Buying a house - first steps



Got “aviary” and “apiary” confused there. Was quite excited for a minute.

Still quite a weird feature.


“and the good news is, the buyers are willing to leave you the 200+ chaffinchs, titchwells and buttonquails, at no extra cost other than cost it will cost you to keep them!”


100% this.
You learn a lot about what you do or don’t like/value in a property while doing it up, and also whether that’s something you could stand or would like to have another chance doing again.

We bought a wreck in Tottenham 4 years back, and although it hasn’t been without stress (rotten joists in the bathroom, ceilings falling in at 3am), we wouldn’t change a thing.


We’ve just had a 5% down valuation from our lenders.

Does anyone have experience of this when the asking price is set by a Housing Association as opposed to a private vendor? Apparently we can keep the same terms on our mortgage by changing from 80% LTV to 85% LTV but I don’t really know what that means.

Will the HA reduce the asking price? I don’t know how they set it in the first place but presumably all lenders will now be unwilling to offer their amount?


That means you’ll have to find the 5% difference out of own pocket for the deposit, or ask the HA to reduce the asking price.


Apparently the 80 to 85% LTV change wouldn’t require a deposit change…


Don’t know how that works then. Sorry that’s no help.


Basically, they’re saying the house is worth less then the HA. This means that although they’ll lend you the same amount, they’re saying it’s 85% of the value of the house instead of 80%. The ultimate effect is that you’ll likely get a worse interest rate and your monthly repayments will be a little higher.


Gotcha, cheers for that. Very helpful


Of course, I feel silly now.


Surely the price paid for the house would have to come down for their 85% assessment to become true


No, they’re lending based on what they think the value is, not the market price (what Tone is paying).


It’s effectively that what was a 20% deposit at the HA price now only constitutes a 15% deposit at their valuation right?




based on my new job, i think if we saved for about five years we’d have enough for a deposit when we’re 32/33

wondering about stuff like having a credit card. does it actually help? is that nonsense? i’ve never had one so don’t really know how it works.


i never had one when I got my mortgage :man_shrugging:

they seemed more bothered by my salary, how long I’ve been in my current job and my outgoings


I didn’t have one for my first mortgage. BUT I was refused a credit account with British Gas after I moved in. Not such a bad idea to get one. Use it from time to time to build up a bit of a history


also will it look really bad if most of the transactions on my account are Pret and M&S Simply Food?


haha I don’t think they look that closely.

you just have to list it roughly out… eg

pay = £1000
rent = £500
savings = 100
food = £350
cat treats = £50


ok great, thanks.

also is it a really bad idea to base your calculations on spending ALL your savings on the house? i’m pretty sure we’d be saving every month once we bought cause mortgage repayments is less than rent obvs but i just dont know whether to spend ALL our money to get the best deal or to keep a few grand back for other things, emergencies etc/