Any other FTB here?

fistfullofdollars

We are FTBs too! Very excited and spending far to much time thinking about it... Been looking for approx 6 months.

1st June - 1st people to view property and 1st to put in an offer!
2nd June - 1st offer rejected. 11 other offers put in on property that weekend. Ouch!
4th June - Asking price offer accepted and property removed from market.
7th June - Meeting with mortgage broker/application made and signed up.
8th June - Halifax agree MIP and broker organises valuation.
13th June - Valuation complete no issues (touch wood).

14th June - Recieve copy of valuation. Nothing to really worry about other than its advised that the solicitors check permissions for conservatory.

Halifax should have copy of the valuation today so we are sitting tight for a full mortgage offer.

Fingers crossed and goodluck to everyone else.

phlash

I'm a First Time Waiter, and refuse to be a FTB. Things are looking way to unstable for my liking, a little top heavy! The thought of more interest rate rises scares me (6.25% being talked about in the futures interest rate markets), especially on such a large loan required to buy.

Advice. If you are a FTB and are still (I think insanely) wanting to buy in today's climate then check out https://www.propertysnake.co.uk This website lists houses in your area that are reducing in asking price, so you can find properties where the owner is more likely to accept a reasonable offer. I would watch out though, I've been monitoring my area and recording the numbers of listings on this site, and the list keeps getting longer. Make what you will of that.
All the best, phlash.

olive84

Update to my earlier post, we exchanged on 30th May and are moving on the 25th June! So excited, can't wait. This has been the longest 4 months of my life.

lypsey

I wish you good luck all you 1st time buyers , however consider this

1) Interest rates are climbing all over the globe
2) Inflation is also climbing and in many countries the banks who control interest rates are worried
3) House prices have risen by 300% over the last decade , no market in the world rises ALL the time
4) FTB'er according to the CML are now paying 19% of their salaries to the mortgage . These levels have not been as high since the house price crash in the 90's
5) FTB'er are the smallest percentage of buyers for many , many years
6) BTL'ers have taken over from FTB'er and suddenly with interest rates rising and too many rented property around , panic is starting and they are selling, this will not help house prices
7) the HIP's debacle has put loads of properties on the market very quickly. In my town I have never seen so money houses for sale at one time
I do not want to put you guys off but when I first bought , within 1 year I was in negative equity . I had bought a fantastic apartment in the best part of town for 51k doesnt sound like much today but when I was 20 (now 42) that was a lot . It was worth 35K within 5 years.
Imagine buying a place for 100k today and within 5 years it is worth 60K . I believe this will happen

Just to prove the point that I really believe that house will CRASH I have sold my house , put a fair amount of money in the bank and am now renting

I know it is probably your dream to own a house but please take care.

If you want others views on a falling market please try https://www.housepricecrash.co.uk. Take an hour reading some of the posts and attached articles over the last month

It could be the best hour you ever spend. :beer:

lypsey

This is very serious regarding interest rates
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/06/14/cccredit114.xml
It may mean the bank of England doesnt need to tighten because the banks will do it for them . It says "The yield on 10-year gilts rose to a seven-year high of 5.54pc in early trading yesterday, enough to threaten a serious "repayment shock" for mortgage borrowers on two-year fixed rates coming up for renewal."



Intersting article regarding interest rates

http://business.timesonline.co.uk/tol/business/economics/article1932748.ece

frivolous_fay

13th June...

frivolous_fay wrote: »

Solicitor expects we will have contracts to sign this week. Vendors don't have a house lined up yet, and we're not under pressure to move (in fact a delay would be a nice opportunity to spread the cost a bit) but it'll be a relief to exchange!

Well, a month on and we have just exchanged :j One or two delays in the form of a 'covering letter' which we weren't originally given a copy of, and a missing FENSA certificate. But we can breath a bit now... until the solicitor's bill and completion on the 23rd

Headintheclouds_3

FTB here, as well. I feel as if I've been on this road for years - in fact, I have (since this time 3 years ago when I first started saving for a deposit)

Anyway I started looking in January '07 and saw about 13 properties in 5 months. I offered on 2 and didn't get either I then had a short break as I was offered a job in another area; turned that down and started looking again a couple of weeks ago. EA called me on the Monday afternoon with a new property, I saw it on the Tuesday and offered by Tuesday lunchtime. Offer was accepted on the Wednesday, valuation on the Thursday, mortgage appointment the following Thursday and mortgage offer on the Saturday - last Saturday, in fact.

Qualified acceptance sent yesterday, but I made my sols read it over the phone today. Agreed and told them to conclude the missives. I then had great delight in drafting notice for my rented flat to hand in next week, subject to one final check with sols that contracts have been exchanged. Hoping that that's it now until completion, but there's a bit of confusion over a completion date so we shall see!

Best of luck, other FTB-ers. It's a stressful time.

livalicious

Hi guys, an update since my last post:

16th June - Viewed property, put in offer, rejected
17th June - Second viewing, put in another offer
18th June - Offer accepted
19th June - Broker applied for mortgage online, solicitor instructed
2nd July - Valuation done
9th July - Mortgage offer accepted
11th July - Surveyor instructed for homebuyers report

As of yet, I have instructed sols not to carry out searches until we have the homebuyers report back. Theres four of us in a chain so not sure how long things will take, but we in no rush. Our landlord has decided to let us stay until he sells his property, which maybe a while (has been on the market since Feb!) And anyway that means we can save a little bit more towards all the lovely new furniture we wanna buy!

Good luck everybody!!! :dance: