I doubt interest rates will be significantly lower, although bank margins may be less this time next year. Of course, that would then filter in to house prices so the discounts potentially available now may not be available. Trying to game the exact right moment to buy is a mugs game, just make sure you are getting a good price in the context of a slow/stagnant market [no idea if this applies to 'offer over' jockland].
The house isn’t built/ready to move in until April 2024 which is quite handy as schools are off for 2 weeks then so means move in process will be easier and allows time to save up more and actually have furniture arrive on time. (3.5 months for a sofa)
There’s an offer at the minute until November where the Builders cover 5% of the mortgage - no guarantees there will be an offer like that next year on this area that we like as well as the fact there may not be any plots left by then. I’d be pretty pissed off waiting a year to find the interest rates have barely decreased and the house prices start to rise again. The house, area, offer from the builders and the meetings with mortgage advisors all seemed to be too good to be true until the in laws piped up
If the mortgage will be affordable to you at the current rate you're offered and you see yourselves there for a good few years go for it. Like niko said trying to time the market is pointless and if interest rates drop you'll just see prices rise anyway.
Yeah, that is my thoughts but we’ll see what ends up happening. Got a meeting with the builders tomorrow.
The mortgage is quite high (£1150 in principle) but we can afford it without stretching ourselves and still be able to have a life. Maybe no more 3 holidays a year anymore. Sad.
It’ll never be a good time, financially. Sounds like an ideal time in terms of the new build development you’ve found. Go for it.
I'm a twit
I’m not a fan of new builds but if it’s the house you want and you can afford it, get it sorted. Like Baz said, there will never be a ‘good time’ yet anytime you buy a house, it has to be a good thing I think.
If everyone knew what interest rates were going to do they'd have all fixed at 1% for 10 years a while back. As long as it's affordable get on the ladder. We got our house on a comparatively bad deal as they were willing to lend us more, good thing we did because no way we would be able to afford this house now thanks to the market, even with the recent slump. I think the sooner you get on the ladder the better in the majority of cases (unless you are a clown like my brother in law who bought a cheap flat he wasn't allowed to rent out and can't sell).
You won't exchange contracts untill close to the completion date. So you should have untill then to see if you can get a better mortgage offer then any offer you get right now
What I'd recommend about new builds is you don't have to do so much faffing around fixing things.
I came across these new-build naysayers when I purchased mine many moons ago and broke out into a cold sweat wondering what I got myself into. Having now experienced both sides, I can safely say you're a fucking madman if you actively choose to not go with a newbuild if the option is there, particularly in this day and age.
My thoughts exactly. And the kitchens are always sexy.Originally Posted by Jimmy Floyd
I have 2 problems with new builds.
- You get nowhere near the amount of square footage (especially where living space is concerned) you'd expect for your money.
- The house is literally the best it's ever going to look the day you move in. It's all downhill from there.
I can see the appeal for some people, but I realised that they weren't for me when I viewed a few last time we moved.
If you're big into doing up houses then I guess they're not all that, but if you want a comfortable living space that isn't going to fall to pieces or be swept away in a natural disaster then they're far better imo.
The only complaint I have about mine is that the insulation is so good that it gets really hot in the summer.
I wasn’t sure about this. The deposit offer is from July 2023 to 30th Nov 2023. I didn’t know if I’d need to have deposit paid and mortgage approved before this date for me to qualify but I guess I wouldn’t because why would they offer the deposit deal if they know the houses aren’t complete until April 2024?
Is it risky to pay deposit and reserve the plot and not get mortgage sorted out until the start of the year or if I’m already getting an agreement in principle I should be fine?
They always look so horribly cramped. "Kitchen-diner" and it's just a normal sized kitchen with a small table shoved in the corner that you couldn't really use.
There's no value to be had with new builds. Avoid at all costs.
Unless you buy one in a nice area.
They don't build new houses in nice areas.
I don't think anybody has ever been able to fix for ten years an 1%. Just because the interest rate may have been that low the banks would never have offered that, probable more near 3/4% over ten years.
Doesn't exist.
My mortgage advisor reckons he locked someone into 10 years at 1.something a couple of years back when they remortgaged. With Virgin I think he said.
I mean, mine is. It's a flat rather than a house though. If you're breeding and so on and need a 5-bed mansion you only have yourself to blame.
This one is outskirts of Perth. Tory land. I’m good
I live in a new build, thats just over two years old. Next door has an identical house and just put it on the market for 125k more than we paid.
They can be a great investment if you target the right house in the right area. Especially with all the government and builder incentives.
One bit of advice if you do go down the new build route, get a professional snagger in when you move in to complete the weekly and three month forms. I paid £650 and they managed the whole snagging process, nothing goes unnoticed.
