Buying a house (and renting for the proles)

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Partridge Iciclebubbles
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PostRe: Buying a house
by Partridge Iciclebubbles » Wed Aug 09, 2017 9:58 am

Photek wrote:Yep, buying a house is a stressful and long process. I'd absolutely HATE to ever do any of it ever again.


On the plus side, the former host of Celebrity Apprentice might destroy the world in fire and fury before we ever get the chance to try and move house again.

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Hime
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PostRe: Buying a house
by Hime » Wed Aug 09, 2017 10:11 am

Lagamorph wrote:Help to Buy isn't really all that complex to be honest. Or at least it wasn't when I went through it a few years ago.

Help to buy has been the most straightforward part of the whole process, obviously it's up to you to decide on the pros and cons of it but it's very easy.

I was going to post exactly what Moggy did, the legal process needs to be completely overhauled. What value is it to the consumer to get searches done on a brand new house? Why do they need the original copies of documents yet when they mess up it's ok to send scans. Why does it take them so long to shuffle paper? It's completely archaic.

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Squinty
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PostRe: Buying a house
by Squinty » Wed Aug 09, 2017 4:41 pm

Photek wrote:Yep, buying a house is a stressful and long process. I'd absolutely HATE to ever do any of it ever again.


It was starting to get annoying for me towards the end, but I can't say that it was super stressful. I've been through worse times.

Certainly dealing with the estate agent was totally strawberry floating annoying in particular. They were rubbish. They kept calling me to ask me what my solicitors were doing. Totally not my job to liaise between them both. Then phoned me three times trying to sell me the house that I'd already went sale agreed on. Had to phone them twice to take the sold sign down. Ended up chopping it down myself.

I hope they don't want it back.

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Curls
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PostRe: Buying a house
by Curls » Wed Aug 09, 2017 11:51 pm

Soooo, how much deposit do you recon I'd need for a house of about 200k?

I have 11k saved up right now and by this time next year I could have 20-25K.

My salary is around 24 K when shift work isn't included. Around 33 K if it is..it all depends if the bank just take base salary or look at pay slips? Then I guess there are all the legal fees and stuff like that.....I have a skipton lisa open though and if I transfer my help to buy to that and consolidate my finances I could have all that money in the LISA this time next year. Turning 24 K to 30 K. If I'm correct in how the LISA process works.

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Hime
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PostRe: Buying a house
by Hime » Thu Aug 10, 2017 6:18 am

Curls wrote:Soooo, how much deposit do you recon I'd need for a house of about 200k?

I have 11k saved up right now and by this time next year I could have 20-25K.

My salary is around 24 K when shift work isn't included. Around 33 K if it is..it all depends if the bank just take base salary or look at pay slips? Then I guess there are all the legal fees and stuff like that.....I have a skipton lisa open though and if I transfer my help to buy to that and consolidate my finances I could have all that money in the LISA this time next year. Turning 24 K to 30 K. If I'm correct in how the LISA process works.

I'm pretty sure you need 10% for a conventional mortgage but know you need 5% if you use help to buy.

Fees and stamp duty are huge, I reckon you will need at least 15k.

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Squinty
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PostRe: Buying a house
by Squinty » Thu Aug 10, 2017 7:18 am

I had 55k saved, took me about ten years because I was terrible with money and I am not earning that much. Used 45 of that to put down on a deposit on a 3 bed for £109000.

Mortgage is pretty low at the moment which is great. I expect it to increase when I have to remortgage.

I would just save as much as possible and keep in mind that you'll need a bit of dough to get started when you move in (appliances, furniture, odds and ends).

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Partridge Iciclebubbles
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PostRe: Buying a house
by Partridge Iciclebubbles » Thu Aug 10, 2017 7:30 am

Hime wrote:
Curls wrote:Soooo, how much deposit do you recon I'd need for a house of about 200k?

I have 11k saved up right now and by this time next year I could have 20-25K.

My salary is around 24 K when shift work isn't included. Around 33 K if it is..it all depends if the bank just take base salary or look at pay slips? Then I guess there are all the legal fees and stuff like that.....I have a skipton lisa open though and if I transfer my help to buy to that and consolidate my finances I could have all that money in the LISA this time next year. Turning 24 K to 30 K. If I'm correct in how the LISA process works.

I'm pretty sure you need 10% for a conventional mortgage but know you need 5% if you use help to buy.

Fees and stamp duty are huge, I reckon you will need at least 15k.


Fees vary (but are usually huge!) but you can work out stamp duty by using a calculator like this one. Stamp duty would be around £1,100 for a £200k house.

Deposit wise, you should have at least 10% - so £20k for a £200k house.

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Albear
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PostRe: Buying a house
by Albear » Thu Aug 10, 2017 7:55 am

Bank will take into account pay slips so not just basic pay. You will have to show them evidence of course of shift work salary a d they usually use your last 3 pay slips.

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BID0
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PostRe: Buying a house
by BID0 » Thu Aug 10, 2017 8:16 am

I think it depends on bank. Some look at your last 2 years earnings (Nationwide) some look at the last 2-3 payslips (Halifax) and others don't ever contact you back to arrange a meeting (Barclays)

At least that was the case for me a couple of years ago when I bought my last house

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Grumpy David
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PostRe: Buying a house
by Grumpy David » Thu Aug 10, 2017 12:23 pm

BID0 wrote:I think it depends on bank. Some look at your last 2 years earnings (Nationwide) some look at the last 2-3 payslips (Halifax) and others don't ever contact you back to arrange a meeting (Barclays)

At least that was the case for me a couple of years ago when I bought my last house



Nationwide will use last 3 months and use 100% of the overtime, bonus, commission etc.

