Jump to content

Recommended Posts

48 minutes ago, Milo said:

Well that all depends on where you live, I suppose. 
 

House prices across the country vary way more than wages do, so for some areas 4 x salary doesn’t really get you very much at all. 

That is true, I wouldn't fancy paying the mortgage on a 5x mortgage, especially with only a 10% deposit, I'd be eating beans for the month. I know London and down south are a bit different, but in most areas 4x is still probably enough, for most people anyway.

Link to post
Share on other sites

It’s not really about x salary either really…. It’s what disposable income you have after you’ve paid your mortgage

 

5 x salary @£100k is a lot easier to manage 5x @£25k

 

Thats why multipliers expand when you have greater income with many providers 

 

It’s horses for courses…. When you’re younger I can really understand why people stretch if  prospects are reasonable 

 

For us…. We didn’t choose have our potential budget as a target
 

We like holidays and stuff like that!  But I’m 47 and don’t want to stretch at this time of life…

Link to post
Share on other sites

Can anyone compete with my agent? We'd previously had our house on the market with a major online only company and paid them to do accompanied viewings. We'd had views and bids in double quick time but took it off after my wife fell pregnant.

 

A few years later we're ready to move so we ring them up to get it re-listed as we've found our dream home. Agent was too busy to come back to our house to view it and said to stick with the old price. We click the button, set availability to all the time as we want to sell and move pronto. After a few days there'd been lots of views of the advert online but no requests to view. This carries one until the first week is done and our dream house has sold. Feeling a bit despondent we ring the agent to check that everything is ok and clarify why their number isn't available on right move for people to call and there's only an instruction to download an app if people want to book a viewing. They say their number is available (it isn't) and recommends perhaps we lower our price. As our dream house had sold within a week we decide to hold off lowering the price until we find somewhere.

 

Days go by, lots of advert views but no requests to view. This carries on for another week or so until one night we're sat eating tea discussing why no one wants to view when previously we'd had loads and a note drops through our door. Some kind soul who wants to view our house wrote a note and walked across town to tell us that they've been trying to arrange a viewing for weeks but there's no contact number and the app of the major online only company says there is no availability to view our property until the end of October! The agent hadn't even noticed that they'd set our house as unavailable to view. We've missed out on our dream home and three weeks of possible viewings. I'm now in the process of attempting to get our money back and am still waiting for someone to make our house available to view.

Edited by fleckneymike
Link to post
Share on other sites
On 03/09/2020 at 15:58, Nalis said:

Oh yeah of course that is certainty true, if I wanted to move I would move. Was just a question out of curiosity more than anything else.

Nobody knows. You look on TV and you have all these knowledgable people making a comment, and it’s forgotten about the next day:

 

If anyone says they know, they dont, they just have an opinion.

 

Probably the best example of experts getting it wrong is with the virus. All over the news that job losses would be rife and the housing market will decline. I can’t remember which site or news channel I saw it on, but it was a huge piece about the virus will lead to the market losing 20%. Then what happens, it goes through one of the biggest gains in a good while. The exact opposite of what the “experts” say.

 

The amount of experts I have listened to in my life and the amount of experts I have seen get things completely wrong. They all look like they know what they are saying though, they are stealing a living most of them.

 

The financial advisors are good at sounding knowledgable. They basically tell you to keep your money with them for the long term and ride the rollercoaster. You never really get calls telling you to take money out as they think a problem is ahead. It’s their way of saying I haven’t a fxxxxx clue what’s going to happen, but I’ll say it in a way that makes me sound good and I keep my monthly commission. 

 

 

Link to post
Share on other sites
7 hours ago, Rob1742 said:

Nobody knows. You look on TV and you have all these knowledgable people making a comment, and it’s forgotten about the next day:

 

If anyone says they know, they dont, they just have an opinion.

 

Probably the best example of experts getting it wrong is with the virus. All over the news that job losses would be rife and the housing market will decline. I can’t remember which site or news channel I saw it on, but it was a huge piece about the virus will lead to the market losing 20%. Then what happens, it goes through one of the biggest gains in a good while. The exact opposite of what the “experts” say.

 

The amount of experts I have listened to in my life and the amount of experts I have seen get things completely wrong. They all look like they know what they are saying though, they are stealing a living most of them.

