Omega Owners Forum

Chat Area => General Discussion Area => Topic started by: Danny on 04 December 2008, 12:28:40

Title: Early Xmas Present
Post by: Danny on 04 December 2008, 12:28:40
I posted up a thread a bit back about a house swmbo and I had made an offer on, that was removed from the market due to a disagreement with the repossessor and the seller acting on their behalf, we found out a couple of weeks ago that the house had gone back on the market with a different seller but through the same estate agents so we resubmitted our offer (a little higher to appear keen)! In a poor market and the wrong time to buy, we had very little competition...

this morning we received a call saying our offer was accepted and for a large 3 bedroomed end terraced house with 2 reception rooms, massive kitchen, big bathroom and a breakfast room off the kitchen and 3 double bedrooms (basically the size of 2 standard 2 bed terraces) and also land of our own at the back for about 6 cars, all for £67,500!!

we're thinking deposit of £7500 leaving us with a small mortgage!!

i'm a very happy young man ;D
Title: Re: Early Xmas Present
Post by: SP_3.2 on 04 December 2008, 12:37:36
Thats very good new ...well done  :y :y. Must be very happy.
Title: Re: Early Xmas Present
Post by: 3.2xplodmark on 04 December 2008, 12:38:44
yeah well done... :y
Title: Re: Early Xmas Present
Post by: Elite Pete on 04 December 2008, 12:40:09
Well done Danny, it really is a buyers market :y
Title: Re: Early Xmas Present
Post by: Dusty on 04 December 2008, 12:44:13
Quote
I posted up a thread a bit back about a house swmbo and I had made an offer on, that was removed from the market due to a disagreement with the repossessor and the seller acting on their behalf, we found out a couple of weeks ago that the house had gone back on the market with a different seller but through the same estate agents so we resubmitted our offer (a little higher to appear keen)! In a poor market and the wrong time to buy, we had very little competition...

this morning we received a call saying our offer was accepted and for a large 3 bedroomed end terraced house with 2 reception rooms, massive kitchen, big bathroom and a breakfast room off the kitchen and 3 double bedrooms (basically the size of 2 standard 2 bed terraces) and also land of our own at the back for about 6 cars, all for £67,500!!

we're thinking deposit of £7500 leaving us with a small mortgage!!

i'm a very happy young man ;D


Well done Danny.

always a nice feeling to be a homeowner.

In my view ..buying is always better than renting ,even in these hard times.

Sounds like you bagged yourself a bit of a bargain . :-* :-* :-*
Title: Re: Early Xmas Present
Post by: markey mark on 04 December 2008, 12:47:08
sweet news danny  :y
Title: Re: Early Xmas Present
Post by: Danny on 04 December 2008, 12:48:20
thank you people!!

my thoughts from just a moment ago (having just watched the news about slumps in sales) is that when we've decorated it to a nice standard, we'll get a fresh valuation in a few months or a year and just see how much of a bargain it really was!

AND most importantly, swmbo said once we know our finances are stable, i can get another 3.0 elite as my weekend car!! (as long as she can have her mk2 golf back!)
Title: Re: Early Xmas Present
Post by: Jimbob on 04 December 2008, 12:48:36
Nice!
Title: Re: Early Xmas Present
Post by: platty on 04 December 2008, 12:53:34
If you  are looking to stay there long term (2+ years) that should work out really nicely for you. If you renovate/decorate at your leisure, by the time the market has recovered you should be sitting on a tidy investment!

Congrats  :y
Title: Re: Early Xmas Present
Post by: Danny on 04 December 2008, 12:59:30
we hope to be there for as long as physically possible

of all the properties we viewed, and some were very nice and reasonably priced, the majority lacked the character or "wow" factor, and didnt have any potential of doing things with, they were just liveable houses although nice

this one gives us a spare room downstairs, and 2 spare rooms upstairs, one of which is about 19'x13'!!, and not to mention the land at the back (as well as the back yard)
Title: Re: Early Xmas Present
Post by: STMO123 on 04 December 2008, 13:29:26
Quote
I posted up a thread a bit back about a house swmbo and I had made an offer on, that was removed from the market due to a disagreement with the repossessor and the seller acting on their behalf, we found out a couple of weeks ago that the house had gone back on the market with a different seller but through the same estate agents so we resubmitted our offer (a little higher to appear keen)! In a poor market and the wrong time to buy, we had very little competition...

