caparn Posted February 23, 2011 Share Posted February 23, 2011 Hang on though - we've done this before months ago. Mortgage "offers" are not really the point. The proof of the pudding is actually getting this "offer" upon completion. A mortgage offer is not a contractual offer in the sense that either party is bound by it. A bank can advertise pretty much any financial product it wants but actually getting it out of them is a different matter. I can't see them offering me and then not giving it to me. Understandable for pople who have not been employed for very long etc. They did ask to check I had no other debts. Quote Link to comment Share on other sites More sharing options...
AThirdWay Posted February 23, 2011 Share Posted February 23, 2011 Hang on though - we've done this before months ago. Mortgage "offers" are not really the point. The proof of the pudding is actually getting this "offer" upon completion. A mortgage offer is not a contractual offer in the sense that either party is bound by it. A bank can advertise pretty much any financial product it wants but actually getting it out of them is a different matter. Agreed, but this was a face-to-face over the desk offer in an HSBC branch. You can't get any more concrete an offer without having multiple credit searches on your record. As we are only semi-serious about buying at this time (we are looking, but needs to be the 'right' pprice for us), we didn't want to impact our credit scores. The problem I see in the future is tying up the various values placed on any likely property. We still have home reports here, with lot's of properties being advertised as 'below home report valuation'. Still too expensive for us tho! It will be balancing the vendors expected price (based on the HR), our valuation and the valuation by the mortgage provider. Quote Link to comment Share on other sites More sharing options...
AThirdWay Posted February 23, 2011 Share Posted February 23, 2011 Tell me about it! We definitely can't wait 2 or 3 more years whilst living in this tiny ugly little flat, with no outside space. But we can't buy until prices are fairer. The obvious solution would be to rent a better place. But last week we went to see a house to rent, long term, 2 or 3 years, and the agent asked if we had children or pets. We said not yet, but we are considering it, and could have them in the next few years. Agent said: "the Landlord wouldn't like that". The fecking b@stard! How can they be allowed to say, or do that??!! This is beyond absurd. The legislation/regulation is a joke, a bad joke. Christ, I got pi$$ed off with quarterly inspections. Trying to dictate whether or not you can have kids while in their property is horrendous! Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted February 23, 2011 Share Posted February 23, 2011 (edited) I'm not sure that they are. If you sign a tenancy and produce kids during it I don't think you can be kicked out because of it. Good point. Next time I am not going to say anything. (I'd have a few more comments here, but I am going off the thread's topic.) It is unreasonable - assuming there isn't a bun in the oven, you're at least nine months away from having a nipper. After that, a newborn is unlikely to be ripping the wallpaper off or crayoning the carpet. That scenario is at least two years away - who knows where you might be living by then. We had the same question when we moved to our current place and that was the answer I gave, which seemed to be enough. Do you have a written contract guaranteeing you some long term stability? Christ, I got pi$$ed off with quarterly inspections. Trying to dictate whether or not you can have kids while in their property is horrendous! Exactly! Thanks! Edited February 23, 2011 by Tired of Waiting Quote Link to comment Share on other sites More sharing options...
Goat Posted February 23, 2011 Share Posted February 23, 2011 We said not yet, but we are considering it, and could have them in the next few years. Agent said: "the Landlord wouldn't like that". The fecking b@stard! How can they be allowed to say, or do that??!! This is beyond absurd. The legislation/regulation is a joke, a bad joke. Agreed, it's a joke. The seem to be some who expect you to pay £1000+ per month rent and not actually live there! I'm not sure that they are. If you sign a tenancy and produce kids during it I don't think you can be kicked out because of it. Once your out of the fixed term s.21 provides for 2 months notice only and there is no requirement to provide a reason. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted February 23, 2011 Share Posted February 23, 2011 (...) The seem to be some who expect you to pay £1000+ per month rent and not actually live there! Perfectly put Goat. Exactly! It is our life we are talking about here. Thanks. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 23, 2011 Author Share Posted February 23, 2011 The BBC say that house prices are falling and people here talk about buying, must be "the last bull" effect . Quote Link to comment Share on other sites More sharing options...
caparn Posted February 23, 2011 Share Posted February 23, 2011 The BBC say that house prices are falling and people here talk about buying, must be "the last bull" effect . I'm wondering if some people are worried about the massive reductions in prices in Ireland and Spain and that UK money could end up being converted into Euro so weakening the GBP even more. Something I'm sure the government doesn't want. Quote Link to comment Share on other sites More sharing options...
AThirdWay Posted February 23, 2011 Share Posted February 23, 2011 The BBC say that house prices are falling and people here talk about buying, must be "the last bull" effect . People here talk about 'looking'. Big difference! Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 23, 2011 Author Share Posted February 23, 2011 I'm wondering if some people are worried about the massive reductions in prices in Ireland and Spain and that UK money could end up being converted into Euro so weakening the GBP even more. Something I'm sure the government doesn't want. Surely buying a depreciating house in England doesn't help. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 23, 2011 Share Posted February 23, 2011 I'm wondering if some people are worried about the massive reductions in prices in Ireland and Spain and that UK money could end up being converted into Euro so weakening the GBP even more. Something I'm sure the government doesn't want. A potenitally good lifestyle to be bought right across Europe, take the deposit (or selling price) and buy in cash or with small mortgage. One of the reasons the MPC wanted to trash sterling for sure. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 23, 2011 Author Share Posted February 23, 2011 A potenitally good lifestyle to be bought right across Europe, take the deposit (or selling price) and buy in cash or with small mortgage. One of the reasons the MPC wanted to trash sterling for sure. You could be right there, probably still a bit early though. Quote Link to comment Share on other sites More sharing options...
6538 Posted February 23, 2011 Share Posted February 23, 2011 I can't see them offering me and then not giving it to me. Understandable for pople who have not been employed for very long etc. They did ask to check I had no other debts. I can certainly imagine it happening and this is happening quite a lot, believe me. Lenders are putting a lot of these very attractive looking deals out there to give the impression that they are available and that they are doing lots of lending becase lending = good, at present. Fact is though when you come to actually securing the funds they may not be too willing to front up the cash. All they need to do is decide that the property in question isn't really worth as much as you say it is so you have to stump up more deposit, or they'll decide that you aren't quite as good a risk as they said you were once they've done a full credit check os up the rate or something. Quote Link to comment Share on other sites More sharing options...
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