Just been to view a flat..

PetayPan10

Hi, me and my fiance have just been to view a flat (65000). We want to buy it. we have about £3500 in savings. But we were unsure on what to do next. The company that showed us around the house said wait for a phone call..is that all we have to do?

Nothing seems organized

Also would it be rude to ask to buy for 63000? We have never done anything like this before and it is all new

Thanks for any replies

amnblog

rude does not come in to it

go on Zoopla and look at sold prices to see what these flats actually sell for - you may find the asking price is too high

don't rely on the estate agent to help you, they work for the person selling the property

PetayPan10

We had the viewing booked in for half 1, no one showed up and they sent someone who has never seen the property before at half 2. He didnt know much about the area or flat.

Now im waiting for their mortgage advisor to call us

amnblog

you have seen how good this business is - do not get involved with their mortgage adviser as well

find an independent mortgage adviser not linked to this estate agency

PetayPan10

Ok, thanks. There is free mortgage advisors about? Do I go to my bank? (Natwest)?

amnblog

if you have no idea what you are doing use a broker, your bank won't help you through the process, they provide information not advice.

with regard to free advisers, you get what you pay for

ACG

I agree, if the estate agents cant be arsed then i wouldnt even contemplate using them for anything else.

That being said, your after a 95% mortgage on a flat valued under £75k... that is going to be one hell of an ask to get a mortgage on it.

PetayPan10

ACG wrote: »

That being said, your after a 95% mortgage on a flat valued under £75k... that is going to be one hell of an ask to get a mortgage on it.

Why is this?

ViolaLass

With fees included, I'm not sure you've got enough even for a 5% deposit. Please, please research this some more before you make an offer.

ACG

95% mortgages are difficult at the best of times.
95% mortgages on flat are difficult, unless one of the new help to buy lenders are prepared to do it i dont think any will do it.
£75k is generally the minimum value lenders want the property to come out at.

If you manage to get a fee free broker prepared to invest any time on such a small value mortgage (£170-180 in commission is what they will get before any deductions) they are either new to the industry, not very good or you will get put to the back of the queue.

ViolaLass

ACG wrote: »

95% mortgages are difficult at the best of times.
95% mortgages on flat are difficult, unless one of the new help to buy lenders are prepared to do it i dont think any will do it.
£75k is generally the minimum value lenders want the property to come out at.

If you manage to get a fee free broker prepared to invest any time on such a small value mortgage (£170-180 in commission is what they will get before any deductions) they are either new to the industry, not very good or you will get put to the back of the queue.

I went through London and Country for a mortgage of c£60k earlier this year and found them very helpful.