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Yay we got a mortgage - now for the rest

Enigma80
Posts: 211 Forumite


For those of you who have been following my other threads regarding difficulty getting a mortgage, we have now secured one. :j
I contacted an old friend who is a broker and he sorted us out a 2yr tracker 4.16% above base rate.
We've informed the vendor who is still searching for a property. Unfortunately it looks like we'll have to pay stamp duty of £1330, I assume there's no way around this? It was suggested that we try and complete before then and rent out property to the vendor, thus making her chain free. However, seeing as she is not paying a mortgage I doubt she'll agree.
She's asked us to provide a formal letter of offer so she can pass on to her solicitors (currently verbally accpeted). Are there any templates for this?
Being an 85% LTV means we won't have much savings left (after fees and stamp duty) to buy furniture, so it'll be a struggle.
What do we do now?
I contacted an old friend who is a broker and he sorted us out a 2yr tracker 4.16% above base rate.
We've informed the vendor who is still searching for a property. Unfortunately it looks like we'll have to pay stamp duty of £1330, I assume there's no way around this? It was suggested that we try and complete before then and rent out property to the vendor, thus making her chain free. However, seeing as she is not paying a mortgage I doubt she'll agree.
She's asked us to provide a formal letter of offer so she can pass on to her solicitors (currently verbally accpeted). Are there any templates for this?
Being an 85% LTV means we won't have much savings left (after fees and stamp duty) to buy furniture, so it'll be a struggle.
What do we do now?
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Comments
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If you rent to the vendor you are not getting vacant possession which your lender will probably insist on, and you will also need consent to lease and possibly a BTL mortgage. For furniture speak to friends and family, register with Freecycle, start haunting charity shops, have a look at eBay. Have you decided on a surveyor yet?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Would you be able to afford the mortgage if BOE base rate went back up to 5% next year?0
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Would you be able to afford the mortgage if BOE base rate went back up to 5% next year?
I'm sure we'd manage with a few cut backs The repayments currently work out to a couple of hundred below what we can afford each month.
There's no way of telling, but most if not all sources suggest that it'll most likely stay low and if it does go up over the coming year it'll only be by 1% or so which we could afford. Life's a gamble, if we decided to go with a fixed rate which are currently at around 5-6% for 5 or so years then we'd be kicking ourselves over the coming year.0 -
I'm sure we'd manage with a few cut backs The repayments currently work out to a couple of hundred below what we can afford each month.
There's no way of telling, but most if not all sources suggest that it'll most likely stay low and if it does go up over the coming year it'll only be by 1% or so which we could afford. Life's a gamble, if we decided to go with a fixed rate which are currently at around 5-6% for 5 or so years then we'd be kicking ourselves over the coming year.
You cant live your life on 'ifs' and 'buts',you'll get plenty trying to tell you otherwise.
Your happy and seem clued up for the future:beer:Official MR B fan club,dont go............................0 -
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I'm sure a lot of the people who probably get killed in road incidents don't plan to and are careful, but that doesn't mean that other road users are.
We have bugdeted so we're a couple of hundred short of what we can afford, so if rates do rise we can cope. Where there's a will, there is a way.0 -
poppysarah wrote: »Managed risk.
Not stupid insane risk. None of us run across the road without looking I hope.
If they are happy and comfortable with things as they are and are not worried about rates rising then that's fine.
You cant manage every risk,just be more aware of the consequences.Official MR B fan club,dont go............................0 -
very pleased for you, well done...0
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