FTBs need advice on this house!

Bufger

you can still get a 90% FTB mortgage. The best rate is 5.99% with Natwest at the moment (no arrangement fee). 85% gets you a bit of a better rate but you have to guess what the valuation will bring as you could be stuck if they think its only worth 100k.

Go with the 135k one and try to bring them down. get a 90% or 85% fixed deal with your lender for it and you'll be happier being in a place that needs little work for your first home.

screamer

tek-monkey wrote: »

Is that house up with the same EA? View a few others through him, and it'll let him know you're happy to walk away.

The house further up the street is with a different estate agents. We've viewed a few through this one and not been interested in any of them. All been in nasty areas or need too much work, not big enough etc. Is it worth telling the EA that we'll be looking at the other house in view of making an offer if they don't hurry?

screamer

Bufger wrote: »

you can still get a 90% FTB mortgage. The best rate is 5.99% with Natwest at the moment (no arrangement fee). 85% gets you a bit of a better rate but you have to guess what the valuation will bring as you could be stuck if they think its only worth 100k.

Go with the 135k one and try to bring them down. get a 90% or 85% fixed deal with your lender for it and you'll be happier being in a place that needs little work for your first home.

We've got a mortgage offer with First Direct. Life Tracker mortgage at 2.59% above BOE base rate. We're sorted for repayments, it's the deposit we'd be stuck on if we went any higher. I'll tell OH what you've said though. He said he's looking forward to doing the work although in reality he wouldn't be doing much of it! :-)

tek-monkey

Doesn't matter about telling this EA, go and look at it anyway. If you like it, put in an offer. If the EA comes back to you say you're waiting on another offer you've made and will call him back depending on the outcome.

screamer

Hi tek monkey.

Thanks for the advice. OH's dad has told him we should be looking at the other property anyway but OH is as stubborn as a mule. He's getting as hacked off as me now though so he might come round to my way of thinking :-)

It's more stressful and less exciting now. The vendors have taken the shine off it a little bit by making us wait. :-(

tek-monkey

I know the feeling, everything moved really quick for me at first but now the vendor (or rather their solicitor) is dragging things down I'm losing interest!

I'm still looking at other places, despite having an offer accepted and already over £1k spent. I'm not viewing, just keeping tabs on what is about to ensure I make the right decision. There is still an element of doubt, so until its all nailed down I'll be keeping my eye out. In your situation I'd definately still be viewing anything that looks viable.

screamer

All the stress and heartache wasn't worth it. They refused our offer of £7,500 under the asking price so we have walked away.

We say good luck to them getting an offer better than that one! The house up the street, and another round the corner, will be sold before that one. OH is looking at completely different areas now as it seems we get more for our money elsewhere! Why didn't he think of that before? :-)

tek-monkey

Good on you, set your prices and stick to them. Good luck with finding somewhere else

GSXRCarlos

i suggest you leave a message with the EA that if they haven't sold in a month, and your circumstances haven't changed, that you might still be interest.

Always good to keep your options open (and you could even be cheeky and offer less in a months time)

screamer

Thank you both, and good advice too. I will keep an eye on the house but I can't see it selling for more than we offered. A good idea to watch it in that case, but really desperate to get out of this house :-(