 

The financial advisors are good at sounding knowledgable. They basically tell you to keep your money with them for the long term and ride the rollercoaster. You never really get calls telling you to take money out as they think a problem is ahead. It’s their way of saying I haven’t a fxxxxx clue what’s going to happen, but I’ll say it in a way that makes me sound good and I keep my monthly commission. 

 

 

We're officially in a recession but the affects are usually felt a few quarters later, not immediately.

 

If house prices do go down, it'll be towards the end of the year , beginning of next. Interesting to see how the house tax holiday affects things when they stop in march.

 

The key thing this time unlike with previous economic dips are the number of jobs being lost. That's crucial. Also. And anecdotally, there are more houses that are sold and then come back on sale due buyers unable to secure their mortgage. 

Link to post
Share on other sites
2 hours ago, newfox1 said:

Also. And anecdotally, there are more houses that are sold and then come back on sale due buyers unable to secure their mortgage. 

Blimey…. Ain’t that the truth

 

Putting in an offer today, I checked with mortgage provider as everything has changed…. Multipliers down, no bonus considered…. My wife’s income wouldn’t be considered as she’s a newly qualified teacher and was actually seen as dependent 

 

The difference between numbers being mentioned in a call in March and today were completely different…. We are still entirely comfortable with the offer we are making, but, it’s so clear that mortgage providers are clamping right down

Link to post
Share on other sites

What kind of numbers as I'm also in the process to buy if a suitable property comes up. At a good price of course. Out of interest, is your offer below, at or above the asking price?

 

Seeming some things that just don't make sense. Such as a house sold in March, pre lockdown. Reappeared in June, sold again. Reappeared again but at 10k above the asking price.

Link to post
Share on other sites
48 minutes ago, newfox1 said:

What kind of numbers as I'm also in the process to buy if a suitable property comes up. At a good price of course. Out of interest, is your offer below, at or above the asking price?

 

Seeming some things that just don't make sense. Such as a house sold in March, pre lockdown. Reappeared in June, sold again. Reappeared again but at 10k above the asking price.

The mortgage offer numbers, I think, as the call mentioned was with a mortgage provider and excluding income previously considered.

 

Lending criteria has been tightened and therefore people are struggling to get the mortgage amount they were previously, therefore not being able to proceed on purchases now, if they were at the higher end of their previous borrowing limit.

Link to post
Share on other sites

I wish I could get a house been trying for 10 years have 15k deposit saved but cos my contract is 22.5 hours no one will give me one keeps saying I need more than 40 hours 😪  but that ain't ever gonna happen cos the company I work for just won't give anyone more then 25 hour contracts (but give you over time hours like their billionaires). Anyways was gonna ask has anyone here brought land to build on and whats the process of it or any tips cos feel like that would be my only option now. On and the house I wanna buy is like 90k and fix up house.

Edited by TeamRocket
Link to post
Share on other sites
10 hours ago, newfox1 said:

What kind of numbers as I'm also in the process to buy if a suitable property comes up. At a good price of course. Out of interest, is your offer below, at or above the asking price?

 

Seeming some things that just don't make sense. Such as a house sold in March, pre lockdown. Reappeared in June, sold again. Reappeared again but at 10k above the asking price.

4.75 x income I think?  They do include car allowance as income to…

 

Just go onto a mortgage calculator and it should give you what you’re after

 

They were asking questions about Furlough and all sorts to get my offer in principle…. Just seem to be very cautious about keeping a lid on the amount they’ll sign off

 

I ended up offering asking as there was already an offer in place….
 

Offer went in yesterday evening… I want them to stop marketing and commit today…. Sat here on tenterhooks! As no matter how much I love the house I refuse to get involved in bidding wars…. 

Link to post
Share on other sites
8 hours ago, TeamRocket said:

I wish I could get a house been trying for 10 years have 15k deposit saved but cos my contract is 22.5 hours no one will give me one keeps saying I need more than 40 hours 😪  but that ain't ever gonna happen cos the company I work for just won't give anyone more then 25 hour contracts (but give you over time hours like their billionaires). Anyways was gonna ask has anyone here brought land to build on and whats the process of it or any tips cos feel like that would be my only option now. On and the house I wanna buy is like 90k and fix up house.

If you’re regularly doing OT and have been doing for sometime isn’t there some form of employment law that you should be offered a full time contract? I could well be wrong!


