FTB: Offer Accepted!

BeerBelly

Hi all, Offer accepted and vendor has taken off the market! Not getting too excited yet as a long way off getting the keys, but have got vendors house and mobile numbers and we are chain free and their property is chain free.

Next we are paying for searches and starting survey.

What else do I need to be aware of guys? Our mortgage broker is pretty good, but what would you watch out for or where could it all break down? We are already getting own independent Mortage Protection/Contents insurance ..etc.

If survey flags stuff up am I entitled to re-nogiate the offer price or ask if vendor will pay towards any repairs ..etc? Surely if we are 4 weeks in and they are eager to move we will have some leverage?

Also just got in before rate change!! 5.15% fixed for 5 years! Get In!

Robert_Sterling

BeerBelly wrote:

If survey flags stuff up am I entitled to re-nogiate the offer price or ask if vendor will pay towards any repairs ..etc? Yes Surely if we are 4 weeks in and they are eager to move we will have some leverage?
Don't over do it

Also just got in before rate change!! 5.15% fixed for 5 years! Get In!

Good Luck ....

BeerBelly

Thanks Rob,

I know the market seems a bit uncertain, but in your heart do you think 5.1% fixed for 5 years is silly??

Just wanted to avoid the hassle, fees, and higher fixed rate after 2 years for example. Surely in 5 years time (or indeed during) the rate couldnt fall much below 5%?

Sorry if Im talking @rse, just trying to get my head round it all!

If you were/are a FTB as of today what would you honestly do? Would like people's opinions.

gallivant

I am a first time buyer (with my girlfriend). We had offer accepted for 3 bed house yesterday and submitted our mortgage application for a 10 year fixed at 4.95%. I handed it in to the branch 1 min before it closed and today the rate offer has been withdrawn and the longest rate the YBS are now offering is 3 year fixed.

I don't feel excited yet just nervous. We have a nice bottle of champagne in doors but we didn't know if now is the time to open it or on completion day.

BeerBelly

Im not opening mine yet!?

Wait for surveys and things to come back first!

4.95 - Abbey then was offering that rate in Nov I believe? That offer got withdraw a week before I went with mine! 10 years! Wow!

The best we could get (borrowing 90%) was Nationwide 5.15% - decided to do 5 year fixed over 2 year.

Good Luck Gallivant - hope it goes smoothly - praying ours does!

Robert_Sterling

I would go for a five or even a ten year fix with the Nationwide Building Society.

BeerBelly

Everyone seems to go with Nationwide!

They must be doing something right!

Mrs_Optimist

We are going for a tracker - would not touch fixed rate again with a bargepole. First Fixed rate was a good rate but we were ties in afterwards with a high variable and also had to take out their expensive buildings and contents insurance. Coming to the end of our second fixed rate with nationwaide (which we have had for 5 years at 5.74%) and although that is a good rate at this moment in time, we were paying way over the odds for most of that 5 years. Luckily our mortgage payments were miniscule but for those with a hefty mortgage it would be heartbreaking. Although to be fair we are not FTB and with prices as they are you will need some certainty when strating out on your first home (hence why we took out fixed rate when we bought).

Just make sure:-

1. YOu are not tied in after the fixed rate ends
2. You are not obliged to purchadse any other producst that are abnormally expensive with your Lender to qualify for the fixed rate.

Good Luck, hope it goes well for you.