Houses

[Leicester_Loyal]

2 minutes ago, rachhere said:

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. 

When I first read that I thought it was going to be something much dirtier

 

I know a couple of people that have done it, and they haven't regretted it. Like you say, as long as you set everything out from the start then there shouldn't be a problem. The last thing I'd wanna do is fall out with something who's a friend over house issues.

 

Cheers for all the replies so far people

[Mickyblueeyes]

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.

Honestly, buying any property is the best investment you can make. My first mortgage was about 35% of my salary (situation changed after I took out the mortgage). It was on a 5 year fix as well! I still lived quite comfortably, had a nice few holidays and enjoyed nights out. It seems daunting because it’s probably your first big investment but it falls into place. 
 

You make adjustments but in the long term you benefit quite a bit. By year 5, I’d paid off a good amount and got a better rate. I then sold for a decent profit. 
 

 

[newfox1]

2 hours ago, Leicester_Loyal said:

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.

EAs have a bad reputation and it's for these reasons.

 

I'm sure there are a few decent ones. Many are known liars with very little morals and principles. 

 

I've met a few colleagues and others in different forums saying to just hold on for a few months , until the spring. Yes, prices could go up but we're in a unique position. Recession, covid,  brexit , etc...very unique set of circumstances and the govt doing everything to keep things afloat.

 

Yes, if the house of your dreams comes on the market, go for it. But a few more months to see where this artificial boom is going might be wise. 

 

RightMove and a few other news agencies this week saying things are cooling down and not just for the usual seasonal reasons. 

 

There are some very seasoned  and experienced people in this forum below with solid advice and a wide range of opinions.  Ignore the website name, but some top info here. Have a read of this recent thread. Hope it's of some use 

 

https://www.housepricecrash.co.uk/forum/index.php?/topic/237783-finally-giving-in/

 

 

[Big Dave]

34 minutes ago, Mickyblueeyes said:

Honestly, buying any property is the best investment you can make. My first mortgage was about 35% of my salary (situation changed after I took out the mortgage). It was on a 5 year fix as well! I still lived quite comfortably, had a nice few holidays and enjoyed nights out. It seems daunting because it’s probably your first big investment but it falls into place. 
 

You make adjustments but in the long term you benefit quite a bit. By year 5, I’d paid off a good amount and got a better rate. I then sold for a decent profit. 
 

 

And will always be more expensive in the early years. Gets easier as your salary slowly increases, but mortgage payments stay the same.

[Costock_Fox]

1 hour ago, newfox1 said:

EAs have a bad reputation and it's for these reasons.

 

I'm sure there are a few decent ones. Many are known liars with very little morals and principles. 

 

I've met a few colleagues and others in different forums saying to just hold on for a few months , until the spring. Yes, prices could go up but we're in a unique position. Recession, covid,  brexit , etc...very unique set of circumstances and the govt doing everything to keep things afloat.

 

Yes, if the house of your dreams comes on the market, go for it. But a few more months to see where this artificial boom is going might be wise. 

 

RightMove and a few other news agencies this week saying things are cooling down and not just for the usual seasonal reasons. 

 

There are some very seasoned  and experienced people in this forum below with solid advice and a wide range of opinions.  Ignore the website name, but some top info here. Have a read of this recent thread. Hope it's of some use 

 

https://www.housepricecrash.co.uk/forum/index.php?/topic/237783-finally-giving-in/

 

 

I think house prices have already stabilised a little bit but suspect they could go down a little bit more over the next few months dependant on how long restrictions continue for.

[Leicester_Loyal]

20 hours ago, Leicester_Loyal said:

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

 

Fully expecting the house to change to 'Sold STC' on RightMove within the next 24 hours

[Leicester_Loyal]

56 minutes ago, Leicester_Loyal said:

 

Fully expecting the house to change to 'Sold STC' on RightMove within the next 24 hours

I take it all back, the EA has just rang

 

Owners of the house doesn't want to decide on my offer yet, wants to do another round of viewing at the weekend and see if they gets any better offers than mine. We'll see what happens next week. For reference, my offer was 2% below the asking price, so I'm not going much higher (if at all). Time to play the old waiting game

Edited 18 November 2020 by Leicester_Loyal

[FoyleFox]

At least you've now had a response and an update, even though it means yet more waiting.

