Just been approved on a mortgage

Ste.._2

Orpheo, what if there is an urgency to move home and renting is causing you to not be able to save much?

Mortgage would be around 35% of my take home pay

The SVR is currently 2% lower than the 3 year fix I would have

kford224

Orpheo wrote: »

Magic beans financial advice.

As I say, just my personal opinion. I'd rather pay extra money a month not to put my life on hold

flecker

Ste.. wrote: »

Are people putting in cheeky offers? I could afford my dream house in my home town tomorrow now if I could get 10% off it's asking price.......what's everyone's thoughts on such a discount in this climate?

10% off asking isn't a cheeky offer. Rightmove monitors asking prices and cites the latest average asking price as £235,822. The Land Registry tracks sold prices and cites the latest average sold price as £162,215.

While it's not comparing like with like (eg the Land Reg only includes properties it has previous data on, and Rightmove only includes initial asking prices, not subsequent reductions), it is a pretty good indication of the vast gulf between vendors' initial expectations and the amount people are actually willing / able to pay for a property.

So offering 10% under asking is an extremely good offer, IMO. The problem will be finding a vendor who realises this

Orpheo

kford224 wrote: »

As I say, just my personal opinion. I'd rather pay extra money a month not to put my life on hold

Magic beans financial advice followed up with an emotive and fallacious statement of rhetoric.

Nobody puts their life on hold.

Ste.._2

So what do you think Orpheo? I need to move out of my folks place now, and if I go into rented my ability to save is diminished enormously.

I have a mortgage offer (in principle ) for my current deposit level, and that mortgage would take 35% of my current take home pay. I have no loans or oustanding CC debt.

Would it be a foolish move to buy somewhere now?

My alternative options would be to rent for a year or so and maybe get to 10% in that time, or somehow lodge with friends to try and get to 10% over the next 6 months.

flecker wrote: »

So offering 10% under asking is an extremely good offer, IMO. The problem will be finding a vendor who realises this

Very true! I guess there is no harm in seeing the house and making an offer of 10% below asking, saying I'm a FTBer, can move in quickly, and that's my maximum. You never know if you don't ask.

Swans1912

Ste.. wrote: »

So what do you think Orpheo? I need to move out of my folks place now, and if I go into rented my ability to save is diminished enormously.

I have a mortgage offer (in principle ) for my current deposit level, and that mortgage would take 35% of my current take home pay. I have no loans or oustanding CC debt.

Would it be a foolish move to buy somewhere now?

My alternative options would be to rent for a year or so and maybe get to 10% in that time, or somehow lodge with friends to try and get to 10% over the next 6 months.


Very true! I guess there is no harm in seeing the house and making an offer of 10% below asking, saying I'm a FTBer, can move in quickly, and that's my maximum. You never know if you don't ask.

Ste, enjoy finding your new home.

Only you can comment on if it is the right time to move. Heck you could go and save for another 5 years and just pick something up if the market starts moving upwards to quickly.

My only word of caution would be... don't move because you can. Move because you've found the right home at the right price.

I would also rather pay a little more than put my life on hold... life is short enough as it is. Your money and your life - go for it. (just be realistic on what you can afford and the lifestyle you want to lead).

Orpheo

Ste.. wrote: »

So what do you think Orpheo? I need to move out of my folks place now, and if I go into rented my ability to save is diminished enormously.

I have a mortgage offer (in principle ) for my current deposit level, and that mortgage would take 35% of my current take home pay. I have no loans or oustanding CC debt.

Would it be a foolish move to buy somewhere now?

My alternative options would be to rent for a year or so and maybe get to 10% in that time, or somehow lodge with friends to try and get to 10% over the next 6 months.



Very true! I guess there is no harm in seeing the house and making an offer of 10% below asking, saying I'm a FTBer, can move in quickly, and that's my maximum. You never know if you don't ask.

I think you should make your own decision and do what you want to do.

What iKennet said.

Ste.._2

iKennett wrote: »

Ste, enjoy finding your new home.

Only you can comment on if it is the right time to move. Heck you could go and save for another 5 years and just pick something up if the market starts moving upwards to quickly.

My only word of caution would be... don't move because you can. Move because you've found the right home at the right price.

I would also rather pay a little more than put my life on hold... life is short enough as it is. Your money and your life - go for it. (just be realistic on what you can afford and the lifestyle you want to lead).

Thanks for the advice, I'm now the wrong side of 30 so I really don't feel that I can delay getting into a mortgage for much longer

Whilst the interest rate is high, I'm wondering if getting used to paying that higher rate may not be such a bad thing, my expectations are that rates are going to rise substantially, and so when my fix ends, we may all be looking at 6% being standard then anyway

Swans1912

Ste.. wrote: »

Thanks for the advice, I'm now the wrong side of 30 so I really don't feel that I can delay getting into a mortgage for much longer

Whilst the interest rate is high, I'm wondering if getting used to paying that higher rate may not be such a bad thing, my expectations are that rates are going to rise substantially, and so when my fix ends, we may all be looking at 6% being standard then anyway

Dont forget to move over to the Mortgage-Free Wannabe boards now :eek:

dorset_nurse

Just out of interest... what rate is the mortgage at?

PS, don't stop at 10% below the asking price. This place I got 14% off for having no chain.