First time buyer

[SOSAGES]

Hello all -
Me and a young lady had a bit of a result on a 3 bed house for 150,000 and its time to move out of my dads place and be skint and have shouting games with her ..

So as i never actually moved house on my own before im here looking for some tips on how to save money :)
i need a 120k Mortgage - hsbc are sorting this for us
i have solicitors sorted (i hate them already)
and i also have insurance with hsbc if im ill / off work they pay the mortgage for me
So what else do i need to do and where can i find some bargains? there must be a few websites i can have a browse to see whats the cheapest for phones and gas etc etc

any money saving tips out there ?

and one last little thing what exactly do you have to pay for each month in the big world im about to join ? its very expensive to live
i spose i better get round to telling the bank i moved..

Thanks in advance

btw - going to setup a paypal donation thing ;)

[gary_580]

buildings insurance
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pay each month hmmm

Electric
Gas if applicable
Water
Council Tax

[nostra]

and then there is the ntl bill

phone
digital tv
and broadband internet

hint hint ;)

[Mr_love_monkey]

Contents insurance would be good too...

Are you on a water meter, or is it rates?

What kind of heating you got there? gas central? a
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Uswitch.com is a good site to find best providers for gas, electric and so on

[JohnHorb]

http://www.uswitch.com/

for utilty price comparisons.
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Damn - beat me to it!

[gary_580]

if you on water rates and not a meter and there are only 2 of you consider getting a meter. The water board will tell you the rateable bill and there are sites around that can estimate water usage for you

[Millay]

If its any help to you, stay living at your dads, go to the bank every day and shovel vast amounts of your cash into thin air. then sleep on the sofa 2 nights a week, thats exactly what its like moving out... :)

Only kidding, don't forget to get a building survey done.. nothing worse than moving in to find out you need to spend £80 underpinning the house..

[paulyoung666]

shop around for your buildings insurance ;) , in fact shop around for all your insurance :erm: :D :D :D

[gary_580]

If its any help to you, stay living at your dads, go to the bank every day and shovel vast amounts of your cash into thin air. then sleep on the sofa 2 nights a week, thats exactly what its like moving out... :)

Only kidding, don't forget to get a building survey done.. nothing worse than moving in to find out you need to spend £80 underpinning the house..

£80!!! thats cheap!! :D

[Graham]

So as i never actually moved house on my own before im here looking for some tips on how to save money :)

First thing: you probably don't have any major pieces of furniture, so hire a van and get some mates to help you move.

i need a 120k Mortgage - hsbc are sorting this for us
and i also have insurance with hsbc if im ill / off work they pay the mortgage for me

Before you fork out for the insurance, contact a few brokers and see what deals are available on critical illness/ life cover. You may find it's cheaper because you're not paying a commission for the guy at the HSBC!

So what else do i need to do and where can i find some bargains? there must be a few websites i can have a browse to see whats the cheapest for phones and gas etc etc

http://www.uswitch.com
http://www.switchwithwhich.com
http://www.unravelit.com

and one last little thing what exactly do you have to pay for each month in the big world im about to join ? its very expensive to live

Check what Council Tax band the house is in.

If the place doesn't have cavity wall insulation/ loft insulation contact contact your local Energy Efficiency Advice Centre for information on energy savings schemes and grants. You can find your local centre on 0800 512 012 or the Energy Savings Trust website at http://www.est.co.uk.

I'm also just buying a three bed house and it's going to cost me £150(!! ) to get loft insulation and cavity wall insulation done because there's a good grant scheme available.

If you can afford it, get double glazing or, at the least, buy some cheap secondary glazing units from B&Q or similar because that will also save you money.

If you're going to install central heating, check that advice site above, certain types of installations qualify for 5% VAT instead of the usual 17.5%

Sweaters and warm socks are cheaper than running the central heating. So is snuggling up to a young lady ;)

If you're not planning on using dishwashers etc and prefer showers to baths and don't need to do masses of washing all the time, consider getting the local water company to put in a meter, it may well be cheaper than a standard water rate.