[Jon the Hat]

3 minutes ago, Leicester_Loyal said:

I take it all back, the EA has just rang

 

Owner of the house doesn't want to decide on my offer yet, wants to do another round of viewing at the weekend and see if she gets any better offers than mine. We'll see what happens next week. For reference, my offer was 2% below the asking price, so I'm not going much higher (if at all). Time to play the old waiting game

We accepted an offer last week.  Offer was made last thing Friday.  EA did some checks with buyers agent and buyer for saturday, so we went ahead with other viewings on Saturday.  We also asked for a better offer which they did come back with.  Then another offer came in on Monday with some back and forth, and we ended up accepting Monday evening.  Sometimes it does take a while.

They are probably hoping you up a little - maybe ask what takes it off the market today.

[Leicester_Loyal]

A lot of classic info here.

 

https://www.nationwide.co.uk/about/house-price-index/download-data#xtab:affordability-benchmarks

 

Mortgage payments as a % of take home pay.

 

https://www.nationwide.co.uk/-/media/MainSite/documents/about/house-price-index/downloads/ftb-affordability-indices.xls

 

[DB11]

5 hours ago, Leicester_Loyal said:

I take it all back, the EA has just rang

 

Owners of the house doesn't want to decide on my offer yet, wants to do another round of viewing at the weekend and see if they gets any better offers than mine. We'll see what happens next week. For reference, my offer was 2% below the asking price, so I'm not going much higher (if at all). Time to play the old waiting game

2% below, I rejected an offer outright that was £500 below asking price out of principle  the same people came back with asking price so then I sold it to them 

[Leicester_Loyal]

Just now, DB11 said:

2% below, I rejected an offer outright that was £500 below asking price out of principle  the same people came back with asking price so then I sold it to them 

£500 below is just taking the piss You could offer a Ferrari for £50 and you'd still offers from people saying £30 or it's only worth £40.

 

The 2% for me was because it needs a new kitchen and new windows at the front.

[Nod.E]

In a strange position at the moment.

 

Own the flat I live in with Mrs. Have owned for 3 years. Will be 4 in July. Combination of paying it off and property prices increasing in our area means we have decent equity built up.

 

Add to that some savings, which should also be topped up in the coming months as I have a decent side gig at the moment.

 

But even with those savings in mind, we got a mortgage agreed in principle a couple of months back and that figure added to savings and equity would still leave us a good £40k shy of the sort of property that has been catching our eye.

 

I've played about with online affordability calculators and it seems daft that a mere £5k pay rise for the Mrs. would probably make all the difference. She only joined in Feb so not really at the point to be looking at promotions or salary increases yet. I only started in my job in September, too.

 

I'm aware the advice I'll most likely get here will be to sit tight, accumulate more equity, be patient and the pay rises will come. It just seems daft given the (albeit not secure in the eye of the banks) second income I'm making.

 

And also we've seen an absolute dream of a home. We're pretty particular about what it is we want and so when something does come up that ticks all the boxes, it's frustrating to feel like the only option is to wait a couple of years, when actually it feels very affordable.

 

Is there such a thing as 70, 75 or 80 percent mortgages? I've only ever heard of up to 85%. Thinking it's more likely we'd somehow find a way to cobble together a hefty deposit with a little help from family, than it would be making up the difference with a larger mortgage. No guarantees there though!

 

Any other options I'm not thinking of here?

 

Clutching at straws I think. Probably just going to have to play the waiting game.

Edited 19 November 2020 by Nod.E

[FoxesDeb]

5 hours ago, Nod.E said:

In a strange position at the moment.

 

Own the flat I live in with Mrs. Have owned for 3 years. Will be 4 in July. Combination of paying it off and property prices increasing in our area means we have decent equity built up.

