House Buying - Moneysaving Tips

Paulie'sGirl

Hi,

I have a 2.5k deposit, and extra for fees and suchlike.

The property is a 2 up 2 down former social housing property. The developer bought 25 from the council and proceeded to fit new central heating, double glazing, new fitted kitchen, new bathroom, and to decorate the whole place the same shade of magnolia!

The place itself is called Wingate, which is near Hartlepool and Durham.

I am monthly paid and I work fulltime as a Health and Safety Administrator for a large (prestigious) Engineering firm.

Other lenders have quoted my salary as the reason for declining.

Is it too much to expect to get a mortgage?

Many thanks,

P

bloaty

Looking to purchase my first home and seen a property on at £122K. Went to view the property and the owners shared the fact that they will be moving out in 3 weeks and the developer they are purchasing their new 5/6 bed house from has taken this house in part exchange.

They are moving from N.Wales to Manchester and the developer has purchased their home for less but given them more discount on the new property they are purchasing.

The house has only just gone on the market, what are the thoughts around making an early offer on the property and for how much?

It is a 3 bed semi in good condition, ready to walk into.

Comments greatly received.

Regards

Paul

paulfitz

First Of All, hello to everyone on the site, read through a few of these posts and they have helped me quite a bit, but as an absolute novice just wanted a bit of "clarification".

Right I'm about to start looking for my first house with my girlfriend - been together 5 years pretty secure (my mates have tried to warn me off it!!!!). We have browsed a few that we like, at the moment just on t'internet and driving past those which took our fancy.

I am currently a teaching assistant earning 11k a year whilst my girlfriend is a manager in retail earning 17k. Within the next year she will be promoted and will be earning about 22k, and within the next 3 years I will be a qualified teacher (Im currently completing my degree with the OU) - will these payrises be considered?

Will the fact that I only work 30 hours a week and/or being a part-time student count against me???

I have a quite a bit of debt (student loans and a credit card or 2) Ive been late with a couple of card payments - but nothing drastic - will this count against me????

My mum and dad have mentioned mortgages at the moment are about "3 + 1" - does this mean "3 x our combined salaries + 1 of the highest earner"???

On our current salaries (17k & 11k) what would be a realistic mortgage - by my reckoning of the above "3 + 1" its about 100k-ish...Is this right?

And finally, I know I may be getting ahead of myself here, but one of the houses we have seen is priced at £92k (3 bed, semi, decent-ish area) however it is in need of "modernisation". From what I have seen basically it needs guttin' and starting again. However Ive always fancied a bit of devleopment, and have links with builders, plumbers, sparks and joiners so could get the work at "mates rates".
I think we could get the house for about 85k - no chain, bad condition and all that.

Does this sound like a decent investment, or is it too much of a gamble for a mortgage virgin????

Thanks in advance, you have been a great help already.

Paul

moov-in

chris_whiteman wrote:

Hello wonder if you can help, we have had our bunglaow on the Market now for 12 weeks we did a very stupid thing we had the estate agent round to value the property signed the agreement which has locked us in for 16weeks at 1.75%
which we didn't realise we had signd for 16 weeks sole agency untill we read the small print about 11 days after putting it on the market. We had a a viewer round after the 2nd day of it gong on the Market since then we haven't had anymore. Is there anything I can do to get out of the 16week lockin as I feel the agent as done nothing other than put our property in the paper and on the net.
Would very much appreciate a reply
Chris

The dreaded contract.

If anyone else is in this situation here's something to watch out for.

I'd try putting forward your case and ask to be released early. That might not work.

If no luck, read your contract again as you may well find that although the original was for 16 weeks they may want 2 weeks notice in writing. If you don't write this letter then the agreement carries on until you do give them notice!

Best bet is to write the letter 2 weeks before the 16 weeks ends so you can walk away immediately.

Hope this helps.

esthomizzy

Paulie'sGirl wrote:

HI,

I'm a first time buyer, or I would like to be! I need a bit of guidance


Many thanks in advance for your help

For larger multiples try Abbey National. I saw an advert which claims they will give 5X joint incomes for customers with good credit ratings who can prove they can afford the payments.

If that doesn't work out could you get a part time job to bring in a little extra income to bump up the amount under consideration temporarily until after you'd acquired the mortgage?

I have always used a really nice mortgage broker in Southampton (I live in London) and he's arranged my mortages for years including some unusual situations and doesn't charge any upfront fee. If you want his number pm me.

Good luck.
Esthomizzy

deb_buffy

Hey
This might sounds like a silly question but here goes:
we are first time buyers currently in private rented flat. We have got the mortgage promise and know our budget. We have found a house we like and are going to put an offer in. Now heres the question we are unable to complete untill end of May as rental is finishing 15th of June. We asked the vendor if they would be ok with this when we were shown around the place and he said he isn't is any rush. Now how do we get it so that no money has to be handed over and completed until may?

moov-in

deb_buffy wrote:

Hey
This might sounds like a silly question but here goes:
we are first time buyers currently in private rented flat. We have got the mortgage promise and know our budget. We have found a house we like and are going to put an offer in. Now heres the question we are unable to complete untill end of May as rental is finishing 15th of June. We asked the vendor if they would be ok with this when we were shown around the place and he said he isn't is any rush. Now how do we get it so that no money has to be handed over and completed until may?

Get to exchange asap. This is the legal requirement for you to be relatively safe in the knowledge that the house will be yours.

Exchange only happens when all parties have agreed a final completion date. So go for end of May or whatever suits.

Monies will only exchange hands on day of completion.

PS It's not a silly question, we get asked it quite regularly.

clairerin

I am in the process of buying a house and it has been a nightmare, I put in an offer (Scottish Market) of £148,500 verbally and asked the purchaser of my own house to move the date to suite the seller of the house I want to buy which they have agreed with or take a 3 days. The problem is the seller is an old man who wants to go to a close.

I bought a copy of the survey today and it is valued at 149k. There is another couple in for it but apparantly they offered less than me originally. I didnt want to go to another close as it is costing me £140 everytime I survey and I have lost out on 2 already.

Any one any suggestions?

Doozergirl wrote:

We have the “House Selling – Money Saving Tips” guide, but I have realised that we are sorely lacking in the House Buying equivalent.

There has already been demand from some users for AndrewSmith (Independent, Whole of Market Mortgage Advisor to the Stars) to deliver his top tips on how to negotiate with agents. So as per his offer on a separate thread, he has accidentally volunteered himself to start the ball rolling on what I am sure will be a very popular thread.



(drum roll)

clairerin

Also has anyone bought property in Dubai? I have £5300 to pay off my student loan however I thought it would be better to invest in a rental property and use this to pay off the loan.

Any advice?

Clairerin

Paulie'sGirl

Hi,

Can anyone help me?

Further to my earlier posts, I have now found a house I'm in love with, and a mortgage broker (London and Country, as recommended by the site) who'll can get me a reasonable mortgage...

The question is, I'm being quoted £600 to £800 for conveyancing on a £56k house. Is this normal?

Do I need an environmental search? Mining search? all those other things?

Help! Please! I want to finalise my budget before making an offer at the weekend...

Many thanks