Buying a house.....

So excited, we are going for a viewing of a house on tuesday, 3bed semi, 2 reception rooms & a kitchen. lol. We're in private rent at the mo. it is a largish semi, 2up 2down really nice but with the housing market at the min we can get a mortgage for less than what we pay now. it just seems right to be spending the money on our own house rather than rent and not have anything at the end of it. Im excited but right nervous at the same time, its such a big thing to me. 🤔 🤔

I hope it works out for you guys..... seems like everything is just falling right into place to prepare you guys for a bigger family 😀

Keep us updated on all the excitement!!

Have you had a mortgage agreed? I was chatting to an old colleague from the Halifax and they now need a 10% deposit - when I was selling mortgages they were desperate and only required 3% (could this be why they're in so much trouble now?? lol
Good Luck with it all

congrats and hope everything goes well

Hope it all goes well hun 😀

My friends have just got a mortgage and needed to put down a staggering 25% to get any sort of deal at all. I hope you manage to find a good offer out there 😘

Well done,hope it all comes together.

Good luck hun, i really hope it all works out for you! Xx

Good luck hun i hope everything falls into place for you!

I thought the mortgage market was still up in the air and rather cold - but here's hoping you get what you want! 😀

We recently bought a second hand home, we had to have a 25% deposit even though we have never had negative credit and I earn alot, its a crazy down payment if you ask me, but it means our mortgage is only for ten years.

Hope it all goes well hun 😀

Our first mortgage was over 97% 😲 We bought just before the boom really started so made a heck of a profit on our first so we only needed a 70 odd% on this one. Houses do seem to be getting more affordable for first time buyers again.

buying a house?! Sounds exciting! Hope everything works out 😀

Elementary said:
Have you had a mortgage agreed? I was chatting to an old colleague from the Halifax and they now need a 10% deposit - when I was selling mortgages they were desperate and only required 3% (could this be why they're in so much trouble now?? lol
Good Luck with it all

yeah we have had one agreed but at 95%. They're not likely to change their minds are they?? 😕

MummyB said:

Elementary said:
Have you had a mortgage agreed? I was chatting to an old colleague from the Halifax and they now need a 10% deposit - when I was selling mortgages they were desperate and only required 3% (could this be why they're in so much trouble now?? lol
Good Luck with it all

yeah we have had one agreed but at 95%. They're not likely to change their minds are they?? :?

Mortgage promises always used to be valid for 30 days - I'd ring and check just to put your mind at ease

Most mortgage offers will be valid for a certain period which should be on the offer itself. The last one I received was for 3 months. Banks are requiring higher deposits at present as much as 25% because they are worried about people slipping into negative equity.

and just because they have agreed, they will still need to run credit checks etc.

I have a morgage in principle from the bank but before they agree to give me the money they have to run credit checks.

Good luck

That's right - they're normally valid for 3 months - I've been out of the business for 5 years - normally an Agreement in Principle will have performed credit checks, but they won't have applied for any references etc, and there will be not rate secured either (unless you've paid an arrangement fee) not sure of your timescales here! - so if the lender are only providing rates with a larger deposit then you may be on standard variable or will not be able to have a mortgage at all - sorry if this is bad news - I'd ring and check with your broker

Ok, we have been approved a mortgage only last week, we've had credit checks done and it is a 95% mortgage at 5 year fixed rate.

i hope it goes well for you hun.

im personally not going to look at buying for another year or 2 as the market is still dropping at the moment and in a year or 2 then the prices should have stabilised and then you dont risk in losing money on your house and going into negative equity (it happened to a friend of my parents back in the 90s when the economy last dropped) she brought a house before it had dropped and when it come to sell she made a significant loss on the property