Calling FTB! Is getting a mortgage difficult?

brock-cruse

Hi all
Well my Dads sale and purchase fell through this morning (3 weeks on his sale and only 4 days on his purchase!). We were getting suspicious as there had been no sign of Dads buyer having a survey. Dad has his booked for next week and phoned his agent to find out when the one on his house was being done. Agent chased it (took him all day) and a apparently nobody in the chain had a surveyor booked as they were all waiting for the FTB at the bottom of the chain. (Chain was FTB, Couple, Dad's buyer, Dad, Dad's seller). Anyway FTB pulled out. It had been said that they did have a mortgage offer but they decided to look again at other mortgages. They then pulled out.
Dad also had another lady who put in a similar offer as the other couple so agents are going to see if she would like to proceed,. The chain for that was FTB, Dads buyer then Dad and then Dads seller. Here's hoping the FTB can proceed.
So my question is...since the credit crunch is there going to be a lack of FTB's? Are FTBs finding it harder and are they backing out more now?
Any views?

jamtart6

i'm definitley thinking twice about buying now, i'm going to keep an eye out for the next 8-12 months and see. But its people like me who are losing confidence in the market, which will ultimately reduce house prices, reduce 100% and 95% mortgages being offered. I think only a couple of places offer 95% mortgages, when you think a cheapish house nowadays is £130k, a 10% deposit is £13k which is not easy to save if you are renting or are a student.

Even when I become fully qualified and my salary should triple, I will still be struggling to pay a mortgage and bills on mine and my OH's wages, and god only knows what we'd do if the interest rates went up,

therefore yes I do think its much harder to get on the ladder at the moment.

wymondham

jamtart6 wrote: »

i'm definitley thinking twice about buying now, i'm going to keep an eye out for the next 8-12 months and see. But its people like me who are losing confidence in the market, which will ultimately reduce house prices, reduce 100% and 95% mortgages being offered. I think only a couple of places offer 95% mortgages, when you think a cheapish house nowadays is £130k, a 10% deposit is £13k which is not easy to save if you are renting or are a student.

Even when I become fully qualified and my salary should triple, I will still be struggling to pay a mortgage and bills on mine and my OH's wages, and god only knows what we'd do if the interest rates went up,

therefore yes I do think its much harder to get on the ladder at the moment.

very sensible!

jammie*dodger

Well we've just accepted an offer from a FTB who signed on the dotted line for a mortgage yesterday. We did have to drop the price of the property by 10% to get that though. Guess that's their buffer for if house prices drop.

The estate agents we use vet all of the prospective customers first to see if they will get a mortgage (in house IFA) they tell me they are turning away 2 out of every 3 people who come through the door wanting to buy.

neas

I could afford a mortgage but i have 0 confidence that if i bought your house today, it would be worth the same in 5 years time... Its going to do a big dipper then come back up later.

Dan_Collins_2

jammie*dodger wrote: »

Well we've just accepted an offer from a FTB who signed on the dotted line for a mortgage yesterday. We did have to drop the price of the property by 10% to get that though. Guess that's their buffer for if house prices drop.

The estate agents we use vet all of the prospective customers first to see if they will get a mortgage (in house IFA) they tell me they are tu I rning away 2 out of every 3 people who come through the door wanting to buy.

Take what they say with a pinch of salt. Some buyers will refuse to be vet in too much detail.

There is just less people buying, and I would say that I have only turned down one client in 2 months that I cant place.

jamtart6

yeah I wasn't particularly happy about having a credit check done on me when i wanted to get a mortgage - which required bank details so i walked away from that advisor and to one which doesnt need my details. i dont have anything to hide, i have no bad history, im just not fond of giving out detaiils liek that!!

i have found a house i like, loadsa potential, could build on, its up for £165k (dropped from £189k) but still hasnt sold for about 6months. As a FTB I'm in a good position to put in a cheeky offer, and especially in the current housing climate, I wouldn't want to pay more than £140k for it.... but somehow i think we would get our offer rejected!!. I don't think they will plummet but as I say a house up for £160k may go down to £130k £140k

confused31_2

jamtart6 wrote: »

yeah I wasn't particularly happy about having a credit check done on me when i wanted to get a mortgage - which required bank details so i walked away from that advisor and to one which doesnt need my details. i dont have anything to hide, i have no bad history, im just not fond of giving out detaiils liek that!!

i have found a house i like, loadsa potential, could build on, its up for £165k (dropped from £189k) but still hasnt sold for about 6months. As a FTB I'm in a good position to put in a cheeky offer, and especially in the current housing climate, I wouldn't want to pay more than £140k for it.... but somehow i think we would get our offer rejected!!. I don't think they will plummet but as I say a house up for £160k may go down to £130k £140k

you just dont know loads of people are desperate they might just accept your offer, theres a lot of people with bridging loans who need to unload quick.

Ive got my house up for sale at 170000, but i would take less, i dont think i would drop it 20000, but then again im not in a desperate situation, we looked at 1 house and decided we would not look at another until we sold ours as it seems pointless.

If i do have an offer, i will look and whatever i have knocked off mine i will try and knock off my next purchase so hopefully it wont make much difference to me moneywise.

confused

jamtart6

good idea confused31. If I got it for £140k then I would prob need a mortgage for £110k but with the way the market is, I don't know whether to just weather the storm and see if the prices do drop or not. I would be gutted if I bought at £140k and it dropped to £120k or less. Saying that its not a house I would need to ever move from so would it matter??

confused31_2

jamtart6 wrote: »

good idea confused31. If I got it for £140k then I would prob need a mortgage for £110k but with the way the market is, I don't know whether to just weather the storm and see if the prices do drop or not. I would be gutted if I bought at £140k and it dropped to £120k or less. Saying that its not a house I would need to ever move from so would it matter??

id just wait and see you will see when it starts to steady, the banks will start lowering there interest rates, not the bank of england the high street banks.

And from what ive heard today on the news the prices of house are falling big time, but then again if you can get an house that was 183000 down to 140000 it would still be a good deal.

confused

beautyqueen88

getting a mortgage at the minute is a nightmare the interest rates are changeing everyday our mortgage advisor has told us lenders might accept you one day might not the next. its getting increasingly difficult to get a mortgage.
me and my boyfriend had a 10% deposit saved up for a house and nationwide said they would offer us a mortgage and after finding a house a week later were told we couldnt have that mortgage anymore. there just not willing to take the risk especially if your borrowing say 95%. we've now had to go with bristol and west with a lousy interest rate and my dad as a gaurantor - something i really didnt want to do but i feel we have no choice we no longer want to rent and really want this house. if i could put up with living with my parents for a year or 2 i would deffinitly wait until house prices come down.