The nervous wait to exchange....
- Thread starter noj
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You can request a redemption figure from your current provider, which will list all the associated costs / balances.
Deleted User 298457
Deleted User 298457
Yeah I have that - 11k. What I don't have is the combination cost of porting + new borrowing across the two rates for comparison.
Most mortgage calcs just let you put one rate in?
For all intents and purposes the additional borrowing is a second mortgage. Just use the mortgage calc tools twice and record their figures in a spreadsheet
You'd be paying more than that for a 2 bed box house where I am, but different areas have different prices, so that's not really a useful statement!
If you're hitting your budget, then yeah, it needs to be right for you, but as we found, you may need to simply be more flexible at the moment, because the market is insane.
Deleted User 298457
Deleted User 298457
Just had mine valued at +£100k from what I paid 2 years ago. Market is UTTERLY bonkers.
Associate
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Just heard from our landlord as we enquired about buying and he’s looking about £100k higher than we expected…..and £75k more than the offer we just put in on a better house in the same area. But that was the price his evaluation came back with.
Maybe I shouldn’t have put in the offer under the asking price after all!
Maybe I shouldn’t have put in the offer under the asking price after all!
I can’t imagine houses are going under asking in many decent areas at the minute the market is on fire and prices are still rocketing!
Soldato
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Yes, we put our first ever offer in recently and I had to be told "you just offer the asking price as the first step". It didn't occur to me not to offer over, because it didn't occur to me anyone might offer below TBH!
Associate
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Yeah probably. I just factored in it was at our max budget and needed a new boiler and some exterior work soon. We’ll see, they want a quick sale and it’s use vs 2 others.
Good luck, I hope you get it buying houses is crazy.
we get our keys on Tuesday assuming no last minute disasters (we have exchanged so unlikely) and I did some man maths and basically we could no longer afford the house given the rise in prices since we had our offer accepted and could pretty much sell on Wednesday and take a profit even after our second home stamp duty!
Associate
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Nah someone offered over asking price so no go.
It look like places are starting to get added again so shall see and hope they don’t keep pushing up too much more or we’ll be priced out of the area completely.
It look like places are starting to get added again so shall see and hope they don’t keep pushing up too much more or we’ll be priced out of the area completely.
Soldato
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Only bought ours 18 months ago and has gone up from 320k to 360k. It's insane, surely can't be sustained. They will surely drop soon.
Soldato
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I honestly don't think they'll ever drop. Too much demand, too much competition at lower price points from people who'd like to go slightly higher.
Hopefully if there is a lot more availability it will make it easier to find a place without a fight, but I don't expect prices to drop TBH.
Yep, I'm thinking the growth rate may slow and more people selling up makes more availability, but don't see the prices dropping in some kind of burst. We've just started proceedings on our third attempt of buying a house, after two falling through at the finish line last year. The house we offered on came up at £10k over the house we missed last year - which is exactly the same house type on the same estate, but is a touch older and closer to the main road.
Its a crazy time. Makes buying a new build instead of competing against other people a more attractive proposition even taking into account the issues with new builds.Yep, I'm thinking the growth rate may slow and more people selling up makes more availability, but don't see the prices dropping in some kind of burst. We've just started proceedings on our third attempt of buying a house, after two falling through at the finish line last year. The house we offered on came up at £10k over the house we missed last year - which is exactly the same house type on the same estate, but is a touch older and closer to the main road.
What do you define as issues with new builds? Don't write new-builds off with researching them first
No where near enough stock for it to happen. Very few properties coming on the market at the moment.
I'm actually in the process of buying a new build (not started building yet just in the early phase, yet to have my first meeting with them about options etc)
Issues that I am referring too are including but not limited to
- New houses are generally overpriced for what they are
- Cheap materials and low standards compared to older houses (this depends on the company/development but you get the idea they are all as bad as each other). The developer I am going with has a horrible reputation, but so do the rest of the "budget" ones.
- Options/Finishing touches are EXPENSIVE, the house I'm trying for only comes with cooker, extractor fan and gas hob as standard, you are buying a skeleton. Everything else including the back garden grass, flooring inside etc is extra, it can add up quickly (I would be getting my own company doing the flooring for half the cost). Something as simple as having a tiled bathroom isn't standard and has to be paid for. I have the options brochure and my god its frightening how much they can charge for a simple integrated fridge and something as simple as putting downlights in/extra sockets. I'm expecting a big shock when I have my options meeting along with trying my best to get stuff thrown in for free.
- Estate management fees (clean up, maintenance etc) that they often hide away from people (depending on the development)
- Shrinkage and cracks with the house settling along with other snags you need to be on the look out for during the process and after
Its just a stressful time!
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