first offer help

jay_mi

Hi everyone,

I am trying to get on the housing ladder, I have seen the house I would love to get and it is going for 134,950 what should our first offer be? She is wanting a quick sell and although has had alot of interest no offers as of yet. This has already be put back on the market as when she tried to sell last time the person who intended to buy couldn't secure the mortgage in the end.

I was thinking around the 128,000 mark -is this insulting? I don't know where to begin with these things. Thanks in advance

poppy10_2

Depends what type of house it is, location etc etc.

jedimonkey

when i bought our current house I went right in with my top offer which was 15% over asking price. On the condition is was taken off the market and concluded quickly (2 days). But things are different here in Scotland as prices are 'offers over' - we will be in this house for many years as we love it.....

So I say it depends how much you really want it, and how you see your future in the house... if its a home it may be worth a stretch, if its a house for a while, try and get it cheaper.

dimbo61

hi jay-mi check out the prices of similar houses that have sold recently !
nethouseprices and rightmove are a start, what can you afford !!
have you got a mortgage agreement in principal off a lender ?
do you have a good deposit and can you complete quickly ie solictor sorted !
You pay 1% stamp duty over £125,000 so if she is keen to sell and you can
afford the house make a low offer say £20,000 / £15/000 under asking price.
if the local market is slow she may accept your offer and you can allways offer a little more up to £125k GOOD LUCK
afford the house

silvercar

with the stamp duty threshold at 125k, she is unlikely to get an offer over that in the current market.

jay_mi

Hi

thanks for the replys here is some more information-

I am now going for the mortgage on my own and i have been offered a 100% mortgage for the value of 134,950 on a semi detached house (3 bed) in sale manchester some of the houses on the same estate are ex council houses but the house i am intrested in has only been there for 3 years.

I have been told due to my age I am 20 , 21 in march that I have only been given the option of 100% with a higher lending fee which i would have to pay £4,000 or this could be added to the mortgage. Also my interest rate would be 6.5% and i would be paying

Repayment Mortgage
Monthly Repayment
£839.47

this is on a mortgage including the 4,000
without it I would be paying
Repayment Mortgage
Monthly Repayment
£815.31

I think this is a really high interest rate and is there any way of getting around paying the higher lending fee? They said this is only because of my age even though i am 21 in march

can anybody help?

dimbo61

hi jay-mi
i used to live in sale, manchester
Sorry to say this but alarm bells are starting to ring
you dont say what deposit you have ? 100% mortgage and £4000 HLC
only 20 soon to be 21 can you really afford to buy right now when you will
have negative equity before you move in !!!!
the fees for the mortgage , HLC, solictor, surveyor, surveys etc
moving costs, new furniture, beds, bedding, fridge, sofa etc and the bills
A mortgage of £839.47 at 6.5% is this fixed ?? for just 2 years ?? be very careful and GOOD LUCK

jay_mi

Hi

Thanks for the reply, I am currently on £40,000 per year as a director of a building company-This is not self employed, I have been brought in as a director so althoug I am young I do have a very good income. My boyfriend of 4 years is on £15,000 as an ICT Technician and this is hopefully going up to 18k in June. We have not got a deposit and I am currently paying rent on a two bedroomed house (we have a 14 month old son).

Basically I know I can pay monthy payments from my income and also from the way i have always paid my rent. I have no credit cards, loans ect no credit what so ever so I am not in debt.

Am I crazy thinking the a house isn't classed as bad debt as it is an investment. I just am feeling like the interest rate and the fact of the higher lending fee due to my age is unfair and is this the best rate I could hope for?

I have all my own furniture ect beds, oven , fridge as i rented unfurnished

jay_mi

This is fixed for 5 years also

dimbo61

hi jay you have the 5year 6.5% sorted so to speak so get on the phone
to first direct , and other building societys mentioned on this site and try
to get a better offer.
go for 5 year deals if you can as this gives you security for you and your son
I have an offset mortgage which is great to build up your savings, emergency
fund ( lived off cherry lane on new estate well it was in the 80,s !!)