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1st house


Dmitch

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Hey guys me and the misses are looking into getting our 1st house (Mortgaged) and i was wondering if any one here could give us some advise. Have a 10-15% deposit saved up and this is likely to be closer to 20 by the time we move out!

 

I am totally clueless about what to do and any advice or help would be really helpful!

 

Cheers in advance!

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all financial consultants offer you the same mortgage deals so go with the one who even looks like they give a s***, and be prepared to be amazed by how dumb and uninterested a lot of estate agents are. it will depress you when you contemplate one of those being in any way responsible for you shifting your place when you sell.

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Hey guys me and the misses are looking into getting our 1st house (Mortgaged) and i was wondering if any one here could give us some advise. Have a 10-15% deposit saved up and this is likely to be closer to 20 by the time we move out!

 

I am totally clueless about what to do and any advice or help would be really helpful!

 

Cheers in advance!

 

Go look at some houses, find one you like, buy it.

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I'd speak to your bank about what they can offer you mortgage wise, and then maybe 1 or 2 more

Then i'd speak to an IFA who can shop around for you and should be able to find you a better deal, if not go with your bank

I could give you the number of a good IFA, but i think there are a couple on here anyway

 

Then find a dead nice place to live

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Make sure that when you do find a house you like, comission a Gas Safe registered plumber and an NICEIC registered electrician to take a look around it and produce a report. Will cost you up front, but if they find any nastys lurking anywhere, you can haggle a load off the asking price. We didn't do that and got caught out.

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Be prepared to compromise - it won;t be the last place you but so look on it as a stepping stone, not the ultimate target.

 

 

And don't ask Murph.

 

If you do see it as a stepping stone, try to give yourself the opportunity to add value before you move on, refurbish, extend. Its not easy but well worth keeping an eye out for potential to improve a property.

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Don't buy, prices are set to fall, expectations are things may start to improve next autumn, I'd put it off for a year unless you can get a REAL bargain..

 

and f*ck off the lot of yous....

 

Great time to buy imo. A lot less competition for houses and it's a buyers market. When prices start to rise again there'll be alot more competition and you might have to compromise on the house you buy.

 

Say you buy a house for £249,999 and prices drop 3% in 12 months, before rising again the house is then valued at £242,499 at it's lowest point. so you'velost out on a theoretical £7,500. however you would probably have paid over £12,000 in rent over the same period so in fact you would have been better of buying the house for slightly more money now and saving on rent payments. I realise these are all hypotheticals and no-one knows for sure what prices are going to do, but my personal opinion (not professional advice) is that if you spot a house now that you like and can afford, you should negotiate hard and buy it.

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Great time to buy imo. A lot less competition for houses and it's a buyers market. When prices start to rise again there'll be alot more competition and you might have to compromise on the house you buy.

 

Say you buy a house for £249,999 and prices drop 3% in 12 months, before rising again the house is then valued at £242,499 at it's lowest point. so you'velost out on a theoretical £7,500. however you would probably have paid over £12,000 in rent over the same period so in fact you would have been better of buying the house for slightly more money now and saving on rent payments. I realise these are all hypotheticals and no-one knows for sure what prices are going to do, but my personal opinion (not professional advice) is that if you spot a house now that you like and can afford, you should negotiate hard and buy it.

 

 

You've not factored in 12 mortgage payments and they're 'not' hypothetical..

 

Crack on.

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Don't buy, prices are set to fall, expectations are things may start to improve next autumn, I'd put it off for a year unless you can get a REAL bargain..

 

and f*ck off the lot of yous....

 

What does "prices" mean ? That is too generic. All depends on where he's buying, each area has it's own macro-economics and price stability (or instability).

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I'm not sure I follow if he buys now those mortgage payments come off the end of the mortgage he'd be paying if he bought 12 months down the line

 

 

In the early years the bulk of the mortgage payment is interest, very little comes off of the capital.

 

What does "prices" mean ? That is too generic. All depends on where he's buying, each area has it's own macro-economics and price stability (or instability).

 

 

This is true. However 'prices' are expected to drop, by how much will vary but regardless, it's a fair bet (in my opinion and that of people far knore knowlegable than me) the market will be better for buyers come the autumn, at which point things are expected to start improving as the shock of tax hikes and cuts settles down. It's also possible things could deteriorate further, I just wouldn't do it just yet that's all, the market has been totally f*cked since the summer, as bad as I've seen it in 20 years.

Edited by Murphman
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  • 1 month later...

Cheers guys am looking at the Bristol/South Gloucestershire area as the other halfs got herself her dream job and im getting settled. Want to start off at around £150,000 or less if possible for a 2-3 bed house as a nice starter home!

 

Am currently looking around mortgages and found a few placed willing to lend up to 170K whith a 10% Deposit have about 12 at the moment!

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