Mertin
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Registered: 12th Oct 05
Location: Scotland
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Generally, based on your income what can you expect to get a mortgage for? Just thinking about it just now and going to see a mortgage advisor / bank when Im home to see what I can get. Just looking for a rough idea so I know what to aim for / expect.
Also, with buying a new build is there any additional costs compared to buying a house thats been built for 20 years? Such as extra fees or anything? Looking at a Springfield new build
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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Only additional costs would be stuff like phone line etc. because that's all new. Legally they're similar.
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Colin
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Registered: 4th Apr 02
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Probably have to factor in more for decorating on a new build. Where as with something older there will be floor coverings, light fittings & suck like you can make do until such times, a new build is just an empty shell, concrete floor/chipboard throughout.
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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IS that the script with all new builds? Its through Springfield developments, going to see their show home when I get home and have a better look at things. From looking on their website threres choices such as what bathroom kitchen, plan where you want radiators, sockets etc located and what colour of paint you want and tiling from their chosen local supplier. (Once youve chosen the plot and style) All this at an extra cost then? Its all relatively new to me, first time iv looked into new builds
Read a bit further on their website and got into FAQ's where it says :
* Your choices and specifications - Springfields vision is 'your home…your choice…' therefore we aim to finish your home to your individual choice and specification. Standard specifications in your new home include:
* TV & BT points to all public rooms and bedrooms.
* Cornice to all rooms.
* All timber frame panels constructed of 45x95 timber @ 400mm centres.
* Tiling to kitchen, bathrooms and utility.
* White finishing's and panel doors throughout.
[Edited on 12-05-2011 by Mertin]
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Colin
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Registered: 4th Apr 02
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Tiling could just be a wall tile splash back. Floor tiles generally are extra, fom what ive seen anyway. All builder extras are rip offs!!
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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Hopefully find oot the crack fan I get hame and see fit like they are and fits affordable
Any idea what the rough guide is for mortgage / salary? Like 2 x salary or whatever it is nowadays or does it vary so much?
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Colin
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Registered: 4th Apr 02
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Generally 4 or 5 times gross income I think with 10% deposit required.
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Dave
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Registered: 26th Feb 01
Location: Lancs
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Generally new build come fully painted but no floor coverings. Tiling will be in spec as to whether it's full room or just over baths and sinks. Many developers will have some form of sweeteners in the deal though, council tax paid for year, free appliances etc, you might be able to get carpets as part of that if it's available. Get a feel for the site, if houses are being moved into as soon as they are built demand is high and you'll struggle to get much out of them. If there are empty plots about or slabs that have yet to be built on it's a buyers market so chance your arm.
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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Theres quite a few available, the design id be after theres 7 available and the sites been there at least a year. Theres also quite a few plots for sale (just the plot) going by their website. Its still pretty much a building site too.
Was hoping for some sorta sweetener in the deal, with the way things are just now and not much people building or going into new builds. As a price guide its a 3 bedroomed with ensuite, shower room and bathroom, also garage. In a development thats just on the outskirts of Buckie and their asking £164,000
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Colin
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Registered: 4th Apr 02
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I'd aim for 150k plus a few freebies!!
Mine was 170 reduced from 190, I got it for 152 (went in telling them I could get a bigger one in a different site for 150......but would prefer theirs, what can you do for me?) plus they sold my previous property & picked up the marketing costs & home report etc.
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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Heres hoping I can wangle something then, will keep an eye on the site too so I can see whats selling / not selling. Time to start firing in the overtime offshore me thinks!
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Colin
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Registered: 4th Apr 02
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Aye get a few extra weeks in san 
Just go in with the attitude, i'd like to buy but i'm not arsed.......its got to me on my terms.
If its as slow as you say & you have deposit & mortgage offer they will be eating out your hands.
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Mertin
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Registered: 12th Oct 05
Location: Scotland
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quote:
Originally posted by Colin
Aye get a few extra weeks in san
Just go in with the attitude, i'd like to buy but i'm not arsed.......its got to me on my terms.
If its as slow as you say & you have deposit & mortgage offer they will be eating out your hands.
Still working on the deposit, seeing about mortgages when home too and then hopefully have a target for a deposit once I see whats available
I did see Clydesdale were offering 95% mortgages for first time buyers, not sure if there will be a catch or what with it or stupidly high interest rates?
[Edited on 12-05-2011 by Mertin]
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sloworm
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Registered: 18th Jul 08
Location: Norwich
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quote:
Originally posted by Mertin
I did see Clydesdale were offering 95% mortgages for first time buyers, not sure if there will be a catch or what with it or stupidly high interest rates?
[Edited on 12-05-2011 by Mertin]
Not sure about clydesdale, but alot of those 95% deals require someone to place about 20k in a bank account for 2 years... Nationwide are offering some sort of savings account which if you use it for 6 months then you'll get a 95% mortgage with them I think.
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Dave
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Registered: 26th Feb 01
Location: Lancs
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95% will come back mainstream eventually, they have to. When you say an average house is £150k very few first time buyers will have £15k+ for a deposit. I appreciate you work your way up the property ladder but in some areas £150k get's you nothing.
There are many responsible people out there who could easily make repayments on a 95% mortgage but the banks aren't really willing to take the risk at the moment, hopefully they'll start to soon though because this will really help the construction industry and have a knock on effect in other areas.
For the time being though you really have the upper hand as long as you have a mortgage agreed, developers need these sales quick to keep cash flowing into the business so be cheeky, they can only say no!
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AndyKent
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Registered: 3rd Sep 05
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They don't have to bring 95% mortgages back in at all. If the market readjusted to more sensible/affordable prices there wouldn't be a problem.
Problem in a lot of the south is sellers don't want to lower their asking prices and young people can't borrow enough cash = stagnation
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