FTB Questions - what to offer?

thewinkshow

Hi All

I am new to all this so looking for some pointers on several issues.

Single FTB,wage 17,000k per annum looking for own place. have 25% deposit.

I am looking a a house that has been on the market for 125 days, it is a private house that is owned by a elderly housing association who used to rent it out, they now want to sell it.
Is this a long time to be on the market? the listing states that the property is in need of modernization, and looking at the pictures, it needs a full new kitchen and bathroom at the least, it looks like is has not been updated since the 80s.
the house is priced at 99k - based on the above what would one advise as my first offer - also due to the property not being owned by a person living there, its empty, are the company who own this property likely to take lower offers due to just wanting their money back/ maybe not have much of a mortgage on the place?

I need to get a mortgage in principal, I am thinking of doing this online rather than via a mortgage broker, best I can find is lloyds tsb 25% tracker at 2.29%
any advances on this? or would I be better getting the post office 2 year fixed rate?

I am also unaware of what insurance and protection I need, i have read that mpi is a rip off - so does that mean I only NEED to get buildings and contents insurance? are all the other optional? are there any that are recommended by people here.

Bills - Any ball park figures of what I should allow for bills per month? water,gas elec e.c.t - I already know what the council tax will be, and I believe I get 25% discount.

poppysarah

Is there an age restriction on the property? What are the neighbours like?

That's a HUGE Debt for your low wage but I congratulate you on the massive deposit.

What work needs doing? rewire? windows?
If the kitchen and bathroom are "ok" but not modern then you can manage with them for years.

Try offer of 75k. Go no more than 85.

motherofstudents

well done on saving your deposit The only insurance you "need" is buildings but it would be sensible to get contents as well. Life insurance is optional too, depending on your circumstances it may be advisable, also it's not expensive if you are young. As for bills, that's quite difficult to estimate but for one person they should not be too bad. Does it have a water meter? You would probably save with one whereas in my house with 5 people and washing machine on constantly we would be worse off. You say it needs new kitchen and bathroom "looking at the pictures" I take it you have viewed the property in person? Is there anyone you could take with you to get their opinion ? Try to view a few properties in your price range so you can compare them. If you make a low offer and they say no you can always increase it so don't be afraid of trying.