General Chat Thread, Worry setting in... in General; Me and the wife are getting our first house valuated today. We bought it new just before the market crashed ...
9th May 2011, 09:09 AM #1
Worry setting in...
Me and the wife are getting our first house valuated today. We bought it new just before the market crashed so I have a very unsettling feeling in my waters...
9th May 2011, 09:17 AM #2
having it valued because you want to sell and move or just out of curiosity?
i have no doubt our house has gone down in price since we bought it last october, but then we aren't looking to sell so for now it doesn't matter. if in 20 years time its still less than it is now i might get a bit more worried
9th May 2011, 09:24 AM #3
Your house might have gone down in value but so has the one you might buy. Its a buyers market at the moment and should you make a good investment in the near future, you might end up making more money than you would have before the market went 'pete tong'.
Every cloud and all that...
Thanks to Admiral208 from:
9th May 2011, 09:30 AM #4
A combination of both. We would like to move, but it really depends on how much we have lost from the property. Plus getting a new mortgage without 10% equity or a 20% deposit is next to impossible.
Originally Posted by MK-2
9th May 2011, 10:04 AM #5
Be thankful you have a mortgage....I tried to get one with my partner unsucessfully, because "we didnt earn enough" (yet collectively we earnt near £4000 a month)...great stuff hey!
Banks are not playing ball at the minute because of the losses they suffered. Good luck!
9th May 2011, 10:47 AM #6
Originally Posted by nephilim
always love that. we bailed them out, yet we dont earn enough for them to give us our money back.
9th May 2011, 12:19 PM #7
yet im earning much less than that on my own and i had no problems getting a bank to lend me 90k
Originally Posted by nephilim
9th May 2011, 12:20 PM #8
I guess the area where you live plays an important part too.
9th May 2011, 12:28 PM #9
Me and the woman earn £4k pm bewteen us an were nearly refused a mortgage because she didn't send a cheque off to pay a credit card bill once. She had the swine flu, the envelope was in her bag but obviously it wasn't in the forefront of her mind. Anyway, the payment was sent and received on the account 5 days late.
So 2 months later when we were jumping through the hoops etc for the mortgage they turned us down. We were fuming so I made an appointment at the bank and demanded to know what the problem was as they wouldn;t tell us in the phone. We ended up having to get proof from the doctors that we'd contacted them re the swine flu, get the credit card statement to prove that it was paid and even then they said they would have to wait for our appeal to be decided by the underwriters!
All this because a £21 cheque that was paying the full balance off was late!!!
9th May 2011, 12:34 PM #10
take the mortgage out with the people you with now.. it should be easyer then take a new one some where else..
9th May 2011, 03:31 PM #11
I was going to say - must be an area thing. We're in the closing stages of buying our first place - a 2 bed Wimpy "no fines" semi with big gardens. I'm on 16kish, missus is on the same (would be more if she did 5 days instead of 4, but she prefers to spend the day with Izzy). Had an IFA round as we're paying £545/m rent, 300/y water, heating bills have been over £550 a time etc. I wanted an unbiased opinion.
No Problem. You're looking at £130k properties? What deposit do you have, if any? You have 30k? No problem. Even without that I could get you a mortgage for £95k.
I was floored. In the end the place we're buying was on the market for 120k, made an offer of £115k..and it was job done.
25 year mortgage, over £100 cheaper than renting.
Not overly worried about negative equity etc..as it goes, it's definetly at the lower end of things, it's a long term home for the 3 of us, and it's not shockingly expensive compared to a lot...it'll bounce back if it does drop.
I've never had a credit card..I've never had a loan or anything else either. Yet we were fast-tracked though with flying colours. I still can't quite get my head round it..
9th May 2011, 03:52 PM #12
I brought my first place in October last year. £115,000 was the accepted offer, 10% deposit and 5.5% fixed rate mortgage over 35 years, which sounds expensive considering the interest rates at the moment, but I'm hoping that I'll benefit if interest rates rise (which they will do eventually) I had no problems getting the mortgage, it was a very simple process. I'm lucky because this place was virtually derelict when I brought it so I've added value to the property by renovating it - the market in this area did rise, but has fallen again now slightly lower than it was when I brought the place. At the end of the day it only becomes a problem if you're looking to sell.
If you do want to move and your property has lost too much value, a short term answer may be to rent it out if the rent will cover the mortgage plus 10%, and just rent a different place for yourselves. You'll still have the investement in the property you own, and you won't lose out financially if you rent somewhere that's equivalent value. 2 friends of mine have done exactly this rather than sell up at a loss.
9th May 2011, 03:55 PM #13
Blimey, I wish some of the prices listed here were consistent with other areas.
I'm looking at over 200k for a flat!
9th May 2011, 04:05 PM #14
9th May 2011, 04:07 PM #15
WOW, me and my misses earn close to 40k a year at 21 & 23 tried to get credit on a laptop and was refused :S not had anything on credit before so im squeaky clean same as the misses. was lookg at mortages the other month but couldnt work out how much deposit ect... all confused me and then when got knocked back for the laptop thought there deff not gonna give me a mortgage.
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