You need 2 year track record for annual bonus.

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Hime
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PostRe: Buying a house
by Hime » Fri Aug 11, 2017 5:03 pm

I completed today and everything went as smooth as could be.

I honestly thought it would never happen but my girlfriend and I have our dream house :D

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Partridge Iciclebubbles
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PostRe: Buying a house
by Partridge Iciclebubbles » Fri Aug 11, 2017 5:24 pm

Hime wrote:I completed today and everything went as smooth as could be.

I honestly thought it would never happen but my girlfriend and I have our dream house :D


Congrats! It's a good feeling once you complete, especially if it's your dream house.

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Rhubarb
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PostRe: Buying a house
by Rhubarb » Fri Aug 11, 2017 5:37 pm

Hime wrote:I completed today and everything went as smooth as could be.

I honestly thought it would never happen but my girlfriend and I have our dream house :D


Congrats! We completed last week too. So far I got the keys, went round to look at how much of a shite heap it is, and then promptly returned to our rented accommodation :slol: :fp:

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Hime
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PostRe: Buying a house
by Hime » Sat Aug 12, 2017 8:05 pm

Thanks chaps.

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Squinty
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PostRe: Buying a house
by Squinty » Sun Aug 13, 2017 9:50 am

Rhubarb wrote:
Hime wrote:I completed today and everything went as smooth as could be.

I honestly thought it would never happen but my girlfriend and I have our dream house :D


Congrats! We completed last week too. So far I got the keys, went round to look at how much of a shite heap it is, and then promptly returned to our rented accommodation :slol: :fp:


Oh dear :lol:

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Photek
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PostRe: Buying a house
by Photek » Fri Sep 08, 2017 12:00 am

Squinty wrote:
Photek wrote:Yep, buying a house is a stressful and long process. I'd absolutely HATE to ever do any of it ever again.


It was starting to get annoying for me towards the end, but I can't say that it was super stressful. I've been through worse times.

Certainly dealing with the estate agent was totally strawberry floating annoying in particular. They were rubbish. They kept calling me to ask me what my solicitors were doing. Totally not my job to liaise between them both. Then phoned me three times trying to sell me the house that I'd already went sale agreed on. Had to phone them twice to take the sold sign down. Ended up chopping it down myself.

I hope they don't want it back.

6months later our sign was taken away! :fp:

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Dual
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PostRe: Buying a house
by Dual » Fri Sep 08, 2017 6:56 am

Rhubarb wrote:
Hime wrote:I completed today and everything went as smooth as could be.

I honestly thought it would never happen but my girlfriend and I have our dream house :D


Congrats! We completed last week too. So far I got the keys, went round to look at how much of a shite heap it is, and then promptly returned to our rented accommodation :slol: :fp:


How you getting on?

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Qikzen
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PostRe: Buying a house
by Qikzen » Fri Sep 08, 2017 7:07 am

Moggy wrote:
Hime wrote:
Curls wrote:Soooo, how much deposit do you recon I'd need for a house of about 200k?

I have 11k saved up right now and by this time next year I could have 20-25K.

My salary is around 24 K when shift work isn't included. Around 33 K if it is..it all depends if the bank just take base salary or look at pay slips? Then I guess there are all the legal fees and stuff like that.....I have a skipton lisa open though and if I transfer my help to buy to that and consolidate my finances I could have all that money in the LISA this time next year. Turning 24 K to 30 K. If I'm correct in how the LISA process works.

I'm pretty sure you need 10% for a conventional mortgage but know you need 5% if you use help to buy.

Fees and stamp duty are huge, I reckon you will need at least 15k.


Fees vary (but are usually huge!) but you can work out stamp duty by using a calculator like this one. Stamp duty would be around £1,100 for a £200k house.

Deposit wise, you should have at least 10% - so £20k for a £200k house.


I'm never going to be able to afford to buy a house in this area, strawberry float. Most of them for a 1 bed will need about 35-40k. That's more than I make in a year .

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Harry Ellis
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PostRe: Buying a house
by Harry Ellis » Fri Sep 08, 2017 7:18 am

Yeah it's so hard. The wife and I really saved hard and went for 15 months or so with the absolute bare minimum, no dates, nothing. And that's with the income of two people.

Unless a young person receives a sweet ass inheritance or a family member helps you out it will take years.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Partridge Iciclebubbles
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PostRe: Buying a house
by Partridge Iciclebubbles » Fri Sep 08, 2017 7:20 am

Qikz wrote:
Moggy wrote:
Hime wrote:
Curls wrote:Soooo, how much deposit do you recon I'd need for a house of about 200k?

I have 11k saved up right now and by this time next year I could have 20-25K.

My salary is around 24 K when shift work isn't included. Around 33 K if it is..it all depends if the bank just take base salary or look at pay slips? Then I guess there are all the legal fees and stuff like that.....I have a skipton lisa open though and if I transfer my help to buy to that and consolidate my finances I could have all that money in the LISA this time next year. Turning 24 K to 30 K. If I'm correct in how the LISA process works.

I'm pretty sure you need 10% for a conventional mortgage but know you need 5% if you use help to buy.

Fees and stamp duty are huge, I reckon you will need at least 15k.


Fees vary (but are usually huge!) but you can work out stamp duty by using a calculator like this one. Stamp duty would be around £1,100 for a £200k house.

Deposit wise, you should have at least 10% - so £20k for a £200k house.


I'm never going to be able to afford to buy a house in this area, strawberry float. Most of them for a 1 bed will need about 35-40k. That's more than I make in a year .


Cut out the avocado toast and you'll soon have enough.

https://www.theguardian.com/lifeandstyl ... oast-house

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