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Decisions decisions..FTB
ak74
Posts: 13 Forumite
Hi all.
First time buyer here looking to buy a flat in sussex, I was given lending options of 66k from a broker a while ago due to my low salary, I have a 12k deposit saved up and have recently been looking at a flat on the market for 70k, and going for a second viewing on friday, the bedroom is small and the place is in need of some work getting rid of damp + repainting etc but nothing major, I can kind of live with the small bedroom...living alone etc! I plan on making an offer of 60k as it has a short lease of 66 years remaining + work required...
However I just got a raise at work to 17.5k a year and the lending amount from calculators appears to have gone up significantly and opens up more options in my area...however this only begins from next month, will they take this into consideration when lending?
I really can't decide what to do! I do like the flat Iv'e looked at as it has a decent sized living room and a nice kitchen etc and perfect location right by the beach...I would obviously have to borrow less and could get a good rate with paying a bigger deposit...
So the what would you do? Keep looking or go for the lower offer option and see what happens?
First time buyer here looking to buy a flat in sussex, I was given lending options of 66k from a broker a while ago due to my low salary, I have a 12k deposit saved up and have recently been looking at a flat on the market for 70k, and going for a second viewing on friday, the bedroom is small and the place is in need of some work getting rid of damp + repainting etc but nothing major, I can kind of live with the small bedroom...living alone etc! I plan on making an offer of 60k as it has a short lease of 66 years remaining + work required...
However I just got a raise at work to 17.5k a year and the lending amount from calculators appears to have gone up significantly and opens up more options in my area...however this only begins from next month, will they take this into consideration when lending?
I really can't decide what to do! I do like the flat Iv'e looked at as it has a decent sized living room and a nice kitchen etc and perfect location right by the beach...I would obviously have to borrow less and could get a good rate with paying a bigger deposit...
So the what would you do? Keep looking or go for the lower offer option and see what happens?
0
Comments
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Check if the property would be mortgage-able with a lease of only 66 years - hopefully someone will be along shortly who knows whether it would be or not.
Also, consider what the cost would be to you at some future point if you wished to extend the lease.
Would the sellers extend the lease as a condition of the sale?0 -
London & Country have advised me there will be lenders on a flat with a 66 year lease but may be limited and I'm not 100% until they start looking for me and iv'e made an offer ...
I would have to ask the EA if the seller would extend the lease as condition of the sale, will be sure to bring this up on friday.0
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