True I was more being facetious about the wisdom 12 months ago being take a short deal because interest rates never go up.
My mate from work is selling his house.
I think I’d rather live in a new build (in a decent area) than an olde worlde cold looking faux cottage like that.
Do the builders actually come back and fix it, or just refund some money and leave you with fake weep vents and wonky fence posts?
Last edited by Baz; 02-08-2023 at 08:15 PM.
I'm a twit
It's nice but incredibly small for that price I'd say. But then new builds have the same issues with floor space.
I'd go new all the way if I had my go at it again even at the expense of living in a heap of other peoples pockets.
I was idly standing in front of my bins the other day, checking my phone or something, when my downstairs neighbour came out and started to take my black bin away (his are a good five yards away in a totally different nook). I said 'Erm...' and he said 'Wait, is that your bin?' and I said 'Yeah.' He pointed at his head as if to say 'I'm mental, me' and then went and moved his bin instead.
So yeah, that's the calibre of person you get as a neighbour in new builds, and no doubt he thinks the same about me.
My understanding is from friends in the trade that there is so much pressure to get the new builds thrown up that they will often get lads working on the site to do work they aren't actually trained in rather than a trained specialist.
My wife's mate bought a massive new build, been in a week when water started pissing through the kitchen ceiling. They just hadn't bothered connecting the bath drain to anything
Yeah was all fixed within a few months.
If they try and fight any of it there ate plenty of companies who can use the snagging report and take the builders to court.
As long as you know when you're doing a new build is fine, far too many people are soft and end up living with issues and then moaning rather than actual getting things sorted.
I complete on my new house on Wednesday and my solicitor has asked for my last bank statement (July) and the one from 12 months previous (July '22).
Seems odd to me. They just said it's due to "new regulations" but wasn't more specific. Anyone know the actual reason? Assuming it's a fraud thing.
Source of funds? More likely they'll have no idea what they want or need and so are just asking for random things.
No the money is already with them, it's the bank account they're to pay me the remaining balance into.
Reserved that plot/house. Get 5% deposit paid since she is a teacher. Nae bad.
Let's hope Interest Rates don't skyrocket too much as she'll pull out no doubt if they do.
This is expensive
Looking to get some LVT fitted for the kitchen and Tapi have quoted me a whopping £3,000 (materials + fitting). Surely not.
Well that’s just marvellous because the Mrs is wanting that stuff in the new house.
Mattresses. Recommendations?
We had Hyde & Sleep (Dreams' own version of the Simba etc.) for over five years but it's had its day now as the sag is now permanent. Don't mind stretching the budget on this.
We've got an Eve original hybrid and I'd say it's pretty sensational. Not cheap, but we decided when we moved a couple of years ago to throw cash at sleep for the first time in our lives. You can usually get them pretty well discounted. I think we got somewhere in the region of 35% off buying direct. I think it's in Which?'s top three mattresses and has been right at the top of the pile for years now.
They've got 60% off the Premium Hybrid at the moment. Going to test it later cheers.
Simba. Best ever. https://simba.mention-me.com/m/ol/ib9gg-baz-akehurst
I'm a twit
I have to get mine from a specialist for freaks but as a general rule: super king, 2000 springs and firm. Your spine will thank me.
Depends which brand you're going for and if there's any work on the sub floor that's a decent price.
I got some additional quotes and it would seem £2,500 is the bare minimum if you're after something decent.
Some possibly sensational scenes. I completed on the B2L house in Jan '23. I've just looked to apply for a refund of some higher rate SDLT and they need a SDLT Unique Transaction Reference Number (UTRN). I go back through papers and I don't see this so I try to contact solicitor and there's been an SRA intervention on them meaning they've been closed down to protect clients. I proceed to buy the title register for the property on land registry and the owner is still listed as the developer
I'm mildly comforted by the fact I've been paying the mortgage and letting it out for months now and have a signed letter from the developer confirming completion but it's pretty wild. I guess I should have known to request the transfer deed/SDLT receipt/etc which I don't seem to have. I'm now having to contact the SRA intervention firm to see what documents of mine they hold.
Nearly £4000 for us (the stick down stuff, not clips). And that's with a good deal on labour because I know the lad.
Sickening. I've yet to bite the bullet.
112 packs of LVT.
Supposedly it's good for about 20 years and the current laminate shite has about 2 years maximum left (or 2 days if you believe my wife), so it needs doing but fuck me, what a racket.
I have the option to fix my mortgage for 2 years, 5 years or 10 years all at roughly the same as what I am already paying as I had a naff interest rate anyway. Thinking 5 should be a safe bet? Was hoping oayments would have gone down after 5 years but Trussonomics etc.
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