only a 3 year fixed here.. but no one really knows what will happen in the future. We'll have to wait and see and fix for longer next time if things go south.
The nervous wait to exchange....
- Thread starter noj
- Start date
It's a difficult decision for sure. It's so much harder initially as longer fixes are better in a period like this. But any change of circumstances leaves a big fee (break up, job loss etc)
It's so much worse if you're on 90-95pc LTV
we are on 90% but we'll be overpaying over the next 3 years and should be a good chunk lower come renewal so being real, if our payments stay the same we'll be happy. We have accounted for 400-500/month increase worst case scenario but fingers crossed we don't get there!
Yeah overpay at the moment is a sensible thing. Planning to overpay next few years too so when fix ends any ridiculous rates shouldn't hit so hard in pounds.
Who knows where we will be in even 3 years let alone 5
that's the thing, my old manager for e.g. fixed for 5 years because of similar and ended up on I believe 3-4% fixed when rates dropped to 1.5 or so. One of those things.. if I an offer for low rate I'd have fixed for 10 years for the piece of mind but 1.99% for the first 3 will be ok.
- Joined
- 14 Jun 2004
- Posts
- 17,645
- Location
- Newcastle U/T
Yeah deffo overpay where you can 
Had to drop a lump on the current place as the mortgage went bonkers when the fix ended.
Had to drop a lump on the current place as the mortgage went bonkers when the fix ended.
Caporegime
- Joined
- 7 Apr 2008
- Posts
- 26,205
- Location
- Lorville - Hurston
I'm a first fine buyer but me and my partner have a decent deposit.
We managed to fix for 5 years in a good rate before the rates shot up last week.
We are just waiting for the valuation from the lender and also approval for our mortgage application and then we will get in the surveyor to start the next step
Personally, I think this is a good choice. If anything to give 5 years of stability
We managed to get a 5 year fix @ 2% in March... still waiting for the house though 
hopefully we get it before the offer expires or we'll be looking at at least another half a percent if not more having to reapply. LTV is 80% (50k deposit on a 250k house). We won't be able to overpay for the first two years or so as I just proposed so we now have a wedding and honeymoon to save up for, but will definitely start lumping as much cash as we can once that's sorted. We're not FTB though - it's my first buy but fiancée owned before this so we couldn't apply as FTB.
hopefully we get it before the offer expires or we'll be looking at at least another half a percent if not more having to reapply. LTV is 80% (50k deposit on a 250k house). We won't be able to overpay for the first two years or so as I just proposed so we now have a wedding and honeymoon to save up for, but will definitely start lumping as much cash as we can once that's sorted. We're not FTB though - it's my first buy but fiancée owned before this so we couldn't apply as FTB.
Provisional completion and exchange date discussed further...Looking at second week of July. Perhaps this finally will be the one!The unofficial survey is complete and given the green light!
Only cost me a nice bottle of red wine
We have now proposed a exchange and completion date to the solicitors so fingers crossed!
Associate
- Joined
- 25 Jun 2005
- Posts
- 1,158
We got a 5 year fix at 2.29 in late April, I was disappointed at the time to not get just under 2.00 but with hindsight 2.29 is good!
We now just need everyone to pull their fingers out so we can get over the line, taking forever!
We now just need everyone to pull their fingers out so we can get over the line, taking forever!
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 47,573
Ready to exchange. Sellers solicitors are useless, apparently it takes them 10 days to respond to ever enquiry. So we’ve now got the estate agent discussing completion dates. The next communication will be very interesting.
Caporegime
- Joined
- 7 Apr 2008
- Posts
- 26,205
- Location
- Lorville - Hurston
Next week is squeky bum time as the lender will be doing the valuation of the property we had an offer accepted.
We are a bit worried because we did offer nearly 10% above asking price as that is the going raite in the area we are looking.
literally most properties are being sold within 48h of first viewing with offers between 8-12% above asking price
We are a bit worried because we did offer nearly 10% above asking price as that is the going raite in the area we are looking.
literally most properties are being sold within 48h of first viewing with offers between 8-12% above asking price
Deleted User 298457
Deleted User 298457
We had our survey back on the new place. We offered £10k over asking - the property was valued at £860k. A similar house sold two years ago for £880k with 2 more bedrooms and "fully" renovated. Annoying.
Survey has said the roof hasn't been touched since it was built in 1930, and has a few cracked tiles. Everything else we are broadly aware of.
What's folks opinions on going back for a discount, considering the cracked tiles (and ultimately the roof being at end of life?).
Survey has said the roof hasn't been touched since it was built in 1930, and has a few cracked tiles. Everything else we are broadly aware of.
What's folks opinions on going back for a discount, considering the cracked tiles (and ultimately the roof being at end of life?).
Have you had a quote/second opinion from a roofer for the work?
Its a risk definitely to go back and try get money knocked off, you may have someone else sat waiting who will buy it as it is and then its gone. If the roof isn't causing an issue I would be inclined to continue as you are and then come back to it at at later time.
Very tricky at the moment. We've had this twice (out of 2 purchases) and both times we got a discount. Both times the price we had initially agreed wasn't over market value and we had good evidence to back it up but the bank wouldn't budge.
In normal times you can usually say to the seller that if your bank valuation comes in 30k under then so will the next buyers etc so you have some power for negotiation. Currently though the market is insane so I don't know. Thats ultimately a very expensive house and I have no idea what the market and demand is for properties in that range.
If you think you won't lose the house or you are prepared to lose the house it can't hurt to go back to the seller.
How much do you think you’ll ask? You’d need some quotes from roofers imo to get an idea of the repair costs etc. Before asking for reduction and being real.. it may not be worth it in the grand scheme of things.
Deleted User 298457
Deleted User 298457
To be clear this was a level 3 thorough survey, the bank have already agreed to the valuation.
I'm thinking this too tbh. It's not like we'd just pay for a roof either, we'd get the loft converted or something.
What does zoopla and other places show other properties have sold for, or is it just that one previously for 880k?
Also, I can;t tell from your post, have the bank agreed with the valuation (of 10k over) or are you having to make up that extra 10k?
Deleted User 298457
Deleted User 298457
Yeah bank have agreed no drama. The one next door sold 2 years ago, identical but renovated - 740k lol. Market is crippling.