Oh, and Sky's basic family package is five quid a month cheaper than NTL's!

[Millay]

ops i meant £80k

[etccarmageddon]

and i also have insurance with hsbc if im ill / off work they pay the mortgage for me

If you buy policies from the bank or building society you'll usually pay for a poor value deal. This also applies to home insurance.

I've just been to moneysupermarket and got a quote for one to pay out £750 for 2 years if accident sick or unemployed. This costs £40 a month with FT Walters. Most banks charge around £5 per £100 insured and only pay out for 12 months.

"Hitachi Capital Insurance Europe" also quoted me £23.25 for cover for 12 months - probably around 1/2 the price a bank would offer it at!

[aliferste]

Do you get sick pay from work?
If you do then consider not taking out the mortage protection. Not to me mixed up with the insurance. Mortgage protection is the thing wher eyou pay money each month and if you are off sick they will pay your mortgage. Sick pay will cover it.

[bopdude]

ops i meant £80k

:Yikes: :erm: good bit of back tracking there :rolleyes: :D but do you mean £80K or £8K :confused:

I'd say the last of the 2 perhaps
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If your looking at long term saving then energy saving lamps ....
Set any thermostats and time clocks too desired level so as to save on energy costs
Check all insulation, roof walls etc etc

[Millay]

Damn ive been caught :) Iwas pulling figures from thin air again....


...goes to sit in the corner

[SOSAGES]

Hi all and thanks for all the help :)
If its any help to you, stay living at your dads, go to the bank every day and shovel vast amounts of your cash into thin air. then sleep on the sofa 2 nights a week, thats exactly what its like moving out... =) feels like it

I wasnt keen on HSBC but my girlfriend works for them and they were the only bank that would lend us the money, im tempted to not even move in as i could probably make 15,000 by selling it as soon as i get it (have a buddy who is a estate agent) but then all i could get is a flat, we was looking for flats around the 120-135 mark and live in that for 5 or so years to get the cash to get a house like this so its probably wise to start with a house -
If worst comes to worst we can always sell it or possibly get a lodger could probably get £200 a month from that ..

Any how its central heating and seems to be warm all the time looked at it again last night and it was very hot and the heating was off so thats a good sign i hope -

i will have a look round the sites listed hopefully get a good deal all in all living should be cheaper :)
__________________

Do you get sick pay from work?
If you do then consider not taking out the mortage protection. Not to me mixed up with the insurance. Mortgage protection is the thing wher eyou pay money each month and if you are off sick they will pay your mortgage. Sick pay will cover it.

a good point
Thanks for the tip

[Mr_love_monkey]

oh yeah, don't forget your lovely stamp duty....

[etccarmageddon]

you're right about the flat vs house thing - a house gives you a garden and less noise cos in a flat you get noise from all directions.

[Scarlett]

The best way to deal with the bills (once you have them that is) is to set up a joint account with your young Lady. Run ALL the household bills off of that account (mortgage,gas,leccy etc.) pref. by DD or standing order.

When you get paid each month, pay into that account (usually by a direct transfer) what you need to so that the bills are all paid on time. That way, you won't end up spending the gas bill on :beer:

We should have done this long ago and we've only just managed it after x years of various rental places etc.

also a touch :notopic: but as your moving in with no need to do it on a single day (unlike when you move again and you have to be out of your old place by 12:00 on the day of the move.) I'd take some time to have a look at the decor and do some decorating if you don't like it, an empty room with no carpet makes for a much more relaxnig decorating experience. In any case, I'd certainly suggest painting the ceilings at the very least.

[Paulie]

Also decorate before you move in if you can. It save a lot of sodding about later.

[zoombini]

I'd suggest that if you can, do not move in straight away, use the emptyness to be able to do all the cable laying, decorating etc that you want to do, its horrible doing it when the room is full of furniture & carpets in the way etc.

