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On 05/08/2020 at 20:29, Ian Nacho said:

Anyone know what it's like with mortgages on a fixed term contract? I have a pretty hefty deposit, so I'll only need 40-50% mortgage and after I finish university I'll probably be in some sort of fixed term graduate scheme. Would it be worthwhile to look as soon as I get employment after I graduate, even if it is a fixed term contract, or wait 3 or so years until I can get a 'proper job'?

Off the record, I'd avoid calling it a fixed term contract if I could. 

 

Once you have three payslips under your belt, mortgage lenders tend to be happy. In my experience they'd rather see three McDonald's wage slips at minimum wage  than any kind of contract or self employment - even if the wage was much higher as a contractor. Essentially, lizard financial institutions prefer the weak and meek. 

 

Of course, if you knowingly lied on your application, that'd be mortgage fraud, punishable by imprisonment. Though, apart from EDL weirdo Tommy Robinson, I've never heard of anyone banged up for it.

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Fixed term contracts aren’t really an issue to be honest, as long as it’s evident it has a history of renewing or you have skills to take a job on similar pay it’s never normally an issue.

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22 hours ago, Leicester_Loyal said:

Mortgage valuation happened on my house today, haven't heard anything back from them so I'm assuming all is ok. Got to pay my upfront solicitor fees tomorrow and get the ball rolling now with regards to search fees etc.

FFS.

 

Mortgage valuation came back at 10k less than I agreed to pay for it, which means I'll have to renegotiate the asking price or put in 10k extra deposit (not gonna happen anytime soon).

 

Just when I finally thought I was getting somewhere. I'm currently waiting to hear back from the Estate Agents:(

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22 minutes ago, Leicester_Loyal said:

FFS.

 

Mortgage valuation came back at 10k less than I agreed to pay for it, which means I'll have to renegotiate the asking price or put in 10k extra deposit (not gonna happen anytime soon).

 

Just when I finally thought I was getting somewhere. I'm currently waiting to hear back from the Estate Agents:(


Surely the Bank can loan you more?

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2 minutes ago, Happy Fox said:


Surely the Bank can loan you more?

They're unwilling to unfortunately. I don't know if my mortgage advisor can go to a different lender or something, guess we'll wait and find out.

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41 minutes ago, Leicester_Loyal said:

FFS.

 

Mortgage valuation came back at 10k less than I agreed to pay for it, which means I'll have to renegotiate the asking price or put in 10k extra deposit (not gonna happen anytime soon).

 

Just when I finally thought I was getting somewhere. I'm currently waiting to hear back from the Estate Agents:(

If it’s a valuation issue I’d go back to the vendor and explain that they will likely have this trouble with anyone going forwards. Better to bite the bullet and accept your lower offer now than do so to someone else in 6 months. Hopefully they agree 🤞

Edited by Strokes
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10 minutes ago, Strokes said:

If it’s a valuation issue I’d go back to the vendor and explain that they will likely have this trouble with anyone going forwards. Better to bite the bullet and accept your lower offer now than do so to someone else in 6 months. Hopefully they agree 🤞

I hope you're right buddy, my old man said the same, everyone else will likely have the same issue. I will let you know how I get on, cheers for the advice:thumbup:

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1 hour ago, Leicester_Loyal said:

FFS.

 

Mortgage valuation came back at 10k less than I agreed to pay for it, which means I'll have to renegotiate the asking price or put in 10k extra deposit (not gonna happen anytime soon).

 

Just when I finally thought I was getting somewhere. I'm currently waiting to hear back from the Estate Agents:(

Esurv?

 

Been shafted ourselves in the past. Valuing a 3 bed detached at lower than semis on the same road.

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2 hours ago, Leicester_Loyal said:

FFS.

 

Mortgage valuation came back at 10k less than I agreed to pay for it, which means I'll have to renegotiate the asking price or put in 10k extra deposit (not gonna happen anytime soon).

 

Just when I finally thought I was getting somewhere. I'm currently waiting to hear back from the Estate Agents:(

Very frustrating. Definitely don't pay over the valuation price, you're in negative equity the second you've signed. Anyone else offering is going to encounter the same so the vendors need to rethink the asking price.

 

Had the first viewings on our house today, positive according to the agent.

A word of advise for anyone about to renovate their new kitchen, do not buy any polished porcelain floor tiles, granite or chrome or black glass items unless you have a lot of time on your hands to clean them :nono:

Edited by FoyleFox

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4 hours ago, kenny said:

Esurv?

 

Been shafted ourselves in the past. Valuing a 3 bed detached at lower than semis on the same road.

