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Mayalabeille

Here We Go, Offer Accepted

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FTB in their 30s, almost bought in 2007 before deciding that it was not the right time.

4 years later, we just made an offer, it has been accepted and we are delighted.

We only managed to save 10% deposit but the repayment on the mortgage won't be more than our rent and the house is bigger.

The property was on 7 months ago at £180000, slowly reduced it to 160000 and we agreed on £150000. All nice and clean, not decorated to our taste but good enough to redecorated as we go along as it is all really clean.

Neighbours bought his, exactly the same but without the conservatory that our have for £182000 in 2005!

This just could not be missed as we are living in an expensive South West UK location and after a few months of viewings 140000/150000 is normally the price of a large 2 up to down in a nice area (new estate) or a medium 3 bedrooms in a medium area with a bit of work needed. This one is 4 bedrooms with conservatory, small garden, village location with all small amenities.

Just wanted to share the news and thank all the members of this site who provided me with their insight on the economy and the property market over the last 3 years.

Hopefully, if everything goes allright (survey, vendor not changing their mind...) I should be the proud owner of my first property by the end of June.

Maya

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Congrats to you! :)

I have done something similar - knocked a good 30k off the price of my target FTB purchase over the last 2 years and bought it for 160 with a 30% deposit.

What direction is the conservatory facing? Personally I am wary of them if they don't face south for sunlight.

This might not be the lowest point of the property crash, but you have combined decently low prices with 0.5% interest rates. I suggest you fix the mortgage rate! If rates rise as prices fall then that's not too helpful.

And if it all goes pear shaped and you lose 30 thousand over the next few years.. well at least you didn't pay rent (only the ~4% interest on the mortgage) for those few years, and what's more : you were happy.

One minor niggle though,

"I should be the proud owner of my first property by the end of June."

June 2040?

;)

Hope it all goes well for ya.

Edited by fadeaway

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FTB in their 30s, almost bought in 2007 before deciding that it was not the right time.

4 years later, we just made an offer, it has been accepted and we are delighted.

We only managed to save 10% deposit but the repayment on the mortgage won't be more than our rent and the house is bigger.

The property was on 7 months ago at £180000, slowly reduced it to 160000 and we agreed on £150000. All nice and clean, not decorated to our taste but good enough to redecorated as we go along as it is all really clean.

Neighbours bought his, exactly the same but without the conservatory that our have for £182000 in 2005!

This just could not be missed as we are living in an expensive South West UK location and after a few months of viewings 140000/150000 is normally the price of a large 2 up to down in a nice area (new estate) or a medium 3 bedrooms in a medium area with a bit of work needed. This one is 4 bedrooms with conservatory, small garden, village location with all small amenities.

Just wanted to share the news and thank all the members of this site who provided me with their insight on the economy and the property market over the last 3 years.

Hopefully, if everything goes allright (survey, vendor not changing their mind...) I should be the proud owner of my first property by the end of June.

Maya

There has been a trickle of posts like this in recent weeks and it's great to know that the collective wisdom on this site has guided people away from making a poor financial decision and towards a wise one. It's such a shame that we are still speaking from the point of view of the minority though.

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Congrats to you! :)

I have done something similar - knocked a good 30k off the price of my target FTB purchase over the last 2 years and bought it for 160 with a 30% deposit.

What direction is the conservatory facing? Personally I am wary of them if they don't face south for sunlight.

This might not be the lowest point of the property crash, but you have combined decently low prices with 0.5% interest rates. I suggest you fix the mortgage rate! If rates rise as prices fall then that's not too helpful.

And if it all goes pear shaped and you lose 30 thousand over the next few years.. well at least you didn't pay rent (only the ~4% interest on the mortgage) for those few years, and what's more : you were happy.

One minor niggle though,

"I should be the proud owner of my first property by the end of June."

June 2040?

;)

Hope it all goes well for ya.

Thank you everyone for your messages. I keep my fingers crossed for everything to go smoothly.

Conservatory as the garden (small garden but nicely done) is South West orientated so perfect especially since the conservatory has been done properly with its roof treated for the sun so that it does not feel like an oven during the summer.

I have fixed for as much as I can with my 10% deposit and yes the interest are I can get is not the best but it is okish (Mum thought it was a great first time buyers rate as she had a 14% interest rate on her first mortgage in 1983). I have also calculated by risk if I had to remortgage at 12% in 3 years times, well it would be a pain so completely doable.

Good luck to you all and I will hopefully update you soon with some good news. :)

Maya

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Thank you everyone for your messages. I keep my fingers crossed for everything to go smoothly.

Conservatory as the garden (small garden but nicely done) is South West orientated so perfect especially since the conservatory has been done properly with its roof treated for the sun so that it does not feel like an oven during the summer.

I have fixed for as much as I can with my 10% deposit and yes the interest are I can get is not the best but it is okish (Mum thought it was a great first time buyers rate as she had a 14% interest rate on her first mortgage in 1983). I have also calculated by risk if I had to remortgage at 12% in 3 years times, well it would be a pain so completely doable.

Good luck to you all and I will hopefully update you soon with some good news. :)

Maya

Good luck to you.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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