buying a house - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

buying a house

sn0ttyang3l Avatar
8y, 4m agoPosted 8 years, 4 months ago
Hi All,

I'm looking at buying a house (I'm a first time buyer) and I just wondered if any of you have any information that may be of use to me ....... what to look out for........ what things have gone wrong.... or right........ anything that you feel may be of use to me to know

thanks
Nikki
Tags:
sn0ttyang3l Avatar
8y, 4m agoPosted 8 years, 4 months ago
Options

All Comments

(23) Jump to unreadPost a comment
Comments/page:
#1
my only advice would be DONT BUY YET!!
#2
I dont really have much choice... my landlord wants his property back after 9 years of living here. I private rent from the waterboard and they are selling the land that these houses are on.
I've looked at about 15 houses so far and this is certainly the best one and just wondered what things others have gone through when buying property
#3
"what to look out for........." Well bricks, a roof, windows and at least one door!

On a serious note, save save save. The bigger the deposit the better mortgage deal you will get.
#4
well you've made me giggle...:-D
has any one got any horror stories like being gazzumped ec ???
or finding a dead body in the cellar :w00t:
#5
dont know how people are able to buy houses these days, even a £150,000 house your going to have to be earning like £40,000 a year, is it still 3.5x your annual income or just 3x, just rent somewhere else until the 20 or 30% correction in the housing market.
#6
Well I'm pleased to say my sister has given me 1/3rd of the money as my deposit and the rest I am doing with only my salary - we haven't taken the salary of my other half into consideration for the mortgage because this way we knew if there was any problems we could use his money for emergencies etc.

Also I really don't have a choice I don't want to pay £ 1,200 per month to rent a 3 bedroom property and have the same thing happen to me again - I don't want a mortgage but there is no other way unless of course I give up my job and plead homelessness to the council - and that isn't really an option
#7
sn0ttyang3l
Well I'm pleased to say my sister has given me 1/3rd of the money as my deposit and the rest I am doing with only my salary - we haven't taken the salary of my other half into consideration for the mortgage because this way we knew if there was any problems we could use his money for emergencies etc.


Your sister seems very nice, is she single?!:-D
#8
you have rights as a tenant, they will have to give you an eviction notice, then apply to court for them to tell you to leave, then you can just save as much as you can till then because the more you have which can be used as a deposit the better mortgage deal you will get.
#9
you can also tell your council that they want you gone and they might have something and the rents are no where near £1200 a month.
#10
GAVINLEWISHUKD;2659633
Your sister seems very nice, is she single?!:-D

She is now that's how she is able to give me the money - her divorce payout has helped me and sad that I am that her marriage is over part of me is pleased because I wouldn't be able to afford it this any other way - we have always been close and I apreciate her more than she will ever know x
#11
vickywil5;2659634
you have rights as a tenant, they will have to give you an eviction notice, then apply to court for them to tell you to leave, then you can just save as much as you can till then because the more you have which can be used as a deposit the better mortgage deal you will get.

They gave us a section 21a which came to fusion on 21st may - but I told them (politely of course) take me to court I'm not leaving here yet.... The council have told us that the chances of been offered somewhere by them is remote because we both work we can afford to rent or get a mortgage
#12
Can you move into a spare room with friends, family or work colleagues. This will help you save more and give you time to find the right house plus as prices are still dropping get you a better deal nearer the end of the year. Living out a spare room isn't ideal but think of the money you could save each month and as you will be at work most of the time it wont matter so much. Just a thought anyway.
1 Like #13
There are a few options available to you with regards to mortgages, favourite at the moment is the repayment mortgage which means you pay interest and part of the capital over a period of xx amount of years (doesnt have to be 25yrs, never actualy did) the longer the repayment term, the less the payments. As another respondant advised, the bigger the deposit the less you will have to pay for indeminity insurance (over 75% usually)
Make sure you get a survey, this is usually a requirement in the mortgage conditions, they usually require only a basic valuation (there are generally 3) which will confirm to them that the house is a reasonable investment for their money and that if they have to repossess they wont lose any money (please be aware that if they were to repossess, the indemnity insurance is to cover any loss for the mortgagor, the insurance company will then sue you for this!!) If I was you I would opt for the homebuyers valuation (or the next one up) which will give you a lot more detail and inform you better of the condition as a whole and indicate to you any repairs required, this is dearer but may well be worth it in the long run.
If these properties are being sold off to you as a tenant below market value, there will be a lot of interest due to the current housing market from not only buyers but developers also.
Go yourself to banks etc. Mortgage brokers generally receive money from seling insurance policies and even though they are governed by the financial services act, they still have to make a living (this is a legacy of the endowment joke of 10 years ago, that is now affecting homeowners badly). the banks want your business, believe me
be careful of accepting the banks own insurance policies (buildings and contents for example), you will be able to find cheaper via the internet and they are not allowed to make this a condition of your mortgage.
The bank will require references and do credit checks, but there is no reason why a mortgage offer cannot be with you within a week. You will also need to have a solicitor that is affiliated with the bank - they will do work on the deeds etc. If you employ your own solicitor, check they can do all of the conveyancing work. The searches are the usual problem, they can take an age. last I heard you are able to do these yourself, take advice first though.
When you have been given a mortgage offer, solicitors instructions will be sent to your solicitor, when you have signed and returned your offer, you will be in a position to exchange contracts, the deposit will then go to the sellers solicitor, where it will stay until you complete. Once you have exchanged, you are legally bound to buy or you will lose your deposit, likewise the seller now has to sell to you. It is now yours, bar the paperwork and a completion date will be set.
I was manager of a building society (some time ago now) and we were able to complete our paperwork and have the money in place within the week if required.
This is from memory and some of it may have changed, but hope it helps
#14
thank you very much ADZ your info has helped me a lot - I work for the same brough in which I want to buy property so I should be able to get a lot of it pushed through quickly in relation to searches etc. thanks again
#15
Buy a home, not a house.
Don't see it as just an investment but somewhere you will be happy.
House prices will rise and fall and rise again.
I bought my home with my then girlfriend, who became my fiance then my wife and who gave birth to my three
children. The value isn't the money, its the happiness.
Be happy.
#16
Searches are covered in the sellers HIP report afaik (i'm selling at the moment). Get an agreement in principle with the mortgage company before even starting to visit estate agents. No point looking at houses if you can't get a mortgage at all (which isn't really that unlikely these days).
1 Like #17
wee_paul
Buy a home, not a house.
Don't see it as just an investment but somewhere you will be happy.
House prices will rise and fall and rise again.
I bought my home with my then girlfriend, who became my fiance then my wife and who gave birth to my three
children. The value isn't the money, its the happiness.
Be happy.


