profemebee:
Signed sealed and delivered....

New build .. 12% deposit.. Barclays..

Thanks to everyoneeeeeeeeeeeee.. especially Lexus, Ticha, justwise, LagosismyHome, Deept, Estroller, Stevepop, Mohtunrahyor, Santa2, Zahra29, Solumtoya, Jedisco, Peerielass, bigtt76, newbie715, etc

I hope i didn't forget anyone...

Rent money isn't dead money tho....

Have a blessed day

Congratulations oooh.. So happy for you.

How does it feel to be in your own place?

I am also trying to drag out my completion date,

Trying to see if I can drag so the kids can complete the third term in our current place, as the new house is in another town, would like them to complete the school year in our current place. Unfortunately I might have pay rent and mortgage.. Fingers crossed.

Santa2:



Congratulations oooh.. So happy for you.

How does it feel to be in your own place?

I am also trying to drag out my completion date,

Trying to see if I can drag so the kids can complete the third term in our current place, as the new house is in another town, would like them to complete the school year in our current place. Unfortunately I might have pay rent and mortgage.. Fingers crossed.

Even if you're a timekeeper, to sync this aspect is very difficult.........

You might have to squat to bridge the GAP and avoid paying your Landlord & your lender........😂

thanks, 4.7%.. off-plan but it was almost done

Jamesclooney:


Congratulations!!!! We go wash am oo. lol.

What was the interest rate if you don’t mind sharing? Did you buy a stock house or off-plan?

you have a great point :

Lexusgs430:



Congratulations...,...🎊🎉


Comeback after your property has some equity and interpolate your statement........😁😂

better dragging!!!

thanks, lol

LaXxOnebody:
Congratulations.

You dragged it but you still bagged it.

When you ask for direvtions and use a map, getting to your destination is more assured.

thanks..

Sleeping in ur own owned space feels different

You can explain to the developer and solicitor who can work out the best appropriate completion date for you... if it is new build, then you can reserve the home as a start and hold on

Santa2:



Congratulations oooh.. So happy for you.

How does it feel to be in your own place?

I am also trying to drag out my completion date,

Trying to see if I can drag so the kids can complete the third term in our current place, as the new house is in another town, would like them to complete the school year in our current place. Unfortunately I might have pay rent and mortgage.. Fingers crossed.

profemebee:
Signed sealed and delivered....

New build .. 12% deposit.. Barclays..

Thanks to everyoneeeeeeeeeeeee.. especially Lexus, Ticha, justwise, LagosismyHome, Deept, Estroller, Stevepop, Mohtunrahyor, Santa2, Zahra29, Solumtoya, Jedisco, Peerielass, bigtt76, newbie715, etc

I hope i didn't forget anyone...

Rent money isn't dead money tho....

Have a blessed day

Big congrats... A major hurdle to cross

Nemie:
Hi all. For everyone who has completed on a new build, can you share what freebies you were able to snatch up. I am aware that developers can be quite generous if you ask, but not everyone is even aware that you can get some extras for free. It would be good if you can share from your experience what was added on top as a reference point for others who may be towing the same path. Sorry if this has been covered before.

There are a number of considerations.

1. Most builders would close their quaterly or annual financial books at certain times in the year. The period before this is when they look to get certain deals over the line to boost numbers they give to their shareholders. They are most ammenable to discounts in good time before this period esp if they've had low sales.

2. A trick I learned from trading. When bidding, I tend to go between whole numbers. I believe most buyers and developers would have a minimum or maximum. If another bids 200 and you bid 201, all things being equal, you're more likely to be accepted. Same also, a dev set not to go below 250 might accept 247 as it doesn't make sense to lose such a sale for 3k

3. Market and individual factors. Certain times (e.g last year) in the market are much better to undercut sellers . With rising rates + doom and gloom, most became desperate. Also, if a property has been fully built and unsold, the devs are itchy to sell as first too many empty houses doesn't look good to other prospective buyers and the devs also pay council tax on uninhabited properties. The caveat is that sometimes the built properties sitting unsold could be due to certain factors e.g garage, driveway e.t.c


