First Time Buyers

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  • Deleted user 31 May 2007 16:38:57
    To qualify for 'first time buyers' offers, do you have to have NEVER EVER bought before? For example, I bought about 10 years ago in Scotland and sold 3 years later, and have been renting in London ever since. If I got a joint mortgage with my current girlfriend, would we be excluded?

    No plans to, just curious.

    Edited by Owen-B at 16:39:46 31-05-2007
  • cubbymoore 31 May 2007 16:40:44 36,488 posts
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    Yeah, it's not like a rule or something, the term First Time Buyer applies to anyone who's not selling a house when they move.
  • Goban 31 May 2007 16:41:08 9,052 posts
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    These offers only exclude re-mortgaging. The phrase is a bit misleading with regards to this :)
  • Grunk 31 May 2007 16:50:27 4,718 posts
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    surely you are only buying that particular house for the first time?
  • Hunam 31 May 2007 17:39:29 20,674 posts
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    Owen-B wrote:
    To qualify for 'first time buyers' offers, do you have to have NEVER EVER bought before? For example, I bought about 10 years ago in Scotland and sold 3 years later, and have been renting in London ever since. If I got a joint mortgage with my current girlfriend, would we be excluded?

    No plans to, just curious.

    Edited by Owen-B at 16:39:46 31-05-2007

    When are we expecting the 'Where can i buy a decent engagement ring?' thread then :p
  • mcmonkeyplc 29 Feb 2012 13:27:02 39,442 posts
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    So how long does it normally take to complete a move with no forward chain?

    Come and get it cumslingers!

  • Dougs 29 Feb 2012 13:28:40 67,264 posts
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    Or backward, presumably? Can be as little as 6-8 weeks if you keep pressure on the solicitors, which is the usual hold up
  • mrpon 29 Feb 2012 13:28:42 28,781 posts
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    Under a month I'd say, depends on so many factors.

    Heh, though my sister works for a solicitors so my figure might be slightly skewed :)

    Edited by mrpon at 13:31:23 29-02-2012

    Give yourself 5 or gig, you're worth it.

  • mcmonkeyplc 29 Feb 2012 13:30:44 39,442 posts
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    Bumders. My tenancy doesn't end until October :(

    Come and get it cumslingers!

  • Dougs 29 Feb 2012 13:32:35 67,264 posts
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    Looks like you'll either have to find someone to take over your tenancy or wait...
  • THFourteen 29 Feb 2012 13:43:56 33,247 posts
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    no break clause?
  • SaucyGeoff 29 Feb 2012 14:02:55 2,575 posts
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    Went through this at the back end of last year. Once we had a mortgage offer, which took about 6 weeks, we had the keys within two weeks.

    We had 4 months tennancy left on a flat, but we were honest with the landlord and he was happy for us to leave after a months notice. Although we had been there for 2 years.
  • mcmonkeyplc 20 Apr 2012 10:57:50 39,442 posts
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    Is 62% of your monthly going on mortgage repayments too much?

    I think it is, just wondering what everyone else's experience is.

    WHY CANT I JUST WIN THE FUCKING LOTTERY?!

    Come and get it cumslingers!

  • kalel 20 Apr 2012 10:59:51 87,120 posts
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    Depends how much your monthly is. If it leaves you enough to live off, can't see a problem.
  • mrpon 20 Apr 2012 11:01:09 28,781 posts
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    Can you afford it when the interest rates go up?

    Give yourself 5 or gig, you're worth it.

  • mcmonkeyplc 20 Apr 2012 11:03:14 39,442 posts
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    It's fixed for two years...but probably fucking not.

    I'm going to pay off my student loan to see how much money I actually have once I get taxed rape.

    The BoE base rate has NOT been transferred to first time mortgage buyers, so I might be able to afford it. This is all a ball ache though. I'm starting to wonder if it's even worth it.

    Edited by mcmonkeyplc at 11:05:27 20-04-2012

    Come and get it cumslingers!