 

Add to that some savings, which should also be topped up in the coming months as I have a decent side gig at the moment.

 

But even with those savings in mind, we got a mortgage agreed in principle a couple of months back and that figure added to savings and equity would still leave us a good £40k shy of the sort of property that has been catching our eye.

 

I've played about with online affordability calculators and it seems daft that a mere £5k pay rise for the Mrs. would probably make all the difference. She only joined in Feb so not really at the point to be looking at promotions or salary increases yet. I only started in my job in September, too.

 

I'm aware the advice I'll most likely get here will be to sit tight, accumulate more equity, be patient and the pay rises will come. It just seems daft given the (albeit not secure in the eye of the banks) second income I'm making.

 

And also we've seen an absolute dream of a home. We're pretty particular about what it is we want and so when something does come up that ticks all the boxes, it's frustrating to feel like the only option is to wait a couple of years, when actually it feels very affordable.

 

Is there such a thing as 70, 75 or 80 percent mortgages? I've only ever heard of up to 85%. Thinking it's more likely we'd somehow find a way to cobble together a hefty deposit with a little help from family, than it would be making up the difference with a larger mortgage. No guarantees there though!

 

Any other options I'm not thinking of here?

 

Clutching at straws I think. Probably just going to have to play the waiting game.

Is there such a thing as 70, 75 or 80 percent mortgages?

 

If you mean can you put a bigger deposit down and therefore borrow less, the answer is yes without a doubt. You can put down as big a deposit as you like, as long as it's over the minimum obvs. It used to be the case that the bigger the deposit and the lower LTV would also give you more favourable rates, no idea if that is still the case though, sorry.

[Jon the Hat]

5 hours ago, Nod.E said:

In a strange position at the moment.

 

Own the flat I live in with Mrs. Have owned for 3 years. Will be 4 in July. Combination of paying it off and property prices increasing in our area means we have decent equity built up.

 

Add to that some savings, which should also be topped up in the coming months as I have a decent side gig at the moment.

 

But even with those savings in mind, we got a mortgage agreed in principle a couple of months back and that figure added to savings and equity would still leave us a good £40k shy of the sort of property that has been catching our eye.

 

I've played about with online affordability calculators and it seems daft that a mere £5k pay rise for the Mrs. would probably make all the difference. She only joined in Feb so not really at the point to be looking at promotions or salary increases yet. I only started in my job in September, too.

 

I'm aware the advice I'll most likely get here will be to sit tight, accumulate more equity, be patient and the pay rises will come. It just seems daft given the (albeit not secure in the eye of the banks) second income I'm making.

 

And also we've seen an absolute dream of a home. We're pretty particular about what it is we want and so when something does come up that ticks all the boxes, it's frustrating to feel like the only option is to wait a couple of years, when actually it feels very affordable.

 

Is there such a thing as 70, 75 or 80 percent mortgages? I've only ever heard of up to 85%. Thinking it's more likely we'd somehow find a way to cobble together a hefty deposit with a little help from family, than it would be making up the difference with a larger mortgage. No guarantees there though!

 

Any other options I'm not thinking of here?

 

Clutching at straws I think. Probably just going to have to play the waiting game.

Mortgage companies have reduced the LTV's they offer recently I think due to concerns over a drop in house prices.  The problem is if that goes away and you could borrow 90% you would end up competing against a lot of others in the same boat, which tends to push prices up more.  It's one of them viscous circles!

Edited 19 November 2020 by Jon the Hat

[FoyleFox]

3 hours ago, FoxesDeb said:

Is there such a thing as 70, 75 or 80 percent mortgages?

 

If you mean can you put a bigger deposit down and therefore borrow less, the answer is yes without a doubt. You can put down as big a deposit as you like, as long as it's over the minimum obvs. It used to be the case that the bigger the deposit and the lower LTV would also give you more favourable rates, no idea if that is still the case though, sorry.

Yes, they're still available, the lower the LTV the more favourable the interest rate, or certainly additional products available.

