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Buying a gaff


Egg Shen
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Usually steer clear of the more serious topic type threads but thought id see if i could get some advice or some peoples experiences with buying a house from here.

Its not something id seriously considered until the last 2 years, id lived with a previous missus but we rented in a pretty dirt cheap deal we had through her sister. After that ended i moved back into my parents to keep me ticking over.

Currently in a new steady relationship where we have a 1 year old daughter but we dont live together yet, we have a pretty comfortable set up at the moment which works for both of us but im thinking more about the future. Im taking advantage of being able to save quite a good chunk every month at the moment but the ultimate goal is to purchase a property.

Im 36 now and have enough for a deposit, im set up with a Save to Buy scheme through the bank but im trying to get more money behind me until we move ahead with it. At 36 though i feel like its better to do it sooner rather than later, so theres always a slight worry there that im wasting abit of time.

Any advice for a first time buyer? Tips? Stories? Experiences? Anything. I usually feel ok and excited about the whole thing but at other times it does feel like abit of a ominous cloud hanging over me.

Edited by Egg Shen
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It will feel like a cloud until you buy one and then the joyful feeling of owing your own home will soon wash that away. 

I have been lucky in regards to house buying, we got our first one 6 years ago; small, cheap starter home. Had a good 5 years there and then did a part exchange with a housing development company to buy a bigger one just last year. 

I would not advise a new build, they are handy as they are under warranty and you have a site manager to pester when you need anything fixed, tidyed up buy you are very much bottom of the priority list once your house is built etc.

luckily we are putting ours on the market this week as we had an offer accepted for our forever home. At the ripe old age of 30 I will hopefully be completing my last move in a few weeks, well until the wife and myself downsize toward our golden years no doubt. 

So yeah buy a house, it’s great to be on the property ladder. Tips etc would be make sure you really shop around, as a first time buyer your head can be turned easily, make a list of things you won’t compromise on (kitchen, garden, whatever your specifications are) and really make sure you are happy with what you see.

get on as many estate agent mailing lists as possible. They don’t always advertise everyhouse they have online. They will also offer to set up a meeting with their mortgage advisors, meet as many as you can to see what deals are kicking about. Push yourself early days I would say, keep as much money back as you can for a rainy day fund if possible. 

Last bit of advice/my own personal mantra. 

Buy the worst house in the best areas as opposed to the best house in the worst area. 

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I am with Joe with alot of his advise, from staying away from new builds, mostly for the shocking level of construction. 

Full survey is a must, dont get a mortgage one and assume its picked up everything, That will be strictly to show the bank its worth the money its lending and could miss some real nastys that end up costing alot to fix later. 

Also i would look at how handy you are in terms of fixing or putting things right, alot of trades are charging 150 a day down here and the cost of putting in kitchens and boilers can soon add up so factor that into anything your looking at.

Also just my personal opinion id stay away from anything really old, solid brick work old. Insulation is very expensive on those houses and with rising bills its a non starter for me. Like wise with sash window.

 

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Make a list of what your deal breakers are and what you can compromise on. It could be location, parking, a certain size of kitchen, a garden, whatever. Once you know what you can compromise on and what is set in stone (musts and would likes of you will) it becomes easier to see what your options are when you start looking around at places.

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I’m 29 and started “properly” saving the last year or so. Had a point where it hit me that, my girlfriend doesn’t have any savings, I didn’t really have any savings, and went, “Shit. I actually need to save if I want to own a house.” I’ve been living in the same rented apartment for about 8 years now and whilst it’s in a good location and I still have a good rate (it’s only gone up £25/month in that time), I don’t want to be in it and renting forever.

I’d set up a Help to Buy ISA and got a good chunk in there. I’ve also resigned my loyalty to the bank I’ve been with since school and opened several current accounts with other banks to get access to savings accounts with better rates. I’ve now got money going into my ISA and two fixed-rate savings accounts each month.

My hope is in 12-to-18 months I’ll have a good chunk of change for a deposit, get a house, and stop every member of my family who bought their first homes for low five figures going, “But a mortgage would be cheaper than what you pay a month in rent.”

Edited by Your Fight Site
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8 minutes ago, Your Fight Site said:

My hope is in 12-to-18 months I’ll have a good chunk of change for a deposit, get a house, and stop every member of my family who bought their first homes for low five figures going, “But a mortgage would be cheaper than what you pay a month in rent.”

Best answer for those pesky relatives is that you're not currently in the market for a "death pledge," that usually shuts them up.

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What are people's experiences with taking out loans for putting down deposits on a new place to rent? We've been stuck in the same house-share flat in Bermondsey now since our move to London in 2015 and it's time to up sticks and move to a bigger space which is preferably our own, but realistically we're only living off of one consistent salary while she freelances, hence the need for a potential loan to get a deposit down? 

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46 minutes ago, Fatty Facesitter said:

What are people's experiences with taking out loans for putting down deposits on a new place to rent? We've been stuck in the same house-share flat in Bermondsey now since our move to London in 2015 and it's time to up sticks and move to a bigger space which is preferably our own, but realistically we're only living off of one consistent salary while she freelances, hence the need for a potential loan to get a deposit down? 

I can't see a mortgage lender approving of that, as it only makes you a riskier prospect. Bear in mind as well that they will check your credit report before they approve any deal, they'll see the loan and will want to know what it was for. If you could get a loan off of a family member though, might be different. 

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1 hour ago, gmoney said:

I can't see a mortgage lender approving of that, as it only makes you a riskier prospect. Bear in mind as well that they will check your credit report before they approve any deal, they'll see the loan and will want to know what it was for. If you could get a loan off of a family member though, might be different. 

Thanks gmoney. It's not for a mortgage at this stage, just a small loan so I can pull together enough for a deposit for renting a new place you see. 

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31 minutes ago, Fatty Facesitter said:

Thanks gmoney. It's not for a mortgage at this stage, just a small loan so I can pull together enough for a deposit for renting a new place you see. 

Oh yes, I should really read posts properly before replying! In that case I would suggest having a look and seeing if you can get a 0% money transfer credit card rather than a loan as you will only pay an initial fee, which will be much cheaper than the interest on a loan. Its more flexible as well, but make sure you pay back the money before the 0% period finishes otherwise the interest will kick in. 

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3 hours ago, Fatty Facesitter said:

What are people's experiences with taking out loans for putting down deposits on a new place to rent? We've been stuck in the same house-share flat in Bermondsey now since our move to London in 2015 and it's time to up sticks and move to a bigger space which is preferably our own, but realistically we're only living off of one consistent salary while she freelances, hence the need for a potential loan to get a deposit down? 

I rent through Leaders and they do a No Deposit option. You pay a bit more on the rent, and obviously you don't get a deposit back at the end of it, but at any time if you have enough money for an actual deposit, you can go down that route and put in, and revert to the agreed rent.

Helped me out as I didn't have the stupidly high amount they were looking for.

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Our local credit union have set up a loan to help first time buyers get on the property ladder. You pay in a certain amount a month for 6 months to prove that you're good for the money then they lend you £10000 which you repay over 10 years.

My wife and I are currently using it to buy our first house. Found a house that we fell in love with in May, offer was accepted and we were all set to get the keys at the beginning of July. Then we got a phone call in June to say that the seller had died and we would be delayed by a few months. Sellers daughter has now got everything sorted their end but our solicitors have been absolutely shite the last few weeks in getting stuff sorted now. Been told conflicting things by different people at their firm and feel like we're getting fobbed off by them all the time. 

Hopefully getting the keys in a couple of weeks time now so can then finally start getting the house sorted.

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