House Prices #4 Property market, buying and selling

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Sols asked if we wanted to exchange and complete next Friday. Um, no. We're still waiting on some queries from our sellers, there's some repairs on their end that need to be done and we haven't started packing yet. We've asked if we can be looking at nearer the end of the month.
 
whoonearthisalice said:
No way Jelly! Is that a big % for you?

That’s crap, I’m sorry.
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It's like 15% less than we were expecting. On top of that we also heard from the mortgage broker that we can't borrow what we need, literally he's only been able to get us an extra £20k over our existing mortgage. Means with the drop in equity we're like £60k short. He suggested we sell our car and borrow the remaining money from family 🤬 We're speaking to another broker and our current lender next week but for now have cancelled the photography booking and paused the sale. We don't want to incur any further costs if it transpires we can't buy the house. This is despite us already getting an agreement in principle before we reserved. I don't understand what's changed ☹️
 
whoonearthisalice said:
Ach I’m sorry. I can imagine how disappointed you must be. Could it be worth querying the HR value?
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We have done but won't hear back until Monday. Even if we got what we were told we would for our current house, we still can't borrow the additional amount we need to be able to get the house. That is assuming the other broker and our current lender also say the same thing. Given the breakdown we'd been given to secure the house in the first place the payments we were looking at are affordable, it's just all very confusing.
 
I’m hoping to buy my first home this year after saving for a number of years. I have saved up a 10% deposit already, with moneys spare for solicitors, surveyor, furniture etc:
Although I’m been doing research into buying a home and all the added extras I’m unsure what the next step is to take after saving for a deposit. Am I best finding a mortgage advisor or applying for an agreement in principle/mortgage in principle myself online?
I’ve been doing calculations online of how much I could borrow however each bank says something different.
Any advice on the process would be appreciated thanks
 
crouchingcat said:
I’m hoping to buy my first home this year after saving for a number of years. I have saved up a 10% deposit already, with moneys spare for solicitors, surveyor, furniture etc:
Although I’m been doing research into buying a home and all the added extras I’m unsure what the next step is to take after saving for a deposit. Am I best finding a mortgage advisor or applying for an agreement in principle/mortgage in principle myself online?
I’ve been doing calculations online of how much I could borrow however each bank says something different.
Any advice on the process would be appreciated thanks
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Mortgage adviser always!! They will help you with the process.
 
crouchingcat said:
I’m hoping to buy my first home this year after saving for a number of years. I have saved up a 10% deposit already, with moneys spare for solicitors, surveyor, furniture etc:
Although I’m been doing research into buying a home and all the added extras I’m unsure what the next step is to take after saving for a deposit. Am I best finding a mortgage advisor or applying for an agreement in principle/mortgage in principle myself online?
I’ve been doing calculations online of how much I could borrow however each bank says something different.
Any advice on the process would be appreciated thanks
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mortgage broker will give you great advice and be able to look for better deals for you
 
It's been just over 5 years since we brought our 1st home and last at this rate.
Because if age maximum term was 24 years we have 19 years left.
Repayment we put down 22% deposit as had inheritance money.
We went with independent broker and so glad we did but I can't remember ever the option of 10 year fix being mentioned or offered wish we had fixed for 10 now.
We fixed at 2.44% but went even lower in 2020 when people lost their minds as coincided with break in stamp duty.

We recently refixed and once again I had no idea a. 3 year fix exists.
We looked at 2 year and 5 year fix husband wanted 2 years and I wanted 5 years as economy seems so uncertain and so is husband job as relies on non essential sales and overtime to boost wages.
I can't believe a standard variable rate with Halifax is 8.79% as husband said we just wear that rate and sit on it for few months until rates go low again.

Both times we remortgage we never paid a fee.
Stayed with Halifax as just felt easier wasent much difference in the rates when broker looked.
It as come down from 5.41% July to 5.10% Dec but still extra £250, per month but less than rent.

Annoys me the media and politicians speculative that rates will definitely come down.
Those who refixed last 12 months are stuck on higher rate for duration of fix.
I hope made right choice with 5 years.
 
I took out a five year fix last year and even if rates go down, it doesn’t bother me that much. I’d rather the peace of mind of knowing what I’ll be paying for the next five years than having to worry about the stress of a remortgage in 2025. I don’t think there will be a significant change in the next couple of years anyway
 
fireflies said:
It's been just over 5 years since we brought our 1st home and last at this rate.
Because if age maximum term was 24 years we have 19 years left.
Repayment we put down 22% deposit as had inheritance money.
We went with independent broker and so glad we did but I can't remember ever the option of 10 year fix being mentioned or offered wish we had fixed for 10 now.
We fixed at 2.44% but went even lower in 2020 when people lost their minds as coincided with break in stamp duty.

