D179 Posted March 1, 2011 Share Posted March 1, 2011 So submitted paperwork to the woolwich on Friday for approval, they say everything seems fine and survey/val being done this morning. Who knows if he agrees with the price agreed. However I am astonished that the application has been so quick. Quote Link to comment Share on other sites More sharing options...
Bob Loblaw Posted March 1, 2011 Share Posted March 1, 2011 They probably can't believe their luck at suckering another one in just before the plunge in prices. Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted March 1, 2011 Share Posted March 1, 2011 They probably can't believe their luck at suckering another one in just before the plunge in prices. But he's snapped up a bargain in a good area where prices won't fall much if at all and he can now get on with his life. Just saving the OPa reply. Quote Link to comment Share on other sites More sharing options...
Bob Loblaw Posted March 1, 2011 Share Posted March 1, 2011 But he's snapped up a bargain in a good area where prices won't fall much if at all and he can now get on with his life. Just saving the OPa reply. Ah right, one of those areas. Quote Link to comment Share on other sites More sharing options...
D179 Posted March 1, 2011 Author Share Posted March 1, 2011 How did you know my reply. Gotta love this site , same comments again an again and again and again. I expect it to fall in value but now is the right time for me to move. The point of the post was more to report back how quickly the mortgage seems to have been sorted....but they may of course change their mind. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted March 1, 2011 Share Posted March 1, 2011 With such low transaction volumes I'm sure everyone involved is pleased to have some actual work to do. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 1, 2011 Share Posted March 1, 2011 How did you know my reply. Gotta love this site , same comments again an again and again and again. I expect it to fall in value but now is the right time for me to move. The point of the post was more to report back how quickly the mortgage seems to have been sorted....but they may of course change their mind. indeed, we forget, a mortgage is indeed a "product". clearly, you were lucky and they had one in stock, with staff now able to stop playing cards, check the precision crafted tick boxes, and activate the skilled team of valuers who will choose but one of their number to depart for lands afar to have a gander at the security. He will return to the Homeland, welcoming staff gathering round and, holding their breaths as he raises then briefcase triumphantly over his head and declares the valuation is...£.... come back to this thread for the conclusion to this reality view of the world of the mortgage product.... Quote Link to comment Share on other sites More sharing options...
bearwithasorehead Posted March 1, 2011 Share Posted March 1, 2011 indeed, we forget, a mortgage is indeed a "product". clearly, you were lucky and they had one in stock, with staff now able to stop playing cards, check the precision crafted tick boxes, and activate the skilled team of valuers who will choose but one of their number to depart for lands afar to have a gander at the security. He will return to the Homeland, welcoming staff gathering round and, holding their breaths as he raises then briefcase triumphantly over his head and declares the valuation is...£.... come back to this thread for the conclusion to this reality view of the world of the mortgage product.... Watch out for the small print - Woolwich are notorious at being.... crap. When I moved to them a load of relevant information was NOT in the original paperwork - including information on penalties, the fact that you couldn't access the mortgage online, etc. Having said that, the telephone staff are helpful. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 1, 2011 Share Posted March 1, 2011 Watch out for the small print - Woolwich are notorious at being.... crap. When I moved to them a load of relevant information was NOT in the original paperwork - including information on penalties, the fact that you couldn't access the mortgage online, etc. Having said that, the telephone staff are helpful. seems there needs to be a product recall system for these things....like they have in the car industry...you could take your mortgage back for a replacement part to be fitted. Quote Link to comment Share on other sites More sharing options...
D179 Posted March 1, 2011 Author Share Posted March 1, 2011 (edited) There was me thinking that the point of this site was not just to moan about houseprices , although well deserved, but also to eventually buy a house. Therefore reporting experiences can only be helpful , afterall most on here do actually want to buy, and some may even want to do this very moment. Perhaps not the most inspiring bit of news but nor are the everything will fall by 40 percent threads. Edited March 1, 2011 by D179 Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 1, 2011 Share Posted March 1, 2011 There was me thinking that the point of this site was not just to moan about houseprices , although well deserved, but also to eventually buy a house. Therefore reporting experiences can only be helpful , afterall most on here do actually want to buy, and some may even want to do Iyar this very moment. Perhaps not the most inspiring bit of news but nor are the everything will fall by 40 percent threads. Im interested. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 1, 2011 Share Posted March 1, 2011 Im interested. Me too. I wouldn't dream of buying a house at the moment, but am interested in why someone would do such a thing after reading the wealth on information available on this site. Quote Link to comment Share on other sites More sharing options...
bearwithasorehead Posted March 1, 2011 Share Posted March 1, 2011 There's some info on Woolwich on MSE However, it is quite difficult cutting through the chaff there to get useful information on the pros and cons of mortgage providers. My main gripe with Woolwich is that in terms of admin they are definitely of the 'bit of paper down the back of a filing cab' school. I find it shocking that there is no way of accessing my mortgage online. They also lost the paperwork for the first mortgage application I made, along with documents proving identity, etc. However, they were a steal deal at the time and no fees. The really weird thing about them is that if you take out, say, a 20 year mortgage with them, they AUTOMATICALLY calculate your repayment so that it repays within 17 years. Without telling you. I am a spreadsheet nerd and have all my payments set up in excell. I couldn't for the life of me understand why I was paying an extra 80 quid a month on my mortgage. It turned out it was a 'safety' buffer - if I wanted I could reduce the monthly payment down to the 'real' 20-year level if I wanted. I left it as it was. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted March 1, 2011 Share Posted March 1, 2011 Me too. I wouldn't dream of buying a house at the moment, but am interested in why someone would do such a thing after reading the wealth on information available on this site. Because it makes sense for them? Quote Link to comment Share on other sites More sharing options...
