pajd
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Posts posted by pajd
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Yes another offer can go in -- but buyers are thin on the ground -- it can go back on sale again if the buyer can't get a mortgage.
This is an old tactic by EAs designed to panic you into buying.
In that case they can stick it. If it goes 'sale agreed' i'll get a friend to call and ask what the lastest offer is. If its 127k then i may be interested but i know what i'll go up to and it wont be much higher than 127k.
By the way the vendor plans to take the american style fridge freezer and £2,000 oven with them.
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I forgot to mention this new bid has been made by a 'cash buyer'
Is this another ploy from the old days?
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My advice - for what its worth.
Don't get in touch with the EA. Let him phone you again. This is so 2007. Wait a week and see if it goes sale agreed. Only the desperate bid up in a dead market.
If it goes 'sale agreed' can another offer go in? Or is that it?
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More likely a mate of the vendor trying it on imho , easy way to make a few quid in a sellers market laughable in the current market.
Yes it does sound a rather large amount to up a bid by.
Im not sure what my next step should be
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House on market for 4 months. I viewed at the weekend. Was told an offer for 127k was in. Then today im told someone else has bid 130k.
Does this sound dodgy? Surely people increase offers £500 - £1000 at a time?
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Thanks for all the replies.
I had a meeting with a local broker. My LTV would be around 80% or 81%
The best she could offer on a house at £140,000 (as an example as i wouldn't go any higher than this) is around £560 TO £570 per month fixed for two years. The interest , if i remember correctly, was over 5%. Is this normal? I thought the interest would have been lower due to the LTV?
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318 for me
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It's the bad weather to blame.
Housing market crisis to worsen as prices keep falling. What crisis? -- FTB's being able to buy and canny investors losing their shirts?
Crisis? Houses coming down to affordable levels? Young people who were priced out for years actually having a chance to own a home? People taking on less debt to own a home?
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The baby boomers seem to have hooverd up everything and are now demanding more.
Derry amazes me. Where the money comes from i can't fathom. There must be a mega factory of well paid jobs that I can't see.
Or more realistically people bought houses in culmore in 1999 for 70k and now think they are rich cause they were worth 250k 2 years ago.
I would be amazed if any estate agent has sold anything other than a handful of houses in last few months.
Im from Derry too. Its a joke around here. Poeple still think its the boom years and are asking crazy rpices.
I rang about a house on friday. I asked what was the lastest offer. She said nothing. I asked if it had any offers as it had been on since august. She said yes £120,000 which had been accepted but the buyer had to pull out and now the seller wont take anything less than asking price (£140,000)
Do they honestly expect anyone to offer £140,000 when £120,000 was accepted not that long ago?
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what is a good idea is to get a copy of your credit report yourself before you do any applying. My broker advised me to do this, he said he'd advise everyone to do it first, but alot of people dont get bother and it can make a big difference. This way, any small things that you may not be aware of on your history can often be rectified simply enough by contacting the company involved. You dont want some sort of misunderstanding or error scupper a mortgage application.
You can get a copy online from experian (make sure to click on statutory credit report) for £2, and you should have it in a couple of days, they just post you out the pass to log in and check it online when it is ready. I was really suprised to saee what came up on mine, although thankfullyn othing bad in it!
Thanks for the info. I have just applied to Experian. So shoyuld be here in a few days
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records you you and your wife's income, any other debt or loans you have and a estimate of your out goings.
Thanks
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Pajd im in the same boat as you. Have actually spent the last month or so sorting mortgages. I like you feel a 5 year fix is the way to go. For 75% LTV you can get alot of delas at about 4.89% or so.
My reckoning also was that having a mortgage in place would help in bidding on house. It depends on the seller. I made a bid yesterday and got knocked back straight away even though we could do the deal tomorrow if they really wanted to.
Anyway, what i will say about brokers etc is be careful with the banks. If you go into Ulster bank and ask about a mortgage and get an Agreement In Principle (UBdo not do these anymore) what they will do is bring you in and usher you toward a full mortgage application. That is what they did to us, then they took out £495 out of my account last week as a product fee, even though we had still to receive their letter of offer never mind even sign it! At this stage i went ballistic and told them to ram their mortgage. I have got an agreement with nationwide at a better rate so im not too fussed about Ulster Bank anyway. I found their sales strategy totally underhand in the way they are trying to ringfence the market in NI. I have heard they are also trying to get people away from using brokers, but that experience shows that a good broker is still worthwile.
