Any other home buyers in NI?

2012Saver

Hi everyone, I'm a MSE forum newbite from NI.

I am currently saving up for a house deposit, I will be a first time buyer.

I just wanted to know if there is anyone else out there who has recently bought a house in NI, be it first time buyers or otherwise, what kind of a deposit did you need and what percentage of the total house price was this?

Just to get an idea of what kind of a figure I need to have in mind as a target!

Looking forward to hearing from you all!

2012Saver

GlynD

2012Saver wrote: »

Hi everyone, I'm a MSE forum newbite from NI.

I am currently saving up for a house deposit, I will be a first time buyer.

I just wanted to know if there is anyone else out there who has recently bought a house in NI, be it first time buyers or otherwise, what kind of a deposit did you need and what percentage of the total house price was this?

Just to get an idea of what kind of a figure I need to have in mind as a target!

Looking forward to hearing from you all!

2012Saver

I'm a recent buyer but I bought cash. I think you'd find though that the use of an independent financial advisor would sort out all your queries. You solicitor or chosen vendor's estate agent will be able to recommend someone and also provide you with much of the information you require.

If you haven't got a solicitor yet then get one asap. Mine is in Banbridge and I can highly recommend her.

dsab

We just exchanged on a new build, and are planning to complete in February.

We originally got our Mortgage approved based on a 10% deposit, but in the end we only took a 85% mortgage, as we managed to save some more.

But it also depends on how much you earn. We only took about 2x of our main salary, to make sure we won't overstretch ourselves.

Said that, for most Banks 10% of the purchase price is the minimum, if a new build then often even 15%. Don't forget to also add the associated costs on your calculations, like Stamp Duty, Solicitor fees, Mortgage Arrangement fees, moving costs etc.

Old_Git

I sold recently so no advice on deposit but I would go to somewhere like the mortgage shop to see how much you can borrow.They can advise about deposits and fees .As for solicitors shop around ,dont assume they all charge the same.The last time I bought one solicitor quoted me 2% one quoted 0.75% and one quoted 0.5% .Dont forget to add vat to everything .

jtk174

A friend recently thought her house was sold, but the young couple who had made the offer, came back to say that they could not get a mortgage with a 10% deposit, 15% was the best. Obviously I cannot say how accurate that is, but an IFA would keep you right.
When I was in the market myself I often referred to this online site which has a wealth of information on costs and other advice;
http://www.charcol.co.uk/first-time-buyer-mortgage/

warmhands.coldheart

GlynD wrote: »

I'm a recent buyer but I bought cash......

You been a wee bit luckey on the old scratch cards or lottery ???:D

lazer

I bought just uner a year ago with 15% deposit (Could have got it on 10%) but the sale took that long to go through hat by teh time it did I had enough saved for 15%. (Value of the mortgage was just over 3x salary (Mortgage and house all entirely in my name)

Far better rate was available for 15% too.

House prices still seem to be dropping, so just make sure and negotiate hard, and as someone said to me, if there are any issues about the house which you aren't sure about remember the same issues (if it isn't something you can change) could put off potential buyers when you come to sell too - so think about the future as well as the present!

Good luck - let me know if you need advice OP!

tara747

OH and I are saving like mad and have been for some time (see my sig).

We won't buy until we find the right house at the right price. Prices are still falling, so don't buy somewhere unless you're prepared to stay there for 5-10 years at least.

Re deposit, 15% minimum is my advice. You'll save a fair bit in interest.

GlynD

warmhands.coldheart wrote: »

You been a wee bit luckey on the old scratch cards or lottery ???:D

No such luck lol. It was just the product of upsizing in GB for 20 years when the money was there. Made a packet on the sale of my last property so decided to downsize by about 100k and buy a retirement sized property.

GlynD

tara747 wrote: »

OH and I are saving like mad and have been for some time (see my sig).

We won't buy until we find the right house at the right price. Prices are still falling, so don't buy somewhere unless you're prepared to stay there for 5-10 years at least.

Re deposit, 15% minimum is my advice. You'll save a fair bit in interest.

I'm not sure about prices still falling. The estate agents are saying it's bottomed out (of course they would say that wouldn't they?). My own view is that it's spectacular at the moment and an ideal opportunity for first timers to get on the property ladder.

I've been through this before in the late 80's. It will come back to life but it'll take at least another five years in my view. It wouldn't half be helped if the PSNI was able to come to grips better with the dissidents but that's something we'll have to wait and see on.

tara747

GlynD wrote: »

I'm not sure about prices still falling. The estate agents are saying it's bottomed out (of course they would say that wouldn't they?). My own view is that it's spectacular at the moment and an ideal opportunity for first timers to get on the property ladder.

I've been through this before in the late 80's. It will come back to life but it'll take at least another five years in my view. It wouldn't half be helped if the PSNI was able to come to grips better with the dissidents but that's something we'll have to wait and see on.

Yes, EAs have been saying that it's bottomed out since the day after it started!! :rotfl: I never listen to them.

Believe me, prices are still falling and the recovery is not on the horizon. It will bump along for a few years imho. There are no catalysts for a recovery yet.