Buying a new build

classybird_2

Hi William,

We exchanged contracts approximately 2 months after reserving. We had to have a mortgage offer in place before exchanging contracts which was basically just to prove that we could raise the funds. This was a 5 year fixed rate with Bristol & West. Our mortgage broker basically faxed a copy of this mortgage offer to the solicitor before they drew up the contracts. We have just been given 10 days notice to complete and are now in the process of "arranging" the mortgage in full (a tracker this time with Nationwide) and the survey is being carried out.

Hope you get sorted :beer:

phlash

DUPLICATE THREAD.

Why not respond to answers given on the mortgages thread? You posted exactly the same thing there?

You only respond to things that suit your ears, if this is the case, why post on a forum? Why discard posts that other people have so generously spent time typing? First rule of learning is to listen, 2nd is to think, 3rd is to conclude, 4th is to apply what you have learnt. Procedure, Results, Analysis, Conclusion. There's no point conducting an experiment if you are just looking for conclusions that match your guesstimate.

Good luck.

brit1234

Newbuilds are projected to loose their value more than established properties. I would go for the later but I would also wait a while to buy to make the most of your money in this falling market.

All the housing price groups have confirmed 3 months of falls now and it looks set to continue for a long while yet.

If you get a newbuild at present your guaranteed to expose yourself to negative equity this year and possibly the next few years.

eco-friendly_2

phlash wrote: »

DUPLICATE THREAD.

Why not respond to answers given on the mortgages thread? You posted exactly the same thing there?

You only respond to things that suit your ears, if this is the case, why post on a forum? Why discard posts that other people have so generously spent time typing? First rule of learning is to listen, 2nd is to think, 3rd is to conclude, 4th is to apply what you have learnt. Procedure, Results, Analysis, Conclusion. There's no point conducting an experiment if you are just looking for conclusions that match your guesstimate.

Good luck.

wslawson is a bit new to MSE (hence his post count):rolleyes: possibly he forgot about the other one, I'm sure the poster will thank you later for your ARROGANT REMINDER.

Jonbvn

It is unlikely that any lender will give you a mortgage on a NB apt for more than 75% LTV. I will leave you to draw your own conclusions as to what this information may imply.....

epz_2

wslawson wrote: »

Hi Labman yes the development is in Renfrew?!
Hi epz i hate to think were you must be living in Glasgow
if you could get a 3 bedroom house in the suburbs for 100k,
currently live in one with the parents in bbriggs and you can at least 2,5x your 100k for there. Tenements in glasgow are currently selling offers over 100k so circa 130K and thats in what were undersirable places.

William

i live about 13 mins drive from renfrew in the sunny province of barrhead which despite its mental reputation actually has low council tax and according to the council lackies the best primary school in the country with 3 bed semis in its catchment area for oo 80k


renfrew aint glasgow, ive never been out drinking there but then why would i, all the pubs look like utter dives, if you want to move out that way why not to paisley, at least its got some life and you can get home by bus when the taxis dont turn up at night.

imho the only reason to get a flat in the glasgow area is to avoid travel time to work and taxis back from town, renfrew has neither these advantages.


OMG i just had a look at braehead prices, oo 141k for a i bed flat, you have to be kidding me, you do know braehead is basicly just a big shopping mall that shuts at night leaving the area basicly an empty industrial estate (which ironicly is waht it was before the built it) who in the hell pays that kind of cash when the quickest google finds a 2 bed sandstone with 17' lounge for oo 55k.

http://www.rightmove.co.uk/viewdetails-17975444.rsp?pa_n=17&tr_t=buy

just cause the flat seems cheap by comparison to what else you are looking at doesnt mean it is cheap for the area. fyi braehead has been built and trading for a few years now, i seriously doubt its going to turn into the west end if it hasnt done so by now, what with silverburn (aka pollok) being the new buzz.