First time buyer

han2505

Hey all,

Basically what the situation is........

Me and my partner have just put a deposit down on a new build in the North East and we are going to see the mortgage adviser tomorrow. I'm just wanting some advice.

We are going for a repayment mortgage as we figure if we can afford it then why not, as people keep saying to us about interest only? what are peoples views on this?

We get the house, but we dont get much with it. Can anyone recommend a good place for getting the whole of the house carpeted?

Were buying the house through Haslam homes, and i was having a look through and noticed a few people debating about Barratts and wondered if anyone knew about Haslam?

Also, i am relocating for this move, only 3 hours away but still having to move jobs and all that. Wondering if people know if builders will be on time? or does it depend on different developments?

Thanks in advance

han2505

Also, forgot to ask.

As were doing all this through Haslam do i need to bring anything for the meeting with the mortgage adviser? As they havnt really said much to me.

ono_no_komachi

Take proof of ID (passport or driving licence), proof of address (utility bill) and 3 months' worth of payslips if you have them to hand.

Sorry, don't have much specific advice but would recommend looking out small local carpet places rather than the big chains.

Richard_Webster

DO NOT make any firm commitments (e.g. giving notice on present rented place) on the basis of when the builder says the house will be ready as these estimates are unreliable and they are not bound by them.

Builders' contracts always say they will do their best to finish the house as soon as they can (and they will normally do this because they want their money) but they give no definite date and make you complete the purchase two weeks after they tell you it is finished!

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

han2505

Also,

is it worth upgrading the things with them or should we wait and just do it ourselves?

How much do we have to pay Stamp duty? the house is £123,995.00

How much about are Solicitors fees? Surveyers?

Can you put debts you have into the mortgage to begin with? I didnt think you could and i dont particually want to. Can this only be done with a remortgage?

Jonbvn

Using an IO mortgage really depends on your personal circumstances. If you do decide to proceed with IO, how will you pay off the capital? Your lender will want to know.

I think you have not put a deposit down, but just a non-refundable reservation fee (usually a few hundred quid).

Don't let the developer pressurise you too much. If you do proceed with the purchase, get a professional snagging inspection done before completion. See www.snagging.org

The builder will only give you an estimate of the construction completion date, which will not be legally binding. In my case they were early, due to good weather last year.

Carpets are best purchased locally.

gabyjane

Hi well we are buying a new build and are FTB, we had no idea really how it all progressed and when the builders said it would be ready on the 21st of aug we gave our notice in (we rent)..bad move, we then had endless rain and it has been delayed until the 30th of aug, fingers crossed and we have been told the house is all done so now just trying to push the solicitors along!! Very hard to work out what's happening all the time.
We also have no flooring down which we were completly shocked at at first but happy now we can put our own stuff down, we have used a small local firm and while they may be more they are brilliant at the mo and the customer care is fab, lets hope the carpets and laminate are as good eah!!
Good luck with it all and all i will say is ring everyone all the time!!

ono_no_komachi

han2505 wrote: »

How much do we have to pay Stamp duty? the house is £123,995.00

How much about are Solicitors fees? Surveyers?

Can you put debts you have into the mortgage to begin with? I didnt think you could and i dont particually want to. Can this only be done with a remortgage?

Your purchase price is below the £125,000 threshold so you pay 0% stamp duty. (Good news, huh?)

For solicitor's fees I would budget for at least £500.

Survey will depend on what kind you are getting, a valuation survey could be free from the mortgage lender or could be around the £500 mark. I doubt you will want a structural survey on a new build, which would be more expensive.

I'd be wary of converting short-term debt into mortgage debt as it may push you straight into negative equity, especially with a new build.

han2505

I thought it was nothing to pay on stamp duty as well but then i thought that Haslam are paying our 5% deposit for us and so they are increasing the amount of the house to that then taking it off again. So i think we will have to now? is that true?

ono_no_komachi

I think it depends on the price that appears on the contract that you sign with the solicitor, but I'm afraid this is reaching the limits of my knowledge. As you say, that will depend on whether they increase the purchase price then contribute 5% or simply give you a price that has been discounted by 5%.

The mortgage broker should be able to tell you when you meet with him.

iwilldoitthistime

depending where your site is, you may pay no stamp duty (Haslam are currently building in a number of north east locations which are free of stamp duty) - I am also buying a Haslam house on a stamp suty free site in the north east - except my house is £175k so I dont get it free - just my luck!!

Ask your site rep - they will be able to tell you!