As you all know we recently bought our first house!! How exciting right?! Yes it is exciting but it was also the most stressful thing I have EVER done!!
To start with us buying this house was slightly different. Because we were already staying in it (we were renting it) when it came to buying it, it was a private sale. So the owner didn't need to put it on the market or but it through an agency.
We had to scrap up £6250 for the house. Thank god we had our families. If it wasn't for them we wouldn't have got the money together. But we did. So it was mortgage looking time.
We went and got our self a mortgage adviser and he went really and done most of the hard work in actually finding us the best deal. At the time it was with the Clydesdale Bank. Even that being the best deal it still worked out £591 a month!!
Also another catch to this being a private sale, was the owner didn't need to value the property. So she asked for £125000 but didn't need to justify that. So we got our own evaluation done for £450. It turned out the house was worth bang on that amount.
Getting a mortgage and evaluation doesn't happen over night. The owner was desperate for the money and I had to keep explaining that this all took time. We had to wait and see if the mortgage had been approved, we had to make sure we had enough money to pay for everything and we had to wait on appointments being made.
Then we had a list of stuff to take to the bank i.e I.D, letters from my parents saying they were gifting us money, bank statements from them with the money in their bank and then statements from us with the money in our bank. Again this all took time.
Then it all went quiet right up until the Monday before we were meant to be buying the house!! The solicitor phoned demanding I.D, letters from my parents and stuff to sign. This is when I got really stressed, why didn't we hear about this before 4 days before we were supposed to be signing for the house!! They were threatening us with not being able to sign on time, even though this wasn't our fault.
All the way through this as well we have the owner phoning and threatening to pull the full deal as it wasn't going quick enough. I just thought what do these people want. We both work full time we can only hand stuff in and sign stuff once we have finished work. Plus with Mark and I working different hours (I'm day shift and Mark is back shift) it made it all a bit more difficult.
Finally though we were able to buy the house on time and our first mortgage payment has just came out!! This opens up a lot of new things for us. We can decorate the full place now as we want it and don't need to worry about what anyone says, our monthly payments are now going towards our house rather than into someone else's pocket!! We can also possibly maybe think about extending our family and getting married!!
Is the stress worth it. Definitely, but I would defiantly advise getting a financial adviser. They will sort all the insurances you will need and find the best deals for you. I would also recommend keeping on top of the solicitor making sure everything is on time and if there's anything you can sort out for them. That way it's not left to last minute.
What was you experience of buying a house??