stcolin

Just about to start: 500p/m inc rate, fully furnished, new build 2 bed apartment, en-suite, balcony, 812sq/ft Dunmurry

Hi all, Things have really moved on now. We applied for a 2 bed flat, and our references all went through okay. Since that, another flat has come up, same money, fully furnished new build, in a location we prefer over the first flat. We're going to view it tonight, with the hope that we like the decor. If we do, we want to take that. We aren't under any obligation to take the first apartment? We haven't signed anything or recieved a lease to look at yet. We'd like to know where we stand with this. Thanks Colin

Hi all, Thanks for the replies so far. We have been visit several properties over the last few days and we have now picked a place and are just filling out our application forms. The property is a new build, ground floor 2 bed apartment. Really nice, very spacious etc etc. A few things though: Fitted kitchen is missing some appliances - Is this usually the case with new builds? The are two large cracks the length of the wall on two walls - we will be wanting this rectified before moving in? The shower head is fixed on the wall, but is about 4ft 5" from the base of the bath - no way suitable to stand upright underneath it. Could we get this sorted too? I know we will be asking the EA/LL, but i'd like to know if these sorts of things can be sorted. Thanks Colin

Thanks subby. Most terms on the likes of propertynews/propertypal are quoting 6/12 month. In terms of letting fees, what are the average costs? We know to expect a deposit and one months rent in advance. Thanks Colin

Hi all, Well after everything we recently went through, we are now going to be renting. Have picked a few places now, all we need to do is go and view them, and hopefully we'll move in soon to one of them. Still anxious about a 12 month contract. We don't want to be in a place for 12 months then get the boot after that. Especially if we like the place. Maybe someone here can put me at ease.... Cheers Colin

Yes, that house is off Finaghy Road South.

Care to elaborate?

BB, I DID read your post, thanks.

What are you suggesting Well, nobody is CERTAIN that house prices will continue to fall. In order to make renting value, it needs to be equal to or less, than what a property will drop in the next 12 months. So, I either risk renting, or risk a mortgage.

What can I say other than living at home with my parents and speding everything I had rather than saving it. Lesson learnt now I'd say, and I'm ready to commit to a mortgage.

Hi Bergy, We have also gone through all of the living costs, and it pretty much left us with around £250 a month to do as we please. Tight yes, but do-able. We just need to be sure of it all first. Colin

I'll assume you bought it as an investment? I'll also assume it needs a lot of work?

Thanks doccyboy. I'm not hiding the fact that I got into a fair bit of debt, £18k to be precise (a car, a loan, and 1 credit card) whilst living at home with my parents. Debt consolidation is a crude way to get round it I know, but It's what makes things work that counts, right? The loan halfs my monthly outgoing, though I pay if off over a further two years than I was.

How does it limit losses for the bank when they are lending at 95% LTV? Surely that is a higher risk if the borrower defaults?

Hi all, Just thought I'd lay down the figures for you all to spit your tea out over.... Combined income (monthly) : £1850 Consolidated loan : £406 - this leaves us with no other monthly HP agreements or CC's We need £900 free after paying the mortgage (as laid out by Ulsterbank), so, doing the maths means we can afford a mortgage of around £550 a month. By running the true mortgage cost calculator on thisismoney.co.uk we should be able to fund the £120k we would essentially borrow from UB after the developer pays the 5% deposit. Does this not look affordable to you? Yes, we have thoroughly gone through all the monthly expenses, insurances, rates, food, electricity etc etc Colin

Thanks subby. Seems like LL's are to be watched then? Is it wrong that I want to rent a new build?

Hi all, Following on from my good deal thread, renting my become the reality here. The one main gripe I have with rentings is that it may never feel like home. We know we can furnish, but how far can we go. I have a few questions, I hope you can help me answer them. 1) The term. Most ads seem to state 6/12 month minimum, even 6 months max. Say we move in and really like the place, can we extend the rental term, and for how long can we usually do this? Ever 12 months say? 2) Furnishing. I'll assume most owners wont allow us to fit the like of shelves etc were we would essentially temper with the building? 3) The cost. I know most quote including local rates. But the cost itself, does it get reviewed every 12 months, and with the current interest rate forecast, how likey is a large jump in monthly cost? Thanks Colin

Thanks again everyone for contributing to this thread, some very interesting reading indeed. Hopefully my partner and I will know where we stand at the end of this week as to whether we will be mortgaging or renting. I'm not confident the banks will lend us, so I've been looking at rentals more. Colin

Based on?

Thanks BelfastVI. We have now ruled out a one bedroom apartment, so solely looking at a 2 bedroom. Going to view the Redwoods apartment on Saturday morning. We have been put off the current apartment for sale at Woodbrook because it's right beside a retail unit which we don't want. The actual interest being offered is 4.5% and we were told that this due to fall again this week so could benefit us more. We viewed a nice 2 bedroom apartment last night on for £550, one year old build, was a nice place. So, as I said, renting can still be an option.

Quite condescending. You always look down on people with mortgages? I came here to see if I was looking at a good deal.

Overpaid bankers? Those are the people being paid at the end of the day, in most cases, through an agent are they not?

Thanks for sharing fella, appreciate it. I get the points that this site makes, I really do, and we will weigh up both options seriously. On another note, the scheme is a 5 year fixed term, at 4.5%, the considation loan lasts 7 years. So essentially, the 2 years after could be tricky, possibly, if rates went above 8% or so. because some of our money is tied into clearing that debt. Guess that's a possibility seeing how quickly they fell?

Belfastboy, are you renting now? You said you struggled for years, well that was your first step onto the market and this is our first step. We'll have to roll with the punches just like you did? It appears you've done very well for yourself, are debt free, and can afford what you have? Just trying to get a bit of perspective on you.

I don't believe renting is dead money. I understand why people do think that. I think some moral/personal issues lie with renting. It would never feel like my own place, wether or not I planned to live there all my life or for 5 years. It's very much horses for courses, and the renting door is still open for us.