this morning we received a call saying our offer was accepted and for a large 3 bedroomed end terraced house with 2 reception rooms, massive kitchen, big bathroom and a breakfast room off the kitchen and 3 double bedrooms (basically the size of 2 standard 2 bed terraces) and also land of our own at the back for about 6 cars, all for £67,500!!

we're thinking deposit of £7500 leaving us with a small mortgage!!

i'm a very happy young man ;D

Can you send me tha address of the property and the estate agents tel no. so I can gazump you. Please.
Title: Re: Early Xmas Present
Post by: waspy on 04 December 2008, 13:36:33
Well done Danny :y :y :y Make sure you change the locks no matter how many keys you're given, I know of a few folks that have had unwanted visitors >:(
Title: Re: Early Xmas Present
Post by: Martin_1962 on 04 December 2008, 13:44:31
Whne confirmed can we see pictures?
Title: Re: Early Xmas Present
Post by: omegaman2 on 04 December 2008, 16:20:33
good luck for the future :y
Title: Re: Early Xmas Present
Post by: Taxi_Driver on 04 December 2008, 17:08:24
Quote
Well done Danny :y :y :y Make sure you change the locks no matter how many keys you're given, I know of a few folks that have had unwanted visitors >:(

Very sound advice  :y
You never know if the previous owners still have keys  :-X
The house i live in now....i rented it out for about 2 yrs a while ago....I still changed the locks when i moved back in  ;)
Title: Re: Early Xmas Present
Post by: zippo on 04 December 2008, 17:39:04
well done Danny, really pleased for you and your lady  :y :y :y :y
Title: Re: Early Xmas Present
Post by: amigov6 on 04 December 2008, 17:45:51
Well done & best wishes to you both, you got in at the right time. Biggest & best purchase you'll ever make.
   Bought my 3 bed semi for £40k a few years back. Glad i did.
  When do you hope to complete & move in? :y
Title: Re: Early Xmas Present
Post by: Jay w on 04 December 2008, 17:57:01
will done mate and a 60k mortgage is a nice amount as well....

if you are looking at being there for a while then take your time, if/when you get it revalued my own advice would be don't remortgage, keep the equity as a buffer
Title: Re: Early Xmas Present
Post by: stuart30 on 04 December 2008, 19:21:29
Quote
Well done Danny :y :y :y Make sure you change the locks no matter how many keys you're given, I know of a few folks that have had unwanted visitors >:(

Ummm isnt Danny Manchester way...wire mesh on the windows and a iron door id say. ;D

The memories of mank land still haunt me.

On a serious note...sounds like a real bargain,people will say you shouldn't buy now as the market will fall for the next 300 years ect ect,total doom and gloom merchants.

If its a nice house and you can afford the mortgage then its a great time too buy....well done. :y

Title: Re: Early Xmas Present
Post by: Lazydocker on 04 December 2008, 19:37:55
Congratulations Danny... IMO you're buying at a good time. Yes, prices may well fall some more but as Pete says, if it's within your budget then go for it! :y :y :y
Title: Re: Early Xmas Present
Post by: Field Marshal Dr. Opti on 04 December 2008, 19:41:55
A wise move Danny.....also £60000 on a 25 year mortgage won't cost that much....especially as rates have fallen to 2% today.