Lepista Posted March 1, 2011 Share Posted March 1, 2011 ...but nor are the everything will fall by 40 percent threads. I quite agree. Prices will end up 60% down from peak by the end. Quote Link to comment Share on other sites More sharing options...
D179 Posted March 1, 2011 Author Share Posted March 1, 2011 Me too. I wouldn't dream of buying a house at the moment, but am interested in why someone would do such a thing after reading the wealth on information available on this site. Because of various reasons , from my personal circumstances through to my own opinion on matters relating to hpc. I don't claim I am right but neither should any one person on this site, none of us have a crystal ball. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 1, 2011 Share Posted March 1, 2011 Because of various reasons , from my personal circumstances through to my own opinion on matters relating to hpc. I don't claim I am right but neither should any one person on this site, none of us have a crystal ball. FYI, as to why you are doing it?...its none of my business and you have your reasons, although it is interesting to see those too. Many here appear to be buying new cars...silly for many, but they have their own reasons for doing so... The valuation is the only fact that will apply to MY deliberations, so yes, the thread is of interest as an anecdotal. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted March 1, 2011 Share Posted March 1, 2011 (edited) Me too. I wouldn't dream of buying a house at the moment, but am interested in why someone would do such a thing after reading the wealth on information available on this site. I'd been on here 4-5 years before buying a house. I did my research, bought in an area I knew and liked and bagged a house at nearly 30% cheaper than the previous house had sold on the same street, and at the same price as the last detached had sold for the same in 2003. The aim of the game is to buy somewhere that suits your needs and your costs surely? Edited March 1, 2011 by OzzMosiz Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 1, 2011 Share Posted March 1, 2011 I'd been on here 4-5 years before buying a house. I did my research, bought in an area I knew and liked and bagged a house at nearly 30% cheaper than the previous house had sold on the same street. The aim of the game is to buy somewhere that suits your needs and your costs surely? The aim of the game for me is to have a roof over my head and, at the moment, renting makes the most sense. Quote Link to comment Share on other sites More sharing options...
D179 Posted March 1, 2011 Author Share Posted March 1, 2011 The aim of the game for me is to have a roof over my head and, at the moment, renting makes the most sense. One of my factors , and the difference in between my purchase and rent is the cost of the repayment element of the mortgage. Also the area and house are much better , much much better. But only one factor. Quote Link to comment Share on other sites More sharing options...
Si1 Posted March 1, 2011 Share Posted March 1, 2011 I don't claim I am right but neither should any one person on this site, none of us have a crystal ball. what? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 1, 2011 Share Posted March 1, 2011 One of my factors , and the difference in between my purchase and rent is the cost of the repayment element of the mortgage. Also the area and house are much better , much much better. But only one factor. I'm a potential cash buyer and I pay less in rent than it would cost me to buy the house I live in. Quote Link to comment Share on other sites More sharing options...
D179 Posted March 1, 2011 Author Share Posted March 1, 2011 I'd been on here 4-5 years before buying a house. I did my research, bought in an area I knew and liked and bagged a house at nearly 30% cheaper than the previous house had sold on the same street, and at the same price as the last detached had sold for the same in 2003. The aim of the game is to buy somewhere that suits your needs and your costs surely? I could not get that kind if percentage off, only 10percent from peak. But had I tried to buy at the peak, I could not have purchased . Str has meant that I have managed to save up more money. Also at the peak the cost of mortgages I was offered were much higher. Also, there are factors relating to the patricilar house that means there is potential. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted March 1, 2011 Share Posted March 1, 2011 Because of various reasons , from my personal circumstances through to my own opinion on matters relating to hpc. I don't claim I am right but neither should any one person on this site, none of us have a crystal ball. I'm right. But that aside I'm interested to hear how things go. Seeing as at some point I too will (probably) be buying. Although for me it makes much more sense not to buy now, even if prices stagnate or rise slightly my deposit is growing by more each month. Although I understand that others have different circumstances to me and for some it may make sense to buy. All I would say is use the poor Market to your full advantage. So don't be putting by people saying you are mad, there are money others who are interested in how things go. Quote Link to comment Share on other sites More sharing options...
Blue Nose Bear Posted March 1, 2011 Share Posted March 1, 2011 I'm right. But that aside I'm interested to hear how things go. Seeing as at some point I too will (probably) be buying. Although for me it makes much more sense not to buy now, even if prices stagnate or rise slightly my deposit is growing by more each month. Although I understand that others have different circumstances to me and for some it may make sense to buy. All I would say is use the poor Market to your full advantage. So don't be putting by people saying you are mad, there are money others who are interested in how things go. Bet I'm more right than you Now, what's the question? Quote Link to comment Share on other sites More sharing options...
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