well i have to agree to a similar concept... in your case you seem to be buying because you need a roof over your head.. !! I think its a good time to buy, there could be better but it is still good. Prices will always rise in the long run, and if you are willing to stick it out, then you will most likely make money on it. On top of that, renting is getting more expensive, and will continue to get more and more expensive. So you could end up leveling things out, buy making sure you get a good deal on your mortgage, and keep your mortgage to around £1000-£1200 level so that it is slightly cheaper than the rental.

A few things i would look at in a mortage
1. Total cost of the pacakge!! add everything, make a spread sheet if required so you can compare costs at the begining and end. The end here is importanat, as you might be hit with a £2000-£3000 moving charge to another mortgage, make sure this is not there and you are free to move mortgages after your fixed 2-3yr period.
2. Have the option of early repayment, or have the ability to pay an extra installment towards principle. You will realise that initially your mortgage payment will go towards the interest. ie if you pay £1000, out of it, £800 would be interest and £200 will be principle repayment. So in order for the monthly payments to come down, try and concentrate on getting the principle component down first. Some banks let you park savings (offset) to reduce principle, some will let you pay extra installments that go 100% towards principle!! Make sure you have this option.
3. Go with your gut!! If its too good a deal.. look at it again!!
4. Negotiate, Negotiate, Negotiate.. you are lucky to be in a buyers market.. start by offering something ridiculous!!! You will end up making a good deal!!
5. Dont get emotional while buying... look at what you can affford.. and stick to it.. Negative equity is one thing, but driving it to negative equity urself is suicide!!!

Lastly... hope it works out!! Keep us posted!!
#18
Thanks unileeds good info
#19
With the current trends in the housing markets it can be difficult at the moment to get a mortgage as lenders ain't so willing to give mortgages until the market becomes more stable...but hopefully you can and will get a mortgage.

Have noticed also those that are renting homes and 2nd homes some have doubled the monthly rent rates as they know people are having problems trying to get onto the property ladder with 1st time mortgages.

Due to the prices of houses ever increasing I opted to buy my council home for £25,000 for a 2 bedroom terraced home which I ain't going to complain as I am in a good area, very peaceful and idyllic valley and only 1 mile or so from my town centre.

I hope you do find a home some where very soon.
#20
GerryG
Have noticed also those that are renting homes and 2nd homes some have doubled the monthly rent rates as they know people are having problems trying to get onto the property ladder with 1st time mortgages.


Total wind up innit? And of course if you're paying that much rent the likelihood is you can't afford to save for a deposit so you're stuck in the same position forever......

Such is life.
#21
I totally agree shengis - and the rents are absolutely ridiculous now - I didn't want a mortgage before and honestly I don't really want one now but as the saying goes 'when the needs must' and my needs are now great and so a mortgage is the only way out
#22
sn0ttyang3l
I totally agree shengis - and the rents are absolutely ridiculous now - I didn't want a mortgage before and honestly I don't really want one now but as the saying goes 'when the needs must' and my needs are now great and so a mortgage is the only way out


yes its a good time to buy.. its a buyers market.... you'll get a mortgage as wwell.. try smaller building societies like newwcastle and bank of ireland has good deals!!!

Its not a good time for a buy to let market.. or as a short term investor..
#23
I've seen the perfect house - tried to stay 'neutral' but I think I'm a salesmans dream (no good at staying pokerfaced - lol) - just working out now if I can afford it

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!