Am I likely to be accepted for a mortgage? Any help appreciated.

East_Shore

dannyp76 wrote: »

No its not that bad but I moved out from my parents house 10 years ago so I am used to my independence. I moved back a couple of months ago for the sole reason to pay off my debts and save a deposit for a house.

Me and my girlfriend moved back in with my parents after we sold our last house and were waiting for our current house to be finished being built, we were only there 9 months and saved a small fortune but going back to your folks after having your own place was a bit of a nightmare, never again!!!

Doshwaster

dannyp76 wrote: »

How long did the whole process take, from the time you started looking at properties until you actually moved in??

I made the decision to buy a house on 1 Jan last year (my New Year resolution), I got the keys on 2 June (a year ago today)

It took a few weeks of looking at websites to actually pluck up the courage to walk into an estate agent so I didn't start looking seriously until the end of Jan. I then saw about 15 properties in about a 6 weeks (gave up for a week or so in the middle) before finally putting an offer on, ironically, the first place I saw. It then took 2 weeks to settle on a price and then the actual legal process (the worst part) took another 6 weeks.

So I would give it, at a bare minimum, 3 months and 6 months would be a more realistic timescale. Some people find their perfect house immediately others look forever. Even though I ended up buying the first place I saw, I still needed to see other places to give me a good idea of what I could afford in the market and what compromises I was willing to make. Most people won't find their ideal home for sale at the right price in the right location so something has to give - are you willing to have somewhere smaller, in a slightly worse area or go for a "project" house?

dannyp76

Doshwaster wrote: »

I made the decision to buy a house on 1 Jan last year (my New Year resolution), I got the keys on 2 June (a year ago today)

It took a few weeks of looking at websites to actually pluck up the courage to walk into an estate agent so I didn't start looking seriously until the end of Jan. I then saw about 15 properties in about a 6 weeks (gave up for a week or so in the middle) before finally putting an offer on, ironically, the first place I saw. It then took 2 weeks to settle on a price and then the actual legal process (the worst part) took another 6 weeks.

So I would give it, at a bare minimum, 3 months and 6 months would be a more realistic timescale. Some people find their perfect house immediately others look forever. Even though I ended up buying the first place I saw, I still needed to see other places to give me a good idea of what I could afford in the market and what compromises I was willing to make. Most people won't find their ideal home for sale at the right price in the right location so something has to give - are you willing to have somewhere smaller, in a slightly worse area or go for a "project" house?

To regain my independence my plan is to get on the housing ladder asap. I am looking at one bedroom houses or one to two bedroom flats (hence my price range). I am just interested in location really so it won't be difficult to sell in a couple of years.

I've worked out that I can live comfortably and save around £600 a month once I purchase the house / flat so I should save around £14000 in the first 2 years I'm there. I hope to use that plus the equity in the house / flat to buy a long term 3 bedroom semi.

That's my plan anyway.

DannyboyMidlands

rubyr wrote: »

we looking at a house 2 weeks ago, got a morgage in principle in a day, the formal offer letter for it 2 days letter,offer in and we get keys 15th july so all quick, that was a 15 percent deposit :-)

Really? So how come on a thread you started yesterday you say:

"Anyway they have now asked for proof of all paper work (i have all)and bankstatements, however i have been in my over draft for last 3 months, i have agreedlimit of £2000 (never went over this) do u think this will affect my application, i have submitted this today and i am at wits end :mad::mad::(:( "

and that you are

"worried sick"