Houses

[Wolfox]

5 hours ago, FoyleFox said:

 

How do you stand if you've been furloughed or now it's extended, you continue to be furloughed? Is your salary still eligible?  If it's not that's going to hinder a lot of people attempting to get finance?

Tricky I would have thought?  My recent mortgage application wouldn’t accept me if I had previously been Furloughed…. That may have just been HSBC though?

[Wolfox]

19 hours ago, newfox1 said:

Thinking of viewing a couple of houses around the cricket county ground area, Aylestone-ish. Low end , 200k mark give or take. Any tips? Homes seem much more affordable there. I'm just not decisive enough when it comes to buying or attempting to buy. 

 

Are mortgages getting much more difficult to get now?

Nice enough spot round there…. My mate had a terrace that backed on to the cricket ground and it’s a safe area - a few shops - easy for town - super handy for the footy!!!

[Wolfox]

59 minutes ago, FoyleFox said:

Excellent news.

 

We've not had millions of viewings but lots of those who have are then ruling it out for reasons that were evident from the listing. You spend half a day preparing the house for a viewing and then we've had the location being wrong - not close enough to Belfast - Londonderry never has been, the upstairs bedrooms not big enough for the kids - they're both 17' x 12' !!  And others similar. It's just wasting everyone's time. I know you need to view to properly appreciate it, although we've one of those full 360 tours but surely basic stuff like location or room size is evident from the details. You get your hopes up when a viewing is booked but then wonder why you bothered.  We'd been pretty much resigned to nothing happenung until next year and then the last couple of viewings with feedback of this nature has resurected the frustration. Moan over

17 x 12 is good for a lounge!

 

I had a fair few viewings before a deal was done and similarly the constant feedback was that that two of the upstairs bedrooms were too small…. Also had one twonk saying it wasn’t near enough to Coventry when I live in East Leicestershire…. No matter how much I insisted that people had checked dimensions and taken the 360 tour, you still get loads of time wasters

 

All very frustrating - but,‘simply part of the process I’m afraid

[FoxesDeb]

1 hour ago, FoyleFox said:

Excellent news.

 

We've not had millions of viewings but lots of those who have are then ruling it out for reasons that were evident from the listing. You spend half a day preparing the house for a viewing and then we've had the location being wrong - not close enough to Belfast - Londonderry never has been, the upstairs bedrooms not big enough for the kids - they're both 17' x 12' !!  And others similar. It's just wasting everyone's time. I know you need to view to properly appreciate it, although we've one of those full 360 tours but surely basic stuff like location or room size is evident from the details. You get your hopes up when a viewing is booked but then wonder why you bothered.  We'd been pretty much resigned to nothing happenung until next year and then the last couple of viewings with feedback of this nature has resurected the frustration. Moan over

I really don't understand people like this, especially with all the resources available to them in this day and age. I've only bought 3 houses, one of which is going through now, but with each of them I pretty much knew they were what I wanted before I'd even stepped in the door, the viewings were more of a formality than anything. But then I spend hours poring over the estate agents details, and more recently Google maps, streetview, and the internet in general. 

 

I really hope the right people come along for you soon

[FoyleFox]

6 minutes ago, Wolfox said:

17 x 12 is good for a lounge!

 

I had a fair few viewings before a deal was done and similarly the constant feedback was that that two of the upstairs bedrooms were too small…. Also had one twonk saying it wasn’t near enough to Coventry when I live in East Leicestershire…. No matter how much I insisted that people had checked dimensions and taken the 360 tour, you still get loads of time wasters

 

All very frustrating - but,‘simply part of the process I’m afraid

Weirdly enough the lounge is the same size the living room is actually a bit smaller though.

 

It is, just venting

 

I'd consider the distance to Coventry a bonus!

[FoyleFox]

10 minutes ago, FoxesDeb said:

I really don't understand people like this, especially with all the resources available to them in this day and age. I've only bought 3 houses, one of which is going through now, but with each of them I pretty much knew they were what I wanted before I'd even stepped in the door, the viewings were more of a formality than anything. But then I spend hours poring over the estate agents details, and more recently Google maps, streetview, and the internet in general. 

 

I really hope the right people come along for you soon

We're quite thorough on the internet searching too, with lockdown it's pretty much full time. Think we've covered most of West Leiestershire on sreet view. I'm not sure everyone one is at the same research level...