We recently refixed and once again I had no idea a. 3 year fix exists.
We looked at 2 year and 5 year fix husband wanted 2 years and I wanted 5 years as economy seems so uncertain and so is husband job as relies on non essential sales and overtime to boost wages.
I can't believe a standard variable rate with Halifax is 8.79% as husband said we just wear that rate and sit on it for few months until rates go low again.

Both times we remortgage we never paid a fee.
Stayed with Halifax as just felt easier wasent much difference in the rates when broker looked.
It as come down from 5.41% July to 5.10% Dec but still extra £250, per month but less than rent.

Annoys me the media and politicians speculative that rates will definitely come down.
Those who refixed last 12 months are stuck on higher rate for duration of fix.
I hope made right choice with 5 years.
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Most people who opt for longer fixes do so because they want the security of knowing how much they are going to pay each month. That doesn't change just because rates go down.
You chose security for what were good reasons, reasons that haven't changed just because rates are going down at the moment. 5 years is a long time and the previous 12 years of rock bottom rates was highly unusual.
 
Folkevermore said:
I took out a five year fix last year and even if rates go down, it doesn’t bother me that much. I’d rather the peace of mind of knowing what I’ll be paying for the next five years than having to worry about the stress of a remortgage in 2025. I don’t think there will be a significant change in the next couple of years anyway
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Same here.

Also, the rate for a 5 year fix was cheaper than 2 year fix, so that reflects that they think interest rates may dip over that time period. And even when there isn’t a fee when you remortgage there will be a fee built into your mortgage via the rate so it's not really cost effective for most people to remortgage every couple of years.
 
What’s everyone’s views on accepting an offer from someone on the market but not yet sold?

They’ve only put theirs on the market as they like ours, have offered over asking price, but our estate agents are highly recommending we don’t accept

We were considering accepting based on them selling in 6 weeks and if they don’t we go back on the market
 
mich81 said:
What’s everyone’s views on accepting an offer from someone on the market but not yet sold?

They’ve only put theirs on the market as they like ours, have offered over asking price, but our estate agents are highly recommending we don’t accept

We were considering accepting based on them selling in 6 weeks and if they don’t we go back on the market
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They sound committed, which is good. I think I'm with you. Is it a condition of their offer that you come off the market?
 
As we're no longer going to be able to move to the dream house, we're focusing on our fixed rate ending. We think it ends February 2025. I'm planning on returning to work from mat leave beginning Jan 25 so if I'm to provide 3 payslips, I'll only have one month at full salary, one month of nothing and one month of SMP. Does anyone know if this will impact an application for a new fixed rate?
 
How long has yours been on?

It’s an unpopular opinion but I’d accept and say it stays on Rightmove until theirs is sold - I wouldn’t allow other viewings though. Obviously if you’ve 3 buyers to choose from choose one that doesn’t still need to sell but I’ve personally had an offer accepted while not yet on the market and my house was on and sold within a week. Even if they were under offer they could lose their buyer at any point so to me it’s not the issue it is for a lot of others but I live somewhere houses could be sold 3 times over. I know some people won’t even allow viewings from someone who isn’t under offer.
 
mich81 said:
What’s everyone’s views on accepting an offer from someone on the market but not yet sold?

They’ve only put theirs on the market as they like ours, have offered over asking price, but our estate agents are highly recommending we don’t accept

We were considering accepting based on them selling in 6 weeks and if they don’t we go back on the market
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I'd listen to your agents. It is very tempting to accept this offer but it could take ages for their house to sell.
Your best market is when you first put your house up for sale. If they aren't getting any takers within 1-2 weeks of it being online, then they might be stuck for a while.
 
Upintheair83 said:
Took advice on here and lowered the price yesterday. Got a viewing tomorrow, so definitely renewed interest! Thanks peeps. Keep fingers crossed for me xxx
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Good luck! Honestly, pricing a property right has so much impact psychologically. As soon as a property goes stale, you're fighting a losing battle. This is where our agent has been excellent. He's constantly analysing the data and if he thinks the price needs to come down even after a few days, that's what he'll advise and you know what, he has the best sale times if anyone in our area by a country mile.
 
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