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Author Topic: Buying property now  (Read 7790 times)
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« Reply #15 on: Wednesday, December 12, 2018, 11:15:10 »

Oh and another thing - don't squander all your savings on a deposit. The solicitors and brokers fees will cost you a fair bit, and I'm guessing you'll need furniture when you move too!
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horlock07


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« Reply #16 on: Wednesday, December 12, 2018, 11:53:49 »

Is it the worst timing?!

I've been saving for about a decade and can finally afford something but that's come at the same time as all this Brexit uncertainty and a seemingly inevitable downturn in the economy and property prices to follow.

Found a nice place and was going to start with an offer 15% below asking. But a first mortgage is scary enough, especially in this financial climate, and I don't want to act at the wrong time before a big crash. I'm currently living at home so would prefer to move out asap now that I am able. Could rent for a bit but hate chucking money away for someone else's mortgage.

Can you afford the mortgage if interests go up and if so by how much?
Are you confident that your job will survive any Brexit shenanigans or other economic turbulence?
Are you planning to sell it in the next 10 years?

If the answers are yes/yes/no go for it, people get very hung up with drops in price/what their hosue is worth, but if you are not planning to sell its really irrelevant and if you are any corresponding properties will have changed in price accordingly. 

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Wobbly Bob


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« Reply #17 on: Wednesday, December 12, 2018, 11:54:16 »

Don't become a slave to your mortgage.
Have enough left over each month, after subsistence, to keep on doing the things you want to do.
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« Reply #18 on: Wednesday, December 12, 2018, 14:37:53 »

You can fix a mortgage rate for varying periods of time, the longer the term the higher the rate. Are you comparing lenders? Santander have some good rates, you could also look into their 123 current account. Might be worth looking at 2 beds, at least you could rent a room if times got tough.

I can't afford 2 beds in/near Oxford. I'm already having to compromise on some factors to find a 1-bed near the city which is in reasonable nick and I can afford the mortgage - 2 beds would stretch me too far or be a property with some major downsides. Plus I don't want a lodger.

Oh and another thing - don't squander all your savings on a deposit. The solicitors and brokers fees will cost you a fair bit, and I'm guessing you'll need furniture when you move too!

I was budgeting about 3k for agent fees, survey, solicitor, broker etc.?

Have you done the affordability check? A friend of mine is a mortgage advisor and after I thought I'd have no chance of buying anything, actually sitting down and figuring it out I realised we could get something decent (and this is in Reading where prices are ridiculous).  If you need a hand with anything feel free to PM me as I've been going through this whole process for months.

Is that different to a MIP, mortgage in principle? I did an MIP a while ago.

Can you afford the mortgage if interests go up and if so by how much?
Are you confident that your job will survive any Brexit shenanigans or other economic turbulence?
Are you planning to sell it in the next 10 years?

If the answers are yes/yes/no go for it, people get very hung up with drops in price/what their hosue is worth, but if you are not planning to sell its really irrelevant and if you are any corresponding properties will have changed in price accordingly. 

Yes, could adjust my budget to afford larger monthly repayments by at least 100 if not more.
Yes, my job is relatively secure, thankfully.
Would imagine I'll live there for at least 10 years, probably more.
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« Reply #19 on: Wednesday, December 12, 2018, 14:48:42 »

3K should cover you I think, but best to check with any financial or mortgage advisor you have. Yep the agreement in principle will do.

Sounds like you're good to go tbh. If you have any friends or family who know a lot about problem areas then take them if possible. Also remember a house is only worth what someone is willing to pay for it! As I think others have said - check the street the house is on and see what other similar houses are selling for, or in nearby streets. Zoopla and Rightmove are great for this.
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horlock07


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« Reply #20 on: Wednesday, December 12, 2018, 16:01:37 »

3K should cover you I think, but best to check with any financial or mortgage advisor you have. Yep the agreement in principle will do.

Sounds like you're good to go tbh. If you have any friends or family who know a lot about problem areas then take them if possible. Also remember a house is only worth what someone is willing to pay for it! As I think others have said - check the street the house is on and see what other similar houses are selling for, or in nearby streets. Zoopla and Rightmove are great for this.

Linked to this;

a) think carefully what survey you get, from my experience they ain't worth the paper they are written on and thus if you are comfortable go only with what the mortgage company require.

b) Use a conveyance specialist rather than solicitor as they are a hell of a lot cheaper and easier to deal with.
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RobertT


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« Reply #21 on: Wednesday, December 12, 2018, 18:15:50 »

Swindon is a lot cheaper than Oxford, and the football teams colours are more "wearable".  I'd consider that before you buy in Oxford if I were you.