[newfox1]

1 hour ago, FoyleFox said:

Probably 5 -7% I can't imagine anyone would be looking at our house without a mortgage though.

Thanks. Just to see what's acceptable or not as I've made offers, around 4-5% below the asking price but get done at the last minute.

[FoyleFox]

28 minutes ago, newfox1 said:

Thanks. Just to see what's acceptable or not as I've made offers, around 4-5% below the asking price but get done at the last minute.

Largely depends on individual circumstances, we've little room for manoeuvre because of the higher prices in Leicestershire. And despite our frustration aren't desperate. However, lots of people would accept offers differently dueto circumstances and it depends on the asking price. In percentage terms, 5% could be a significant sum. If you're offering 5% under on a say £150 -200k House you're not miles apart but on something £400-500k you are. 

Edited 7 November 2020 by FoyleFox

[Leicester_Loyal]

How's the lending criteria looking for any brokers or those in the know on here? Still going on about 5x salary not including overtime or bonuses? Will have to re-do my AIP as it's expired now, but I've added more to my deposit since then. Hopefully come mid Feb I'll be looking at a 25% deposit.

[Jon the Hat]

20 hours ago, FoyleFox said:

Largely depends on individual circumstances, we've little room for manoeuvre because of the higher prices in Leicestershire. And despite our frustration aren't desperate. However, lots of people would accept offers differently dueto circumstances and it depends on the asking price. In percentage terms, 5% could be a significant sum. If you're offering 5% under on a say £150 -200k House you're not miles apart but on something £400-500k you are. 

It’s the amount rather than the % I think, we’re looking at only a couple of % but the house is over £500k so it adds up.

[Leicester_Loyal]

Viewing tomorrow morning, first house I've seen in a few weeks.

 

What does everyone pay for a mortgage, as a percentage of their net earnings? If you're in a couple though, add them together. I've been looking at roughly 32% on an average month, with about 26% when I do a bit of overtime. Just curious as to how everyone else lives, I want to be able to enjoy life and not live to just pay off a mortgage.

[newfox1]

16 hours ago, Leicester_Loyal said:

Viewing tomorrow morning, first house I've seen in a few weeks.

 

What does everyone pay for a mortgage, as a percentage of their net earnings? If you're in a couple though, add them together. I've been looking at roughly 32% on an average month, with about 26% when I do a bit of overtime. Just curious as to how everyone else lives, I want to be able to enjoy life and not live to just pay off a mortgage.

Once you're in a mortgage, you're in debt for life but what other choice do people have? 

 

Enjoyment for one person is very different for another. 

 

I was meant to a view a house but cancelled now as the seller accepted an offer elsewhere it seems. People keep saying to see wait for the spring  as things will be clearer with the current weird situation we are in. 

[FoyleFox]

It's not your whole life, 20 or so years. And as you get older and the term of the mortgage and balance reduces so the monthly payments become a much smaller percentage of your outgoings. We'd be at about 2% now. If you think versus rent, which will always be a significant percentage of your earnings and not decrease, plus you've a significant asset, hopefully increasing in value.

[newfox1]

30 minutes ago, FoyleFox said:

It's not your whole life, 20 or so years. And as you get older and the term of the mortgage and balance reduces so the monthly payments become a much smaller percentage of your outgoings. We'd be at about 2% now. If you think versus rent, which will always be a significant percentage of your earnings and not decrease, plus you've a significant asset, hopefully increasing in value.

Yep, true, it's just a shame house prices and earnings are so out of sync. Especially for first time buyers. Buy to Let certainly a factor in this.  

[Leicester_Loyal]

57 minutes ago, newfox1 said:

Once you're in a mortgage, you're in debt for life but what other choice do people have? 

 

Enjoyment for one person is very different for another. 

 

I was meant to a view a house but cancelled now as the seller accepted an offer elsewhere it seems. People keep saying to see wait for the spring  as things will be clearer with the current weird situation we are in. 

Yeah we might hopefully have a vaccine rolled out to everyone who needs it by March. For myself, I've been waiting about 6 months now, not in a rush but it's gotten to the point where I just want my own place, my own space and my own project. You read about people waiting for the market to crash and stuff, 3 years later they're still in the same position, it's a long term investment so whatever happens happens

 

 

38 minutes ago, FoyleFox said:

It's not your whole life, 20 or so years. And as you get older and the term of the mortgage and balance reduces so the monthly payments become a much smaller percentage of your outgoings. We'd be at about 2% now. If you think versus rent, which will always be a significant percentage of your earnings and not decrease, plus you've a significant asset, hopefully increasing in value.

