Anyone else utterly depressed re buying first home?

pinky28

Callie22 wrote: »

We had found somewhere that ticked most of our boxes and we'd had an offer accepted, but a week later the vendor decided not to sell What made it worse was that the agent 'forgot' to tell us this, and we found out second-hand through our mortgage advisor. I'm just finding the whole process very depressing as there's so little coming on to the market at the moment.

It was the next day for us. Broker said she had good news and bad news... the good news was some awful house outside the area we wanted. There is nothing in the area at the minute at all. Were told vendor would sell at later date so kinda holding out hope that happens. Wish I could be one of those interfering ballsy ppl and just go knock on their door and ask them out right what the deal is. :-(

Callie22

pinky28 wrote: »

It was the next day for us. Broker said she had good news and bad news... the good news was some awful house outside the area we wanted. There is nothing in the area at the minute at all. Were told vendor would sell at later date so kinda holding out hope that happens. Wish I could be one of those interfering ballsy ppl and just go knock on their door and ask them out right what the deal is. :-(

We weren't that interested in finding out what the problem was but we had a guess. The couple we were buying from were splitting up, and had accepted our offer which was only £1000 more than what they'd paid for the house five years ago. We guessed that they probably had an interest-only mortgage and had realised that they weren't going to come out with much, if anything, once the house was sold. The vendor was a bit 'off' when we viewed and his attitude made sense once the sale fell through.

Tbh although I'm annoyed it happened, I'm extremely glad that they pulled out before we'd lost any real money. I'm just a bit amazed that people put their houses on the market and then change their minds once they've got an offer - I can't believe that people put their houses on the market without realising that might mean they actually have to move out at some point. I've come to the conclusion that there are some people who don't actually want to sell, but just want the buzz of knowing that someone wants to buy their house. It's made me a bit wary of offering again though, as we could end up losing so much money if someone does this to us again later in the process.

Amba_Gambla

It took me 11 months and three weeks of active searching before I found my house. Stick with it, and you'll find something.

I only needed my most recent payslip, although my mortgage is with the same bank as my current account.

Anatidaephobia

GoldenShadow wrote: »

On Rightmove tonight, I literally can't find a single house which ticks our boxes that I actually think looks nice/I would be happy in. I know all about how some things must be compromised, but even bearing that in mind everything seems to have gone so far out of our price range.

We live in Essex and my grad job starts in Sept. Its 2.5 years long. Don't think its sensible to move very far out of the area because of job prospects, equally can't for the 2.5 years anyway. But with my grad job being a set time, I gather I need a year of payslips left to come for a mortgage company to accept my earnings anyway. So we have to buy prior to March 2016, or else wait until I start another job sometime after March 2017

I can't remember exactly how many payslips I had to show to get a mortgage last year but I think it was three (though I gave them more). At the time, my job was a fixed term post. Our mortgage advisor didn't ask if our jobs were permanent or not (and she told us not to volunteer additional information, she said she would ask everything she needed to know). She asked for the date we started working for our employers, their contact details and the payslips. I had been expecting to have problems due to the 'end date' to my job but it wasn't an issue.

In terms of finding a house, it can be really hard and I was pretty down about it for a long time because it felt like it would never happen. I still can't believe that it has finally happened - and everything we went through was totally worth it to get here. Once ready to buy a house, I'd advise you to go to as many viewings as possible. Rightmove ads are surprisingly not that representative of houses in real life at all. I was amazed by the number of houses that looked perfect online and were awful in real life - and more amazed by the houses that I had completely written off online yet were great when we viewed them. Bad listings online are actually an advantage, in a way, because it puts some people off from viewing the house so less competition. Go to viewings for houses you like and houses you don't - it helps you make your mind up and your feelings about what you want will evolve throughout the viewings.

As for renting - can only echo what others have said. If you decide that it would be better suited for you at the moment then there's nothing wrong with that decision. Forget about the 'stigma' of renting, make your decision based on what suits you, your lifestyle and your finances. You'll have plenty of time to buy in the future.

persa

Kevie192 wrote: »

When you are only just starting out in your career, I can't help but think you would be so much better off renting rather than buying.

What happens if you finish the grad scheme and then can't get a job? How do you pay the mortgage and bills with only one income?

Or if the OP is fired. A lot of would-be accountants on grad schemes get kicked out all the time for failing exams. Most graduate employers have very strict training contracts.

Actually, even if the OP makes it through, professional exams are stressful enough without having to worry about a mortgage. Becoming an accountant is worth it, but those years of studying are not fond times for anyone.

pinky28

Callie22 wrote: »

We weren't that interested in finding out what the problem was but we had a guess. The couple we were buying from were splitting up, and had accepted our offer which was only £1000 more than what they'd paid for the house five years ago. We guessed that they probably had an interest-only mortgage and had realised that they weren't going to come out with much, if anything, once the house was sold. The vendor was a bit 'off' when we viewed and his attitude made sense once the sale fell through.

