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House buying is the worst

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I've just receive word from out financial advisors that we have been provisionally approved for a 95% mortgage (subject to change in circumstances). By the time our ISA is available to us in August, we will have saved enough money for a 5% deposit for the "max" amount suggested. The monthly payment will be more than the rent or the flat, but also quite a bit less than what we've been paying for rent + what we've been putting into our ISAs, so we know we can afford it. 

 

So the hunt will start properly shortly. I'm excited and scared. 

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Mortgage application submitted. We will find out the next steps by next week. 

Eep. 

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55 minutes ago, nightwolf said:

Mortgage application submitted. We will find out the next steps by next week. 

Eep. 

EeeeEEEeeeekkk

am crossing my fingers for you, by gawd you need some positive shit thrown your way x

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Posted (edited)

Mortgage approved on Friday, had the survey report back on checking the property for any issues also on Friday.  Rated from Green, Amber to Red.  Green being ok, red being "Needs fixing now".  Had a couple of red, down to electrics, gas and boiler.  A deeper search was because they couldn't find or had access to the latest inspection documents so had no idea if they were ok.

Have let the solicitor know, so hopefully the issues are resolved before we hand over monies

Update

The vendor has found the documentation for the gas and boiler, however none for the electricity.  They have agreed after we asked (no legal obligation to do so) to get in an electrician to do the checks.  So that's one less cost to worry about, which is good news for us.

Edited by Jimbob

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The housing market is so ruthless at the moment. A house went up on Saturday, I sent an email this morning to arrange a viewing.

House was already sold. 

 

To be fair, we didn't understand why this house was priced so low, so we're expecting it to go before we can put an offer in.

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So it looks like prices around here are "normalising" a bit, a few more properties similar to the one we thought was too high have popped up for the same price. We viewed one and it was lovely. We're waiting on the final details from the finance advisors. 

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After an experience with one local lettings company, who tried to push us into getting a mortgage with them (without mentioning fees except a footnote in an email after chatting on the phone) before allowing a viewing, we're waiting for our finance advisor to finalise our mortgage so we have a bit of paper saying we are able to buy. I feel like this is better (and less stressful for us both) then putting offers on (which our finance advisor said we could do, as everything should be finalised before it's needed). 

We did have a viewing booked for tomorrow, but we have no idea if it's still happening due to this. We asked if we could pass their details on to out finance advisor to contact them, but didn't hear back. 

Also their pitch was very suspicious: apparently they can get is the agreement in principal in a couple of hours (even though there's no way for me to even provide them the details they need in that time), and it will definitely happen and that having a default is "totally not an issue" (there's extremely few people willing to give us the 5% deposit due to my credit history, the finance advisors have found us one but are doing a final check with out latest details to see if they can get us a better rate). 

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Getting the keys for the new house on Friday, were meant to get them 2 weeks ago but the owners daughter asked for a bit longer as they needed to clear out.  Been packing over the weekend, the landlord wants us out by months end.  Have put in notices to swap our gas/electric across and the internet as i'm still home working for a while yet.  Making use of friends and family over the next weekend to move stuff from the flat, and got a van coming on Monday to take the bulky goods.

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On 17/07/2021 at 8:23 PM, Cube said:

After an experience with one local lettings company, who tried to push us into getting a mortgage with them (without mentioning fees except a footnote in an email after chatting on the phone) before allowing a viewing, we're waiting for our finance advisor to finalise our mortgage so we have a bit of paper saying we are able to buy. I feel like this is better (and less stressful for us both) then putting offers on (which our finance advisor said we could do, as everything should be finalised before it's needed). 

We did have a viewing booked for tomorrow, but we have no idea if it's still happening due to this. We asked if we could pass their details on to out finance advisor to contact them, but didn't hear back. 

Also their pitch was very suspicious: apparently they can get is the agreement in principal in a couple of hours (even though there's no way for me to even provide them the details they need in that time), and it will definitely happen and that having a default is "totally not an issue" (there's extremely few people willing to give us the 5% deposit due to my credit history, the finance advisors have found us one but are doing a final check with out latest details to see if they can get us a better rate). 

A mortgage in principle is just an outline of what you could potentially spend based on your collective earnings, not legally binding for either you or the bank.  You dont need to supply documents that im aware of.  I got one with my bank and it took 5 minutes online and i got an instant "decision"

None of the estate agents i ever communicated with ever asked for it, even when i got into a bidding war with someone else.  

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I'm guessing it was more to try and push us into getting one with them. Our finance advisor said we would be OK bidding for houses, and that it isn't fully needed at this point. Definitely put us off using them.

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2 hours ago, Cube said:

I'm guessing it was more to try and push us into getting one with them. Our finance advisor said we would be OK bidding for houses, and that it isn't fully needed at this point. Definitely put us off using them.

admittedly it does sound like bully tactic marketing ploy!  I remember reading in a lot of articles that it was a good idea but not compulsory.  i ended up going over my original budget on the place i got now.  They didnt ask for an MIP at any stage.

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Had a pit of a panic last night, as the finance advisors said that upon revaluating our details, only one mortgage company would even consider it, but that chances weren't amazing for being accepted, and that we may have to consider a lower amount or paying up to 20% of the mortgage (instead of the 5% we can afford). 

Luckily...we've been accepted (in principle)! He's also found some other options who can go slightly higher (by £500ish, not much at all in terms of a mortgage really), but that the monthly cost will be a lot higher due to much higher interest rates, so it's probably best to stick with the current one.

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