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5 minutes ago, Costock_Fox said:

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.

Good to hear thanks!  Valuation is booked!

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5 minutes ago, Rob1742 said:

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. 

 

Whilst I'd absolutely snap your hand off for an offer 2% under our asking. But if I lived in an area where houses were selling well and achieving above asking and we received an offer 2% under but with a number of viewings booked in, I'd wait and not accept. As a seller you're trying to achieve the best price and that's completely understandable.

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22 minutes ago, Rob1742 said:

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. 

 

 

I did think about that, but then if they didn't get any other offers I was happy with my offer, so I let it go. You never know either the mortgage valuation might come back lower or something might happen to their mortgage in principle, so they might end up coming back to me, unlucky though.

 

12 minutes ago, FoyleFox said:

Whilst I'd absolutely snap your hand off for an offer 2% under our asking. But if I lived in an area where houses were selling well and achieving above asking and we received an offer 2% under but with a number of viewings booked in, I'd wait and not accept. As a seller you're trying to achieve the best price and that's completely understandable.

Yeah I don't blame them, and by using me the've essentially got another few grand, which is fair enough, it had only been on the market a week or so too.

 

With what looks like another 3 months or so (at least) of lockdown, more cash will be saved towards the deposit.

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If the other viewers hadn't liked it they might have accepted your offer though. The other issue for sellers now, which could be a consideration when agreeing a price is they've got to add the cost of stamp duty back into the budget, depending on the budget. With the extensions to lockdown and the discussions that nothing will be remotely normal until after Easter and heading to summer I'm hoping the Chancellor extends the stamp duty holiday.

Edited by FoyleFox
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I have a loan with 2 years left on it.

 

In terms of maximising the amount I can scrabble together to put towards a house (savings + mortgage loan amount), what would put me in a better position to maximise the house value I can afford?

 

A) Current savings plus lender offer (with my current loan being factored in as a current cost, thereby reducing their figure for what I can afford to borrow) 

 

Or

 

B) Repay the loan in full. So I'd have a smaller amount to contribute to a deposit, but it will mean the banks are likely to lend me more if I don't have loan repayments coming out.

 

Will the two even themselves out, or will I find that by repaying the loan, the amount I'd be offered for a mortgage would outweigh the couple of grand extra I could put down as a deposit?

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4 minutes ago, Nod.E said:

I have a loan with 2 years left on it.

 

In terms of maximising the amount I can scrabble together to put towards a house (savings + mortgage loan amount), what would put me in a better position to maximise the house value I can afford?

 

A) Current savings plus lender offer (with my current loan being factored in as a current cost, thereby reducing their figure for what I can afford to borrow) 

 

Or

 

B) Repay the loan in full. So I'd have a smaller amount to contribute to a deposit, but it will mean the banks are likely to lend me more if I don't have loan repayments coming out.

 

Will the two even themselves out, or will I find that by repaying the loan, the amount I'd be offered for a mortgage would outweigh the couple of grand extra I could put down as a deposit?

Depends really mate on how much the loan is, the value of houses you are looking at, how much deposit you are putting down and what your wage is.

 

Too many variables to give you any accurate advice so I would say to go onto a banks website and complete a calculator, have a play around with the loan in and without and it will help you decide.

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Pretty much there with the conveyancing throughout the chain…

 

bottom of the chain are still waiting for Nat West to get an underwriter to approve there frigging mortgage I discovered today - they had their valuation survey 20th October (which was fine) but, apparently they’re so backed up it’s taking ages to get final approval…

 

took no more than 10 days with HSBC for me

 

Anyone dealing with delayed mortgage approvals?

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On 24/11/2020 at 18:36, Nod.E said:

I have a loan with 2 years left on it.

 

In terms of maximising the amount I can scrabble together to put towards a house (savings + mortgage loan amount), what would put me in a better position to maximise the house value I can afford?

 

A) Current savings plus lender offer (with my current loan being factored in as a current cost, thereby reducing their figure for what I can afford to borrow) 

 

Or

 

B) Repay the loan in full. So I'd have a smaller amount to contribute to a deposit, but it will mean the banks are likely to lend me more if I don't have loan repayments coming out.

 

Will the two even themselves out, or will I find that by repaying the loan, the amount I'd be offered for a mortgage would outweigh the couple of grand extra I could put down as a deposit?

A good mortgage advisor could really help you with this.

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1 hour ago, ajthefox said:

Offer accepted on what will hopefully be my first home today, 3 days after turning 30!!! :yahoo:

 

I got married 3 days after turning 30 so maybe it’s a good time to grow up?

 

I say that like I don’t consistently turn threads into absolutely irrelevant filth on a daily basis.

Edited by Costock_Fox
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22 hours ago, newfox1 said:

Congrats dude. Did you offer at or below asking price or even more? 

2nd offer, 4% below asking. Pretty happy with the price, and I suspect the Vendor will be too given how long they've had it and the circumstances.

WIn win for both parties hopefully!

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27 minutes ago, FoxesDeb said:

I saw this on social media yesterday, I've no idea how anyone could realistically expect to live in that space, or more specifically not space - what are you supposed to do with your stuff? And £275K?! Really?

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On 26/11/2020 at 23:02, z-layrex said:

A good mortgage advisor could really help you with this.

Spoke with one today.

 

Doesn't make any difference to what we'd be able to borrow so makes more sense to keep the loan to have more to put down towards deposit.

 

Turns out we can borrow way more than I thought we'd be able to. The difference between now and August is crazy. Literally 50k difference, and that's without salaries changing.

 

Next challenge is to work out timings. We live in a city centre flat which in theory should attract offers instantly. While that's a good thing, it puts pressure on finding the right place. Given our search criteria is tight and competition high where we're looking, it increases the likelihood of having to find a temporary solution between houses.