2%?! That's fantastic.

 

I usually get wage rises every January (probably won't this one though) so yeah every year it should decrease as a percentage of my earnings. I think once it's down to about 20% I'd be pretty comfortable.

[FoyleFox]

29 minutes ago, Leicester_Loyal said:

2%?! That's fantastic.

 

I usually get wage rises every January (probably won't this one though) so yeah every year it should decrease as a percentage of my earnings. I think once it's down to about 20% I'd be pretty comfortable.

Not everything about being an old git is bad

 

 

[Innovindil]

1 hour ago, Leicester_Loyal said:

Yeah we might hopefully have a vaccine rolled out to everyone who needs it by March. For myself, I've been waiting about 6 months now, not in a rush but it's gotten to the point where I just want my own place, my own space and my own project. You read about people waiting for the market to crash and stuff, 3 years later they're still in the same position, it's a long term investment so whatever happens happens

 

 

2%?! That's fantastic.

 

I usually get wage rises every January (probably won't this one though) so yeah every year it should decrease as a percentage of my earnings. I think once it's down to about 20% I'd be pretty comfortable.

The interest rate on the mortgage goes down too. My house started on a 5% deposit/2 year fixed rate and after those 2 years we swapped to a 5 year fixed and the monthly payments went from £650ish to £550ish. Could have chosen to reduce the amount of years we're paying it off but in all honesty we want it done asap but on our own terms. Never know when shit could hit the fan so we decided to keep the term time the same but regularly overpay monthly. Probably not the most cost effective way of doing it but the safety net of lower monthly payments is there if something ever happened.

[rachhere]

7 minutes ago, Innovindil said:

The interest rate on the mortgage goes down too. My house started on a 5% deposit/2 year fixed rate and after those 2 years we swapped to a 5 year fixed and the monthly payments went from £650ish to £550ish. Could have chosen to reduce the amount of years we're paying it off but in all honesty we want it done asap but on our own terms. Never know when shit could hit the fan so we decided to keep the term time the same but regularly overpay monthly. Probably not the most cost effective way of doing it but the safety net of lower monthly payments is there if something ever happened.

This is exactly my plan (once I have paid for a new bathroom and kitchen!). I am not sure if you have the same, but with Nationwide I am sure that if you may overpayments you can then claim that extra money back later if something were to go wrong. 

[Leicester_Loyal]

Well I made an offer on a property on Sunday morning, was told I'd get a decision by Monday close of play, then told it'll be today close of play, guess what, no phone call from the EA, nothing I'm not ringing them back because I don't want to look too desperate. I genuinely have no issue waiting, what annoys me is people promising phone calls or decisions to have them not happen, if I did that in my job I'd be out the door within a few weeks.

 

Is anyone on here an estate agent and could maybe give an insight into what the process is? Am I just having bad luck or am I doing something wrong? So far I've had:

 

• A house where I was told not to worry about viewing ASAP (we were in lockdown) because nobody could view it, so it couldn't be sold, to it selling few days later then the EA lying about it being 'previously' on the market
• A house where I had an offer accepted, only after pestering the EA for days for an answer (took a week in total, again she kept saying decision will be made tomorrow), then the mortgage valuation was lower, so the EA become a total bitch about the situation and was downright rude (she's self employed so didn't bother complaining to anyone)
• A house where I made an offer, was promised a phone call back to say it had gone through, never happened. I had to ring up again, told the offer had gone through and they'd be in touch. The only phone call I received after this was 'Do you want to increase your offer?' I declined. 3 days later the house was sold on RightMove, I rang the EA and they said they'd emailed me, I informed them I'd never given them their email, so she was obviously lying, I wasn't even told my offer was rejected (is this standard practice?) She then claimed she was 'just about to ring' when I'd called her.
• Had another house viewing where the EA who was meant to show me round never turned up, after doubling booking a viewing. I showed up and so did someone else, we both waited 20 minutes but the EA never turned up. The house was a lot different to pictures so I never even bothered calling the EAs, but I did tell them what happened when they rang me asking for feedback.
• Another house viewing arranged through PurpleBricks (so this was on the vendor not the EA), I turned up, waited 15 minutes and nobody was in. The house was a mess (as in rubbish, old toys and all sorts just laying on the driveway), so again I wasn't that bothered.