Dont apply for to many AIPs at once, as peoplementioned they do a credit check everytime one of these is requested, and each check gets recorded on your report, so if a lender sees alot of credit checks it can spook them, even if you didnt even get knocked back on any of them. A good broker will advise you on the ones to apply for, they will do it for you anyway. usually they will not charge you any fee, they get paid from the lenders. What alot of them will then like though is for you to take out your life assurance policy with the broker after your mortgage is set up. This is where they get alot of their money from anyway.
WRT your payslips usually 3 months payslips will do. If you are on a secure contract just tell them that you are in full time employment and show them any payslips you need.
Good luck!
Thanks for this. My own bank is Santander. I think i'll get more options if i have a chat with a broker first. He can advise me of any "issues" with my credit histoty (although i cant think of any)and like you said most get paid by the lender
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Just looking at the posts above, and the warnings about the danger of being turned down for a mortgage.
May I suggest that a broker will be able to tell you if you have a problem and would perhaps ask you to sort it before proceeding to a full application. A bank may just process the info you provide and the decision pops out.
The examples I have encountered include a person receiving a refusal for a outstanding mobile phone bill from their student days. She was not even aware of this but it popped up on a credit search. A good broker would flag the likes of this up at an early stage and allow you, if you wanted to sort this before deciding to proceed. They will also be able to advise you if you meet all the criteria before proceeding. You can do all this and still go back to your main bank, much wiser and take the actual mortgage directly if you so like.
Alot of IT people are self employed (for tax reasons). If you have been receiving regular payments (monthly pay cheque) directly into your bank account this should suffice. Again your main bank, who will have visibabilty over all this will be most comfortable. If you are going else where It will, I imagine require more than 3 months pay slips. If you have been in continuous employment for 3 years be prepared to show them that.
What sort of details would i need to bring to a first meeting with a broker?
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I did just that in November, searched only for 5 years fixed and settled for a FirstDirect 65% LTV fixed for 5 yrs at 3.89% free lump sum and overpayments so long there is still something to repay in 5 yrs. I paid £99 to have the rate reserved for 6 months. Filled in a form and have an agreement in principle pending valuation (if and when I find somewhere). They have open a joint account for us but it is empty and can be closed at no cost (according to them on the phone) if I can't find anything when the 6 months period expire.
They required 3 months personal and business statements, 3 years accounts and for the mrs 3 months statements, 3 months payslips and last P60. Took them a week to say OK. Once we find a house they quoted an average of 5 weeks before being able to loan (valuation, contracts...). There valuation fees are very reasonable from approx. £100 (external), £200 (std) to £700 (building). Apart from the £99 booking fee there is no other fee.
None of the above constitute financial advice, this is what I have done not what I recommend you to do...
Thanks for the reply. LTV for us would probably be around 75%
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Thanks for the info BelfastVI and doccyboy.
I think i'll start with my own bank first (an informal chat) and see what they might be able to offer and then speak to a few brokers
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Thanks for the info doccyboy.
I should have mentioned that im an IT contractor althought i have been based at the same site and working for the same company for over 5 years now. Shopuld i state im a contractor or will the bank just require the 3 months payslips?
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I've never had a mortgage but i think it might be a good bargaining tool to have when looking at houses. Im going to start looking soon as my wife and i plan to start a family this year but im not prerpared to pay what people think their house is worth. Im chain free and having a mortgage approved will also help me get the price down.
So should i go to each bank indvidually or go through a mortgage broker? How much on average do brokers charge?
I also think a fixed rate is a better option. Would i be right?
Sorry for asking such basic questions but like i said i have nebver had a mortgage before
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Merry Christmas to all on HPC
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House prices are set to keep plummeting
I wish that reporter would come to this site and tell us why falling prices are such a bad thing
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Human Resource - Dominator (1991)
Illuminatae - Tremora Del Terra
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OK i may as well post some decent old skool as no-one else has
Interceptor 17 - Hallelujah
2 Bad Mice - Bombscare
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Nice to see the Bel Tel remaining impartial with their headline
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Feel free to buy in SoCal Realistbear but you are beginning to sound like a broken record proselytising for your new beliefs. You come over as desperate to single- handedly convert the HPC membership. Posters can make up their own minds what their status is with regards to house prices.
I agree. Its getting boring!
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RB thinks house prices wont fall and some posters think thats a sign that HPC is all over!
Estate Agent At It?
in Northern Ireland
Posted · Edited by pajd
The things these EA get up to. :angry: Well in this case i hope they fall flat on their face with it.