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smith1976

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About smith1976

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    HPC Newbie

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    Aberdeen
  1. I know i will probably get dogs abuse for this but what the hell, I know a guy selling a 2 bed house for offers over £150,000, it was valued at £160,000, he said he would let me have it for £135,000, i could probably get him down from that, anyway i have £20,000 saved for a deposit, can you guess where this is going........... What’s stopping me setting up a deal with this guy, buying this place from him and saying i paid 160,000 for it to the bank, say i persuade him to let me have it for £130,000, the bank would lend me £120,000 at a 75% LTV which would be about £200 per month less than the interest rate for 90% LTV. More than likely i will not do this, just wandered if it would work, i guess i would need to have the extra £20,000 to pay the EA and then need to trust him enough to give me it back.
  2. I have an approved mortgage in principle agreed with my bank on a 90% LTV for a house value of £150k
  3. Yes I did, looks like most people predict a 10% to 15% reduction, I reality that’s about £100 a month difference on a mortgage for a £150k house with a 10% deposit, I am not really sure if that’s enough to make me wait.
  4. So your advise would be find a time machine and go back 4 years and buy a new one, thanks for all your help I don’t recall saying in my post that i am going to fire in with an offer of £160k, i was just looking for some advise.
  5. Yes i am a first time buyer, i work for an oil service company, although this would probably ring alarm bells in the current climate I am not in the least bit worried about my job, we have noticed a difference to our north sea work but we have so much work going on in other sectors we are still very busy, we have employed 5 new people this year and we are ahead of plan so the change of job losses are very very slim. Just not sure what to do, realistically what are the chances of a house currently valued at £160k being worth £120k in 2 years time, what would happen then to all the people who purchased in 2006, 2007 and 2008.
  6. Thanks for the info guys but not really what I am looking for, just thought it was a good price for a 2 bed flat. Here is my situation..... Currently have a deposit saved of £15k and looking for either a 2 bed nice flat in the city centre (ferryhill area) or a 2 bed house in cove, would probably prefer the 2 bed house in cove if I can get one at a good price. Just seen this one which would be ideal http://www-n.aspc.co.uk/cgi-bin/public/Liv...KNBMBNK#picture They are looking for over’s over £150k, its valued at £160k, done a bit of research and they paid £60k for it back in 2002, it’s hard to get other comparisons since its all different styles of houses on the street. The bank have offered me a mortgage rate of 5.64% fixed for 5 years at 90% LTV, basically I can afford this but don’t want to get ripped off. Here are my questions : 1) What price would you expect this to go for 2) If I wait a while do you think this will go down by a significant amount to change the cost of my mortgage (i.e. more than £100 per month) 3) DO you think if I wait I will get a better rate on the mortgage at 90% LTV (same as above a big monthly saving) I am not really in a rush to buy somewhere but don’t want to miss the boat on a property that I like.
  7. Why would you compare it to 2003 prices, are you saying these prices will return.. I just thought this was a good price for a nice 2 bed flat and even if prices do fall further I don’t see this price coming down much.
  8. Is it just me or does this look like a really good price for this flat http://www-p.aspc.co.uk/cgi-bin/public/Liv...KNBMBNK#picture
  9. Not sure never seen it for sale, just from info i got from www.nethouseprices.com
  10. I did this already, the flat was purchase by the current owner for £113,995 back in Aug 2006, and the neighbours flat was sold for £181,000 in Aug 2007 Its a flat, here is the link http://www-r.aspc.co.uk/cgi-bin/public/Liv...KNDOIIG#picture
  11. Thanks for the info The particular house in question I am looking at has been on the market since May last year, with no change in price, because of this I thought I might be able to haggle on the price as lots of things have changed since then.
  12. Probably a stupid question, but what the hell I am looking to by a 2 bed flat in Aberdeen city centre, I am a 1st time buyer and have a deposit of £12,000 saved so far My question is if say I want a flat that is currently offers over £150,000 and is valued at £150,000, and I put in an offer of £130,000, and its accepted, does this count as a 13% deposit, or does it go by what the selling price is, therefore I would need a deposit of £13,000.
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