 

Not sure what the best course of action will be. If we wait until we find the perfect place before we list, we won't be able to move quickly enough. If we list now it causes more upheaval but we'd be more flexible and more likely to secure a dream house.

Edited by Nod.E
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1 hour ago, Nod.E said:

Spoke with one today.

 

Doesn't make any difference to what we'd be able to borrow so makes more sense to keep the loan to have more to put down towards deposit.

 

Turns out we can borrow way more than I thought we'd be able to. The difference between now and August is crazy. Literally 50k difference, and that's without salaries changing.

 

Next challenge is to work out timings. We live in a city centre flat which in theory should attract offers instantly. While that's a good thing, it puts pressure on finding the right place. Given our search criteria is tight and competition high where we're looking, it increases the likelihood of having to find a temporary solution between houses.

 

Not sure what the best course of action will be. If we wait until we find the perfect place before we list, we won't be able to move quickly enough. If we list now it causes more upheaval but we'd be more flexible and more likely to secure a dream house.

You mean you are able to borrow 50k more now than you were in August? Shows how tight they were being with the lending back in August if so!

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3 hours ago, Nod.E said:

Spoke with one today.

 

Doesn't make any difference to what we'd be able to borrow so makes more sense to keep the loan to have more to put down towards deposit.

 

Turns out we can borrow way more than I thought we'd be able to. The difference between now and August is crazy. Literally 50k difference, and that's without salaries changing.

 

Next challenge is to work out timings. We live in a city centre flat which in theory should attract offers instantly. While that's a good thing, it puts pressure on finding the right place. Given our search criteria is tight and competition high where we're looking, it increases the likelihood of having to find a temporary solution between houses.

 

Not sure what the best course of action will be. If we wait until we find the perfect place before we list, we won't be able to move quickly enough. If we list now it causes more upheaval but we'd be more flexible and more likely to secure a dream house.

I would say dont worry about the perfect place, it doesn't exist. And what you think you want right now might change as you start viewing places, certainly did for us. If you get a chain free offer on your flat from 1st time buyers, you'll be chain free buyers and so very attractive to sellers, so I wouldn't worry about competition.

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2 hours ago, Leicester_Loyal said:

You mean you are able to borrow 50k more now than you were in August? Shows how tight they were being with the lending back in August if so!

Exactly that. And it represents a huge percentage, that. We're not talking 50k in a 500k mortgage let's just say that much lol

 

Must be the vaccine news. Or perhaps my being on furlough at the time in my previous role really damaged what we were being offered. 

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1 minute ago, Nod.E said:

Exactly that. And it represents a huge percentage, that. We're not talking 50k in a 500k mortgage let's just say that much lol

 

Must be the vaccine news. Or perhaps my being on furlough at the time in my previous role really damaged what we were being offered. 

Furlough would've definitely impacted your borrowing I'd say.

 

I was reading an article this morning which stated that there had been a significant increase in the number of high LTV mortgages now available, 80 products for 90% compared to 44 products in September. Lender confidence in the market is returning. Good news for FTB and the subsequent chain.

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A pre ques before I approach my mortgage advisor. 

 

We are in middle of renovating our house and its been done through savings mainly with a bit of borrowing. Conundrum I have is that we arent due to remortgage til June 22, I could do with some funds to finish rather than it drag on (10-15K) is it worth paying the ERC (1% of total o/s mortgage which works out to be about £1,500) and remortgage, our LTV will be better as house should now be worth £275K-£300K (not sure where on that spectrum)

 

I dont want to go down the route of credit cards, the only one I have is my amex which I pay off in full and use to collect airmiles. Has anyone remortgaged before their fix has finished? Joint earnings arent a problem in terms of affordability. Thanks 

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36 minutes ago, Tommy G said:

A pre ques before I approach my mortgage advisor. 

 

We are in middle of renovating our house and its been done through savings mainly with a bit of borrowing. Conundrum I have is that we arent due to remortgage til June 22, I could do with some funds to finish rather than it drag on (10-15K) is it worth paying the ERC (1% of total o/s mortgage which works out to be about £1,500) and remortgage, our LTV will be better as house should now be worth £275K-£300K (not sure where on that spectrum)

 

I dont want to go down the route of credit cards, the only one I have is my amex which I pay off in full and use to collect airmiles. Has anyone remortgaged before their fix has finished? Joint earnings arent a problem in terms of affordability. Thanks 

I would have thought with your accounting background you'd have had a spreadsheet built with pivot tables and v-lookups to figure all this out Tom!

 

I guess it boils down to what the current interest rate is on your mortgage vs what kind of deal you could get in the current market. 

 

If the cost difference over the new mortgage term isn't too severe and you really want to get the work finished quickly, then paying off the ERC makes sense. 

 

would any annual bonuses etc cover the shortfall in the near future? if so, you could always hang around until they are due....

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21 minutes ago, Greg2607 said:

I would have thought with your accounting background you'd have had a spreadsheet built with pivot tables and v-lookups to figure all this out Tom!

 

I guess it boils down to what the current interest rate is on your mortgage vs what kind of deal you could get in the current market. 

 

If the cost difference over the new mortgage term isn't too severe and you really want to get the work finished quickly, then paying off the ERC makes sense. 

 

would any annual bonuses etc cover the shortfall in the near future? if so, you could always hang around until they are due....

Thanks for the heads up on my accounting background - its more looking beyond thre black and white of figures and more practicality of getting something finished. Accountants aren't mortgage advisors hence my question. I think I need to speak to my mortgage advisor and see what is best. Cheers anyway :D

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