First Time Buyers Page 2

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  • PazJohnMitch 20 Apr 2012 20:33:52 8,044 posts
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    Weebleboy wrote:
    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)
    Mine was about 30% of Gross salary and 50% of Net before April.

    This pretty much balanced and I was not saving anything but did not have to live of beans either.

    I would therefore try not to go above 50% of your take home salary unless you expect a huge pay rise.
  • mcmonkeyplc 6 Aug 2012 14:12:06 39,456 posts
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    I've found a place I like and I'm thinking of placing an offer but I find myself being nervous about doing it.

    There's no commitment in putting in an offer is there?

    I don't even have a mortage approved yet although I'm told by various brokers that I shouldn't have a problem.

    I'm scared!

    Come and get it cumslingers!

  • mrpon 6 Aug 2012 14:13:58 28,901 posts
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    They won't accept it nor take it off the market until you have a mortgage approved.

    In short, you're wasting your (and their) time.

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

  • magicpanda 6 Aug 2012 14:16:40 13,362 posts
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    Just stick in an offer you have absolutely nothing to lose yet. Getting a "Mortage in Principle" will help any offers you put in. It's not always about the highest offer.

    We've just lost about 600 after an accepted offer that went horribly wrong. :( Back to looking...
  • mcmonkeyplc 6 Aug 2012 14:19:21 39,456 posts
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    Two conflicting opinions :(

    Come and get it cumslingers!

  • JuanKerr 6 Aug 2012 14:27:29 36,246 posts
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    Only put an offer in if you're serious about buying it and in a position to do so. I say that only because it's incredibly frustrating and stressful trying to sell a house and the last thing you need is someone fucking about with half-arsed offers.

    Edit: and what mrpon said

    Edited by JuanKerr at 14:27:48 06-08-2012

    Edited by JuanKerr at 14:28:26 06-08-2012
  • magicpanda 6 Aug 2012 14:37:29 13,362 posts
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    mcmonkeyplc wrote:
    Two conflicting opinions :(
    Get a mortgage in principle which is basically a bit of paper that says a mortgage company will lend you the money when it comes to it.
  • mcmonkeyplc 6 Aug 2012 14:38:39 39,456 posts
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    Yeah but I need to put a value down for a mortgage dont I?

    Get a mortage in principle for the maximum I'm willing to pay?

    Come and get it cumslingers!

  • mcmonkeyplc 6 Aug 2012 14:40:15 39,456 posts
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    Basically their asking price is 232k. I'm going to offer 200k with a view to 220K being the sale price and maximum price I would buy at.

    So I should get a mortgage in principle for 220k?

    Edited by mcmonkeyplc at 14:40:53 06-08-2012

    Come and get it cumslingers!

  • nickthegun 6 Aug 2012 14:41:21 59,893 posts
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    If you offered 32k lower than the asking price, I would tell you to fuck off and not accept another off from you.

    ---------------------------------------------------------
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  • mcmonkeyplc 6 Aug 2012 14:46:58 39,456 posts
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    That's a pretty good point. However I've looked at how much other flats have sold in the complex and that is actually the average price. There are 2 that have sold for 250k but those may have been 2 beds for all I know.

    Come and get it cumslingers!

  • mrpon 6 Aug 2012 14:48:57 28,901 posts
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    Have you checked you can borrow the amount you require?

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

  • mcmonkeyplc 6 Aug 2012 14:52:41 39,456 posts
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    For 220k yes.

    I've just done a check on the actual sale history of the flat and it was sold just over a year ago for 206k.

    Although the current market value is actually 232k.

    Would you say fuck off to 210k?

    Come and get it cumslingers!

  • nickthegun 6 Aug 2012 14:58:47 59,893 posts
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    Probably not but as a first time buyer, without a mortgage promise I wouldnt take you particularly seriously.

    But then I (I say I, I mean my wife) just sold our house for 2k less than the asking price and only got the vendors of our new place down by 5.5k, so it depends on the area.

    ---------------------------------------------------------
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  • Deleted user 6 August 2012 15:42:46
    As a first time buyer there's a good chance a bank will want you to pay 20% deposit.

