First time buyer advice

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7 Aug 2009
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Evening all,

My other half and myself are finally in the position to begin looking to get on the housing ladder. We have a good deposit and have started looking around at houses and mortgages.

I was hoping people would be willing to share any tips or advice from their experiences of getting and being on the property ladder?

Thanks!
 
You'd be better off looking in the home and garden thread. It happens to be full of threads about precisely this!
 
A good rule if you have to is buy a crap house in a good area rather than a good house in a crap area.

You can change and improve a crap house but if you buy a nice house in a crap area it will always be a crap area.

In a perfect world you would buy a good house in a good area but it ain't a perfect world.
 
A good rule if you have to is buy a crap house in a good area rather than a good house in a crap area.

You can change and improve a crap house but if you buy a nice house in a crap area it will always be a crap area.

In a perfect world you would buy a good house in a good area but it ain't a perfect world.

Can't stress this enough. Do NOT settle for the bigger/better house in a crap area.

Get the most you can, in the best place you can.
 
As well as a deposit, remember to leave some money for a) furnishing and decorating and b) have a savings pot with several months worth of mortgage payments in it
 
Do get a full structural survey and don;t get the basic one or even the Hom******s Survey. For an extra £200 go full structural.

This, people will do anything to hide problems and you could end up spending ££££ on repairs.

Here is a list of things to look out for when viewing properties

Inside
Cracks in walls or ceilings.
Check internal walls for signs of damp - signs include mould or peeling wallpaper, or if walls feel damp to touch.
Problems with condensation - check kitchens and bathrooms carefully.
Check woodwork for holes from woodworm.
Beware of crumbling internal woodwork. This could be a sign of dry rot.
Look in the loft/attic - check for cracks of daylight, and whether there is adequate insulation (around 200mm).
Check the plumbing. Poor water pressure could be a sign of potential plumbing problems.
Check for springy floors - feel free to bounce up and down.

Outside
Check the brickwork. If the pointing is in a poor state, then damp will get in. Also check for staining in corners or below gutters.
Check if the house has a damp-proof course. An older property may not so you will have to ask the owner what measures have been taken to prevent rising damp.
Check the roof. Ensure there are no missing tiles, and that the roof line isn't sagging. Is there any missing guttering? With a flat roof, check for cracks or bubbles.
Check the chimney to make sure the pointing in the brickwork is in good condition.
Check for cracks in external walls, which could mean subsidence.
Check for blocked or damaged drains.
Check for cover-ups - such as where paint or render has been applied.
Check for large trees near the property - roots may interfere with the foundations.
Check doors and window frames for signs of rot.

Also don't be afraid to make low bids, you can always go higher.
 
I just called an agents to view a property and they wouldn't book me in for a viewing unless I already had a mortgage in principle arranged - am I wrong in thinking that's absurd, considering I'm viewing numerous properties at different prices? The agent seemed to get annoyed with me and amused when I questioned this. I've never come across it before.
 
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I just called an agents to view a property and they wouldn't book me in for a viewing unless I already had a mortgage in principle arranged - am I wrong in thinking that's absurd, considering I'm viewing numerous properties at different prices? The agent seemed to get annoyed with me when I questioned this. I've never come across it before.

I can only think thay the people who are selling the property have been let down in the past with buyers who have had their bids accepted, but then failed to secure a mortgage and had to pull out. But yes a bit strange to say the least.

Just mention you don't need a mortgage and he'll want to be your new best friend ;)
 
I can only think that the people who are selling the property have been let down in the past with buyers who have had their bids accepted, but then failed to secure a mortgage and had to pull out. But yes a bit strange to say the least.

Just mention you don't need a mortgage and he'll want to be your new best friend ;)

I suppose that's it, but I was pretty annoyed at the implication that I was being thick considering I've never been asked for that in relation to the dozen other properties I've seen. When she said "it will be likely to go on the day and you may miss out if you put in an offer, then have to arrange your mortgage only for you to be outbid", she really didn't like it / got snooty when I confidently replied "I'll have to take that risk".

I'm not trying to be difficult, but I'm going to view it to see if I like it, not throw my money at them willy nilly. Also, why would I bother to obtain a mortgage in principle on a whim for something that's on the low end of my budget? :confused:
 
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I just called an agents to view a property and they wouldn't book me in for a viewing unless I already had a mortgage in principle arranged - am I wrong in thinking that's absurd, considering I'm viewing numerous properties at different prices? The agent seemed to get annoyed with me and amused when I questioned this. I've never come across it before.

But surely you would want an agreement in principle first anyway? You need to know how much you have to play with.
 
A decision in principle is nothing to do with any specific property - it is merely a representation of what a lender may be willing to give you based on their initial checks, and therefore an indication of what you can afford. It is really just to stop dreamers viewing houses they can't afford. You could always call London and Country and get a decision in principle on the phone and sent in an email in about 10 minutes - they don't even run a check on your credit.
 
But surely you would want an agreement in principle first anyway? You need to know how much you have to play with.

I've already bottomed that out with a mortgage adviser and have a 'Personalised Illustration' setting out what I can borrow from a particular lender. But no, I haven't had a credit check, AFAIK, which surely is required. Or is this actually an agreement in principle? :D I would have thought it would explicitly say so.
 
I've already bottomed that out with a mortgage adviser and have a 'Personalised Illustration' setting out what I can borrow from a particular lender. But no, I haven't had a credit check, AFAIK, which surely is required. Or is this actually an agreement in principle? :D I would have thought it would explicitly say so.

Agreement in principle is basically solely based upon what you have told them. It can only really bite you in the bottom if your income is more complex than what you have said, ie if you are relying on bonus schemes if you are in sales etc, or the credit search throws up bad debt, or even debt which you have not yet disclosed. Student loans are one of them as they do count against your affordability.

Having spent far too long in the business (thankfully no more) I would always suggest getting a firm offer as soon as possible.
 
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