  • Load_2.0 20 Apr 2012 11:12:24 19,156 posts
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    No experience but I would say that is a little high. Would be fine for a year but 2, 3, 4 years later and you might feel a little trapped.
  • Weebleboy 20 Apr 2012 11:13:18 368 posts
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    62% sounds insanely high to me, will a bank even give you a mortgage at that percentage?

    30% seems normalish: http://forums.moneysavingexpert.com/showthread.php?t=590863 (link is from 2007 though)
  • mcmonkeyplc 20 Apr 2012 11:16:19 39,442 posts
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    That's what HSBC said and I gave them my income.

    I thought it was too high.

    Come and get it cumslingers!

  • Dougs 20 Apr 2012 11:19:44 67,264 posts
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    I agree with Weeble. And just because that's what they offer you, doesn't mean you should accept. I could've borrowed far more, but would leave no room if rates go up and I still wanted a life.
  • mrpon 20 Apr 2012 11:21:51 28,781 posts
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    Are you sure you're not confusing that with the Loan To Value percentage?

    Give yourself 5 or gig, you're worth it.

  • mcmonkeyplc 20 Apr 2012 11:31:11 39,442 posts
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    mrpon wrote:
    Are you sure you're not confusing that with the Loan To Value percentage?
    Yes, the LTV is 85%. It was their dumb arse website though so I can probably get a better offer, but how much I'm not sure.

    Come and get it cumslingers!

  • Dougs 20 Apr 2012 11:32:05 67,264 posts
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    Get an independent financial advisor.
  • mcmonkeyplc 20 Apr 2012 11:34:48 39,442 posts
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    Yeah but I can't actually move out till october, that's when my contract is up. Bit of a shame really cause I've seen a few flats that I like.

    How long does a mortgage offer last?

    Edited by mcmonkeyplc at 11:35:15 20-04-2012

    Come and get it cumslingers!

  • mrpon 20 Apr 2012 11:36:52 28,781 posts
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    It's been a while, but I'm fairly sure that when you have a face to face meeting they'll probably want to see some details of outgoings. And then maybe reject you based on affordability.

    Give yourself 5 or gig, you're worth it.

  • Weebleboy 20 Apr 2012 11:39:37 368 posts
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    Dougs wrote:
    Get an independent financial advisor.
    I've gotta agree with this, it sounds like you could do with someone taking a proper look through your situation and explaining how the mortgage process will work (e.g. how long offers last for). That doesn't mean you have to use a mortgage broker to actually arrange the mortgage in the end, but the more informed you can get at this stage the better!
  • Dougs 20 Apr 2012 11:43:54 67,264 posts
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    An offer normally lasts 6 months IIRC. But yeah, this much cash is not to be fucked about with. There will be plenty of other flats I'm sure
  • mcmonkeyplc 20 Apr 2012 11:51:46 39,442 posts
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    Cool, yeah I will be seeing a financial advisor soon.

    I don't want to move back home for my 30th! :p

    Come and get it cumslingers!

  • elstoof 20 Apr 2012 12:00:24 7,031 posts
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    My HSBC offer lasted 3 months, I wouldn't go by their website calculator either because when you meet them in person the offers will be quite different. I'm not sure if they'll be happy with 2/3s of your income going on the mortgage either, particularly with your LTV. they will definitely be pushing you to go for their various insurances for illness and unemployment which will leave you even less each month. Quick decision from them though, 3 days was all it took.
  • localnotail 20 Apr 2012 12:06:08 23,093 posts
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    I'm just going through this now and our offer lasts for 6 months, although we are buying the house we currently rent so hopefully we should be done as soon as the survey has been sorted.

    Are you going through HSBC standard or First Direct? First Direct have some good deals at the moment, we got 3.49% fixed for 3 years, although we do have a lower LTV than you (75%).

    I think you are supposed to aim at under 40% of your income to remain affordable, ~30% is more desirable if possible, obviously. When I worked briefly as a lettings administrator we had to get guarantors for anyone who was spending more than 30% of their income on rent.

    Oh, and this is in Brum, obviously. I imagine the prices might well be considerably different down there in London Village.

    Edited by localnotail at 12:11:51 20-04-2012

    A strange game. The only winning move is not to play.

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