I'd give an example with my purchase. Was in the market last year. After looking around, settled for a 3 bed detached and later new build. Surveyed new builds in my area. Many were built in the usual monotonous and clumped up fashion but one stood out. It was by a local dev, smaller site, well built and spaced but came at a good price prenium. Property type I had in mind was on the market for £395k. I wanted certain other essentials e.g flat garden which wasn't north facing e.t.c. and narrowed down on 3. 1st quarter of last yr, all other devs reduced their prices but these folks didn't. The max I could go was 350 and I felt it was worth that (had been searching for over a yr). When I came, it was clear they weren't selling as much as a good number were almost build complete. They soon cut price down to 375k (+ 10k cash deposit contribution). Around same time, BOE raised rates by 0.5 (highest jump over the last hike period) and panic hit the market.
I put a bid of 350k (plus contribution) . They declined offering either 370 with nothing else or 375 with a lower flooring package. Within a week of the reduction, 2 out of 3 houses I had my eye on had been snapped up. I thought of a 355 bid (my max was 360) but due to point 2, decided to make it 358 and requested they add a better flooring plan and garden turf. Made it sound like it was my final offer. It was accepted.
It's worth nothing that after a while, they finally reduced the selling price of other 3 beds to 350k (without contribution i.e 360k) but that was for a few left with some 'issues' e g separate garage, next to HA/Council properties e.t.c. I would have paid the prenium to be in my current place even if I had known.

jedisco:


There are a number of considerations.


2. A trick I learned from trading. When bidding, I tend to go between whole numbers. I believe most buyers and developers would have a minimum or maximum. If another bids 200 and you bid 201, all things being equal, you're more likely to be accepted. Same also, a dev set not to go below 250 might accept 247 as it doesn't make sense to lose such a sale for 3k


I'd give an example with my purchase. Was in the market last year. Settled for a 3 ved detached and later new build. Surveyed new builds in my area. Many were the usual monotonous and clumped up but one stood out. It was by a local dev, smaller site, well built and spaced but came at a good price prenium. Property type I had in mind was on the market for £395k. I wanted certain other essentials e.g flat garden which wasn't north facing e.t.c. and narrowed down on 3. 1st quarter of last yr, all other devs reduced their prices but these folks didn't. The max I could go was 350 and I felt it was worth that after (had been searching for over a yr). When I came, it was clear they weren't selling as much as a good number were almost build complete. They cut price down to 375k (+ 10k cash deposit contribution). Around same time, BOE raised rates by 0.5 (highest jump over the last hike period) and panic hit the market.
I put a bid of 350k. They declined offering 372. Within a week of the reduction, 2 out of 3 houses I had my eye on had been snapped up. I thought of a 355 bid but due to point 2, decided to make it 358 and requested they add a certain select flooring plan and garden turf. Made it sound like it was my final offer. It was accepted.
It's worth nothing that after a while, they finally reduced the selling price of same to 350k but that was for a few left with some 'issues' e g separate garage, next to HA/Council properties e.t.c. I would have paid the prenium to be in my current place even if I had known.

Hi Jedisco, do you mean you can bid on a new build that is off plan?

Gloriouscrown:


Hi Jedisco, do you mean you can bid on a new build that is off plan?

If you don't ask you don't get. Worst that can happen they'll say no.

Gloriouscrown:


Hi Jedisco, do you mean you can bid on a new build that is off plan?

Off plan is a bit different as it should be discounted. You could still negotiate the price + additions but also importantly should know your safeguards. E.g how big is the developer and whats their trackrecord, who's the site manager and what's his/her track record. There are also risk of delays, bankruptcy e.t.c. Your solicitor should be able to giude you on the worst case scenario and what you stand to lose should that occur.


I know a colleague who bought off plan in 19/20. His was one of the first to be built on the site and the devs were keen to get things going. It also helps them with marketing if other customers turn up at a new site and they inform them x number of properties have already been sold.
He went for a choice plot among the options available, they gave a little discount. By the time it was build complete, similar houses were already 20k above what he paid. Covid then happened and the aftermath house boom added another 50k to his property.

deept:


If you don't ask you don't get. Worst that can happen they'll say no.

Thank you very much.

jedisco:


Off plan is a bit different as it should be discounted. You could still negotiate the price + additions but also importantly should know your safeguards. E.g how big is the developer and whats their trackrecord, who's the site manager and what's his/her track record. There are also risk of delays, bankruptcy e.t.c. Your solicitor should be able to giude you on the worst case scenario and what you stand to lose should that occur.


I know a colleague who bought off plan in 19/20. His was one of the first to be built on the site and the devs were keen to get things going. It also helps them with marketing if other customers turn up at a new site and they inform them x number of properties have already been sold.
He went for a choice plot among the options available, they gave a little discount. By the time it was build complete, similar houses were already 20k above what he paid. Covid then happened and the aftermath house boom added another 50k to his property.

Thanks a lot.