Probably less than you would pay on rent. :y :y :y
Title: Re: Early Xmas Present
Post by: Johnboy0811 on 04 December 2008, 19:50:04
Well done Danny :y
Title: Re: Early Xmas Present
Post by: Danny on 04 December 2008, 22:08:49
our plan is to change the doors anyway, not fond of the ones already on it!!

we've gone for a 30 year mortgage, fixed for 5 years and its capital and interest, purely because it means we can track our outgoings properly and we know we can definately afford it, its cheaper than just throwing money away for nothing renting!!

once tidied up, could be worth more than our total mortgage repayments!

being gazumped is now my worst fear!

if not, we should be in mid-january
Title: Re: Early Xmas Present
Post by: Vamps on 04 December 2008, 23:10:22
Quote
Quote
Well done Danny :y :y :y Make sure you change the locks no matter how many keys you're given, I know of a few folks that have had unwanted visitors >:(

Ummm isnt Danny Manchester way...wire mesh on the windows and a iron door id say. ;D

The memories of mank land still haunt me.

On a serious note...sounds like a real bargain,people will say you shouldn't buy now as the market will fall for the next 300 years ect ect,total doom and gloom merchants.

If its a nice house and you can afford the mortgage then its a great time too buy....well done. :y


Perhaps that explains it ::) you can not get a house for that price around here, even in the ropey places.
Sounds like you got a great deal, and if you are happy then good luck to you. :y Wish I had that much parking ;D
Title: Re: Early Xmas Present
Post by: Elite Pete on 05 December 2008, 10:56:25
I know your only young and still want to enjoy yourself but I would push myself to try and make overpayments on the mortgage, you can normally pay up to 10% more each year without penalties and it makes a huge difference to the amount you end up paying back ;)
Title: Re: Early Xmas Present
Post by: tunnie on 05 December 2008, 12:01:28
thats amazingly cheap! Was that in Manchester itself?
Title: Re: Early Xmas Present
Post by: Elite Pete on 05 December 2008, 12:03:13
Quote
thats amazingly cheap! Was that in Manchester itself?
I think it was in Wigan ;)
Title: Re: Early Xmas Present
Post by: Lazydocker on 05 December 2008, 12:09:14
Couldn't even dream of prices like that here... I got my 3 bed bungalow cheap at £145k 4 years ago... It did go up to nearly £185k but has now dropped to around £156k... Not a problem for us though as we don't plan to move from here :y :y
Title: Re: Early Xmas Present
Post by: Danny on 05 December 2008, 15:14:19
its about 2 miles from where i live now so still not too far from freinds (and family >:( ;D)

its a substantial property for its price, and not stuck in the middle of a nasty estate either, it needs very little work doing (unless the survey finds something serious but its doubtful), it had a fresh damp-proof course very recently and new gutters/fascias all round by the last tennant before s/he got evicted

and once we've decorated it really could double in value, since we've had thoughts about an en-suite in the biggest room since there's plenty of space, and a downstairs loo

either way, we plan on staying there, so the house price falling more wont bother us at all, and we'll be looking at our outgoings to see if we can up our mortgage payments up to that 10% increase we'd be allowed
Title: Re: Early Xmas Present
Post by: Marks DTM Calib on 05 December 2008, 15:29:17
A 30 year mortgage! Kin ell!

You do realise that a 25 year one would only have cost about 30 more a month
Title: Re: Early Xmas Present
Post by: Danny on 05 December 2008, 17:01:18
25 years or 30 years, makes very little odds to me :D
Title: Re: Early Xmas Present
Post by: Marks DTM Calib on 05 December 2008, 18:14:48
Quote
25 years or 30 years, makes very little odds to me :D


er....it means paying an extra 15k+ in interest!
Title: Re: Early Xmas Present
Post by: Marks DTM Calib on 05 December 2008, 18:31:49
Heres an example

50 grand mortgage over 25 years (repayment so capital and interest)

Total cost

£91k

50 grand mortgage over 30 years (repayemnt so capital and interest)

Total cost:

£109k
Title: Re: Early Xmas Present
Post by: Tony H on 05 December 2008, 19:31:17
Quote
our plan is to change the doors anyway, not fond of the ones already on it!!

we've gone for a 30 year mortgage, fixed for 5 years and its capital and interest, purely because it means we can track our outgoings properly and we know we can definately afford it, its cheaper than just throwing money away for nothing renting!!

once tidied up, could be worth more than our total mortgage repayments!

being gazumped is now my worst fear!

if not, we should be in mid-january
Make a condition of your offer is that they take it off the market