FabSwingers.com forum: House buying

By *loppysucker OP Man
over a year ago

birmingham

Been looking for a while. Was useful to be a first time buyer that I could put a 5% deposit down but now with the rona it’s not going to happen. Plus not many offers for mortgages.

When do you think it will be good to start looking again? And when are house prices dropping I need a bargain

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By (user no longer on site)
over a year ago

Just about to put my rental place on the market - just outside Chester though. Rates are mega low for mortgages at the moment so the housing market is booming for both sellers and buyers both.

Good luck OP, the only thing less stressful is death.

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By *all me FlikWoman
over a year ago

Galaxy Far Far Away

I saw something about the government offering cheap loans of 20% to top up your 5% which gives you a much better rate on your mortgage....should be a good time to buy especially with no stamp duty to pay.

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By *loppysucker OP Man
over a year ago

birmingham

"I saw something about the government offering cheap loans of 20% to top up your 5% which gives you a much better rate on your mortgage....should be a good time to buy especially with no stamp duty to pay."

Mmm wouldn’t have To pay stamp duty anyway as a first time buyer. That top up is good but adds up to repayments down the line

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

Houses are a bit like pensions they go up and down and linger you’re in the better, just buy something as soon as you can because the cost of potentially loss of equity is less that the overall cost of delayed investing. We’re a little older that you when we bought our first, big old leaky thing with lots of land got it for a bargain on a huge 5 year car loan plus credit cards as no one would mortgage us but paid it off in full after 4 years

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By *itsAndTaffCouple
over a year ago

Grays, Essex

I would of thought now was a good time to buy, low mortgage rates, stamp duty breaks

MrsB

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By *innie The MinxWoman
over a year ago

Under the Duvet

I'd start looking now as it always takes longer than you anticipate anyways.

Get a clear idea of what you want or don't want and what's actually out there.

Don't be afraid to put in a cheeky (but realistic) offer if you do see something you like.

I think this is probably as good a time as any to be buying.

Good luck OP

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By (user no longer on site)
over a year ago

Continue looking and make notes when the house went on sale as this can guide your offer.

Look at what "experts" are saying about the area and house prices. There's a possibility of it being more a buyers market than sellers due to uncertainty over jobs (less competition for you). Also, people may need to sell cos of uncertainty.

Look beyond what you see - there's a big difference between renovating and a house that simply needs updating.

Loans are at an all time low, perhaps it's worth getting an unsecured loan to top up your 5% deposit, to get a better mortgage (do your sums).

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By *layfullsamMan
over a year ago

Solihull

There's usually a reason why something is a "bargain"

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By *ir-spunk-alotMan
over a year ago

Southern England

"Been looking for a while. Was useful to be a first time buyer that I could put a 5% deposit down but now with the rona it’s not going to happen. Plus not many offers for mortgages.

When do you think it will be good to start looking again? And when are house prices dropping I need a bargain "
the housing market will crash come april when the stamp duty comes back to full effect.

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By (user no longer on site)
over a year ago

"Continue looking and make notes when the house went on sale as this can guide your offer.

Look beyond what you see - there's a big difference between renovating and a house that simply needs updating.

Loans are at an all time low, perhaps it's worth getting an unsecured loan to top up your 5% deposit, to get a better mortgage (do your sums).

Yeh cos banks don't do affordability and check current levels of debt. Also because loan companies offer low interest on unsecured loans. Unsecured loans will add a black mark.

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By *rblue38Man
over a year ago

Maidstone

I am in the process of buying a property and they wanted 20% however found another mortgage provider that would not accept more than a 10% deposit but the broker managed to sort it as a 100% mortgage somehow so there are deals to be had out there. Bare in mind I am going for shared ownership so I do not know if that makes a difference

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By *yes146Man
over a year ago

London

Rishi says go buy houses

Banks say NO.

To buy and get a good deal, need to have more than 15% deposit.

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By *wisted999Man
over a year ago

North Bucks

Just in the process of buying another buy to let.

Have left it in the hands of my creative mortgage broker.

Sometimes pays to go independent rather than the mainstream banks.

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By *irgilMan
over a year ago

london

top tips for buying a new property? first time buyer here - looking for a one bedroom flat..

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By *loppysucker OP Man
over a year ago

birmingham

"Rishi says go buy houses

Banks say NO.

To buy and get a good deal, need to have more than 15% deposit."

I mean this is the same as Rishi says go out to eat but Boris says you’re too fat go to the gym but also stay home

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By *loppysucker OP Man
over a year ago

birmingham

Thanks for the advice everyone

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By *elshsunsWoman
over a year ago

Flintshire

"Thanks for the advice everyone

Pity you not in Liverpool I’m just selling my second house there ... all been renovated too

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By *loppysucker OP Man
over a year ago

birmingham

"Thanks for the advice everyone

Pity you not in Liverpool I’m just selling my second house there ... all been renovated too

You’re welcome to buy me one in Birmingham

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By *lan157Man
over a year ago

a village near Haywards Heath in East Sussex

With more uncertainty over employment lenders are asking for bigger deposits which will stifle some potential buyers.

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By *limmatureguyMan
over a year ago

Tonbridge

With the levels of unemployment we will be experiencing soon, I can't help thinking that house prices will be significantly lower in the medium term. Mortgage defaults and rent arrears will go through the roof. The eviction ban will mean a lot of renters will see it as a signal to stop paying the rent.

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By *sLillyMrWolfeCouple
over a year ago

near you...

"Rishi says go buy houses

Banks say NO.

To buy and get a good deal, need to have more than 15% deposit.

I mean this is the same as Rishi says go out to eat but Boris says you’re too fat go to the gym but also stay home "

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By *xccvvMan
over a year ago

Yorkshire North East

Having been in financial services for 30 years, use a broker. The broker will have access to deals not on the high street, also know lenders you may not know.

Lots of lenders do not accept a mortgage direct from the public, they will only accept mortgages from a broker, or packager, hence the public do not know what deals many lenders have

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By (user no longer on site)
over a year ago

"With the levels of unemployment we will be experiencing soon, I can't help thinking that house prices will be significantly lower in the medium term. Mortgage defaults and rent arrears will go through the roof. The eviction ban will mean a lot of renters will see it as a signal to stop paying the rent."

And they’ll have to pay back a larger sum at a later date

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By * and M lookingCouple
over a year ago

Worcester

"Been looking for a while. Was useful to be a first time buyer that I could put a 5% deposit down but now with the rona it’s not going to happen. Plus not many offers for mortgages.

When do you think it will be good to start looking again? And when are house prices dropping I need a bargain "

Like in all crisis, house prices will increase not drop and as we all know demand easily outstrips supply.

I would strike whilst the iron is hot.

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By *eah BabyCouple
over a year ago

Cheshire, Windermere ,Cumbria

Houses are selling like hot cakes by us, selling as soon as the board goes up so can’t see prices dropping yet.

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By (user no longer on site)
over a year ago

Mortgages were slightly lower in june and july. Creeping up now. House prices will drop in October when furlough ends people made redundant and lots of houses go onto market.

But they will be the bigger houses.

As the smaller/lower ones will come on market a lot due to older people dying off, especially from flu/covid.

Always pick up a bargain when an older person living alone dies and family want/need to shift house asap.

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By *opsy RogersWoman
over a year ago

London

I'm in the process of buying a house, no chain either end and it's taking way longer than average because people are scrambling to buy before stamp duty comes back. My solicitor and surveyor are snowed under, they all are.

The vast majority of houses I looked at were empty and that is very unusual.

My mantra is 'never be scared to put in a daft offer'.

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