Houses

[pickettywitch]

If one is going to buy a house, what does one need?

This isnt an immediate thing it's an inclination depending on the market. Prices are supposed to go down still and eventually bankswill start lending again.

So whats the process?
What should I look for?

Assume that I know nothing - then advise please?

Comments

[silks_ic]

As big a deposit as possible and a good credit rating - it might even be worthwhile doing things to bulk up your credit rating beforehand - like getting a card, using it a bit then paying it off and cutting it up e.t.c

[amber_missy]

We're going through the process at the minute, so feel free to get in touch if you want a chat

[amber_missy]

(continued

[amber_missy]

Just reread your post and realised the above might be a lot of waffle... Er... process

[amber_missy]

((oops - we're buying it for £144k but only a £120 mortgage - sorry, bad maths!))

[a_c_macklin]

Adding to all of the above

[load_of_flannel]

Your lawyer cost £5000???????

To buy a house?

JEEESUS.

[a_c_macklin]

That's including stamp duty and survey fees.

[load_of_flannel]

Ah right...... yes with stamp duty. I was about to advise you to report them.

*grins*

[load_of_flannel]

Around 30,000 would be a sensible deposit. Yes you can get them with less but at London prices thats not a very good idea.
Obviously you need a job, and a mortgage.
You will generally need Life insurance for a mortgage
A spare three Grand for ludicrous fees and expenses and surveyors.
A Decent Surveyor and a Decent Solicitor.

A vicious negotiating attitude and a willingness nto ignore house vendors who cry at you whilst you demand their white goods on top of the discount.

A willingness to walk away.

[pickettywitch]

I'm actually thinking that I'll buy in the area outside and tot eh north of london.

Somewhere around the Royston area in a village a short drive froma rail link into london.

I'd rather have to travel in to work but have a very pretty pleasant home that a short journey into work and live in a dive.

It's still only about an hour commute looking at the train times.

assuming they run ok of course.

[urasni]

Money. Lots and lots of money. Banks will usually have no problem lending you up to 3.5 times your annual salary (though this may have changed or be different for London.)

Once you've got enough deposit money, agree a mortgage in principal with a lender. Then find your house. Then find your valium to deal with the stress of buying it. ;)

I'm helping!

I'm helping!

[a_c_macklin]

That's right, honey. That's exactly what you're doing...

:-D