die hard doonhamer Posted January 27 Share Posted January 27 1 hour ago, Bairnardo said: Someone talk to me about the market these days.... Specifically, how far "over" are offers over going these days broadly speaking? It’s cooled right off, it seems. I’ve just sold up and ended up accepting £11k under the home report (chain free buyer though, which allowed our purchase to go ahead). Seems to be that the vast majority of buyers in the market at the moment are offering with their own house yet to hit the market. Definitely flipped to a buyers market over the last 6-12 months. 1 Quote Link to comment Share on other sites More sharing options...
KingRocketman II Posted January 28 Share Posted January 28 16 hours ago, Bairnardo said: Someone talk to me about the market these days.... Specifically, how far "over" are offers over going these days broadly speaking? we sold in December and was a healthy amount over the home report valuation. I guess down to location, luck, keenness of buyers etc etc which have always been factors. What we did notice though was that after an initial deluge of viewings and queries in first week or so, interest dropped off quite sharply which I think is more an indicator of the market ie there are always people looking to move/buy but a) number are less - due to interest rates and perhaps difficulty in getting mortgage and b) significantly less impromptu or impulsive viewings or bids (as little confidence perhaps in getting a decent mortgage and/or one arranged quickly). 0 Quote Link to comment Share on other sites More sharing options...
alta-pete Posted January 28 Share Posted January 28 17 hours ago, Bairnardo said: Someone talk to me about the market these days.... Specifically, how far "over" are offers over going these days broadly speaking? If my assumptions on your situation are correct and you pitch up as a buyer with a pre-approved mortgage and nothing to sell you will very quickly jump to the front of the queue. Vendors are awfy nervous about getting into a deal that might fall through. There are more people than you might imagine out there who are c***s, they’ll tell all sorts of lies to get themselves into pole position and only once there will they start scrabbling around looking for the finance. Be clear about your situation and you’re golden. 0 Quote Link to comment Share on other sites More sharing options...
throbber Posted January 28 Share Posted January 28 21 hours ago, Bairnardo said: Someone talk to me about the market these days.... Specifically, how far "over" are offers over going these days broadly speaking? A few people I know are selling their houses for well below home report value in Edinburgh and that’s really saying something. Up to about 2 years ago you could expect to pay 10% over home report for a decent pad. 0 Quote Link to comment Share on other sites More sharing options...
craigkillie Posted January 28 Share Posted January 28 On 24/01/2024 at 22:40, 19QOS19 said: In regards to overpaying 10% of your mortgage yearly, does this start in January of each year or is it dependent on when your mortgage started? Mine is up for renewal in July so can I overpay 10% from last July to this or is it from January until my deal is up? I think I now know which one is the correct answer and have thought it was the other answer Another thing that may or may not apply to you, but with Nationwide you can overpay as much as you want in the final month of your existing deal. 0 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted January 28 Share Posted January 28 1 minute ago, craigkillie said: Another thing that may or may not apply to you, but with Nationwide you can overpay as much as you want in the final month of your existing deal. Cheers. Wasn't aware of that either. 0 Quote Link to comment Share on other sites More sharing options...
Molotov Posted January 29 Share Posted January 29 (edited) Regarding the interest only mortgage (invest the rest) vs capital + interest this is a very interesting analysis just released: We overpaid our mortgage when interest rates were high and then when interest rates were nil we paid the minimum mortgage monthly amount and invested the difference. ETA: we sacrificed into workplace pensions to maximise benefits from NI savings and company and government incentives. Edited January 29 by Molotov 0 Quote Link to comment Share on other sites More sharing options...
Loonytoons Posted February 7 Share Posted February 7 Possibly should have been on the quick question thread... Looks like I dropped my car key getting out of it this morning. Car is no longer parked where it should have been. Will the insurer pay out? 0 Quote Link to comment Share on other sites More sharing options...
Central Belt Caley Posted February 7 Share Posted February 7 1 hour ago, Loonytoons said: Possibly should have been on the quick question thread... Looks like I dropped my car key getting out of it this morning. Car is no longer parked where it should have been. Will the insurer pay out? Are you sure you dropped it? I think you might’ve been pickpocketed after getting out the car… Similar-ish, My mate left his living room window open a fraction during the summer and someone climbed in and nicked 500 quids worth of stuff during the night and his insurer refused to pay out 0 Quote Link to comment Share on other sites More sharing options...
Honest_Man#1 Posted February 7 Share Posted February 7 On 28/01/2024 at 13:02, throbber said: A few people I know are selling their houses for well below home report value in Edinburgh and that’s really saying something. Up to about 2 years ago you could expect to pay 10% over home report for a decent pad. Yeah, I’m in Edinburgh and paid 10% over home report in 2019. Was quite happy with that at the time tbh. First place I looked at we offered 5% over home report and was told we were 11th out of 13 bids. 0 Quote Link to comment Share on other sites More sharing options...
Loonytoons Posted February 7 Share Posted February 7 45 minutes ago, Central Belt Caley said: Are you sure you dropped it? I think you might’ve been pickpocketed after getting out the car… Similar-ish, My mate left his living room window open a fraction during the summer and someone climbed in and nicked 500 quids worth of stuff during the night and his insurer refused to pay out Pickpocket was my thought! 0 Quote Link to comment Share on other sites More sharing options...