Thanks for your contribution. I really didn't know it was possible to get a discount on a new build. I'd always thought the best case scenario was a discount or some incentives as I understand that accepting a lower value may influence the valuation of other properties in the development. Would be useful to hear from others as well, so future buyers go into the market better armed and batter equipped with useful insight

jedisco:


There are a number of considerations.

1. Most builders would close their quaterly or annual financial books at certain times in the year. The period before this is when they look to get certain deals over the line to boost numbers they give to their shareholders. They are most ammenable to discounts in good time before this period esp if they've had low sales.

2. A trick I learned from trading. When bidding, I tend to go between whole numbers. I believe most buyers and developers would have a minimum or maximum. If another bids 200 and you bid 201, all things being equal, you're more likely to be accepted. Same also, a dev set not to go below 250 might accept 247 as it doesn't make sense to lose such a sale for 3k

3. Market and individual factors. Certain times (e.g last year) in the market are much better to undercut sellers . With rising rates + doom and gloom, most became desperate. Also, if a property has been fully built and unsold, the devs are itchy to sell as first too many empty houses doesn't look good to other prospective buyers and the devs also pay council tax on uninhabited properties. The caveat is that sometimes the built properties sitting unsold could be due to certain factors e.g garage, driveway e.t.c


I'd give an example with my purchase. Was in the market last year. After looking around, settled for a 3 bed detached and later new build. Surveyed new builds in my area. Many were built in the usual monotonous and clumped up fashion but one stood out. It was by a local dev, smaller site, well built and spaced but came at a good price prenium. Property type I had in mind was on the market for £395k. I wanted certain other essentials e.g flat garden which wasn't north facing e.t.c. and narrowed down on 3. 1st quarter of last yr, all other devs reduced their prices but these folks didn't. The max I could go was 350 and I felt it was worth that (had been searching for over a yr). When I came, it was clear they weren't selling as much as a good number were almost build complete. They soon cut price down to 375k (+ 10k cash deposit contribution). Around same time, BOE raised rates by 0.5 (highest jump over the last hike period) and panic hit the market.
I put a bid of 350k (plus contribution) . They declined offering either 370 with nothing else or 375 with a lower flooring package. Within a week of the reduction, 2 out of 3 houses I had my eye on had been snapped up. I thought of a 355 bid (my max was 360) but due to point 2, decided to make it 358 and requested they add a better flooring plan and garden turf. Made it sound like it was my final offer. It was accepted.
It's worth nothing that after a while, they finally reduced the selling price of other 3 beds to 350k (without contribution i.e 360k) but that was for a few left with some 'issues' e g separate garage, next to HA/Council properties e.t.c. I would have paid the prenium to be in my current place even if I had known.

Nemie:
Thanks for your contribution. I really didn't know it was possible to get a discount on a new build. I'd always thought the best case scenario was a discount or some incentives as I understand that accepting a lower value may influence the valuation of other properties in the development. Would be useful to hear from others as well, so future buyers go into the market better armed and batter equipped with useful insight

Someone I know was given more incentive than was advertised because they asked. They asked them not to tell the neighbours, because they know neighbours and buyers talk. They want to sell as much as people want to buy. If it is in an area with high demands, you might not get anything but as jedisco mentioned if they are not selling as fast as then you can get something off. It doesn't pay them to keep stock as they take loans to finance the builds.

profemebee:
Signed sealed and delivered....

New build .. 12% deposit.. Barclays..

Thanks to everyoneeeeeeeeeeeee.. especially Lexus, Ticha, justwise, LagosismyHome, Deept, Estroller, Stevepop, Mohtunrahyor, Santa2, Zahra29, Solumtoya, Jedisco, Peerielass, bigtt76, newbie715, etc

I hope i didn't forget anyone...

Rent money isn't dead money tho....

Have a blessed day

Congratulations on your new home 🏠

profemebee:
thanks..

Sleeping in ur own owned space feels different

You can explain to the developer and solicitor who can work out the best appropriate completion date for you... if it is new build, then you can reserve the home as a start and hold on

Big congrats. Is it wholly freehold or share of freehold?

Atk1nson:


Big congrats. Is it wholly freehold or share of freehold?

After reading contributions on this thread....... I don't think anyone would buy a shared ownership property.......😜😁

Nemie:
Thanks for your contribution. I really didn't know it was possible to get a discount on a new build. I'd always thought the best case scenario was a discount or some incentives as I understand that accepting a lower value may influence the valuation of other properties in the development. Would be useful to hear from others as well, so future buyers go into the market better armed and batter equipped with useful insight

It depends on a number of factors. As deept said, a developer wouldn't want word spreading around that they reduce prices left and right. When you visit a site, see the plan, built and unsold houses, you get a feel of how their market is moving. Take note of the finished but unsold properties. They've marketed this ones for months at least with no success. They get very uneasy with those and with the right market situation, you'd push something off. Some might give 'discounts' but take out a few essentials so be cautious. Some might give cashback which can mainly be used for home improvements at exorbitant rates. Ultimately, after searching for a while, you'd knkw what the fair price is in your area. If you see one that suits and have the means, just crack on.

