To those BUYING in these difficult times....

jw2003

There seems to be a need for a seperate thread.

I'll post an update later on but things are not looking good on the mortgage front for us seems like a good salary and a good credit record are not enough

CloudCuckooLand

https://forums.moneysavingexpert.com/discussion/2103195

sinbad182

jw2003 wrote: »

There seems to be a need for a seperate thread.

I'll post an update later on but things are not looking good on the mortgage front for us seems like a good salary and a good credit record are not enough

It was enough for me, others I know like me.

Its not a case of mortgages are harder to get for suitable buyers, its just harder for banks to give foolhardy loans to unsuitable buyers.

pararct

jw2003 wrote: »

There seems to be a need for a seperate thread.

I'll post an update later on but things are not looking good on the mortgage front for us seems like a good salary and a good credit record are not enough

Affordability my friend...... Given the news yesterday the lenders are going to get even more twitchy.

I reckon it won't be long before a 25% deposit going in is a must.......

Grimbal

Oooo, I'll join this thread !

I have a mortgage agreed & a chain free buyer. I recently put in offers (2 properties) of 90% of asking which were soundly rejected. Seriously thinking about having to rent now as no suitable properties have come up

henpecked1

try the halifax. someone i know applied Weds and got the offer this am. No payslips, nothing.

sonastin

My tale...

I'm trying to buy a repossession, not because I particularly want a repossession but because that is the property that fits my requirements.

As we were ready to exchange, it came to light that the loft conversion didn't have "final sign off" on the building regs. I figured that would be OK - we'd move in, sort the place out a bit, fix up some of the other problems that we knew needed fixing and then get the inspector in to do the final sign off.

Then on the day we were going to exchange, vendor's solicitor informed us that there was also a garage extension that didn't have any sort of building regs approvals - and now the council had been reminded about this property (when they applied for copies of the certs), they were looking to do some sort of enforcement on the garage. So the brakes were so firmly applied that the wheels very nearly fell off.

Vendors have applied for regularisation of the garage. Building inspector has provided a shopping list of things that need doing before he'll sign anything off. This includes a ton of stuff in the loft conversion as well so its not just "final" sign off missing - nothing has been signed off.

Its taken 8 weeks for the vendors to get 3 quotes sorted out. In that time, no one has answered the question "are they planning to get the work done?". Now it turns out that they have given the go ahead on getting the work done, but the timescales quoted seem a bit tight for doing everything on the building inspector's list and no one is willing to answer the question "what work have they authorised to be carried out".

I don't know if they are going to get the loft conversion completed or if they are only doing the work in the garage. I don't know when its likely to be available for me to buy or even if its ever going to be ready. No matter how often I ask for clarification on what EXACTLY the vendors are proposing to do (bearing in mind this is a repossession so they don't need to do anything - they could just say take it or leave it and stick it in an auction if I don't bite), the answers that I get back are answers to slightly different questions.

So that's my little rant. I had given up caring when we were in the "waiting for quotes" stage and started thinking that jacking in my job and moving in with my bf 250 miles away was a better option. Now its started up again, I JUST WANT TO KNOW WHAT IS HAPPENING!

beccad

I'll join all of you! My husband and I sold our flat at the start of August (offer accepted at the end of April) and we're currently living with his parents. We've seen quite a few properties over the last couple of months, but only a couple of taken our fancy. We've been finding that there's a lot of not-so-great properties on the market *sigh*.

We've currently got an offer on a property, but it's less than the vendors would like (10% under asking), but they're looking at properties to buy in the lower price bracket our offer affords them. They were supposed to be viewing last weekend, but had a family bereavement and had to cancel. We're hoping they're going to go this weekend instead, but we've not heard anything.

The news about the price drop is equally exciting and depressing. Exciting because it's good news for buyers, but depressing in that we do need somewhere to live (!) but the selection of property on the market is already very limited, and I think the Halifax news might make the supply even worse.

rosspwilliams

I have just spoken to our broker and he has told me that our mortgage has been approved today :j

Just waiting for various chains to start moving now.

shupufski_2

I'll join too.

Looking to buy in South Manchester having moved up from London a couple of years ago - been renting since.

Saw a house in July, 3 bedrooms, on for the same price as next door went on the market for in March. Trouble is, the one next door had 4 bedrooms and a downstairs loo!

Liked the house but laughed at the optimism of the vendor. Offered 90% of asking and basically told to f** off!

I have no house to sell and will need a mortgage for roughly 30% of the purchase price.

Trouble with many vendors is that they believe their own valuation. Even the EA agrees with me and has slagged the vendor off as being ridiculous!

shupufski_2

On a related note has anyone else experienced this....?

Houses have been coming on to the market where I am looking (Hale/Altrincham) that are SSTC the minute they hit the market.

I have been refused an inspection of house due to the house "not being ready for viewings" - why is it listed on RM then? - only to be told a few days later that the house is under offer!

Another house was SSTC, then re-listed on RM, but then blocked from seeing it and then guess what?? SSTC about a week later.

There is a LOT of underhand/dodgy - probably criminal - activity in Hale with regard to house sales.

The common feature of all these homes is that they are probate/neglected by current (very old) owners.

I have come to the conclusion that you can’t buy a decent family home that needs renovating unless you are part of the fraud ring.

Sounds paranoid I know but some strange things have happened!