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Topic: Whoa! We are buying a house!  (Read 1369 times)

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Whoa! We are buying a house!
« on: October 20, 2018, 02:59:39 PM »
It wasn’t in our immediate plans, although at our age, we knew we wouldn’t be able to live on the narrow boat forever.  The perfect little house came on the market.  Quiet street, great location, affordable, structurally sound, move in shape with some cosmetic only changes needed.  Only 1 1/2 blocks from our cool little village, walking distance to Booth’s, Sainsbury, Aldi, bus stop.  I don’t drive due to eyesight, so it gives me independence.  We made an offer which was accepted.

We spoke to the finance guy at the estate agent who adamantly told us no bank would give us a mortgage with my name on it, but we made an appointment with HSBC, (husband has had an account there for over 20 years).

Apparently, banks adore retired people with proveable income in the form of pensions.  We are putting 60% down.  We were treated like royalty and got approval within 4 days, in both our names for a 15 year mortgage at a 5 year fixed rate of 2%.  The listing is now showing as Sold, Contract Pending.  Solicitor has already started paperwork.

Our boat is almost finished, so we will finish it, sell it, and put the money in a high interest account and pay off the mortgage after 5 years.  Our repayment per month is easily affordable.

Very excited.

P.S.  we were also told by the finance guy that my husband would only be able to get a 10 year mortgage because he is 70.  I love proving people wrong.


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Re: Whoa! We are buying a house!
« Reply #1 on: October 20, 2018, 03:26:41 PM »
Congratulations!! That sounds ideal :) Glad you shopped around and found what you needed for the mortgage. Enjoy your new home, and hopefully having a bigger garden than at your houseboat.

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Re: Whoa! We are buying a house!
« Reply #2 on: October 20, 2018, 04:08:55 PM »
Very happy for you!!


 retired people with proveable income in the form of pensions.  We are putting 60% down.



Key points!


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Re: Whoa! We are buying a house!
« Reply #3 on: October 20, 2018, 04:15:50 PM »
Very happy for you!!

Key points!

Oh, absolutely.  We aren’t going to lose a job, the income is pretty much absolute and we had a large down payment.


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Re: Whoa! We are buying a house!
« Reply #4 on: October 20, 2018, 04:37:26 PM »
That's awesome Katoo! Congratulations!  ;D
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.


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Re: Whoa! We are buying a house!
« Reply #5 on: October 20, 2018, 05:13:04 PM »
Really living the dream Katoo!

A home to call your own AND a narrow boat!!!  Congratulations!


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Re: Whoa! We are buying a house!
« Reply #6 on: October 22, 2018, 11:08:19 AM »
Our boat is almost finished, so we will finish it, sell it, and put the money in a high interest account and pay off the mortgage after 5 years.

Wow!  Congratulations on every front!  Just one question... what is this high-interest account you speak of?  Asking for a friend.  ;)
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Re: Whoa! We are buying a house!
« Reply #7 on: October 22, 2018, 11:25:33 AM »
Congratulations!!!
I've never gotten food on my underpants!
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Re: Whoa! We are buying a house!
« Reply #8 on: October 22, 2018, 12:57:47 PM »
Wow!  Congratulations on every front!  Just one question... what is this high-interest account you speak of?  Asking for a friend.  ;)

Yeah! I can't believe I got all excited when I opened an account paying 1.4% last week!  ::)
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.


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Re: Whoa! We are buying a house!
« Reply #9 on: October 22, 2018, 01:36:59 PM »
Wow! Congrats!! That is very exciting!  :D
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Re: Whoa! We are buying a house!
« Reply #10 on: October 22, 2018, 02:32:20 PM »
Wow!  Congratulations on every front!  Just one question... what is this high-interest account you speak of?  Asking for a friend.  ;)

Oh, it’s really annoying, it’s one our bank offers, but can only be in one name for some unknown reason.


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Re: Whoa! We are buying a house!
« Reply #11 on: October 22, 2018, 02:35:36 PM »
YEA!!! For you!  ;D

(And Hope for us!)


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Re: Whoa! We are buying a house!
« Reply #12 on: October 22, 2018, 04:11:48 PM »
It wasn’t in our immediate plans, although at our age, we knew we wouldn’t be able to live on the narrow boat forever.  The perfect little house came on the market.  Quiet street, great location, affordable, structurally sound, move in shape with some cosmetic only changes needed.  Only 1 1/2 blocks from our cool little village, walking distance to Booth’s, Sainsbury, Aldi, bus stop.  I don’t drive due to eyesight, so it gives me independence.  We made an offer which was accepted.

We spoke to the finance guy at the estate agent who adamantly told us no bank would give us a mortgage with my name on it, but we made an appointment with HSBC, (husband has had an account there for over 20 years).

Apparently, banks adore retired people with proveable income in the form of pensions.  We are putting 60% down.  We were treated like royalty and got approval within 4 days, in both our names for a 15 year mortgage at a 5 year fixed rate of 2%.  The listing is now showing as Sold, Contract Pending.  Solicitor has already started paperwork.

Our boat is almost finished, so we will finish it, sell it, and put the money in a high interest account and pay off the mortgage after 5 years.  Our repayment per month is easily affordable.

Very excited.

P.S.  we were also told by the finance guy that my husband would only be able to get a 10 year mortgage because he is 70.  I love proving people wrong.
How exiting...living the dream for sure  :)
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Re: Whoa! We are buying a house!
« Reply #13 on: October 22, 2018, 06:40:14 PM »
P.S.  we were also told by the finance guy that my husband would only be able to get a 10 year mortgage because he is 70.  I love proving people wrong.

This guy wasn't trying to sell you a mortgage by any chance?


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Re: Whoa! We are buying a house!
« Reply #14 on: October 23, 2018, 12:50:05 AM »
This guy wasn't trying to sell you a mortgage by any chance?

They do offer mortgages, however he was quite upfront that he would not be able to beat our bank.  But he was completely certain we could not get more than 10 years, and equally certain my name would not be on the mortgage.

We were going to just let it go based on what he said.  Monthly payments on a 10 year mortgage would have been a squeeze.  In the end, my husband thought there would be no harm in applying and couldn’t get over how accommodating they were.

Here’s a funny.  I was going to send the real estate link to my kids.  When I pulled it up, it had the words Sold-pending contract.  Freaked me out, and when I showed my husband, he said, “Silly, that’s us!”


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