Buying my first home

[d-a-n]

Factor in 2 options

1) interest rates re at an historic low - what will an increase in rates cost you?

I.e. Now .5% or so - what if 5%?? Could you afford this?

2) house prices now generally rising across the country so buy now may be the best strategy

However if the economy goes bad as a result of the Election fiasco, and prices fall , would it be better to wait??

I suspect a digital decision maker ( 2 bob bit) will be needed??

Thanks for pointing this out, the potential increase in interest rates affecting my monthly repayment is one which I'll have to ask my mortgage advisor to work out for me at various percentages! The initial mortgage we've been offered is a two year fixed rate mortgage.

[DELETED]

I'm having problems with my Mortgage -or moreso the payment protection plan BoS / HALIFAX originally sold me 8 years ago.  Aside from saying I will avoid HALIFAX at all costs forever. and NEVER recommend them to anyone.  They have openly admitted they would be willing to discuss business as a new customer -but as an existing one, they take the money but nobody will speak to me about my policies now.  Be very careful what you sign up for, it's big money so you should expect good service after you sign up.

That shouldn't put you off but don't expect any loyalty after you buy and read EVERY BIT of the small print (title deeds also -I made my solicitor translate all the Latin terms and legal junk so it was in plain English).

Rich

[Railwaygun]

Don't forget

Mortgage fees
Solicitors fees
Stamp duty
Estate agents commission

http://www.dailymail.co.uk/money/mortgageshome/article-3090885/Two-year-fixed-rate-mortgages-race-1-Yorkshire-Building-Society-launches-best-buy-deal.html

[Vonk]

Don't forget

Mortgage fees
Solicitors fees
Stamp duty
Estate agents commission

A lot of those feeds are often absorbed by the seller I found when I bought our first house. My advice is if you need something major doing to the property such as a electronics upgrade/heating upgrade etc try and get it done as soon as you exchange keys before you move in properly. When we bought our house it was an ex council house bought in 80's by the previous owner and I don't think it had been decorated since then so all we did was get an electrician in to check everything. Most rooms only had 1 socket so we got him to install about 3 doubles in each room and we covered most walls in magnolia so it was a bit fresher for us to move into. Remember to look at houses as potential if it is in a condition that you can live with till you can afford to do the work then compromise as could save you money in long run. A perfect house is nearly impossible but will be more expensive.

[Skyline2uk]

Having done this for the first time (nearly) a year ago, I wish you good luck.

All advice given so far is sound, here is some from my experience. I found that once the previous lot was out, loads of extra work showed itself. As examples:

a) Virtually every room in the house had a different style of light switch / socket. We opted to replace them all with one standard type.

b) They had SKY (two dishes!) and we didn't want or need such a thing. Alas, Sky being the way they are, they had fire-bombed the standard TV aerial connection. Plus we found a rats nest of wires in the loft. We knew a decent aerial man from renting, but its more for the budget.

c) We asked to buy the oven, but nothing else, so obviously budgeted for all new appliances and had them delivered asap after getting keys.

d) First thing we did was hire a rug doctor and do every carpet in the house. So worth it. The colour of the waste water was, frankly, frightening.

e) Rang the utilities on the day we got in and gave all meter readings / set up new accounts. We brought existing gas and leccy supplier with us, so set that in motion on the move day also.

f) Water was not on a meter in the house (was a family of 5, think it was cheaper for them not to be). Only 2 of us and we know that rates are about 33% more than the water we actually use. It's free to have a meter installed, but takes a few weeks so again, got that arranged as soon as we could.

g) Our contract was based on vacant possession (i.e. NO **** left behind). Might as well not have bothered. The garage was responsible for the first trip to the tip. The loft took a weekend to empty (see below).

h) If you can (and the property has one) get into the loft to see condition of insulation. As mentioned above, I spent a weekend empty ours of original nasty fiberglass insulation, installing new insulation and boarding it all flush.

Other than that, I would advise to be prepared to have to CHASE your solicitor and most likely the estate agent. One of the things that irks me the most over this process is that you hand over a hill of money and these people (in my experience anyway) never call YOU, YOU have to call them!

Anyway, hope some of that is actually useful for you 

Skyline2uk 

[Tdm]

I well remember the 1st home  my wife and I bought in 1973.

Can't remember there being any complications, it was a nice semi-detatched property that we purchased from a couple emigrating to Canada and it cost us £6,800.

Didn't require anything doing to it, and we moved in straight after returning from Honeymoon on the Costa Del Sol.

I put a £300 pound Deposit down on it, and took out a Mortgage for £6,500.

Some years later I  bought a seciond hand Mercedes car for the same price as I had paid for my first house (£6,800).

Second house cost £17,500, and 3rd £55,000, but we got £260,000 for it when we sold it and Emigrated.

You can't go wrong if you put your money in Property.

[acko22]

DAN,

I bought my house last year, one to look at mate when you do the survey spend to money and get a full Survey done for everything no matter if it's a new house or not!
I almost bought one before I got the one I am in now but thankfully the survey brought up some issues which would have cost me a small fortune to sort out!

Also measure your rooms to make you have the room for you layout! 

[d-a-n]

Thanks for the additional things to look out for, we've put an offer in on a place in Stretford, the surveys still need to be done etc but it's very exciting!
I want to get an electrician to install new double sockets in the bedroom, lounge and office before we decorate so that I have enough power for this computer (and layout!) I'd also like to lay new flooring before furniture goes on top of it all! The Rug Doctor is a good shout for the other rooms though - we hired one and it fresehend up every room (as well as delivering that filthy water previously mentioned!)

[acko22]

Ahh where abouts in Stretford?

Not far from me at all Sale lad after all!

[Railwaygun]

Put triple points in - you will need them ( and 2 in the kitchen)

[d-a-n]

Ahh where abouts in Stretford?

Not far from me at all Sale lad after all!

Walking distance to Humphrey Park railway station - I can see myself trainspotting next!