Owning your own home

Fuck me, try being a first time buyer with a 5% deposit. I'm just happy I'm getting less than a 5% rate.

Fucking ouch!
We bought a probate property at auction 4 years ago at a good price so we've now got quite a bit of equity in it which makes life much easier.
However I think we might have been around 4% for the first two years until we switched

We'd been looking at HSBC, who said yes, but not for enough.

Nationwide's fixed look good to me though, 2.19% for that 5 year fix, which is only .2% above what our current Bank of England base rate tracker is now, so we've an agreement in principle with them, and are off for the appointment next week. Fingers crossed!

I assume that a variable tracker tracks their own standard rate, rather than the Bank of England base rate?

Yeah, I hope to over pay (touch wood) in the fixed period after the initial spending frenzy dies down and then set the IFA loose again.

@PQR
How difficult was it to buy a property at auction? How did you get a mortgage for it? Would you recommend?

It was very easy - ideally you want everything agreen in principal before you get there and need at least a 10% deposit - the mortgage was via an IFA. The only nervous part was when the mortgage provider sent out the valuer, if they didn't agree I could potentially lose the deposit!

It was very straight forward, very quick and there is no messing about with gazumping, chains etc and so if you see a place you like, are the highest bidder on the day, 28 working days later you can be a home owner.

Make sure you watch planty of homes under the hammer and check out the different firms.

It was the first and only place I've bought at auction but would do again

So with an auction, you only really stick down the deposit? I always wondered how that worked (not enough to google it, clearly). It was confusing me as I always thought with am auction, you win the lot, you are obliged to buy it but then how does that work with a mortgage etc.

@ Steve_com, you need to make sure you are in a position to complete exchange within 28 days. Once the hammer drops you are legally responsible for the property so @PQR is right, you need to pay your 10% deposit (minimum) before you leave and have proof of buildings insurance as you are now the responsible for the demise. You would defo need an AIP aswell I would think.

I've got a 4.25% 5 Year Fixed term with Natwest based on a 10%. Seems all the good deals are on max 65% LTV or below.

You have to put down 10% deposit at the end of the auction and are contractually obliged to pay the remaining 90% within 28 days. If you can't complete for any reason (if your lender refuses to lend for example) you lose the deposit.

Yup, just a 10% deposit but sometimes in the small print you can be liable for the sellers fees especially if they are Councils. You leave a cheque/bankers draft with the auction house and then have to have completed in the 28 working days so you want to make sure everything from a financial perspective is in place. I was lucky as knew the IFA and the solicitor so was chasing them who in turn would chase the mortgage company or do the searches.

The properties have open days before hand, you could do a survey but I hold them in fairly low opinion and are only any use in negotiating prices with vendors etc

I imagine that would raise the stress levels quite a bit

This time last year I viewed 5 auction properties. I would have bought 4 of them in a heartbeat (1 of 4, not all 4!) but the stress of trying to get a mortgage as a self employed ftb was enough to scare me out of the idea. If you have the money available then it seems like a much more efficient way of buying and it cuts out all of the ea/solicitor bullshit that most of this thread bitches about.

Yep, just been on to the phone with the solicitors. Seems one hand isn't talking to the other and the new purchase has put me back into their new business department. I had to be asked to be transferred back and forth to get them to talk to each other.

We went to an auction to try to buy the house next door. Did all the work, had everything in place. Got very excited as the auction progressed.

Our lot came up and we planned to play it cool - let the early bidders play their cards first. Then it went up and up and within a few seconds had gone shooting past our limit and carried on to finish about +50% above the list price (we could go to about +20%).

Went home never even having made a bid.

/csb

You need to check on your local authority website under "permitted development". You're usually allowed 15m2 building no more than 2.5m high if within 2m of boundary. Also depends on plot size and how much is already built on, I.e. the front forecourt of your street makes this viable as counts in the total plot.

PD rights were also extended by the government last year, you can now get much more than 15sqm, depending on your site. I'm pretty sure you can also build up to 3m along a boundary line, 2.5m would only suit houses designed for Derby fans.

Three story building?

Ace.

3 story building? 3 meters? How short are you? @Ramsaye

It's a long running gag @cliveo started in the footy thread. It even got aired on BBC Radio Derby.

Surely everyone reads the footy thread so knows all the little in jokes.

I think its safe to assume that those who claim not to know actually do and are pretending to be culturally ignorant in a snobby attempt to elevate themselves above others.

And they are all plastic whoppers.

I think its safe to assume that those who claim not to know actually do and are pretending to be culturally ignorant in a snobby attempt to elevate themselves above others.

Marcom?

I could only dream.

Owning your own home thread is the new footy thread.

how middle class