House buying help

Sleeping_Easy said:
Reviving an old thread to ask what may seem a daft question. Me and the Mrs are buying a house and have applied for the mortgage. We've been told by the house builders that the lender has booked in a surveyor to come and view the site/property. We've been approved in principle for a while and were even approved in principle on a more expensive property before settling and going for this one. Does anyone on here know if we should take the surveyor being sent out as a positive or is not something to read into?
Click to expand...
They always do it.
Then they’ll tell you it isn’t worth the price you’ve agreed and will only lend you X% of what you wanted.
 
Sleeping_Easy said:
Reviving an old thread to ask what may seem a daft question. Me and the Mrs are buying a house and have applied for the mortgage. We've been told by the house builders that the lender has booked in a surveyor to come and view the site/property. We've been approved in principle for a while and were even approved in principle on a more expensive property before settling and going for this one. Does anyone on here know if we should take the surveyor being sent out as a positive or is not something to read into?
Click to expand...

Perfectly normal. It’s the mortgage company having a quick look to see if it’s worth what they are lending you.
 
Fazz28 said:
So after a year of renting, and months of back and forth, we finally submitted our official mortgage application just after xmas, on Monday we got our offer, the house is reserved, new build due in June, finishing touches chosen, solicitors working.. my partner has confessed she is £500 overdrawn on her student bank account (approved overdraft), she was £250 overdrawn when we think they did the initial check but then her car got wrote off and in buying a new one she needed a couple of hundred that she obviously hadn't accounted for.. does anyone know if this is a massive issue? ive been told the lender will do more checks during the next few months especially around completion.. should we get this paid off or with it being approved are we okay? ive read various thoughts on the internet without any real answer.
Click to expand...

Nope. I was worried about this at time of my mortgage- I was 2 grand in my overdraft. Wasn’t even mentioned or bought up.
 
Why does conveyancing take so frigging long? Genuinely interested in hearing from any solicitors because ours go to ground for days, you have to constantly chase and frankly I have no idea what they are doing?!
 
bugsyblue said:
Why does conveyancing take so frigging long? Genuinely interested in hearing from any solicitors because ours go to ground for days, you have to constantly chase and frankly I have no idea what they are doing?!
Click to expand...

I'm waiting on searches coming back, seems to be the longest part so far. The conveyancers are shite with updates haha. My brother completes on his house on Friday it's been going on since March due to probate.
 
bugsyblue said:
Why does conveyancing take so frigging long? Genuinely interested in hearing from any solicitors because ours go to ground for days, you have to constantly chase and frankly I have no idea what they are doing?!
Click to expand...
Because everyone they have to deal with is either working from home or short staffed because of covid.
There’s a frenzy of house buying at the the moment and you just have to join the queue.
 
Last edited:
bugsyblue said:
Why does conveyancing take so frigging long? Genuinely interested in hearing from any solicitors because ours go to ground for days, you have to constantly chase and frankly I have no idea what they are doing?!
Click to expand...
Chase the agents harder. They have an influence as well, or if they are any good they will.
 
Sorry to hijack the thread but I please could somebody kindly help advise on the below..

For buy to let I understand you need a 25% deposit required to apply for BTL mortgage and in addition there's no guarantee you will be able to let the property out even when using agencies etc. May I stress my motives for buy to let aren't to make any form of additional income for me personally (which would be nice) it would be to maintain a mortgage for a couple of years and to use any additional revenue for maintenance and repairs etc whilst I reside elsewhere for the short term.

What is the possibility of me buying the house through a usual residence mortgage and after the year approaching the mortgage provider to request moving on to a BTL mortgage? Is this a realistic approach or something that generally won't happen?

*In addition, I do have every intent of moving in to the property after a few years.
 
Not a cat in hell’s chance.
BTL mortgages are completely separate from homeowner mortgages.
Plus if you already have a property you will incur 3% stamp duty on a second home. This has not been lifted during the crisis.
 
denislawsbackheel said:
Not a cat in hell’s chance.
BTL mortgages are completely separate from homeowner mortgages.
Plus if you already have a property you will incur 3% stamp duty on a second home. This has not been lifted during the crisis.
Click to expand...

Thank you, I thought that would be the case but wanted to check.
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top
✖
  AdBlock Detected
Bluemoon relies on advertising to pay our hosting fees. Please support the site by disabling your ad blocking software to help keep the forum sustainable. Thanks.