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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 16:55 
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TheVision wrote:
Also, I managed to get an extra £2000 knocked off my house in the closing moments. Everything had been agree and we were ready to go but one of the surveys came back about the flat roof on the kitchen needing replacing. We sucked our teeth and offered to reduce the price by £2000 to cover it and they agreed straight away. Bonus.

How's that unrepaired roof holding out?

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 19:07 
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Grim... wrote:
Ours took the toilet roll holders (that were screwed to the wall), two towel rails (ditto), an oven (fitted), all the bulbs but two, curtain rails, and the things that go in the doorways to stop the carpet coming up.

Dicks.

Was the oven a posh/expensive one?

I don't think I have any advice that hasn't already been given other than don't pin your hopes and dreams on anything until all paperwork is signed. I've known things fall through in the last minute and people be distraught at not getting the house of their dreams.

London and Country are pretty good brokers, we've used them both times. If your mortgage in principle is from a bank, they might be worth a chat to anyway to see if they can save you some money by getting you a better rate elsewhere. When I bought the house in Stoke it was in the vicinity of a mine shaft so had to go with a company that were happy with that. Oh, I was also self employed and my income was topped up with Tax credits - it was all good fun! But again ruled out a lot of lenders and they knew that straight away.

If it's the the house you showed me a few days ago it's lovely - good luck. :)

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 19:13 
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Thanks all.

We put in an offer of 126,000 against the 140,000 sale price and have agreed with the seller at 130,000.

So... What's next? Our decision in principle is based on borrowing about 130,000, but we will probably want to borrow 80,000 instead.

We have to send a few details to the estate agents, such as decision in principle, ID docs, etc...

When do we complete the mortgage application, etc?

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 19:14 
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Sorry for the n00bness

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 19:28 
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Hurrah!

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 19:52 
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Grim... wrote:
TheVision wrote:
Also, I managed to get an extra £2000 knocked off my house in the closing moments. Everything had been agree and we were ready to go but one of the surveys came back about the flat roof on the kitchen needing replacing. We sucked our teeth and offered to reduce the price by £2000 to cover it and they agreed straight away. Bonus.

How's that unrepaired roof holding out?


We did actually get it done when we moved in so yeah, it's fine thanks.

And it only cost me £400.


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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 20:11 
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Sorry GJ, yes, the same one I sent you.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 20:20 
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If you only need an £80k mortgage on a £130k house you should be able to get the best interest rates.
I'd try a couple of comparison sites to see what offers are available then apply online.
In your position I'd go for a five year fixed rate which might cost a few quid extra per month but guarantees you'll know your costs until Darwin is comfortably settled at school.


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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 20:26 
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Dr Zoidberg wrote:
If you only need an £80k mortgage on a £130k house you should be able to get the best interest rates.
I'd try a couple of comparison sites to see what offers are available then apply online.
In your position I'd go for a five year fixed rate which might cost a few quid extra per month but guarantees you'll know your costs until Darwin is comfortably settled at school.

Yup, you have a strong loan to value (LTV) rate which will work heavily in your favour.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 20:35 
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Goddess Jasmine wrote:
Grim... wrote:
Ours took the toilet roll holders (that were screwed to the wall), two towel rails (ditto), an oven (fitted), all the bulbs but two, curtain rails, and the things that go in the doorways to stop the carpet coming up.

Dicks.

Was the oven a posh/expensive one?

Dunno, mate. Didn't pay much attention when we were viewing the place, as you can imagine.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 20:38 
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Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 20:42 
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Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 21:12 
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Goddess Jasmine wrote:
Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.



We used a local one as he does probate stuff as well and it made sense to have a local guy.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 21:16 
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MaliA wrote:
Goddess Jasmine wrote:
Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.



We used a local one as he does probate stuff as well and it made sense to have a local guy.

Agreed, we wanted to be able to visit the physical address rather than do everything through the post.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 21:26 
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Goddess Jasmine wrote:
MaliA wrote:
Goddess Jasmine wrote:
Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.



We used a local one as he does probate stuff as well and it made sense to have a local guy.

Agreed, we wanted to be able to visit the physical address rather than do everything through the post.


I think single transaction was £500 or thereabouts.

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 Post subject: Re: House Buying Advice
PostPosted: Mon Jul 04, 2016 22:01 
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Goddess Jasmine wrote:
Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.


They were probably a third as competent though.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 6:22 
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Joans wrote:
Goddess Jasmine wrote:
Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.


They were probably a third as competent though.

This is actually a big point for us, I think.

Though price is always important, as first time buyers and with the likelihood of stress being amplified by unhelpful or incompetent agents, we need to factor in the effect of making a bad choice based on the cheapest agent against trying to support mental health through what will be a stressful time.

We don't know anyone locally to ask for local recommendations, either.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 6:27 
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Sorry, to answer a couple of questions from up thread: Decision in principle was given about 3 weeks ago, I think, so based on current circumstances.

House has been on market two weeks, so I don't think that's very long, but again n00b, so who knows.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 6:33 
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Mimi wrote:
Joans wrote:
Goddess Jasmine wrote:
Cras wrote:
Most important next step is picking a conveyancing solicitor. They do most of everything from now on. If you can, get recommendations from friends, a good solicitor makes everything a million times easier.

:this:

Phone around a few for quotes too. The one we went with cost about a third of what going with the estate agent recommended one was.


They were probably a third as competent though.

This is actually a big point for us, I think.

Though price is always important, as first time buyers and with the likelihood of stress being amplified by unhelpful or incompetent agents, we need to factor in the effect of making a bad choice based on the cheapest agent against trying to support mental health through what will be a stressful time.

We don't know anyone locally to ask for local recommendations, either.

