Ding! Ding! All change, please... (now replaced with new diary on MFW)

beanielou

Hurrah.
So pleased for you    xx

Baileys_Babe

EssexHebridean said:

We need to make a decision on where we are applying for a mortgage - we've settled on an initial 3 year fix for certainty, and know how much we need to borrow - but are currently veering between a 16, 17 or 18 year term. There are advantages to several possible lenders, N@ti0nwide have a very favourable overpayments policy (with the OP's being limited by the amount of the original loan, not the outstanding balance), but a higher rate, and it's likely that we won't manage to make full use of that inside those first three years anyway, so we're currently veering towards not going with them. Frankly I'm starting to feel a bit overwhelmed by the whole thing, and naturally it's fallen at a time when we're both having quite busy/stressy times at work, and the voluntary role stuff has reached a bit of a peak too!  Oh well, it will all be worth it! 

Congratulations 🥳 

I like N@tionwide's overpayment policy. As the N@tionwide are charging a higher rate would it be worth getting a mortgage with a different provider for the first 3 years and then reviewing providers again then? That is unless you feel you will be able to overpay 10% of the original loan per year relatively soon.

rtandon27

Hooray! So happy to hear your news EH!

savingholmes

Great news on the offer. I'd be interested to know how much you under-bid by. I never know what to offer on a house - and as you know I'm about to follow your path... 

Jellytotts

@savingholmes -  We are mid purchase at the moment and we offered £25k less than asking (property had been on the market for 7 months with just one price drop), a few barters back and forth and we've secured it for £13k less than asking.  I think it all depends on the property, the position you're in/they're in and how much you're willing to go to.  This will be my 4th purchase and they've all been at least £10k under asking.  Not sure if that helps.

Starlight_at_Sea

@Savingholmes It is hard to know isn't it. We went in at 300 on a 350k flat in a small development where all had been on the market for a few months, ultimately met in the middle at 325 (which felt reasonable) but with a number of additional things that were a bonus to us and achievable to the developer (relocating some switches, adding an exterior water tap, privacy locks on bedroom doors, swapping exterior step for a ramp and adding some grip rails, etc). We negotiated over price and got up to 317, then when they said they couldn't go lower than 325 we shared what was really a wish list, including something we thought they would say no to and they did (installing a electric car charger point). Was worth a lot to me in terms of time and effort organising tradespeople to get those fiddily jobs done! 

Starlight_at_Sea

Congratulations EH! Fantastic news!

 I know you are great at research, but if you are interested am happy to pass on by DM our mortgage brokers details. She has been so efficient and helpful, just what I needed while juggling everything alongside a busy period in my life. We had a bit of a complicated situation too and she found lots of options for us.I dont often do referrals but am so pleased a friend introduced me to this person. 

Blackcats

Really pleased for you 

enthusiasticsaver

Good news on house buying front and hope all goes smoothly. 

savingholmes

Jellytotts said:

@savingholmes -  We are mid purchase at the moment and we offered £25k less than asking (property had been on the market for 7 months with just one price drop), a few barters back and forth and we've secured it for £13k less than asking.  I think it all depends on the property, the position you're in/they're in and how much you're willing to go to.  This will be my 4th purchase and they've all been at least £10k under asking.  Not sure if that helps.

Thanks that's helpful. 

Starlight_at_Sea said:

@Savingholmes It is hard to know isn't it. We went in at 300 on a 350k flat in a small development where all had been on the market for a few months, ultimately met in the middle at 325 (which felt reasonable) but with a number of additional things that were a bonus to us and achievable to the developer (relocating some switches, adding an exterior water tap, privacy locks on bedroom doors, swapping exterior step for a ramp and adding some grip rails, etc). We negotiated over price and got up to 317, then when they said they couldn't go lower than 325 we shared what was really a wish list, including something we thought they would say no to and they did (installing a electric car charger point). Was worth a lot to me in terms of time and effort organising tradespeople to get those fiddily jobs done! 

Really appreciate you sharing.

I went through L&C at no extra cost through here for my mortgage broker.