    Get the mortgage in principle for the highest you're willing to pay and go from there.
  • Deleted user 6 August 2012 15:47:03
    Look at other flats in the area that were sold a year ago where they're on sale now. Could be the house prices are going up for a good reason. The owners might have also done a lot of work to it to increase its value.
  • magicpanda 6 Aug 2012 15:57:16 13,362 posts
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    Aargh. wrote:
    As a first time buyer there's a good chance a bank will want you to pay 20% deposit.

    Get the mortgage in principle for the highest you're willing to pay and go from there.
    It's pretty easy to get a 5% or 10% mortgage now for first time buyers unless you have a horrific credit rating . You pay for the pleasure though.
  • Deleted user 6 August 2012 15:59:35
    Sold my last place a 3k below asking and bought the current place at 7 k below. Get a mortgage in priciple you fucking mong :)
  • mcmonkeyplc 6 Aug 2012 16:00:55 39,456 posts
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    High interest rates for the first 2 years if you go for a 90% or higher mortgage from most banks.

    15% is where I'm looking but 10% is ok.

    Come and get it cumslingers!

  • mcmonkeyplc 20 Aug 2012 11:56:31 39,456 posts
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    Ok I now have a mortgage in principle and my parents have offered to give me some money towards the place.

    I'm getitng cold feet. My disposable income will go down by 50%!

    :S

    /Blizeh mode.

    Edited by mcmonkeyplc at 12:04:56 20-08-2012

    Come and get it cumslingers!

  • THFourteen 20 Aug 2012 11:59:25 33,408 posts
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    blizeh?
  • mrpon 20 Aug 2012 12:00:51 28,901 posts
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    Ask for the carpets to be thrown in.

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

  • mcmonkeyplc 20 Aug 2012 12:05:28 39,456 posts
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    Seriously going all Blizeh here. :)

    Come and get it cumslingers!

  • THFourteen 20 Aug 2012 12:06:37 33,408 posts
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    heh i remember back in the day when i bought my place, trying to explain to my friends why my parents were giving me some money towards it

    "because i'm asian innit"
  • MadCaddy13 20 Aug 2012 12:16:57 1,921 posts
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    magicpanda wrote:
    Aargh. wrote:
    As a first time buyer there's a good chance a bank will want you to pay 20% deposit.

    Get the mortgage in principle for the highest you're willing to pay and go from there.
    It's pretty easy to get a 5% or 10% mortgage now for first time buyers unless you have a horrific credit rating . You pay for the pleasure though.
    yeh weve set up with nationwide a save to buy account. The idea being we save for at least 6 months and we get to buy a house with a 5% deposit. But when we arranged a meeting with them they said our credit rating was low so now I'm using a credit card for the first time. I've never needed one and I still don't! But it boosts your CR so now I'm using one :/
  • nickthegun 20 Aug 2012 12:18:31 59,893 posts
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    THFourteen wrote:
    heh i remember back in the day when i bought my place, trying to explain to my friends why my parents were giving me some money towards it

    "because i'm asian innit"
    A lot of guys I know are now realising that its not out of generosity but part of the retirement plan.

    ---------------------------------------------------------
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  • mcmonkeyplc 20 Aug 2012 12:19:46 39,456 posts
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    Death is also part of a retirement plan!

    Come and get it cumslingers!

  • deez 20 Aug 2012 13:35:13 85 posts
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    Through fortunate circumstances, I've just negotiated 20k off the asking price of my first place, down to 180k, so it's not impossible. Adelaide crescent here I come!
  • localnotail 20 Aug 2012 19:16:30 23,093 posts
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    THFourteen wrote:
    heh i remember back in the day when i bought my place, trying to explain to my friends why my parents were giving me some money towards it

    "because i'm asian innit"
    My (Caucasian) parents matched what we had managed to save ourselves - they'd rather see us happy now & not struggling than leave us money when they are gone in 20+ years. Both comfortable though, thanks to being baby boomers and no mortgages for ages. Without that help we'd probably still be renting.

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

  • FWB 20 Aug 2012 23:22:14 44,564 posts
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    You know there is a government scheme where they will fund half your deposit, right? This is aside/on top of from shared ownership. Of course if you sell on the government wants it cut.

    Remarkable thing is that so few people have looked into it. Came into being a year or two ago IIRC.
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