[Footballwipe]

370 days after the first offer was accepted on a house, I've finally exchanged at the third attempt

 

Move happens on Monday. You've no idea the relief. Even this third attempt nearly fell down last week.

 

Nice little bow on the top of my saga. No more moaning or whining from me now

 

[FoyleFox]

29 minutes ago, Footballwipe said:

370 days after the first offer was accepted on a house, I've finally exchanged at the third attempt

 

Move happens on Monday. You've no idea the relief. Even this third attempt nearly fell down last week.

 

Nice little bow on the top of my saga. No more moaning or whining from me now

 

Brilliant news, hope the move goes well, finally!

[Strokes]

3 hours ago, Footballwipe said:

370 days after the first offer was accepted on a house, I've finally exchanged at the third attempt

 

Move happens on Monday. You've no idea the relief. Even this third attempt nearly fell down last week.

 

Nice little bow on the top of my saga. No more moaning or whining from me now

 

Where did you end up buying? I remember you were looking at new lubbesthorpe.

[Footballwipe]

17 minutes ago, Strokes said:

Where did you end up buying? I remember you were looking at new lubbesthorpe.

We lost the NL house in the end, they backed out at the last minute due to the chap's health.

 

Ended up in LFE, the part of LFE that's only a mile from New Lubbesthorpe  

[TiffToff88]

Feel like I'm taking 1 step forward and 2 steps back with my move. The sale of my house and the purchase of the one I'm buying are all agreed. Everyone has finances in place. There's practically no chain (My buyers are first time buyers and my sellers are moving to an empty house) But its the housing association that part own the house I'm selling who are causing all the delays now. What winds me up is that surely they know every piece of information they're going to need, and every form that will need filling out by myself and my buyers, so why to they insist on doing things one step  at a time???

Edited 24 November 2020 by TiffToff88

[Leicester_Loyal]

On 17/11/2020 at 18:55, Leicester_Loyal said:

Well I made an offer on a property on Sunday morning

Offer was rejected this morning, 2% below asking price, someone offered just over asking price.

 

We go again

[Jon the Hat]

1 hour ago, TiffToff88 said:

Feel like I'm taking 1 step forward and 2 steps back with my move. The sale of my house and the purchase of the one I'm buying are all agreed. Everyone has finances in place. There's practically no chain (My buyers are first time buyers and my sellers are moving to an empty house) But its the housing association that part own the house I'm selling who are causing all the delays now. What winds me up is that surely they know every piece of information they're going to need, and every form that will need filling out by myself and my buyers, so why to they insist on doing things one step  at a time???

I have a Help to buy loan, and I am sure that will take some time.  Valuation next week.

[Costock_Fox]

1 hour ago, Jon the Hat said:

I have a Help to buy loan, and I am sure that will take some time.  Valuation next week.

I’m just redeeming mine now and that element is straightforward. Get a valuation, print a form out, pay the fee and send the valuation and then they contact your solicitor who arranged for a form called right to proceed or something like that.

 

My solicitors are pathetic though.

[Rob1742]

On 18/11/2020 at 16:12, Leicester_Loyal said:

I take it all back, the EA has just rang

 

Owners of the house doesn't want to decide on my offer yet, wants to do another round of viewing at the weekend and see if they gets any better offers than mine. We'll see what happens next week. For reference, my offer was 2% below the asking price, so I'm not going much higher (if at all). Time to play the old waiting game

I know it’s a house you want, and they have you by the short and curlies, but I don’t like behaviour like that. Yes it is their house to do what they want, but a very good offer from you and they are using you. 

 

I would go elsewhere and not tell them. I honestly would. Let them think they have a purchaser and when they agree sound excited and then go quiet with the estate agents.

 

Hate it when they use your offer as a mark in the sand.

 

I am in a lucky position, but when I have had situations like this I have said “ I’ll give you to the end of the day and then I’m gone”

 

The thing is with this type, if they agree in the end they are the sort that then want to charge you for curtains and light fittings.