Just bought my first property! any advice for a first time buyer?

[Citizen420]

Well nationwide have just told me that they have approved of my mortgage and my offer has been accepted.. all I have to wait for now is the solicitor to swap money and deeds etc... I'm sooo excited, 2 bedroom flat in the centre of the city... well, it will soon be a 1 bedroom and 1 computer room soon !

For some reason putting myself on 200k debt is rather exciting!

Just wondered if any of you old, experienced guys had any worldly advice you could pass on to a budding property tycoon?

 

[matt_fsr]

Dont leave your laptop on overnight?

 

[LiE]

Prepare to be raped by the onslaught of bills.

 

[GravyMonster]

Ah, I remember the first home purchase.

It's about the time you realise the weight of the world is starting to crush your spirit.

 

[JBuk]

I'm halfway through buying a house , had the surveyor out and got a meeting today with the mortgage advisor to find the results ,so unless there's something majorly wrong it should just be a formality

the whole house needs renovated so I'm dying to get stuck in and put my own mark on the place, I've got plans to knock down and move some walls etc

 

[peter212693]

Im waiting for completion date and contract exchange on my first house I cant wait! Been a long wait tho (well it feels like it) around 8 weeks up until now

 

[ci_newman]

Im waiting for completion date and contract exchange on my first house I cant wait! Been a long wait tho (well it feels like it) around 8 weeks up until now

Just to scare you, I had a 12-week wait from the moment our offer was accepted to when we got completion That was only in a chain of three people too

 

[JBuk]

There's no chains involved in my purchase so hopefully it won't take anywhere near 8-12weeks

 

[peter212693]

Just to scare you, I had a 12-week wait from the moment our offer was accepted to when we got completion That was only in a chain of three people too

All the paperwork is done, searches, etc phoned then this morning again to chase it up and the sellers lawyers are not quite ready yet. This has felt like the longest 8 weeks of my life another 4 and I will be going crazy, im a very impatient person

 

[The Mad Rapper]

...im a very inpatient person

Get well soon?

 

[Gypo]

i purchased my house in July 2008, it took 4 weeks from offer acceptation to completion

 

[zootfloot]

I felt that this was particularly relevant....

 

[peter212693]

Get well soon?

Doh! edited

 

[BrightonBelle]

Congratulations what are your neighbours going to be like - do you know?

I am getting new ones this week... could be good or bad.

BB x

 

[triggerthat]

How much do you have to earn to get a £200,000 mortgage?

 

[Knubje]

How much do you have to earn to get a £200,000 mortgage?

General rule is it's 3 times your total salary.

However, depending on the size of his deposit (reeey) it would massively affect how much they are willing to lend him.

For example, assuming the property costs £200k, if he has £50k saved for a deposit the LTV will be 75% meaning that he only borrows £150k and if he earns 50k a year then it's do-able.

That's how I understand it anyway. I bought my house last year and it finalised in December, just before Christmas. Been living there just over 5 months and loving every bit of it.

If you don't plan ahead and budget then you are asking for trouble in terms of bills and affordability. Generally they say you don't want more than 50% of your earnings going out on mortgage payments otherwise your quality of life will get significantly reduced due to everything else being spent on bills, food, travel, etc.

Make sure you have your finances in order and the rest falls in to place. It's a great feeling and I'm sure you will love it. There is also a certain satisfaction of having the money going out every month paying off something that will be good for you in the long run (property ownership), rather than paying off some shmoles mortgage for him.

 

[pcoltrane]

the whole house needs renovated so I'm dying to get stuck in and put my own mark on the place, I've got plans to knock down and move some walls etc

Advice ... don't go knocking down walls etc unless you have plenty of money to burn or someone in the family who is a builder to do it for free
Whatever you think it will cost it's sure to cost at least 5 times that, not to mention the stress and hassle if you hit problems!

 

[JBuk]

Advice ... don't go knocking down walls etc unless you have plenty of money to burn or someone in the family who is a builder to do it for free
Whatever you think it will cost it's sure to cost at least 5 times that, not to mention the stress and hassle if you hit problems!

I will be doing most of the work myself and my mate who is a builder will help out with the work I can't do due to equipment/skill level

 

[Jez]

How much do you have to earn to get a £200,000 mortgage?

How long is a piece of string, its all about your position. As a rough guide lenders will generally limit a sole application to approximately 4x your gross, so 50k in this instance.

There are many many other factors, though. Mortgages are a very personal thing tailored to each and every applicant's affordability and circumstances.

 

[krooton]

There's no chains involved in my purchase so hopefully it won't take anywhere near 8-12weeks

There was no chain for our place, which we agreed to buy at the start of Feb, exchanged contracts mid-March, and will finally be moving into next weekend. (4 months)