No they actually went round to the house, I did suspect one done online or something at first myself.

 

2 hours ago, FoyleFox said:

Very frustrating. Definitely don't pay over the valuation price, you're in negative equity the second you've signed. Anyone else offering is going to encounter the same so the vendors need to rethink the asking price.

 

Had the first viewings on our house today, positive according to the agent.

A word of advise for anyone about to renovate their new kitchen, do not buy any polished porcelain floor tiles, granite or chrome or black glass items unless you have a lot of time on your hands to clean them :nono:

It's just very strange, compared to everything else I've viewed it seemed better, had no wiring or building work needing done, it could have been moved into straight away. Yet the ones that need 30k spending on them for a full rewire, new kitchen, new boiler etc. were all up for similar prices and have sold straight away.

 

My estate agent says she is going to challenge the valuation survey, as she doesn't think it is right. She said that the vendors don't seem keen to alter the price, so if they don't and the survey doesn't change price, it looks like I won't be buying this house!

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I've spent quite a bit of time recently browsing online for a cheap (£70k) house or flat within 100 miles of Leicester. Loads of properties in the Grimsby area showed up. Does that mean that it's a good place to invest in, or does it mean the opposite and that it's an absolute dump to be avoided at all costs?  

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32 minutes ago, Leicester_Loyal said:

No they actually went round to the house, I did suspect one done online or something at first myself.

 

It's just very strange, compared to everything else I've viewed it seemed better, had no wiring or building work needing done, it could have been moved into straight away. Yet the ones that need 30k spending on them for a full rewire, new kitchen, new boiler etc. were all up for similar prices and have sold straight away.

 

My estate agent says she is going to challenge the valuation survey, as she doesn't think it is right. She said that the vendors don't seem keen to alter the price, so if they don't and the survey doesn't change price, it looks like I won't be buying this house!

Esurv do visit but they are scroats and are the cheapest ones for the mortgage companies to employ. They are an agent with a network of self employed valuers hence they are cheap.

 

The valuers have become very risk averse and you will find that the person inspecting your property knows nothing of the area. The fact that 5 people can all agree to pay the asking price means that the house is worth that price. To a valuer visiting the area for the first time they can disagree with this and leave you high and dry.

 

Gone are the days where the value is what people will pay for it!

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18 minutes ago, String fellow said:

I've spent quite a bit of time recently browsing online for a cheap (£70k) house or flat within 100 miles of Leicester. Loads of properties in the Grimsby area showed up. Does that mean that it's a good place to invest in, or does it mean the opposite and that it's an absolute dump to be avoided at all costs?  

Doubt it’s going to be the next Whitstable,Margate property boom town unfortunately.Grimsby has suffered decades of decline.70k is great if you’re planning to live there.As an investment though?

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Well, I fancy a bolt-hole near the East Coast. Also, investing in property (or land) right now seems a better long-term prospect than getting 0.5% interest from building society savings accounts. Since posting the above message, I checked  the ilivehere website. Someone reckons Grimsby is sh*thole and a half. Perhaps the clue is in its name.

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7 hours ago, Leicester_Loyal said:

FFS.

 

Mortgage valuation came back at 10k less than I agreed to pay for it, which means I'll have to renegotiate the asking price or put in 10k extra deposit (not gonna happen anytime soon).

 

Just when I finally thought I was getting somewhere. I'm currently waiting to hear back from the Estate Agents:(

Appeal the valuation, I see these all the time at work and more often than not someone else comes in and agrees.

 

Although, you could save 10k...

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1 hour ago, String fellow said:

I've spent quite a bit of time recently browsing online for a cheap (£70k) house or flat within 100 miles of Leicester. Loads of properties in the Grimsby area showed up. Does that mean that it's a good place to invest in, or does it mean the opposite and that it's an absolute dump to be avoided at all costs?  

My usual rule of thumb is that if the first 4 letters spell out Grim it’s probably bloody horrible.

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2 hours ago, Leicester_Loyal said:

No they actually went round to the house, I did suspect one done online or something at first myself.

 

It's just very strange, compared to everything else I've viewed it seemed better, had no wiring or building work needing done, it could have been moved into straight away. Yet the ones that need 30k spending on them for a full rewire, new kitchen, new boiler etc. were all up for similar prices and have sold straight away.

 

My estate agent says she is going to challenge the valuation survey, as she doesn't think it is right. She said that the vendors don't seem keen to alter the price, so if they don't and the survey doesn't change price, it looks like I won't be buying this house!