Also speak to a mortgage provider about lending criteria…. I’d you can demonstrate consistent income over 12+ months that might be enough?

 

if not (and I get it’s tough in the current climate) get another job or if maybe have parents as guarantors 

 

You’ll need 15% deposit minimum…

  • Like 1
Link to post
Share on other sites

I'll obviously be speaking to a mortgage advisor/broker about this as well, but wondering what people's thoughts/experiences are on here.

 

 

Me and my partner will be looking to move next year - deposit is building up nicely and we should be able to afford 10-15% at least depending on what we go for. The issue is that my partner is currently on a FTC (may be permanent by the time we buy) and we're not 100% sure on how that will affect what mortgage we're capable of getting. My job role is permanent, and neither of us have been furloughed at any point.

 

To throw a(nother) spanner in the works, a job opening has come up which seems like the perfect fit for my skills and would give me the chance to potentially move up the career ladder in my field a bit. The issue is that this new job (£5k pay rise) would mean leaving my own permanent role for a 12-month FTC also. Ignoring the risks of having to potentially job-hunt again in a years time (and the fact I haven't got the job yet...), would I essentially be ruining our chances of getting a mortgage or at the very least limiting what we're offered by the providers? We've both got gapless employment history so there's evidence of consistent income, at least...

 

We could just hold tight and move a few years later, but we've been renting for over 5 years now and would prefer to have our own place sooner rather than later...

Link to post
Share on other sites
18 minutes ago, danny. said:

the start of 2021 is so uncertain with a potential Covid second wave ahead and the effects of a hard Brexit starting January, it seems like a terrible time to be buying right now

Uncertainty is always a certainty, at any time you can find reasons why buying or selling is a bad idea. There are more significant ones than others sometimes, admittedly. Employment stability would be a great consideration for many at this current time. I'll be governed by my circumstances rather than things on which I have no influence though.

Link to post
Share on other sites
5 hours ago, Wolfox said:

 

Offer went in yesterday evening… I want them to stop marketing and commit today…. Sat here on tenterhooks! As no matter how much I love the house I refuse to get involved in bidding wars…. 

Didn’t get it

 

Two offers for full asking and didn’t get either…. Urgh!

Link to post
Share on other sites
7 hours ago, Wolfox said:

If you’re regularly doing OT and have been doing for sometime isn’t there some form of employment law that you should be offered a full time contract? I could well be wrong!


Also speak to a mortgage provider about lending criteria…. I’d you can demonstrate consistent income over 12+ months that might be enough?

 

if not (and I get it’s tough in the current climate) get another job or if maybe have parents as guarantors 

 

You’ll need 15% deposit minimum…

May have to look in to the contract thing. Well the last time I spoken to the bank about mortgage (last year) they told me I need to be working 40 hours min. However, my sis in law who works in the bank also told me just show a p60 and don't say anything about how many  hours your  doing but am to honest and if they ask me I just tell them the truth. 

 

And the house price am looking at is no more then 100k (north west England) just a small 2 bed house that needs doing up as there is just me the wife and our 2 cats. 

 

Thanks for the help wolfox but I think you maybe right about finding a new job that will give me full time hours and look next year again. Only worry with that is will be turning 36

Edited by TeamRocket
  • Like 1
Link to post
Share on other sites
2 hours ago, Wolfox said:

Didn’t get it

 

Two offers for full asking and didn’t get either…. Urgh!

Sorry to hear that but plenty more homes in the sea. Better ones hopefully too. So other offers went for a few K more?

 

Did you meet the buyer during the viewing and tell them how much you love  the place? Unless the winning bid wooed the owner? Just so many unknowns with house buying and when good offers don't get accepted.

  • Thanks 1
Link to post
Share on other sites
5 hours ago, danny. said:

the start of 2021 is so uncertain with a potential Covid second wave ahead and the effects of a hard Brexit starting January, it seems like a terrible time to be buying right now

Just that if we wait, will be waiting forever and affects of the current situation, recession and covid , felt later. 

Link to post
Share on other sites
55 minutes ago, newfox1 said:

Sorry to hear that but plenty more homes in the sea. Better ones hopefully too. So other offers went for a few K more?

 

Did you meet the buyer during the viewing and tell them how much you love  the place? Unless the winning bid wooed the owner? Just so many unknowns with house buying and when good offers don't get accepted.

Thank you - feeling a little gloomy!

