First Time Buyer - Advice Needed!

em-1986_2

Hi All,

I am a first time buyer - I have seen an apartment that I like! Its been on the market nearly 2 years - went on at 112k the vendor wont accept lower 106k.

My best offer was 100k and was declined! I cant go any higher I found a 95% mortgage with 5k deposit for 100k.

Just wondering what to do now, does anyone know any good 95% mortgage deals with lower interest rates?

Any advice will be most appreciated!

Thanks

giddypenguin

If it's been on for 2 years then they are obviously prepaired to wait for what they feel the property is worth - even if no one else feels the same way!

Cannon_Fodder

Keep saving. Get your deposit up to 10% and that will improve the rates available to you.

But stick to £100k, when you go back to them in 6 months..!

em-1986_2

I just wish they would accept the 100k! People have told me they may come back to the estate agent when they realise I am not going to increase my offer!

Saving 10% just seems tooo long away! Thanks tho :-)

jockosjungle

Was it your first offer? They might think you will have another in you

If its been on the market for two years, then it simply isn't worth the price. If it was a good deal then someone would have bought it before.

I'd look elsewhere

R

em-1986_2

1st was 95, then 98 and then 100k which i thought was fair! but he told the estate agent his min is 106 this was on tuesday. I cant afford any more on a mortgage !

I really liked it its depressing haha! :mad:

jozbo

deluded vendors by the sound of it

myhouse_2

Walk away, save up some more money. All the signs are that houses costing 100,000 now will be less than that soon enough.

giddypenguin

You think property prices are universally going to fall again?

em-1986_2

I just gotta wait and see if he changes his mind and at the same time im looking for something else! keen to move ASAP!

I dont feel the estate agent was partically helpful hes basically said i cant view propertys priced at over 100k - surely everyone can offer less?! its a buyers market everyone keeps telling me!!

I had no idea trying to buy a place could be sooo stressful lol

giddypenguin

em-1986 wrote: »

I just gotta wait and see if he changes his mind and at the same time im looking for something else! keen to move ASAP!

I dont feel the estate agent was partically helpful hes basically said i cant view propertys priced at over 100k - surely everyone can offer less?! its a buyers market everyone keeps telling me!!

I had no idea trying to buy a place could be sooo stressful lol

He's probably doing it so that you don't waste everyone's time. We had a couple of people make offers on our house who just couldn't afford it - wasted our time and their money on surveys etc.