One thing I forgot to add is the sector of the market you're buying. With higher interest rates, I've noticed it's easier to get more discounts for higher priced houses. The cutoff differs from place to place. In mine, it is abt 300k. Last yr, even with new builds- fairly priced houses below this level were still selling. Above that level, the mortgage repayment gets steep , you have less 'first time' buyers hence more experience and tact. On my site even with the slow down last year, the few houses below 300 were snapped off (many off plan). Those between 300-450 took a while but now mainly sold. A good number above 700 have been sitying empty for over 6m. The devs would definitely be discounting those for the right client.

Good morning my good people. Abeg what is the best way to save for mortgage deposit. Already opened Cash ISA with money box. Is it a good idea to just save in a current account (as I learnt inflation will eat it away) or there are better options. Plan is to save for one year.

Lexusgs430:


After reading contributions on this thread....... I don't think anyone would buy a shared ownership property.......😜😁

I am not sure there a lot of new builds that are not shared ownership or leases in my area. Very rare to find a full freehold for a new build in my area and they are very very expensive.

Resurgent2016:


I am not sure there a lot of new builds that are not shared ownership or leases in my area. Very rare to find a full freehold for a new build in my area and they are very very expensive.

Look out of area and a reason exists, why they are more expensive........

How expensive are they in comparison......

If you're not yet 40, you can also explore a LISA with the same MoneyBox.

acosfd:
Good morning my good people. Abeg what is the best way to save for mortgage deposit. Already opened Cash ISA with money box. Is it a good idea to just save in a current account (as I learnt inflation will eat it away) or there are better options. Plan is to save for one year.

acosfd:
Good morning my good people. Abeg what is the best way to save for mortgage deposit. Already opened Cash ISA with money box. Is it a good idea to just save in a current account (as I learnt inflation will eat it away) or there are better options. Plan is to save for one year.

Do you mean cash ISA or LISA........

Cut out all unnecessary expenses, be very disciplined..... Don't invest on the stock market, crypto etc etc

Hello Everyone,

Please mortgage expert in the house should kindly advice on the following:

Can I get a mortgage in the UK with work visa?
If yes, what percentage will I need as deposit?

yusfaith78:
Hello Everyone,

Please mortgage expert in the house should kindly advice on the following:

Can I get a mortgage in the UK with work visa?
If yes, what percentage will I need as deposit?

Yes you can. Most lenders will need you to have been in the country for 2yrs to access 10% deposit mortgages, otherwise they might ask for 25%. You’ll also be subject to affordability and other checks.

Hello House,

Anyone with experience with this new Mortgage products on New builds? Own New - Rate Reducer*

(Lifted from a developer’s website)
*Own New - Rate Reducer is a brand-new scheme available on new build homes.
It could mean lower mortgage rates and reduced monthly payments, whether you're a first time buyer or an existing homeowner.

Any significant change from the 4-5.4% rates currently available? (2/5yrs deals currently on the market)

Lexusgs430:


Look out of area and a reason exists, why they are more expensive........

How expensive are they in comparison......

by my calculations, at least X1.7 than "clean" old builds.

Besides the risk that old builds could have underlying issues not detected during the survey and a cleaner look is there something else that drives the high asking price?

yusfaith78:
Hello Everyone,

Please mortgage expert in the house should kindly advice on the following:

Can I get a mortgage in the UK with work visa?
If yes, what percentage will I need as deposit?

Yes, minimum 10%

Resurgent2016:


by my calculations, at least X1.7 than "clean" old builds.

Besides the risk that old builds could have underlying issues not detected during the survey and a cleaner look is there something else that drives the high asking price?

The same new looks attracting you, is what is pulling the expensive price...... New builds are generally overpriced.......

Plus the government is also complicit, by only offering LISA incentives, to new builds....... Further pushing prices up ........

I love dirty older buildings........😁😀

Hi everyone
Which banks would you recommend for getting a mortgage. I am on a work visa.

opeoyek:
Hi everyone
Which banks would you recommend for getting a mortgage. I am on a work visa.

Everyone's circumstances are different...... You go with the lender that offers you the best rate/deal on the day........

You can either use a broker or conventional high street banks (brokers have more products than high street banks).........