Bought a flat!

richyfingers

richyfingers

richyfingers

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Joined
6 Feb 2006
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1,782
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Troon
Finally got myself on the property ladder after managing to save up a deposit. It’s been tough going, had to say bye bye to my beloved car and put more than half my wage away each month straight into a savings account but I’m finally there!

Flat in question is in Queens Park in Glasgow (yes where the murder was) It is actually quite a nice area, its an old tenement style flat, big high ceilings. The flat I originally wanted which was closer to the city centre and had a garage was taken off the market after my offer had been accepted so I was pretty peeved, was going to pay 95k for it. Spent some time looking around and came across the one in Queens Park, it was up for 87k fixed, brand new fitted kitchen and bathroom, double glazing etc, basically walk in condition, don’t need to do a thing to it.

I managed to knock them down to 81k so I’m pretty chuffed. Also got a decent mortgage deal through my work, 2 year fixed rate at 5.19% with a £350 arrangement fee.

Anyway a few crappy pics below, although it doesn’t really need anything done to it I’m planning on ripping the fireplace out and having my TV and audio equipment there and getting a carpet in the living room as I’m not overly keen on wooden flooring. I’ll be changing the colour scheme throughout as I think I looks a bit girly at the moment and a few trips to IKEA for some furniture and I’ll be sorted!

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richyfingers said:
I managed to knock them down to 81k so I’m pretty chuffed. Also got a decent mortgage deal through my work, 2 year fixed rate at 5.19% with a £350 arrangement fee.
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Flat looks really great, but I'm confused as to why on earth you would fix for 2years at that rate?
 
Very nice. I personally would have thought you would have got a better fixed rate than that at the moment though but I guess you've probably had it arranged for a while.
 
merlin said:
Flat looks really great, but I'm confused as to why on earth you would fix for 2years at that rate?
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Unless you have a 25% or more deposit there is not a chance in hell of getting a rate below 5%. For an 15% deposit it is a good deal, just look around and see what the current mortgage deals are like and you will see. The lenders aren’t passing the rate cuts on unless you have silly amounts of money for a deposit.

If anyone can find a better deal for an 85% mortgage let me know, I’ve been scouring all over for better and there is nothing unless I can save up another 5% or 10%.

The parking isn’t ideal, however its on a big road and further down there are some big houses with driveways so always plenty of spaces outside there. Only a 1 min walk if that so I can handle that.
 
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latercomer2 said:
Very nice. I personally would have thought you would have got a better fixed rate than that at the moment though but I guess you've probably had it arranged for a while.
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To get the best rates these days you need a huge deposit and I'd imagine as it's his first flat he is unlikely to have 40 grand in cash for a deposit.

Edit: Bah, too slow. Nice flat though :)
 
richyfingers said:
Yea 1 bedroom, would have liked to have 2 but for the price I couldnt really knock it back.
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Hmm is the housing market rising again then? Personally I don't see what the big rush to get on the property ladder is when 9/10 it's at the severe expense of your ability to live life normally (paying off huge chinks of salary for a long time). I'd rather bide my time and wait for the right one to come along, and a 2nd room would be a definite necessity I think!

However I say again: great pad, it really does look tify.
 
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