Sergeant Wilson Posted February 8 Share Posted February 8 11 hours ago, Loonytoons said: Pickpocket was my thought! Occurs to me quite often but I don't think I'm nimble enough. 0 Quote Link to comment Share on other sites More sharing options...
Salt n Vinegar Posted February 8 Share Posted February 8 On 27/01/2024 at 15:35, Bairnardo said: Someone talk to me about the market these days.... Specifically, how far "over" are offers over going these days broadly speaking? Our recent experience where our younger lad is buying has been interesting. They have had their third attempt accepted. It was about 8% over the home report value. On 2 other properties, he put in 10.2%, and 13%-ish over and was unsuccessful on both. The 2 unsuccessful ones had gone to a closing date. The one they got, he viewed and immediately put the offer in. I think the seller was desperate for a quick sale and early entry, so as our lad is a first time buyer with no "chain" to worry about, the seller accepted the offer the same afternoon. 2 Quote Link to comment Share on other sites More sharing options...
flyingscot Posted February 8 Share Posted February 8 3 minutes ago, Salt n Vinegar said: Our recent experience where our younger lad is buying has been interesting. They have had their third attempt accepted. It was about 8% over the home report value. On 2 other properties, he put in 10.2%, and 13%-ish over and was unsuccessful on both. The 2 unsuccessful ones had gone to a closing date. The one they got, he viewed and immediately put the offer in. I think the seller was desperate for a quick sale and early entry, so as our lad is a first time buyer with no "chain" to worry about, the seller accepted the offer the same afternoon. Luck of the draw with house buying. We bid on a house, went to a closing date, came 1st and they didn't take our offer but a lower offer from a cash buyer. I've seen % over varying so much in the last year when I was buying. Really depends on the area and property. In certain postcodes in Glasgow the market is still pretty buoyant and 10%+ isn't unheard of. We got sick of losing and had to lower our expectations and go for something needing more work. 1 Quote Link to comment Share on other sites More sharing options...
Salt n Vinegar Posted February 8 Share Posted February 8 7 minutes ago, flyingscot said: Luck of the draw with house buying. We bid on a house, went to a closing date, came 1st and they didn't take our offer but a lower offer from a cash buyer. I've seen % over varying so much in the last year when I was buying. Really depends on the area and property. In certain postcodes in Glasgow the market is still pretty buoyant and 10%+ isn't unheard of. We got sick of losing and had to lower our expectations and go for something needing more work. When I started working in Edinburgh in the 1980s, my colleagues told me horror stories of their efforts. In those days potential buyers had to arrange their own surveys (no 1 x home reports per house for every potential buyer who wants it) so they were spending hundreds/thousands before even knowing if they had a chance of buying. Huge mark-ups over the "offers over" figures too. We looked at a couple of properties but eventually decided to buy a new build flat. Fixed price, no bidding against an unknown number of rivals and choices of kitchen and bathroom set-ups. Looking back, I think it was the right thing to do at the time. It took a lot of stress out of the process. 0 Quote Link to comment Share on other sites More sharing options...
Central Belt Caley Posted February 8 Share Posted February 8 (edited) 1 hour ago, flyingscot said: Luck of the draw with house buying. We bid on a house, went to a closing date, came 1st and they didn't take our offer but a lower offer from a cash buyer. Same thing happened to me, then got a phonecall 8 months later from the estate agent asking if I was still interested whilst sat in the living room of the flat I bought a couple months later Edited February 8 by Central Belt Caley 0 Quote Link to comment Share on other sites More sharing options...
throbber Posted February 8 Share Posted February 8 16 hours ago, Honest_Man#1 said: Yeah, I’m in Edinburgh and paid 10% over home report in 2019. Was quite happy with that at the time tbh. First place I looked at we offered 5% over home report and was told we were 11th out of 13 bids. My first flat i sold in 2019 was 5% over And my house in 22 was only 3% over so we didn’t have such luck. Both times we sold it was difficult and looked like the deals would fall through and i am never moving house again if i can avoid it. 0 Quote Link to comment Share on other sites More sharing options...
flyingscot Posted February 8 Share Posted February 8 40 minutes ago, Central Belt Caley said: Same thing happened to me, then got a phonecall 8 months later from the estate agent asking if I was still interested whilst sat in the living room of the flat I bought a couple months later The next one I bid on we offered 12% above HR on a house in Glasgow last year. Ended up 7th out of 21 bids. My solicitor told me I was "nowhere" close to the winning bid which when I looked after sale was 30% above HR! 0 Quote Link to comment Share on other sites More sharing options...
Left Back Posted February 8 Share Posted February 8 Got my illustration through today about my cheap mortgage fix ending. Extra £490 per month at the new fixed rate 0 Quote Link to comment Share on other sites More sharing options...
alta-pete Posted February 8 Share Posted February 8 2 hours ago, Left Back said: Got my illustration through today about my cheap mortgage fix ending. Extra £490 per month at the new fixed rate I’d say explore a variable rate. Rates are only coming down, now is about the worst time to fix. 0 Quote Link to comment Share on other sites More sharing options...
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