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Help!!! Very frightened FTB!!

13

Comments

  • Sorry Poppy that was a typo - valued at 30-50K more than I'm paying so even if the market is flat/drops further I should still make a return after 5 years.

    I don't get the baby thing - do you mean I should be buying a 3 bed house in case I change my mind and want kids in 3 years time?

    There's no way I can put the whole deposit in myself or I would be doing it - trust me!

    Listed - yes it is but don't forget I have lived there for 2 years so if there were any big issues - eg damp, leaky roof surely I would know by now? Totally agree I will definitely get a full survey done.

    The other thing that has just been pointed out to me is that this is all moot anyway - my mortgage lender probably wont hold the offer until June so I think we HAVE to put off exchange??
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    We've had it independently valued by two independent estate agents for £30,000-50,000.

    Totally get what you are saying re: the brothel next door but its in a conservation are and its a listed building (the whole area is listed) so its really unlikely anything like that could be happening.

    Woah, missed this bit completely. Listing does not stop a bookies setting up in a building, I know I have one in my street. Listing does not stop a pub setting up in a building, I know I have one in my street. Listing does mean that any repairs will be EXPENSIVE, you could do with a surveyor who specialises in listed property.

    Have you researched land registry sold prices for the street and area? Estate agents are hardly independent valuers ...
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • Yep - I've done all that - honestly its a really good price. I'll be paying a minimum of £30K less than I believe it would go for on the open market.

    Take your point about the expense of a listed property but this is a really strictly controlled conservation area....yep will get a really good surveyor!
  • sarah_elton
    sarah_elton Posts: 2,017 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Maybe I'm missing something... I thought you only needed to be employed at the point where you apply for your mortgage so you can show proof of income at that time. You do that and get your mortgage offer before you exchange.

    You weren't planning on telling your mortgage company about redundancy if it happened after completion. Why would you inform them if it happened before that?
  • Sarah - thanks yes I guess thats what I was asking at the start - can they go back on the offer, reexamine it, ask for new payslips etc (which I wouldn't have IF I had been made redundant in the interim)before completion? The answer seems to be yes so I cant see how I can possibly agree to such a long time between E and C?

    Post-completion I thought so long as made the repayments they wouldn't care?
  • silvercar
    silvercar Posts: 49,930 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Maybe I'm missing something... I thought you only needed to be employed at the point where you apply for your mortgage so you can show proof of income at that time. You do that and get your mortgage offer before you exchange.

    You weren't planning on telling your mortgage company about redundancy if it happened after completion. Why would you inform them if it happened before that?

    You are obliged to tell them any change in circumstances after mortgage offer before completion. Not to do so would be a breach of the mortgage offer. If you actually took the money it would be "obtaining money by deception".
    There have been stories on here of lenders withdrawing offers after exchange. Either they have new information about the applicant or have required a new valuation.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    1,000 Posts Combo Breaker
    £1050 is a hell of a mortgage payment each month - i assume that is repayment and not IO?

    Are you in London?

    You must be on a good salary to afford that on your own. My mortgage is half of that and there are two of us paying it off on decent salaries.
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    So you think you're getting a bargain. When it was valued was it valued as "open market, no tenant" or "tenanted"

    The baby thing you can't plan for. Yes you can with the best will in the world. But there are some terrible stories from people coming on here asking what to do with their tiny flat now they've met someone and fallen in love and got a baby.
  • Morph - I thought £1000 was cheap! I've been paying £1000/£1100 in rent for years so I guess doesnt feel like a lot to me.

    yep - am in London.

    Poppy - was valued as open market, no tenant (ie what I would get not what the seller would get)
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    It does worry me you can't save an extra arm and a leg by June though... (That way you could pay back the relatives?)

    And no room for a lodger?
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