I imagine it'll all be worth it when I finally do move out, but at the minute it feels like more hassle than it's worth, there doesn't seem to be any accountability in these companies.

[Strokes]

On 13/11/2020 at 20:45, Leicester_Loyal said:

Viewing tomorrow morning, first house I've seen in a few weeks.

 

What does everyone pay for a mortgage, as a percentage of their net earnings? If you're in a couple though, add them together. I've been looking at roughly 32% on an average month, with about 26% when I do a bit of overtime. Just curious as to how everyone else lives, I want to be able to enjoy life and not live to just pay off a mortgage.

Your quite a young lad aren’t you? I’d be tempted to rent a room out to someone of a similar age and cut your outgoings.

[Leicester_Loyal]

32 minutes ago, Strokes said:

Your quite a young lad aren’t you? I’d be tempted to rent a room out to someone of a similar age and cut your outgoings.

Mid 20s Already thought about that to be fair. Wouldn't mind doing it for a mate, as long as they're reliable with a steady job etc. If I rented a room out to certain mates, when I came home from work at 6am on a Sunday morning, they'd be all sorts of substances on my kitchen worktop

 

£350-£400 or so a month sounds about right, that would definitely help with my bills, plus I'll have 3 bedrooms and only need two anyway. You have to get the mortgage lendors approval though don't you? Sure I remember someone saying that to me a while back.

[Strokes]

9 minutes ago, Leicester_Loyal said:

Mid 20s Already thought about that to be fair. Wouldn't mind doing it for a mate, as long as they're reliable with a steady job etc. If I rented a room out to certain mates, when I came home from work at 6am on a Sunday morning, they'd be all sorts of substances on my kitchen worktop

 

£350-£400 or so a month sounds about right, that would definitely help with my bills, plus I'll have 3 bedrooms and only need two anyway. You have to get the mortgage lendors approval though don't you? Sure I remember someone saying that to me a while back.

No you don’t need approval, only if you plan to rent the whole property. Like you say it will probably cover half the mortgage, plus you get to hoover up the bonus leftover substances. 😂 

[Costock_Fox]

29 minutes ago, Leicester_Loyal said:

Mid 20s Already thought about that to be fair. Wouldn't mind doing it for a mate, as long as they're reliable with a steady job etc. If I rented a room out to certain mates, when I came home from work at 6am on a Sunday morning, they'd be all sorts of substances on my kitchen worktop

 

£350-£400 or so a month sounds about right, that would definitely help with my bills, plus I'll have 3 bedrooms and only need two anyway. You have to get the mortgage lendors approval though don't you? Sure I remember someone saying that to me a while back.

If there was going to be someone permanently living with you then you need to tell the mortgager that they haven’t contributed to the deposit etc so they can’t claim rights to the house but other than that mate you wouldn’t have to say anything.

[z-layrex]

Finally moving into our fixer upper Friday. Excited to not live in a flat for the first time in my adult life. Exchanging and completing on same day so hopefully all goes smoothly.

 

It's going to need a lot of work, but the only way for us to live where we wanted to was to buy a bit of a dump. Redhill - Earlswood in Surrey if anyone knows it.

Edited 17 November 2020 by z-layrex

[rachhere]

43 minutes ago, Leicester_Loyal said:

Mid 20s Already thought about that to be fair. Wouldn't mind doing it for a mate, as long as they're reliable with a steady job etc. If I rented a room out to certain mates, when I came home from work at 6am on a Sunday morning, they'd be all sorts of substances on my kitchen worktop

 

£350-£400 or so a month sounds about right, that would definitely help with my bills, plus I'll have 3 bedrooms and only need two anyway. You have to get the mortgage lendors approval though don't you? Sure I remember someone saying that to me a while back.

I had a friend living with me just over ten years ago. I think I asked for £400 a month which covered all the bills as well. Just remember to set expectations from the start - she seemed to just think it was my responsibility to do everything which wasn't just day to day cleaning, like mowing the lawn for example. Not as bad as with one of my friends who rented out rooms in her house - she used to have one tenant knocking on her bedroom late at night asking her to do things like come and change a lightbulb... Overall it was a good experience though and not something I regret for a second.