New flat!

RoyMi6

RoyMi6

RoyMi6

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Joined
9 Mar 2010
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2,893
Woot!

I posted here only a fortnight ago asking about mortgages etc and I've gone from knowing nothing to making a successful bid on a top floor apartment!

The guy that owned it previously wasn't staying in it and had it fully kitted out show home style. It's all props, in the pictures below, that will be going. It has new carpets, wood floorings, kitchen and freshly painted walls. It's my first buy and I freakin' love it! :D

Everyone I talked to about buying a place said you'd know it when you saw it and it's soooooo true.

Anyway, pics. These are from the schedule. Move in date is set for end of Feb so will no doubt have work in progress pictures of the conversion of the 3rd bedroom to a dedicated cinema / games room / music studio :)

Vital Stats: 2 floors, 3 bedroom, on suite, family bathroom, open plan kitchen / livingroom, utility cupboard for washing machine, dryer and freezer.

Outside view of the building:
http://filedump.whitesummitmedia.com/flat/outside.jpg

Floor plan. It's the upstairs bedroom that's going to be the games room:
http://filedump.whitesummitmedia.com/flat/floor-plan.jpg

View as you come in the door and turn to your left into the master bedroom:
http://filedump.whitesummitmedia.com/flat/bottom-of-stairs.jpg

Stepping inside the master bedroom:
http://filedump.whitesummitmedia.com/flat/master-bedroom-2.jpg

Master bedroom again, showing the on suite:
http://filedump.whitesummitmedia.com/flat/master-bedroom.jpg

2nd downstairs bedroom that will be the guest bedroom:
http://filedump.whitesummitmedia.com/flat/downstairs-bedroom.jpg

Family bathroom next to the downstrairs bedroom:
http://filedump.whitesummitmedia.com/flat/family-bathroom.jpg

Top of the spiral stairs showing upstairs bedroom / soon to be games room:
http://filedump.whitesummitmedia.com/flat/top-of-stairs.jpg

Upstairs bedroom again:
http://filedump.whitesummitmedia.com/flat/upstairs-bedroom.jpg

Livingroom and kitchen:
http://filedump.whitesummitmedia.com/flat/livingroom-and-kitchen.jpg

Kitchen:
http://filedump.whitesummitmedia.com/flat/kitchen.jpg

Livingroom:
http://filedump.whitesummitmedia.com/flat/livingroom.jpg

View out the velux windows in livingroom:
http://filedump.whitesummitmedia.com/flat/view.jpg

It's not obvious in the pictures but from the "Livingroom and kitchen" and picture image you can just see the wall above the stairs that has a hatch to access the attic. The attic space above the upstairs bedroom is about 12 foot long by 10 foot wide. It's almost as big as the livingroom itself! I'm hoping to turn this into a mini gym for my martial arts one I get the survey carried out to judge the amount of load the floor can take.

Anyway, this is my flat, I love it and can't wait to move in! *Super Duper Excited Smiley*
 
That looks ace. Kitchen's a bit small for my liking, as I like lots of workspace, but apart from that, looks lovely, congratulations :)
 
Cheers guys!

It was offers over 145 and I got it for 148. It was valued at 145 but if you consider how good the location is for me (20 minute walk to work, 5 minute walk to the shops, 5 minute walk to my sisters and some of my mates live in the same block :D) then 148 was right on the money for me.

Don't plan on it being a quick sell either. As you can see there's obviously not a lot to do up, so couldn't make any money quickly.

Also yeah, I love how it's setup. The guy actually has a price list for all the props that I should be getting today. I'm of half a mind to buy it all :D

Saying that I've got all my furniture from my previous unfurnished flat to move in, so can save some dosh. Being almost 150K in debt makes me feel weird... :)

EDIT:: Oh, and it's Dundee in Scotland.
 
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That looks fantastic, money definitely goes a lot further up there. Would love something like that as my first property.
 
Awesome! (apart from the small kitchen and tiny fridge.)

£3k cheaper than our 1-bed new build, LOLondon!
 
Cheers again guys!

To be honest I never saw myself living in a flat until I stayed in one in Edinburgh. Always thought I'd have to get a house!

No probs at all iDroid84. From telling you the £148K purchase price this is all information you could find out yourself if I told you I planned on a 25% down payment so am willing to share :)

I'm just away to discuss the exact mortgage I'm going to go with today. But the plan is:

25% over 25 years.

So there's a couple of things I needed to take into consideration. To start with a mortgage provider with only loan against the evaluation of the property or the price you paid - whichever is lowest.

So for most, in this market, if you are buying a 200K house but buy it for 150K then the bank will do all their calculations against the 150K. So for this example to get 25% down payment would mean you'd have to pay £37500 up front. Nice and easy.

In my case however because I paid MORE than the evaluation I need to pay the difference between it and what I paid before the bank start counting this as a down payment.

So for me it was valued at £145000 and I bought at £148000.

The evaluation is lowest so the bank do all their calculations against that. So 25% of £145000 is £36250. However, this means the seller would only get 145K in his hand, so I need to find the additional £3000 to make up the difference meaning the total I'm paying today will be £39250.

Now times change and in the past banks has give out 110% mortgages etc but that's how things went pair shaped :)

With regards to exact payments a month, when calculating what I could afford the first thing I did was go to my own bank and get a mortgage promise from them. This allowed me to have something in my hand that guaranteed me the money and a fixed rate for 2 years.

In turn it allowed me to go to a mortgage calculator and work out how my payments would look.

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

If you go here and put in some values against your rate that the bank gave you you will be able to see what you can actually afford. My bank would give me 3.49%. So I put that in to the "annual interest rate" and increase the "Current mortgage debt" until it gave me a value I was willing to pay per month/

I was willing to pay about £550 a month so this means I could take out a loan of around £110000 over 25 years at 3.49%.

So, for this flat I paid £148K, it was valued at £145K, I pay 25% of £145K (£36250) up front then I pay the additional £3K.

£145K take away the £36250 means I have a loan amount of £108750 - under my £110000 limit!. Put that in the mortgage calculator against the 3.49% and I get £544 a month.

Now I'm looking for something better than 3.49% but because I've got a promise from the bank for that rate (good for 3 months) then that's the worst I can have.

Hope that helps.

Sorry that's so long winded! :D
 
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It all looks very nice, well done :)

I hope to find a lovely place one day too..for now though its renting =/
 
I really love the flat but the Kitchen is a bit of a downer, that really is tiny for a 3 bedroom flat.

Congrats though. Which part of the UK is this?
 
Wow that looks amazing, im Living with parents atm but my mission this year is rent/save a fortune and try to get a flat myself, dont know if ill be able to do that in woking tbh :/
 
Awesome pad, love modern apartments in old buldings.

Really confuses people as well, no-one can ever find our place as it just doesn't look like flats. :D
 
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