Certainly look at fixed term mortgages given your situation.  Interest rates are very low right now, my mortgage fell by over 400 quid a month in 2008, imagine it going back up that way!
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« Reply #22 on: Wednesday, December 12, 2018, 18:51:54 »

What Rob said.  Wink
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Ardiles


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« Reply #23 on: Wednesday, December 12, 2018, 19:02:57 »

I can't afford 2 beds in/near Oxford. I'm already having to compromise on some factors to find a 1-bed near the city which is in reasonable nick and I can afford the mortgage - 2 beds would stretch me too far or be a property with some major downsides. Plus I don't want a lodger.

Being nosey here, so will understand if you'd prefer not to answer...but where is 'near the city'?  Which area(s) have you got your eye on?
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mystical_goat


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« Reply #24 on: Wednesday, December 12, 2018, 21:37:13 »

Ardilles, I've been considering anywhere up to 15 miles from the city of Oxford. Ideally wanted to be in the city but there's hardly anything even near my price range and all of it is minuscule and/or run down. There was a new built flat in Barton but that was expensive and Barton a stretch too far for 'up and coming' and being a 'vibrant, cosmopolitan area'.

https://www.rightmove.co.uk/new-homes-for-sale/property-76572242.html

I looked as far as Faringdon but would hate the commute:

https://www.rightmove.co.uk/property-for-sale/property-53305257.html

Nice cottage in Wantage:

https://www.rightmove.co.uk/property-for-sale/property-72933746.html

A tiny one next to the Cowley Road (if you know the area)

https://www.rightmove.co.uk/property-for-sale/property-77531159.html

But in the end I've found somewhere just outside the ring road.

Linked to this;

a) think carefully what survey you get, from my experience they ain't worth the paper they are written on and thus if you are comfortable go only with what the mortgage company require.

b) Use a conveyance specialist rather than solicitor as they are a hell of a lot cheaper and easier to deal with.

a) Was going to get the homebuyers survey which is much cheaper than a full one. Recommended for new properties, and the one I am looking at was only built in 2014.

b) Thanks, will look in to that.
« Last Edit: Wednesday, December 12, 2018, 21:40:45 by mystical_goat » Logged
Ardiles


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« Reply #25 on: Wednesday, December 12, 2018, 22:20:35 »

That's a very wide area, so fair play.  You're keeping an open mind on that.

I'm sure there used to be a time when some areas of Oxford were affordable for far more people - but with all the international money involved now, it's off the scale.  A work colleague of mine recently bought in the area between Cowley & Iffley Roads and took out a huge mortgage to do it.  Little more than 20 yrs ago, that was well known as a student area and the same houses, I'm sure, were a lot cheaper.  I don't doubt that the area has smartened up a great deal since then, but that doesn't help people like you.
« Last Edit: Wednesday, December 12, 2018, 22:26:05 by Ardiles » Logged
RedOx


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« Reply #26 on: Wednesday, December 12, 2018, 22:36:48 »

I live in Oxford, just outside the ring road. Mrs RO is a estate agent and the prices on the new estate at Barton and in Barton itself are scandalous.

But even then, professionals insist on buying within the RR even though it is much cheaper outside.

Apparently Didcot has some new reasonably prices houses but you'll have to contend with the A34 if you don't commute by train  Sad

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Legends-Lounge


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« Reply #27 on: Wednesday, December 12, 2018, 23:19:18 »

I live in Oxford, just outside the ring road. Mrs RO is a estate agent and the prices on the new estate at Barton and in Barton itself are scandalous.

But even then, professionals insist on buying within the RR even though it is much cheaper outside.

Apparently Didcot has some new reasonably prices houses but you'll have to contend with the A34 if you don't commute by train  Sad



For you the M40 is your enemy and the over population of this small island. If you can get to the Capitol within an hour maybe an hour and a half by trains, planes or automobiles then you are going to be up against all those nasty Tories and all those covert socialists pretending it is the nasty Tories fault that they have bought houses.
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horlock07


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« Reply #28 on: Thursday, December 13, 2018, 11:30:47 »

Apparently Didcot has some new reasonably prices houses but you'll have to contend with the A34 if you don't commute by train  Sad


Yeah but its Didcot........
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« Reply #29 on: Thursday, December 13, 2018, 12:00:04 »

Abingdon? 
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