 

A house in the sea?  I can’t afford a yacht (yet!!!)


First one was a stitch up to keep the seller the agent wanted (see earlier in the thread!)

 

Second one went well over asking price and no matter how much I liked it, I wasn’t getting involved in a bidding war…. Out of principle!

 

Anyway…. Another bid on another lovely home is in…. It’s quite a bit below what I think they’d like, but, I’ve done my sums and to do what I would want to do would be £70-£80k (loft conversion and extension out the back), but, I’d be left with a beautiful Victorian detached house with a garage on a really nice street…. A lot of work though, but, it’s perfectly fine to move into…

Link to post
Share on other sites
1 hour ago, TeamRocket said:

May have to look in to the contract thing. Well the last time I spoken to the bank about mortgage (last year) they told me I need to be working 40 hours min. However, my sis in law who works in the bank also told me just show a p60 and don't say anything about how many  hours your  doing but am to honest and if they ask me I just tell them the truth. 

 

And the house price am looking at is no more then 100k (north west England) just a small 2 bed house that needs doing up as there is just me the wife and our 2 cats. 

 

Thanks for the help wolfox but I think you maybe right about finding a new job that will give me full time hours and look next year again. Only worry with that is will be turning 36

Well give it a go and maybe talk to someone like L&C (mortgage broker/ advisors) they might be able to help and guide…. Had good free advice from them before…

  • Thanks 1
Link to post
Share on other sites
18 hours ago, TeamRocket said:

I wish I could get a house been trying for 10 years have 15k deposit saved but cos my contract is 22.5 hours no one will give me one keeps saying I need more than 40 hours 😪  but that ain't ever gonna happen cos the company I work for just won't give anyone more then 25 hour contracts (but give you over time hours like their billionaires). Anyways was gonna ask has anyone here brought land to build on and whats the process of it or any tips cos feel like that would be my only option now. On and the house I wanna buy is like 90k and fix up house.

That's bollocks surely? By giving you low contracted hours and then always giving you overtime they're doing you out of money when you take annual leave and maybe sickness (if you get sick pay etc.)

 

I'd be trying to find regular employment on more contracted hours, but obviously I don't know the full circumstances, they may pay really well for example or only doing 22.5 hours some weeks may suit your lifestyle.

 

Goodluck either way:thumbup:

  • Like 1
Link to post
Share on other sites

Best of luck to those of you posting today who are trying to buy for the first time.

I am now mortgage free but I had to wait for the crash at the end of the 80s to be able to buy for the first time. A tiny terraced house down south built of rubble and barely large enough to swing a cat in but I was able to get it for 25K less than it changed hands for only a few years earlier at the 1987 peak.

I now want to move from a house which is larger than I really want, has a largish garden when I don't much care for gardening and is an uncomfortably close 1/2 mile from my ex!

In October last year I decided that new windows would really help to sell it so I went to one of the big three companies and ordered my new windows and a front door. The original installation date was the first week of December. The company let the installation slip twice and did not start work until February. The work was still incomplete when the lockdown was imposed and that was that for three months. Another three months on and they still have not given me a date for completion.

About four weeks ago I decided enough was enough and informed them that they had 14 days to give me a mutually acceptable completion date, otherwise I would dismiss them. No word back from them so they are now off the project. I have now had scaffolding round three sides of my house for over 9 months. The scaffolders are coming back to take it away next week as they can see no prospect of getting the excess charges, which must now be at least 2K, from the window installers, and they want their kit for another job.

So I now have to find another company to complete the job, and pay for another lot of scaffolding. My gut feeling is that it will probably cost about 4K to complete the work, pay for another lot of scaffolding and put right all the things that the installers did not do correctly. Just hoping!

Anyone seen the TV series White Gold which went out a few years ago?

  • Like 2
Link to post
Share on other sites
23 minutes ago, The Fox Covert said:

 

Anyone seen the TV series White Gold which went out a few years ago?

Loved it!  Very funny…. I actually made calls for Anglian Windows out of the phone book for a couple months whilst at University …. I didn’t make a single sale…. I mean what was I thinking?!

 

Getting on the housing ladder is tough…. My first house was a 2 bed terrace fixer upper on Avenue Rd extension with a nice garden, right next to Queens Rd…. Cost me £54k

 

Tty quadrupling that to land one of them today…. Salaries haven’t gone the same way unfortunately 

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...