Agreed, I don't think we went for the cheapest. I think you can expect hiccups and annoyances whoever you choose.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 11:29 
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Well, we've been through a massive mortgage advice appointment, and gone for a 15yr mortgage with fixed rate for five years. All seems to make sense this far in.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:02 
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That's good. You should see the balance come down quite quickly, especially if you can overpay a bit.
When you have a 25 year mortgage all you are doing is paying interest.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:20 
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Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:21 
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Grim... wrote:
Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

With a 15 year mortgage there really is no need I don't think. Not unless you think interest rates will rise in that period.

Actually, overpay the shit out of it.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:23 
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Grim... wrote:
Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

Jem's always done it, and I'm about to start.

Hell, if I could stop spending money and clear debts, with the amount of disposable income my budget spreadsheet claims that I should have at the end of every month, I could pay off my mortgage within 6 years.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:25 
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GazChap wrote:
Grim... wrote:
Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

Jem's always done it, and I'm about to start.

I don't believe you.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:33 
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Grim... wrote:
GazChap wrote:
Grim... wrote:
Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

Jem's always done it, and I'm about to start.

I don't believe you.

But has she backed up her computer?


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:35 
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I need to look at paying my mortgage off quicker.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 13:48 
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Grim... wrote:
Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

We'd be in a strong position to overpay, so I don't know why we wouldn't, unless I'm missing something? We'd clear the mortgage quicker, so total interest would come down, no?

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:03 
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Or you could use the money to buy sweets.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:09 
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Grim... wrote:
Or you could use the money to buy sweets.


Biscuits, Grimothy, biscuits.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:20 
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Grim... wrote:
Or you could use the money to buy sweets.

Point.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:24 
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Mimi wrote:
Grim... wrote:
Dr Zoidberg wrote:
especially if you can overpay a bit

I refuse to believe that anyone has ever done this with any mortgage ever.

We'd be in a strong position to overpay, so I don't know why we wouldn't, unless I'm missing something? We'd clear the mortgage quicker, so total interest would come down, no?



Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:29 
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Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:33 
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Grim... wrote:
Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.


It might allow you to fix it quicker but you could just remortgage to raise the roof collapsing money
.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 14:40 
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Grim... wrote:
Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.


Or sweets

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:14 
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MaliA wrote:
Grim... wrote:
Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.


It might allow you to fix it quicker but you could just remortgage to raise the roof collapsing money
.

Or if we've overpaid we can then underpay to the same amount in that year

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:18 
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Mimi wrote:
MaliA wrote:
Grim... wrote:
Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.


It might allow you to fix it quicker but you could just remortgage to raise the roof collapsing money
.

Or if we've overpaid we can then underpay to the same amount in that year

Pretty sure it doesn't work that way, although you may be able to take a payment holiday.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:24 
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Pffft, all you do by overpaying is have less money *now* so that you in 15 years can have a paid off mortgage a few months early. Stuff future you. What's future you done for present you lately? Spend it all on sweets.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:25 
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:this:

Future you sucks. And they'll be like all old and shit. What are they going to spend money on?

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:26 
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Lonewolves wrote:
Mimi wrote:
MaliA wrote:
Grim... wrote:
Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.


It might allow you to fix it quicker but you could just remortgage to raise the roof collapsing money
.

Or if we've overpaid we can then underpay to the same amount in that year

Pretty sure it doesn't work that way, although you may be able to take a payment holiday.

Ours does, apparently.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:29 
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We're overpaying our mortgage by a fair amount. So much so that it was originally a 25 year mortgage and I think we're going to be paying it off in less than half that time.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:33 
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I don't believe you.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:34 
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Overpaying for 2 months in a row cuts like 6 months off the final total.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:37 
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Mimi wrote:
Lonewolves wrote:
Mimi wrote:
MaliA wrote:
Grim... wrote:
Dr Zoidberg wrote:
Correct, and if your mortgage is less than you currently pay for rent, start doing it from day one as you won't miss the extra cash.

You might be better off paying the extra into a "fuck my roof is collapsing" savings fund.


It might allow you to fix it quicker but you could just remortgage to raise the roof collapsing money
.

Or if we've overpaid we can then underpay to the same amount in that year

Pretty sure it doesn't work that way, although you may be able to take a payment holiday.

Ours does, apparently.


I've just checked our mortgage paperwork and yes, this is a feature of our mortgage, and I think very handy.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:39 
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Indeed it is! Might be worth getting some financial advice as to what the best plan of action is though. Might be better saving or investing the extra, who knows?

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:41 
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Grim... wrote:
I don't believe you.


Go on.... please explain, as you are confusing me

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:54 
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With the current economic climate as it is, one thing to be aware of, if you overpay your mortgage and house prices go down, you can't get that money back out again.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 15:57 
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I am on interest only after my divorce, i really need to look at changing that.

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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 16:06 
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I have a fixed deal, one part was 5 years and was up last year, the 2nd was 10 years and is up this year

Rates are shit compared with what you can get today so I'll be getting a new deal around December which should be £300-£400 a month cheaper but will still pay what we pay now as I don't miss it.

May consider paying a lump off as well, I pretty much have the money\share options to pay the house off, but we are still thinking of extensions.

Now with the EU out vote, lot of friends telling me to be cautious.

The extension plan we had was never going to be a 100% great investment in that we would get a great house but not see all the spend go on the value so thinking about things for now.


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 Post subject: Re: House Buying Advice
PostPosted: Tue Jul 05, 2016 17:58 
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Joined: 27th Mar, 2008
Posts: 22495
So far we've:
* Found a house we like
* Made and had offer accepted
* Applied for and received decision in principle
* Completed and had mortgage application approved
* Appointed s conveyance firm
* Appointed a surveyor
* Appointed an insurer
* Submitted documents to estate agent and mortgage provider
* Booked tickets to Chester Zoo

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