Glad I found you

Shakin_Steve

Viewed a property today, put an offer in, had it accepted, made an appointment with a mortgage advisor, got all the relevant paperwork together and..........phew. My head is spinning and it's only day one. We are renting and the property we are hoping to buy is vacant so we're hoping for things to move quickly.
We are first time buyers, even though in our forties, and we are filled with trepidation. So glad I found this place as I am bound to need help and reassurance along the way.

Debtslayer

Shakin_Steve wrote: »

Viewed a property today, put an offer in, had it accepted, made an appointment with a mortgage advisor, got all the relevant paperwork together and..........phew. My head is spinning and it's only day one. We are renting and the property we are hoping to buy is vacant so we're hoping for things to move quickly.
We are first time buyers, even though in our forties, and we are filled with trepidation. So glad I found this place as I am bound to need help and reassurance along the way.

Nerve wracking isn't it?!
We were exactly the same as you. Try to remain as calm as you possibly can (easier said than done) as house buying unfortunately does seem to drag on for some time even when there's no chain
Good Luck x

Tygermoth

We are also FTB in our 40s

I swear i am getting an ulcer! People keep telling me its the wrong time to buy, brexit and market wobbles and point out the market is moving upwards so fast its unsustainable. We are also buying a new build so i keep worrying that its going to be of the equivalent quality as a kids lego house....

To add insult to injury I keep having dreams that we move in and the housing market explodes and we end up out in the rain living in a cardboard box -

Jonbvn

You made an offer without a mortgage???

It is normal to get a mortgage agreement in principle (AIP) before you make an offer. Most agents would not accept your offer without this.

cadon

In London you have to be a "qualified" buyer, i.e. the agent expects you to show them a copy of your Agreement in Principle, passport and savings accounts proving you have the whole deposit in cash and don't have to realise any assets. They also want your solicitor's name upfront.

How much you argue with the above (passport for ML purposes is reasonable, not convinced re the rest) determines which properties you're allowed the honour of bidding on.

Given you were able to offer without an AIP, you're clearly not buying in the London market, so relax. This board (and the mortgages one!) is full of horror stories. Incredibly helpful if you're in a similar situation, but can provoke panic if you're not. Be careful which threads you choose to read at this stage, given your anxiety levels.

You will have to have a mortgage interview at some point, so now's the time to go through your bank statements and pull together a detailed budget, if you don't have one already. You'll also need to find a conveyancer - ask around. Hopefully a friend, relative or co-worker will know one who isn't useless.

I bought for the first time last year, and whilst it went relatively smoothly, I think I would have had a less stressful time of it if I didn't constantly have to chase up my conveyancer. Ask around. And get your partner to do the same, given there are two of you buying!

Best of luck for it all going well. :j

alchemist.1

cadon wrote: »

In London you have to be a "qualified" buyer, i.e. the agent expects you to show them a copy of your Agreement in Principle, passport and savings accounts proving you have the whole deposit in cash and don't have to realise any assets. They also want your solicitor's name upfront.

How much you argue with the above (passport for ML purposes is reasonable, not convinced re the rest) determines which properties you're allowed the honour of bidding on.

Given you were able to offer without an AIP, you're clearly not buying in the London market, so relax. This board (and the mortgages one!) is full of horror stories. Incredibly helpful if you're in a similar situation, but can provoke panic if you're not. Be careful which threads you choose to read at this stage, given your anxiety levels.

You will have to have a mortgage interview at some point, so now's the time to go through your bank statements and pull together a detailed budget, if you don't have one already. You'll also need to find a conveyancer - ask around. Hopefully a friend, relative or co-worker will know one who isn't useless.

I bought for the first time last year, and whilst it went relatively smoothly, I think I would have had a less stressful time of it if I didn't constantly have to chase up my conveyancer. Ask around. And get your partner to do the same, given there are two of you buying!

Best of luck for it all going well. :j

Needing an AIP upfront isn't limited just the London area.