The nervous wait to exchange....

  • Thread starter Thread starter noj
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ChrisD. said:
Before my mrs and I moved in together, she managed to find a lender who would give her more money than high street banks would, but it was a crazy ERC amount and 3 or 5 years at a much higher interest rate than the high street (I think it was 3.5% when the high street was 1.5%). I'd never advocate borrowing more than you can afford but it might be something worth looking into if you are good with money. It would be a few years of pain, by that time your LTV should be good enough to get a regular rate when you come to remortgage. A mortgage advisor would be able to point you in the right direction. The particular lender here was the Swansea Building Society.
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185k is 4.5x my salary
I’ve discussed with 3 different mortgage advisors and this seems to be the maximum I can get with any of them.

(Pay £450 a month child maintenance which seems to knock down my borrowing power)
 
I do t believe it's all builders
joelk2 said:
No I haven’t , I’ve not heard of that if I’m being honest. Will have a google and see what comes up, by all means if you have any links to any info that would be appreciated.
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I'd not come across it before mate, we were looking at newbuilds at Ponteland from cussins.
I believe it's linked to how many affordable homes they have to provide to be able to purchase the land initially
 
~Divine~Wind~ said:
I do t believe it's all builders

I'd not come across it before mate, we were looking at newbuilds at Ponteland from cussins.
I believe it's linked to how many affordable homes they have to provide to be able to purchase the land initially
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Couldn’t find anything in my local area in regards to it, looks like the part but part rent is the only schemes they do around here.

No 2 beds are available for a year or so anyways so will just keep saving and see what’s happening next year.

I hate renting especially when I can buy this place and pay less a month but I really don’t want a flat anymore. No garden is a killer especially with kids.
 
Such schemes vary by council and development I think. They're an option for getting your foot on the property ladder as a first time buyer.

My previous home was a dmv. I owned the house outright but could only sell it for the same % of its current market value I purchased it at, which in my case was 65%. There were stipulations as to me needing to be a first time buyer and to have worked/lived in area for X number of years and have a salary below a certain amount. Same stipulations came when selling so it was a limited market but house sold within a few days of been on market so they are still an attractive option for some. I still made a profit when selling as house had gone up in value since I first bought it.
 
Welp, that's 4-months and a couple of grand lost.

We put our home up for sell back in Feb whilst the market was fairly stable and found a buyer relatively quickly, however we struggled over the months to find a home that was worth the cost to move.

We then found a nice 1920's Victorian home and we both had the 'feeling' when we looked around and placed an offer that was accepeted.

However, when we walked around the local area, visited the nearby nursery/schools, we found that actually, we didn't really like the area and realised how lucky we are in the village that we live.

Then the survey came back and it was in relatively good condition, however the porch windows & doors had all blown, the loft had 0 insulation, and with us having to pay for new carpets/flooring throughtout and fully decorate, we felt that we'd be putting ourselves into quite a bit of debt to get it into a place where we'd be happy, but we'd still be in an area we knew we didn't want to be.

We were also maxxing out our borrowing and with how things are going at the moment, we didn't really want to be in that position.

So, we've decided to just leave it for now and take out some equity and do up our existing property.
 
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adamau5 said:
it seems to be happening... big change... from a modernish converted barn single storey, to a big georgian property - change in lifestyle will be significant
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My first house..
Went from renting a 1 bed flat (2 people), with old electric heaters, an old green toilet a kitchen about 2m *2m with one of those old style solid hob electric ovens.

To a 3 bed detached with a garden, small drive and garage!


Your new house sounds nice!
 
413x said:
My first house..
Went from renting a 1 bed flat (2 people), with old electric heaters, an old green toilet a kitchen about 2m *2m with one of those old style solid hob electric ovens.

To a 3 bed detached with a garden, small drive and garage!


Your new house sounds nice!
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Its stunning to be honest. Its about 5000 sq foot, lovely mature grounds. I feel incredibly lucky to be in a position to buy it.
 
Just waiting on a letter for the seller to have authorisation for their help to buy loan, which in theory shouldn’t take more than 5 days, but the company sound pretty useless. Hopefully we then exchange and complete early august. One can hope. I’d really like a few weeks in august to setup as much as possible, at the very least to get a bed in there before work goes crazy in September.
 
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