Where did you buy in London?
New houses being built...potentially interested...a few questions
- Thread starter GinG
- Start date
Well going to apply through homebuy direct. Got a slight problem that their is only 3 bed minimum and only 2 of us. However we will be looking to start a family
Going to pay £250 to secure the plot, and hopefully watch this space.
Just out f curiosity, who have you guys got for the mortgage? Do most lenders accept the home buyer scheme when applying for the mortgage? i.e. 95% borrowing of the 70% value of the home?
Also how long did it take fr you to get an aswer back from homebuy??
Not sure you'd be able to get a 3 bed plot, they will probably tell you two bed only!
You have to go with approved lenders, chances are you'll end up with Halifax. There's only a couple which accept this scheme. nationwide, halifax, and a couple of others if memory recalls correctly.
Takes HomeBuy around 10 days or so if I recall, to get back with an answer.
I've looked into Homebuy but I'm not convinced to be honest. It does seem like a quick way to get on the ladder without a big deposit but according to the buyers guide you could be paying up to 45% of your after tax income a month?
This seems pretty high to me, especially if it is 45% of a joint income, I think I would rather go down the conventional route of saving for a deposit and not having to pay out more than say 25-30%.
This seems pretty high to me, especially if it is 45% of a joint income, I think I would rather go down the conventional route of saving for a deposit and not having to pay out more than say 25-30%.
If you are buying new make sure you give it a real careful going over for problems. When you find them make a list and ensure every single one is fixed, when we purchased a new house they messed around fixing the numerous problems so it took a long time and they did not fix some.
Permabanned
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My friend bought a brand new house and only the kitchen tap was plumbed in when they moved in, and only the kitchen lights were wired in.
These were the only lights/taps the estate agent showed them working. They presumed the rest were perfect (assumption eh?).
Of course they got the work done under warranty. But it took the housing company 4 months to get round to doing it (so 4 months with a new baby, with 1 kitchen tap and 1 room with power full stop). Funnily enough once the building company had made the 'sale' and had their money they immediately didn't seem nearly as cooperative towards the residents as they had been previously.
These were the only lights/taps the estate agent showed them working. They presumed the rest were perfect (assumption eh?).
Of course they got the work done under warranty. But it took the housing company 4 months to get round to doing it (so 4 months with a new baby, with 1 kitchen tap and 1 room with power full stop). Funnily enough once the building company had made the 'sale' and had their money they immediately didn't seem nearly as cooperative towards the residents as they had been previously.
Soldato
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I would never touch a new build, as the are so small you cant swing a mouse in one.
And the build quality is nothing short of pants.
And the build quality is nothing short of pants.
sounds horrible. I bought with Taylor Wimpey and any little problems I've had (damage to the sink, a few cracks, a few touch ups needed) have been done in a timely fashion. I've just had my 28 day check, and I think I only one one oustanding issue. Really impressed with them.
That's most certainly a blanket statement. I can assure you the house I bought is to a decent finish and I most certainly can swing a dog, which is swinging a cat, which is swinging a mouse.
Ah, I'm Clapham so a couple of stops down from you. I've been keeping my eye out for decent places in London but I would probably prefer something more central!Morden, end of the Northern Line
The problem is prices.
1 bed in Morden (Zone 4) = £155k
1 bed in Tooting (Zone 3) = £200k
1 bed in Canada Water (Zone 2) = £325k!!!!
Morden is fine for our needs, I've been living in Zone 2/3 for 8 years now, I could do with some relaxed suburbia, hehe.
Well got an appointment at one of the building sites today, going to see what we can get offered.
Trying to work quickly as there is a corner plot, 3 bed town house + attached garage going for £195k. The master bedroom is 21m2! + en-suite
Will see what happens and update on good or bad news!
Trying to work quickly as there is a corner plot, 3 bed town house + attached garage going for £195k. The master bedroom is 21m2! + en-suite
Will see what happens and update on good or bad news!
Well went well today, reserved the plot, been approved via homebuy. Just waiting for the mortgage broker to come wednesday night (says all should go well as we have already been approved for a 210k mortgage through a high street bank) and then all steam ahead!
Exchange contracts can be in as little as 4 weeks, and could be in the house by September.
Just need to spec where I need network points and see how much HDMI would cost...oh and the kitchen and other things also!
Exchange contracts can be in as little as 4 weeks, and could be in the house by September.
Just need to spec where I need network points and see how much HDMI would cost...oh and the kitchen and other things also!
Soldato
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If they're crappy kit houses housing companys seem to love I wouldn't bother, they're crap. In 15-20 years time, maybe less, they'll all be falling to bits. They're built as cheaply as possible and lots of little tiny things are wrong with them.
Alright for renting but if you're investing in property just be warned they aren't the bargains they seem, you do get what you pay for.
Alright for renting but if you're investing in property just be warned they aren't the bargains they seem, you do get what you pay for.
Mortgage starts on completion, same as any other house.
Yes, but bear in mind most lenders offers of a mortgage are only valid for a limited period (say 3 months). They made out that getting it extended was a formality but it did take a bit of faffing about, having to fill out forms again etc. Theoretically you could be a approved for a mortgage today and then by the time you have a completion date, the offer has been withdrawn, although it's unlikely unless anything drastic changes.
Depends on various factors, typically how well that developer is doing in the region, what demand is like on that development etc. Just bear in mind that the sales people will be giving it all that, you know, we are rushed off our feet, we couldn't possibly make appointments because then we'd be turning people away, we'll see what we can do but it depends on head office, you are really getting the bargain of century already here etc etc. One thing to bear in mind is that new builds typically don't have anything... no turf in the garden, no flooring, no curtain poles, no lightshades, no nothing. So getting stuff thrown in or some money towards 'finishing touches' is on the cards.
The way I played it was to agree a price in principle and then act surprised that I'd discovered carpets weren't included, giving the impression we were already at our limit and were worried about the cost. They then offered us £2500 towards it which I accepted.
If possible have a good look around the area and see if the developer has sold any houses of the same type - if so, look it up on www.houseprices.co.uk and see what people paid for them. The list prices are always a bit OTT because they know that people will haggle down to different levels and they want to maximise profit from the 'suckers' (e.g. even if they are prepared to knock up to £50k off, some people might only negotiate it down £30k).
Just some updates, still waiting to get the final nod from homebuy, everything seems to be going in the right direction.
Decided to take the risk and arrange the mortgage and everthing before we get the official ok, had the mortgage offer through yesterday
Find out officially next Fri/Sat if we are good to go!
Hate playing the waiting game!
Decided to take the risk and arrange the mortgage and everthing before we get the official ok, had the mortgage offer through yesterday
Find out officially next Fri/Sat if we are good to go!
Hate playing the waiting game!
