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First time buyer

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Comments

  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
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    renfirsttimebuy said:
    @MovingForwards
    I am first time buyer, my deposite is 7% only. At the moment I am renting. 
    My statements have loads of take away and shopping spree lol but nothing major- no loans etc.

    I wanted to book a holiday for August I have stopped the booking because of this. When can I actually book?

    Book it when you want to, holidays are fine, you are entitled to one.

    Reason I asked about renting is you will understand the cost of bills and budgeting for them :)

    Have you got your legal fees / stamp duty fees (if applicable), or are you currently saving them up?

    You need an emergency fund for property things, eg broken window, boiler service, broken washers etc, so if you do have a bit of spare cash, start saving it.

    There a sub-forum about everything to do in the home, that's worth a read too.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
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    timeism0ney said:
    Another FTB here in a similar situation. Marking my place.
    @MovingForwards excellent advice, thanks.
    I've done AIP, directly with Halifax, they may not offer me the best mortgage deal but in my position they have better affordability criteria then most lenders.
    Not contacted solicitors yet so will do that tomorrow.

    I'm a FTB too! 
    It's taken a while to get to where I am, but I've spent over 3 years reading up and saving, whilst plotting and planning.

    Hope your solicitor search is good.

    I forgot to say something in my earlier post, so to both of you @renfirsttimebuy I'm looking at you too, when you know which solicitors you are picking, check they are on your mortgage lenders panel of solicitors.

    Mortgage companies have certain law firms on their panel and they act for you and the lender.
    If they on not on the panel either:
    1. pick another who is,or then that firm acts for you and the lender, costs are included in your quote when you say you have a mortgage.
    2. keep to the one you picked but you will end up paying for both yours and the lenders solicitors.

    Costs do vary massively and also depend on your area.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • renfirsttimebuy
    renfirsttimebuy Posts: 156 Forumite
    100 Posts Name Dropper
    @MovingForwards
    My deposite would have been larger until I learnt about all the fees and that you need to have stamp duty etc sitting in your bank. So thankfully I have saved stamp duty and fee. Now whatever I put away is for the house. The house condition is not great (I chose location over property) will slowly do it up. If i get it! 

    Def will need to do boiler asap!!! Arggg... I believe I will make many mistakes but will learn along the way too.

    Imagine....It's so competitive around my area that now I am opting for an in house broker to get advantage over other buyers. I'm willing to pay more so I get the place!!! Lol madness!
  • renfirsttimebuy
    renfirsttimebuy Posts: 156 Forumite
    100 Posts Name Dropper
    How do i find out if the solicitor is on the mortgage lender panel? 
  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
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    renfirsttimebuy said:
    How do i find out if the solicitor is on the mortgage lender panel? 
    If going via a broker, ask the broker as they can check with the lender.
    If doing it via the bank, ask them.
    Some do actually have a list of their panel solicitors so you could Google " halixax panel solicitors " and there may be a list.

    You were right to pick area/ property over interior, worst case is you steam all the wallpaper off, get a big tub of trade white and spend a few days painting. Instantly, it's your home and blank canvas.

    No need to rush into anything when you get your keys, ideas you have now, may not be what you want after living in it for 6 months.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • renfirsttimebuy
    renfirsttimebuy Posts: 156 Forumite
    100 Posts Name Dropper
    Hey!!! @MovingForwards
    Our offer was accepted!!!
  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
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    @renfirsttimebuy congratulations! I'm absolutely thrilled for you :D
    Mortgage started 2020, aiming to clear 31/12/2029.
  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Sorry, that was supposed to be a big smile face!
    Mortgage started 2020, aiming to clear 31/12/2029.
  • renfirsttimebuy
    renfirsttimebuy Posts: 156 Forumite
    100 Posts Name Dropper
    @MovingForwards thank you 
    Tomorrow  it will be taken off the market. The only issue I have is if i paid more than the valuation- what would happen then....not sure if i have!!! 
  • MovingForwards
    MovingForwards Posts: 17,164 Forumite
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    @renfirsttimebuy if the valuation comes back lower than your offer, speak with the estate agent and say you have the valuation, it's come in lower and you are only prepared to pay what its valued at.

    Alternatively, pay the extra yourself or see if they will meet in the middle.

    Or walk away if they won't negotiate.

    Have you looked on Rightmove to see what other properties in the area sold for?
    Mortgage started 2020, aiming to clear 31/12/2029.
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