Tbh although I'm annoyed it happened, I'm extremely glad that they pulled out before we'd lost any real money. I'm just a bit amazed that people put their houses on the market and then change their minds once they've got an offer - I can't believe that people put their houses on the market without realising that might mean they actually have to move out at some point. I've come to the conclusion that there are some people who don't actually want to sell, but just want the buzz of knowing that someone wants to buy their house. It's made me a bit wary of offering again though, as we could end up losing so much money if someone does this to us again later in the process.

Ours had a genuine reason so im hoping it comes back on. Luckily we hadnt parted with any cash either. I just worry they think we have bought something else. Like we said we will still buy it when they want to sell.

To be honest im more worried it will go back up and we wont get a mortgage because of these new rules because I live at home and have spoilt myself since we cant find a house!!!

GoldenShadow

persa wrote: »

Or if the OP is fired. A lot of would-be accountants on grad schemes get kicked out all the time for failing exams. Most graduate employers have very strict training contracts.

Actually, even if the OP makes it through, professional exams are stressful enough without having to worry about a mortgage. Becoming an accountant is worth it, but those years of studying are not fond times for anyone.

Gees I feel like I need to defend myself

I was offered another grad scheme which was a permanent contract and no exams/professional qualification but have turned it down for this other one. My brother did the scheme five years ago, so I've got a relatively good picture of what is expected. He had a close friend who did fail some exams, but she wasn't kicked off the scheme by any means. She decided it wasn't for her and went straight into another job within the same organisation (NHS), but this was a decision of her own making. The NHS offer a lot of help and support in regard to studying CIMA exams. I know it will be very difficult, but some insane part of me loves the challenge

I don't have my head in the sand, I know very well situations can change at any point. My OH could decide he hates me and dump me, or I him! And then both our house buying plans will be on hold. If the situation isn't right we won't buy. Ultimately, we could buy something that we don't like now, but it would be a very silly decision and that is why we intend to wait and save up more, 'just in case'. The biggest cause for concern/frustration at the moment is watching what our potential budget will allow shrink away so quickly.

ABerrisford

We are looking for a house to buy at the moment, have a mortgage all in place and ready to go for what we can afford, it is REALLY frustrating especially when you make an offer and it gets accepted and then the owner turns around when you are celebrating and says well actually hes changed his mind and has put it back on the market for £50,000 pounds over the last asking price.

Shady dealings just leads to people being ever meaner to each other, I'm now encouraging my OH to make offers on other properties even if one is accepted because i am so paranoid that the process will get so far and the owner will decide they aren't moving after all, or want ridiculous money when they have already accepted a reasonable offer. Obviously this isn't fair to the sellers but it just seems to be a completely "Every man for themselves" attitude that if you don't subscribe to it you are going to get stepped on.

I believe the law is different in Scotland, if you agree to an offer there are penalties for backing out, i think it would make the whole process a lot fairer.

My OH and I keep our spirits up by promising each other it will be great when we finally DO get a place. Just got to keep playing the game i suppose. :-)

pinkteapot

TheCyclingProgrammer wrote: »

How does Colchester compare to Chelmsford? From my research, it seems to have its share of nice areas and a few areas to avoid (from what I can tell, avoid Melbourne in Chelmsford and Greenstead in Colchester) but both are pretty comparable in terms of schooling (lots of good schools).

I don't have to do much rush hour driving and would cycle to the station if I needed to go into London (I do occasionally but mostly work from home). But its quite a significant increase in cost/time if I do have to go in.

Also much further away from family who live in Billericay (which is why Chelmsford would be great), Harold Hill and Romford.

There does seem to be lots of new building work going on near Colchester though.

Sorry for the slow reply...

You're right that in many ways they're similar. Similar size, both have good schools (including grammar schools), both have good and bad areas as you'd expect. Very similar amenities, range of shops, things to do etc. We do have the zoo which is fab.

There's a lot of whinging in Colchester about how bad the roads are in rush hour, but Chelmsford's no different!

Personally, Colchester feels much more 'homely' to me than Chelmsford ever did. I can't quite pin down why. The town centre is much older in Colchester - more historical buildings etc. Maybe that's what I like.

I like being so close to lovely countryside (Dedham Vale) and coast/beaches (Tendring area - Clacton, Walton etc). But then we're outdoorsy.

It's cheaper purely because it's further from London so there's less of a commuter effect, so you do get more for your money.

I think that for you the distance from your family would be the biggest issue. My mum's in Clacton and my parents-in-law are Chelmsford, which are both fine (half an hour to either). Billericay is a reasonable distance further on.

Greenstead is the main rough area in Colchester. It's also student central (close to the uni).

Some of the new estates (e.g. New Braiswick Park) are a bit of a nightmare for parking - same as most new-build estates in the country - crammed in townhouses with one parking space each which is nowhere near enough.

pinky28

ABerrisford wrote: »

My OH and I keep our spirits up by promising each other it will be great when we finally DO get a place. Just got to keep playing the game i suppose. :-)

Yes we do this too. Im not prepared to settle for something just to say we live together