The nervous wait to exchange....

Caporegime
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13 Jan 2010
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Llaneirwg
Can you believe house prices are still rising?

They are relaxing affordability constraints (not sure of the details)

And we have an incoming recession.

Madness. Absolute madness



Any of you guys who are FTBs with small deposits... Are you taking out long fixes?
 
Soldato
Joined
12 Mar 2008
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West sussex
Can you believe house prices are still rising?

They are relaxing affordability constraints (not sure of the details)

And we have an incoming recession.

Madness. Absolute madness



Any of you guys who are FTBs with small deposits... Are you taking out long fixes?
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.
 
Caporegime
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Llaneirwg
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.

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
 
Soldato
Joined
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West sussex
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!
 
Caporegime
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Llaneirwg
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
 
Soldato
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West sussex
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.
 
Soldato
Joined
7 Apr 2008
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20,457
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Lorville - Hurston
Can you believe house prices are still rising?

They are relaxing affordability constraints (not sure of the details)

And we have an incoming recession.

Madness. Absolute madness



Any of you guys who are FTBs with small deposits... Are you taking out long fixes?
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
 
Caporegime
Joined
13 Jan 2010
Posts
26,214
Location
Llaneirwg
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
 
Soldato
Joined
13 Apr 2009
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5,251
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UK
We managed to get a 5 year fix @ 2% in March... still waiting for the house though :D 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.
 
Soldato
Joined
14 Oct 2009
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9,441
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UK
The unofficial survey is complete and given the green light!

Only cost me a nice bottle of red wine :D

We have now proposed a exchange and completion date to the solicitors so fingers crossed!
Provisional completion and exchange date discussed further...Looking at second week of July. Perhaps this finally will be the one!
 
Associate
Joined
25 Jun 2005
Posts
1,087
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!
 
Man of Honour
Joined
21 Nov 2004
Posts
41,994
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.
 
Soldato
Joined
7 Apr 2008
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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
 
Soldato
Joined
21 Jan 2010
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12,658
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?).
 
Soldato
Joined
14 Oct 2009
Posts
9,441
Location
UK
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?).
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.
 

fez

fez

Soldato
Joined
22 Aug 2008
Posts
20,116
Location
Tunbridge Wells
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?).

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.
 
Soldato
Joined
12 Mar 2008
Posts
22,157
Location
West sussex
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?).
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.
 
Soldato
Joined
21 Jan 2010
Posts
12,658
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.
To be clear this was a level 3 thorough survey, the bank have already agreed to the valuation.

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.
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.
 
Soldato
Joined
4 Nov 2004
Posts
13,992
Location
Not Aberdeen
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?).
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?
 
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