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house viewing/mortgage meeting

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
im making the first very tentative steps towards possibly buying a house. i'm a first time buyer and i have no idea whether its actually possible yet or whether i'll be able to afford it. but i've seen a house really near me that is a seemingly bargainous price, so i rang up today to make an appointment to view it.

the lady on the phone was really lovely and i've arranged a viewing but i've also somehow agreed to a mortgage meeting with their financial advisor at the estate agents. im really scared, is it likely to just be really informal or are they going to be pressuring me to make a decision on something? if we have the meeting and i decide not go to ahead with anything will they be annoyed that i've wasted their time?

im very nervous!

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Don't be nervous! Most likely they'll just run through your figures to make sure you're actually capable of getting a mortgage, affording to repay it, and how much you can borrow so they can take you on appropriate viewings.

    I wish my first estate agents had done that! I was trying to sell my house for 2 years, and had loads of viewings, the vast majority of which it'd turn out they didn't even have a deposit, or could never have afforded it, and it was pretty annoying.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Watch out for the inevitable hike in BoE's base rate. It's gonna be a stinker. I'd be very tentative about buying at the moment, especially if getting a mortgage that leaves little slack in repayment ability.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    im going to view the house first, then having the mortgage meeting an hour and a half later. if the house is a bombshell (it only has pictures of the outside!) then maybe i wont even need to go to the meeting, because i dont think i can afford anywhere else.

    cptcoathanger i dont know what that meeeans :| im absolutely clueless. i hope they explain it all really simply at the estate agents...
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    FireyFirenze wrote: »
    cptcoathanger i dont know what that meeeans :| im absolutely clueless. i hope they explain it all really simply at the estate agents...

    Basically interests rates will have to rise soon to control inflation. In effect this means that any mortgage repayments will go up soon.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Might be worth going for the meeting anyway just so you have a better idea of the mortgage offers out there and what you actually can/can't afford even if you're not keen on the house.

    If you're anything like me I am pretty clueless when it comes to mortgages and other costs involved in buying a house so might be useful for future reference!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    For everyone in general, whilst for some people "right now" is never a good time to buy a house, just dont keep on putting it off for ever and ever!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hey there FireyFirenze,

    How did the house viewing go and did you end up having the mortgage meeting?

    :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    the house needed a lot of work - the kitchen and bathroom were lovely but the rest of the rooms, the walls were practically falling down haha, big holes where the plaster had chipped away and it stunk of damp. good house for a builder, not for me :D

    the mortgage meeting was brilliant, she was so helpful, she explained everything and went through a budget etc and i realised i can afford a lot more than i thought i could and still live comfortably. so now i can step up the house search :)

    just another question instead of opening a new topic...what happens if, you want to buy somebodys house but they're still living in it? do they have to move out or do you have to wait til they find somewhere else to live? is that what being stuck in a chain is?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yes, that's a chain. You have to wait until they are able to leave - either because they rent or have bought somewhere else.

    Glad the meeting went okay. As I said before, be careful about how much you borrow though. The interest rates are low at the moment and will go up and that will make your repayments much more expensive.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    but if they've put their house on the market surely if somebody offers to buy it they have to sort of...hand it over, do they, because they've put it on in the first place. so in theory could they accept your offer, then making you wait 6 months until they find somewhere to live?

    im quite lucky and im only having to borrow a relatively small amount (i think) so hopefully i wouldnt be affected too much if they went up. its scary though.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    In order to sell there is a contract to sign. They don't have to sign it until they are ready.

    TBH though, would you really make someone homeless?
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