Could the vendor contest the valuation as well as you? This is surely the time when the estate agents can earn their bit. By telling the vendor that you’re happy to pay the price that was agreed, but you both need to appeal the valuation and try and get a new one done in the hope that this time the valuation works in both favours. Everyone’s happy. They could of course accept another offer in the hope that they will put the extra £10k down, it’s risky for them though. 
 

Could you find £5k any quicker? Maybe a compromise with the vendor? They drop it £5k and you find the other £5k? 

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Talking to our agent about it after our last viewing, he said he had experienced it and a second valuation would be instructed. He wouldn't be advising his client to drop the price if there are comparable properties at the same price.

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2 minutes ago, FoyleFox said:

Talking to our agent about it after our last viewing, he said he had experienced it and a second valuation would be instructed. He wouldn't be advising his client to drop the price if there are comparable properties at the same price.

Yeah definitely the way they tend to go.

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1 hour ago, Costock_Fox said:

Appeal the valuation, I see these all the time at work and more often than not someone else comes in and agrees.

 

Although, you could save 10k...

How do I go about appealing it? The estate agent says she disagrees with it herself (she could just want more for the house, who knows). If I could save some money that would be great, but I honestly do think it's worth what I offered, especially compared to what else I've seen in the area and what previous properties sold for in the past couple of years.

 

55 minutes ago, stix said:


Could the vendor contest the valuation as well as you? This is surely the time when the estate agents can earn their bit. By telling the vendor that you’re happy to pay the price that was agreed, but you both need to appeal the valuation and try and get a new one done in the hope that this time the valuation works in both favours. Everyone’s happy. They could of course accept another offer in the hope that they will put the extra £10k down, it’s risky for them though. 
 

Could you find £5k any quicker? Maybe a compromise with the vendor? They drop it £5k and you find the other £5k? 

I could find 5k in about 8 weeks, but that depends on obviously the vendor being willing to drop their price. I would be more than happy to meet them in the middle if they were happy to wait for me to get together the extra cash.

 

50 minutes ago, FoyleFox said:

Talking to our agent about it after our last viewing, he said he had experienced it and a second valuation would be instructed. He wouldn't be advising his client to drop the price if there are comparable properties at the same price.

 

47 minutes ago, Costock_Fox said:

Yeah definitely the way they tend to go.

I think this is the way we'll be going. The estate agent says she will speak to the person who carried out the valuation and find out why they valued it at what they did. From speaking to her it sounds like she believes it's worth the price I'm paying (as I do tbf), so maybe a second valuation will be carried out. For comparison, one sold a few doors down in 2018 for 15k more than I'm paying.

 

Thanks for all your replies, hopefully I'll have heard back by Monday and I'll know more.

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3 hours ago, Leicester_Loyal said:

My estate agent says she is going to challenge the valuation survey, as she doesn't think it is right. She said that the vendors don't seem keen to alter the price, so if they don't and the survey doesn't change price, it looks like I won't be buying this house!

Your estate agent?

The agent works for the vender, always good to remember this, they have a vested interest in selling at the highest possible price.

So go ahead and offer £10k less at least you are basing the price on something, If the seller reject it then they would need to find a buyer who can come up with a larger deposit.

 

3 hours ago, kenny said:

Gone are the days where the value is what people will pay for it!

That depends on who money you are paying for it with, the lender is protecting it self and factoring in any future price adjustments.

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56 minutes ago, Otis said:

Your estate agent?

The agent works for the vender, always good to remember this, they have a vested interest in selling at the highest possible price.

So go ahead and offer £10k less at least you are basing the price on something, If the seller reject it then they would need to find a buyer who can come up with a larger deposit.

 

That depends on who money you are paying for it with, the lender is protecting it self and factoring in any future price adjustments.

Yeah I sometimes forget that. We'll see what happens next week, I won't be paying the full price that's for sure, so hopefully we can bring it down a bit.

 

If not I'll just stay at home a little longer and save up even more:)

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To appeal it just go to the bank/your broker and explain why you think it’s worth that money and then they will reconstruct the valuation of there is any doubt.

 

Like the above though, people will look at you and think for a FTB it might be worth it so be cheeky and try that first, would save you the cash.

Edited by Costock_Fox

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1 minute ago, Costock_Fox said:

To appeal it just go to the bank/your broker and explain why you think it’s worth that money and then they will reconstruct the valuation of there is any doubt.

 

Like the above though, people will look at you and think for a FTB it might be worth it so be cheeky and try that first, would save you the cash.

Will definitely try to get a cheaper price first, I've already said that to the EA as I haven't got the extra cash but she said the vendor doesn't seem keen to re-negotiate (why would they? But they might have too).

 

Thanks for all the advice so far everyone:sweating:

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