Owning your own home

@WjPrince. Surely the valuation comes before the offer? Sound like piss takers to me.

Just going to make sure I am in when the guy comes so I can get a read on who he is and what he is all about.

Their parents have put down a whopping 70% deposit on their behalf so it might just be them wanted to double check the soundness of the prospect.

We had exactly this, our mortgage provider got a valuation done that came up £40k short.We were buying at the height of the madness last year so there just weren't the comparables available to justify what houses were going for. We met in the middle, which I'm enormously grateful because it turns out we bought at the peak and things have now slowed down, the price we ended up paying was probably fair all round to be honest... but, yeah, common sense prevailed I think.

Trade the flat for their parents.

As you said, it could just be due diligence by their parents.

i wouldn't be too hasty. i'm sure it's just the parents seeking another opinion. if the kids want to pay over asking it could be that seeing as though they are the ones basically paying for it they want someone they trust to just verify this is ok. it's common practice that people put offers in with the intention of taking it off the market then doing a bit of extra 'due dilligence' and then making up their mind properly. they are paying top dollar so i would want to keep them sweet to a certain extent too.
bank of mum and dad, very nice.

70%!

You never know, they may still be paying the parents back the money (abelit at a reduced rate). I'd do the same for family if I had the spare cash (I've still got plenty of my mortgage to pay off first).

Tell them to fuck off, and put the house back on the market.

Would rep so hard if I could.

Is it just me or does this auction style house pricing piss others off too? Fuck me...

I walk into a place yesterday and before I've said my name the sale negotiator has told me it's already above asking... Lolwut??? I'm one of the first to see it... How?? Don't stress he says, there's going to be a second bid round after the innital above price offers.

I came to see the place because it was what I thought it was worth. Not fucking 15k above that!

God Damn it.

@ChainBreaker - link us up dude!

Nope...

I not gonna paint a bullseye on my back this time ;-)

3.39% for a 5 year fixed has been offered. No fees and a £210 homeowners survey.

Go or no go? Property is approx 1950's and neither I (sparks) or friends brother (general builder) can see any major structural stuff.

^^ Low sounding tactics on the last page about this valuation consultant.... let the guy come before sacking them off, at least they'll lose the fee for his consultation.

Sounds good, HSBC had a 5yr fix at 2.99 but I think it was a short lived thing to get headlines.

We are about to remortgage in june - probably going for the 5yr fix deal too so if anyone knows any good deals (either direct or via a broker) hook me up! We've a good amount of equity in the lpace now so hoping for a good deal

Typically, what are your mortgage durations (in years)?

25 is pretty standard.

I'm paying till I die.

(30 years)

First Direct have some good deals at the moment (assuming you're below 65% ltv).

Check the best market rate then work out the total 5 year cost including the fees (monthly*12*5+fee) of them. No fee + higher % tends to work in the favour of a lower mortgage amount. Paying a fee to get a better % is good for those with a higher mortgage.

Try the money saving expert graph feature. And check for things like overpayment fees if that's what you plan to do.

http://www.moneysavingexpert.com/mortgages/compare-mortgage-rates

We're on (or going to be at least) 35 years but will switch to a 25 year after our 2 years fixed rate runs out. That's the plan anyway but it totally depends on what life throws at us.
We could be cannibals by then.

Shit the bed, I got the HSBC wrong - it is 1.99% for a 5 year fixed, not 2.99