Wednesday 18 May 2022

Buying my first home | part 5

Soooo much has happened since I posted part 4 of this series, and I'm nervous about putting this news out in the open in case I jinx anything but I want to be totally transparent about my journey...

So, at the end of my last post I said the estate agents had invited me to see a two-up two-down which wasn't on the market yet. They'd invited me and another person to view, and I loved it; small but exactly what I need, sunny garden, needs completely redecorating but isn't in complete disrepair. A few hours after I first saw it, the estate agents rang to let me know the other person had put an offer in so I needed to make a quick decision.

I asked to go back the next day with my dad so he could give me a grown up opinion, and he said go for it - as I really liked it, I decided to put an offer in. I went £6.5k over the asking price, as is common right now, and it still came out under my top budget. This was on the Wednesday and the estate agents said it would be Friday before I heard anything, so I went back to scouring homeware sites and making vague plans in my head...

On Thursday morning I was working away when my mortgage advisor, who is based out of the estate agents the house is for sale with, called me. I wasn't expecting to hear from her but after a little catch up about my recent trip to Germany she informed me that my offer had been accepted. I was in so much shock, and we arranged a meeting for the Monday so we could officially apply for my mortgage. Then I rang everyone to tell them my good news!

I was on cloud 9, and immediately arranged to see the house for a third time with a family friend who worked as a surveyor; he came with us on the Saturday and had a look around, informing me that the house needs a new roof and some other minor work but other than that is definitely a good option for a first time buyer. I'm hoping when the official survey comes back from the solicitor, I'll be able to negotiate this off the purchase price...

Over the same weekend I asked my friend to put me in touch with a solicitor and 'instructed' them, which was all fairly straight forward, and then I went back to my mortgage advisor on the Monday with bank statements, tax returns, proof of deposit and so on. The reason we wanted to get this application in ASAP was because interest rate increases had just been announced which means the deal I could get was about to be taken off the table. As it is I've applied for a 2-year fixed rate mortgage with £1000 cash back and no application fee, which is a pretty good deal!

So that's where I'm at now; waiting for surveys, hoping my mortgage application is accepted and so on. This is probably going to be a lengthy process but if there are any updates I'll do another post in this series! Thanks, as ever, for sticking with me.

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