, and secondly it's actually against forum rules to do so.

You have a reply on the thread linked to below so I suggest other posters confine their responses to that thread to mimise confusion.

https://forums.moneysavingexpert.com/discussion/3175658

DVardysShadow

Yorkie1 wrote: »

She has started her own thread.

Go to https://forums.moneysavingexpert.com/discussion/3672845

KK22_2

First time on this board so was unsure of where best to place this question.

We are first time buyers and were wondering, in the current climate, what is considered to be an "acceptable" offer in terms of buying a house.

We are currently looking at a house that is for sale with "Offers over £150,000". It is a repossession, where the builders price 5-6 years ago was £195,000. Similar spec houses in the same street are up for sale at fixed price of £180,000 although these are in a "move-in" condition whereas the house we are currently looking at requires all appliances, flooring, electricity and water turned back on.

I understand that this type of question is difficult to answer without all the details etc but it is really just to get a gauge whether it is acceptable to offer below asking or not! Any help would be most appreciated!

robatwork

I read "offers over £150k" to mean the same as Price: £150k. After all nobody will go in with 170k. Just offer what you think - allow maybe £50 if you have to do all those improvements

Busyizzy_2

Hi all. We're first time buyers with young family who have always rented. Anyway my dad has kindly given us 15k for a deposit. We have found a house that we really like. Its been on the market for 3 years, started off at 195k, which even the agent said was unrealistic. Vender then reduced to 135k and 2 months ago was reduced to 115k. The vendor lives aboard, only occasionally coming back. The property itself needs a lot of modernisation, new windows, kitchen, etc but is liveable in. Realiscatically what kind of price should we be offering? is it the norm for the vendor to then barter with our offer?

piggeh

I have about £8k in savings at the moment but my parents have mentioned lending me some money for a deposit for a flat. I was thinking of taking them up on the offer and then taking an interest free only mortgage for 3 years to allow me to pay them back. Is this a common approach to buying a house? My other option is to continue to rent and save in the meanwhile but it might take 3-5 years to save enough. Rent being £800 a month, seems a bit of a waste with this option on the table.

robatwork

piggeh wrote: »

I have about £8k in savings at the moment but my parents have mentioned lending me some money for a deposit for a flat. I was thinking of taking them up on the offer and then taking an interest free only mortgage for 3 years to allow me to pay them back. Is this a common approach to buying a house? My other option is to continue to rent and save in the meanwhile but it might take 3-5 years to save enough. Rent being £800 a month, seems a bit of a waste with this option on the table.

Do you mean interest only mortgage? I would avoid them - never a good idea unless you specifically know you will have alarge lump sum in a few years - budget for a repayment mortgage.

I think it's a pretty good time to buy especially with their interest free deposit - ask them if they will defer payments for a few years till your pay increases maybe

piggeh

robatwork wrote: »

Do you mean interest only mortgage? I would avoid them - never a good idea unless you specifically know you will have alarge lump sum in a few years - budget for a repayment mortgage.

I think it's a pretty good time to buy especially with their interest free deposit - ask them if they will defer payments for a few years till your pay increases maybe

yeah, interest only. It would only be for a few years and then would switch to normal repayment repayment. I'm not sure (being in the NHS) if my pay will really go up much in the next few years except an incremental level or so. Wages wise I'm probably underqualified for what my job is so I wouldnt be moving up any time soon.

The interest only is a waste of cash much the same as renting, but renting is twice what I'd pay interest only.