Page 1 of Buying property - any advice, pointers, blah blah?

Hi all,

I`m a first time buyer, and am just getting the ball rolling on buying an apartment. I`m wondering if all you friendly people have any nuggets of advice, pointers, or general things to look out for and be wary of when it comes to this area? I`m at the stage of sourcing an affordable solicitor and mortgage (via an independent mortgage broker). The vendor has accepted my offer on the property (though we were nearly gazumped yesterday), so I`m tying my best to get things going quickly, but don`t want to rush decisions (especially those that involve lots of money and commitment - the 2 biggies of property buying!).

Please share your wisdom and experiences....

Jme

number one if i was selling i would not be accepting your offer without you having first sorted your mortgage... i would suggest this is priority number one!



`i am going to live forever or die trying`

Check out the neighbours.

Frankiej60 :)
All I can advise is that you approach Nationwide or other main lenders. The products an independent will offer will usually come from the main lenders and as such he will/may offer / advise the most lucrative for him/herself.
Not all that bright where finances are concerned so the above may not help but I hope it does mate :)

Choagy FFCUK The SPL :)

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The products an independent will offer will usually come from the main lenders and as such he will/may offer / advise the most lucrative for him/herself.

That`s supposed to be illegal (under the IFA rules), but I`m sure it can happen.
Worth checking out www.moneyextra.com for mortgage comparisons.

I really think that it`s the wrong time to buy at the moment, due to increasing interest rates mainly. lots of housing is comming on the market from people trying to get out of the buy to let market because of the increase in the interest rates make it either not profitable or is costing them money now - with more interest rates due in the future to get inflation back under control.

If you can afford interest rates being 6% or more, i`d say no more then 6.5-7% at most, and are prepared to stay in the place for the long term(posible negative equaty) then go for it.. But myself personally would be inclined to wait for a while.

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That`s supposed to be illegal (under the IFA rules), but I`m sure it can happen.

Which shows exactly the level of knowledge I have of the financial world :)

If any IFA`s are on board I apologise for any slight on your honesty, integrity and impartiality ;)

Choagy FFCUK The SPL :)

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I really think that it`s the wrong time to buy at the moment, due to increasing interest rates mainly.

They mean billy bollocks to buying/selling.
Trust me,I`m on my 6th house in 19 years.
In that time I`ve seen interest rates well into double figures and down to below 5%.
I`ve never struggled to sell,which means there are always buyers out there for the right property.
The only thing that I`ve noticed varies is how much over asking (scottish system is `offers over`) the houses go for.
For example,a year ago houses up here were going for 50%+ over asking price.
Smaller value properties were going for more ( I heard of several at 100% over asking ! )
That side of it tends to calm down,but the houses still sell.
Why have my houses always sold when others haven`t ?
Simple,I keep them well maintained and immaculately presented using tasteful decor.
Anyone who doesn`t stick to these `rules` simply doesn`t deserve to sell their house.

This item was edited on Thursday, 31st May 2007, 14:53

Ok, maybe I didn`t fully explain myself so here`s what I mean.

I wouldn`t stretch myself to get on the housing market at the moment as interest rates are going the wrong way. on a £200k mortgage a .5% rise in interest rate is £100 per month approx.

With the rising interest rates you are also going to see a leveling off or slight, or more major, decrease in the price of houses - depending on how far rates go up to control inflation. This is being offset at the moment by imigration into the country and migration from more expensive parts of the country, read london et al, but it can`t last.

Perhaps i`m just a pessimist!

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on a £200k mortgage a .5% rise in interest rate is £100 per month approx.

That`s way above your average mortgage though.
That`s also based on a 25 year mortgage,when a young person can get longer.
The truth is that people always panic when interest rates go up,then they figure out it`s only actually another £30 a month and go "Oh well,not so bad"
That`s not to say all interest rate rises are easily swallowed.
Everyone has their own limits.

This item was edited on Thursday, 31st May 2007, 16:09