Any regrets about decisions you made as a FTB?

Nessyjr

When I was a first time buyer in 1990, the interest rate was 15%....enough said

Shopper666

Do not underestimate follow on costs e.g. buildings insurance, contents insurance, council tax, utilities etc.
I paid buildings insurance to the mortgage provider for 3 months because there was a small print clause that said ‘unless you send us an insurance policy/ certificate we will take a policy out for you with us’. I missed it and paid until I cancelled.
Never believe what estate agents tell you that they’ll do for you.
If you don’t chase some banks, solicitors, agents, utility companies - it probably won’t happen. When on phone to above note, times, dates and who you spoke to.
Do stuff on e mail if you can for records.
Put as much as you can on monthly direct debit, as long as it doesn’t cost you more (I.e. interest charges).
It’s all about cash flow.
If cash is tight, as was for me, lose the non necessities e.g. I didn’t have a tv for 6 months, and when I finally bought one it lived on its cardboard box ‘cos I couldn’t afford a tv stand (Assess streaming services, satellite tv, mobile phone contracts, lease cars, white goods / utility services breakdown insurance).
Don’t be afraid to stay in, at home - going out is v expensive.

Best of luck in your new home

Rosco62

Nessyjr wrote: »

When I was a first time buyer in 1990, the interest rate was 15%....enough said

Yes we were in the same boat paying about 14%:eek:

Marg55

Davesnave never said a truer word. Anyone considering leasehold should read the threads on the National Leasehold Campaign or look at customer comments on the big housebuilders who have perpetrated the 'fleecehold' scam on buyers who were lied to! That's not even mentioning the white collar crime around management companies of leasehold flats....:eek:

Davesnave

Marg55 wrote: »

Davesnave never said a truer word. Anyone considering leasehold should read the threads on the National Leasehold Campaign or look at customer comments on the big housebuilders who have perpetrated the 'fleecehold' scam on buyers who were lied to! That's not even mentioning the white collar crime around management companies of leasehold flats....:eek:

I don't want to minimise those issues, many of which have been serious.


But in the interests of fairness, I would caution against pouring blanket disdain on all leasehold property, because leases are not always onerous.

As usual, it's a case of DYOR.

RelievedSheff

SouthLondonUser wrote: »

There is no guarantee that newer buildings will have been built to better standards. I have had more problems in modern buildings than in older ones.

Our 1930's semi was very poorly built in comparison with our new build. So there are good and bad builds from all eras.

RelievedSheff

I regret not doing more research when we bought our first house. We were blinkered into just looking in Sheffield. Had we cast the net further and looked where we have since moved too, we would be in a lot better financial position and could have had the mortgage paid off as house prices out here were (and still are) so much cheaper than in Sheffield.

You live and learn though and we love the house we are in now and the area we are in.

hazyjo

leftism wrote: »

Even iffy needs loads of work and we’ve got to borrow a bit from family to afford it and we won’t have the cash to do it up straight away, at least we’ll know we’re in a place that could eventually become our dream home.

Lenders won't like borrowed money towards it. Anyone likely to gift you any?


I've always maxed out (apart from the last one which was nearly mortgage free). But I'd only do that if your salaries are likely to increase.


Been racking my brain about what I'd have done differently. We split up, so I guess there's that. Our budget made the decisions really. The second bedroom and bathroom were tiny, but that was more compromise than regret. Was a flat/maisonette but was the front quarter of a lovely old house so we had the main front door to ourselves, no common parts, parking, and a lovely big lounge and bedroom. Loved the area.

Stevengee

Buying a shiny cookie-cutter tiny new build (just 900sqft for a 4 bed detatched house), later turned out to be of a very poor quality build. Paying an artificially inflated price for it and being stupid enough not to use help to buy to subsidise the purchase.

newsgroup_monkey

The only regret i have was not buying a bigger house.


In 1997, when we bought our own 3 bed semi in the South East for £59,995 (to keep it under the £60k stamp duty limit), we could easily have afforded those nice 4 bed semis in a much nicer part of the county for less than £100k.

But in those days we thought "Who on earth would FTB for £100k?" :rotfl:


On a similar note, me and a mate very nearly bought a 3 bed terrace house opposite a university for under £30k using a £15k 5 year personal loan each as a BTL. It had been tarted up to sell too - new bathroom and kitchen.



We sat on it for 6 months before we decided to go for it by which time the BTL market went through the roof, the University was extended and less desirable houses in the same area were selling for 50% more. Not only that, all the houses were being bought unseen, without mortgages and there was a huge waiting list at all the estate agents.