Macgirl's "Stop Procrastinating and Get on with it" Diary

hypno06

Ok, look at this objectively.

Even though you said "its out only offer, take it or leave it" they will think you are playing a game of bluff.

They will reject your offer and say they are prepared to negotiate in the hope you will admit you were only bluffing, and will up the bid.

You, in turn, will respond by saying it is our only offer, and it remains on the table.

If no other offers are forthcoming, and yours is the only offer made to them, they may well come back to you and accept it further down the line.

That's what we did when buying this one, we were patient, and we got it at our only offer price.

Stay strong x

macgirl

In all honesty Hypno, we can't afford it. I'm on a downer as I feel such an idiot. I should be concentrating on repaying what I owe instead of reaching for the Moon and Stars.
When will I ever grow up.....

So, I know what you mean about tears and feeling angry and ashamed of myself and there's Taxi facing real problems with such dignity.

*off to give myself a slap*

gilligansyle

Hi mac

Start of lecture

Stop beating yourself up:p

End of lecture.

taxi73

gilligansyle wrote: »

Hi mac

Start of lecture

Stop beating yourself up:p

End of lecture.

listen to that advice:rotfl::rotfl::rotfl::rotfl:

macgirl

:o:o Thanks! :o:o

Double_Trouble

I agree with what has been said above but also with what Hypno has said still in the que sera mode here I think you should just go with the flow and see how things work out but don't throw in the towel just yet

DTxx

macgirl

Right ok, here's what I am beating myself up about.
There is no point me trying to be all smoke and mirrors and mysterious - because I'm not. I'll just have to bare my soul because that's who I am.

Bare with me - I know I'm long winded.....

After the truck loads of tenants we've had living next door to us and after DH saying "we're not moving until the debt is gone", he/we decided we just couldn't wait 2 more years and we'd have to "port" the debt with us. I know I have been too comfortable with the debt, as Gill pointed out - because I can afford it and unless there was a catatrosphe to kick me up the behind, it is really just another bill (shameful I know, I'm just being honest)

Anyway, as usual I digress. So DH said "Well maybe we should see what we can afford and perhaps look to move now?". So, any excuse to look at houses off I went - though really I'm looking all the time as it's a cheap hobby . On Martin's advice, rather than shopping around myself, I rang a couple of IFA's, one of whom gave me lots of info and didn't even take my number, so it wasn't a hard sell.
He asked what cost the new house would be - I gave him a max figure, and what we owed on this and what I thought it was worth. He worked out what we'd need to borrow against this, for the new house.

He advised to get DH's net drawings for the last 3 years, go to our current lender and see what was the maximum they would lend us. He said "Don't bother going into the ins and outs of BTL etc, just find out the top line and come back to me".

So, this I duly did. They said they would lend about £40k more than we needed in total - so "Wayhey!" I thought, game on!

We had viewed the "D" house wondering whether we would sell this and buy something like that. Or keep this and compromise and buy something not in the style we like, but filling our family needs (apologies if anyone has nodded off). Of course it was over priced and out of our league if we kept this. We viewed it, loved it, decided to keep this, so forgot about it.

Then, it was reduced massively, so we viewed again and put in the offer which was £10k MORE than I had told the IFA our max price would be on a new property.......

So, racked with anxiety that perhaps this extra £10k (together with the extra stamp duty) would not be workable - despite the the numbers still adding up to £30k less than the max they said they would lend us, I had to ring them. Plus what was going through my mind last night was that maybe our house wasn't worth the valuation I have guestimated.....

When I rang the NW this morning, they max they said they would lend us against this, was much less than the IFA had said (based on an offer of £10k LESS). I don't know if this making any sense. She said it was nothing to do with the valuation, it was to do with the rental income. I had gone through these figures with the IFA and he had come up with a higher figure we could borrow than they were prepared to lend - even though the overall figure was way more than we needed???? I just don't understand.

Maths is certainly not my strong point (though at work strangely I get on fine) and I can't figure out if the IFA got it wrong or has some other clever way of balancing the borrowing, or the advisor at the bank got it wrong - or I'm just thick. Either way we are £10k short, so it is a good job they rejected the offer.

I feel stupid because I was confident I had got all my ducks in a row and I made a giant boob. DH still thinks we can get a loan for £10k to make up the shortfall, but this feels wrong and all I can see is a giant hole and I want to run away. Too risky.

So to conclude (again, if anyone has not died of boredom!) I'm going to ring the IFA tomorrow and get him to come and see us next week. That's it

Double_Trouble

Clarification from the IFA sounds a good idea. Not sure I would be happy about the loan if you are borrowing the max then anymore is asking for trouble especially if rates go up although of course you would always have the fallback position of selling the rental property. I think a proper detailed chat with the IFA is the way to go.

DTxx

taxi73

It all sounds very complicated ...why don't you go to see someone about it face to face so that they can talk you through itand then you'll totally understand the way they are working or explain it on the mortgage board....some of them can be quite helpful

macgirl

Thanks DT and Taxi, I'm going to ring him this morning

Well, today is a new and absolutely glorious day :j
Sadly, it also the day of my auntie's funeral It will be good to catch up with my family as it is very large on my Dad's side, and people live all over the country, so we don't often get together, but I'm also dreading it...

Before that, we are having 2 valuations, the first at 9am, the next at 11am. Then, I have to whip the kids to my SiL's, race back into town to try and park in time for the funeral.
The house is looking shipshape, which feels nice. And last night I paid an extra £200 to MBNA and £50 to Virgin. I've already added them to my sig, just to cheer myself up

Have a good day everyone and thanks for all your kind words and advice xxx