In my last blog I talked about how worried I was about House Decisions. We had a decision to make. The house we wanted that we would have been able to move into in August had sold and the next plot on the development for this particular house wasn’t going to be ready to move into until January. We had a big decision of wasting money on renting while we wait for the house to be complete OR move into a smaller house that we could put an offer in now to move into June/July. Although we had set our hearts on this wonderful house where the bedroom was all on one top floor, we listened to our brains. It just didn’t make sense to waste money on renting, money that could be going into paying off our own house would be going into a landlord’s pocket. We also just didn’t want to prolong buying our house for any longer. So we did it! We have put an offer in for a house!!!
Nothing has gone through yet, nothing is official yet. We haven’t signed a single thing and haven’t given any money at all. So technically we don’t have a house YET. There are so many things you need to do to get a house. These are things no one tells you about. Why is it we never learn about these sorts of things? There should be a class at school where you learn about adult life. Never mind my Home Ec lemon drizzle cake that went terribly wrong, teach us about mortgages!!! So there were several things we needed to sort out JUST to put an offer in. This isn’t to buy a house, this is just to qualify to put an offer in. The main thing is an agreement in principle. The agreement in principle is just proof that we can afford the mortgage. It isn’t the actual mortgage they just need proof of what the salaries are, what the savings are, price of property, length of mortgage etc. I had to wait a while to get this because my new job hadn’t sent a contract noting my salary. (This was why we lost the house for August). Part of the agreement in principle is to get a credit check too which we had to wait til after the weekend for. After this you have to get information about which Solicitors you are going to use. You don’t need to actually pay for the solicitor yet just just needed to choose which one you want to act for you. We had to send in 2 forms of ID and we had to get a certificate to see if we qualify for Help to Buy. Once all these things are done and the housing developers are happy with it all, then and only then can you put down a registration fee. You have to give a £500 deposit for the housing developer to create your contract. This still doesn’t mean you have the house but it does mean it’s all on hold.
So this is the point we are up to now. We need to provide the £500 to put the house on hold. Once the contracts are all drawn up we can then sign for it. This is what we should be doing this weekend all going well!!! Once we have both signed the contract, the house will be taken off the market. We still have a 2 hour meeting with the mortgage advisor though to get the mortgage itself. So by the weekend we may have our house on hold but we won’t have the mortgage yet!!!
It is such a long and lengthy process and I definitely recommend if anyone is going into this to do it after A LOT of research. This is definitely where I went wrong! I am lucky I had Simon who knows about these things!!! We went to B&Q today and I’m already so excited about decorating and buying items like clocks and ornaments to make our new house a home. I’m looking forward to having a big Ikea shop for bits and pieces like side tables and shelving and drawers. We need to buy beds and sofas and tables and chairs. Lots of things to do and to buy but right now all we are thinking about is getting this house and getting this mortgage approved.
WISH US LUCK!!!