[ian@huth]

Take care when buying your first house as it's so easy to rush in and buy that bargain to get your foot on the ladder only to find afterwards that you want something bigger and better and nobody wants the pokey little hole that you now own.

Scarlett made some good points about budgeting for monthly outgoings but I would like to add that it is a good thing to open a deposit account and pay cash into it each month to cover replacements. Most high value household appliances and furniture will only last for a number of years before it needs replacing. Tuck money away to cover the cost of replacements so that you are not suddenly faced with a large bill or having to get loans to purchase the replacements.

Even if you are not thinking about buying your own place in the forseeable future it is wise to start managing your money and getting cash reserves built up for when you do. Don't approach life with the "It can wait till later" attitude as later never comes.

[TheBlueRaja]

I went to www.charcol.co.uk for my mortgage and it saved me a fortune, dont trust the mortgage advisors behind the counter - i went to these people and compared what i had from charcol to what they offered and none of them could beat it.

Also - Be prepared to spend a little bit more than you planned on moving in - there are quite few things that will pop up at the last minute if your solicitor was anything like mine. I didnt even find out i was in a listed building until i moved in. :mad:

Dont spend too much too quickly when you move in - you need to build up a bit of cash in case anything crops up.

And if your luck with boilers is anything like mine, get yourself a maintenance contract with the insurers, i went with direct line and got good cover with them on the entire heating system on top of my buildings/contents insurance.

If you have no dependances dont get life insurace - there is absolutely no need for it, your parents can always sell your house for you.

[SOSAGES]

Thanks chaps -

making notes - will make sure after buying to get the family round armed with wall paper removal devices, a thing i have noticed is that mothers really really really want to get their hands on the garden and have curtain samples already..
i can see my weekends of being down the pub are about to go away
that and sleeping with a girl every night! eugh! :)

[Nugget]

<snip>that and sleeping with a girl every night! eugh! :)

Keep that up, and you'll be in the garden, nevermind your mum :D - don't forget, every house has a doghouse (and only the women know how to find them ;) )

[gary_580]

Do you get sick pay from work?
If you do then consider not taking out the mortage protection. Not to me mixed up with the insurance. Mortgage protection is the thing wher eyou pay money each month and if you are off sick they will pay your mortgage. Sick pay will cover it.

Sick pay from work is immediate and normally reduces after a period of time. These accident and sickness contracts dont pay out immediately and you can often define that the benefits dont start paying for 6 or 12 months. The two things can work well together.
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If you have no dependances dont get life insurace - there is absolutely no need for it, your parents can always sell your house for you.

if your moving in with a partner you have a dependency. They might not be able to afford the mortgage without you. You might not need life cover for the full mortgage amount but you would be silly not to take any at all.

I also dont think you can assume that your parents will be able to pay your mortgage whilst your house is on the market

[Padawan]

With regards to the above comment, tell me if I am wrong, but don't mortgage lenders make a life insurance policy for the full size of the loan mandatory ?

Only asking as I remortgaged a few months ago and had to increase my policy at the time.

[gary_580]

With regards to the above comment, tell me if I am wrong, but don't mortgage lenders make a life insurance policy for the full size of the loan mandatory ?

Only asking as I remortgaged a few months ago and had to increase my policy at the time.

No they dont, its your own personal choice.

Some Lenders might but most dont. Also it depends on the % your borrowing. If your putting equity into the property then they certainly wont insist on it. If you borrow over 100% then they might.

They only thing they insist on is that there is some form of buildings insurance.

[etccarmageddon]

With regards to the above comment, tell me if I am wrong, but don't mortgage lenders make a life insurance policy for the full size of the loan mandatory ?

some might but the ones I've used dont.

[SMHarman]

With regards to the above comment, tell me if I am wrong, but don't mortgage lenders make a life insurance policy for the full size of the loan mandatory ?

Only asking as I remortgaged a few months ago and had to increase my policy at the time.
They are normally more insistent if it is a family property, family occupation as it is more awkward to kick out the grieving widow and her kids because dad didn't have life cover.

A first time buyer of a flat will probably result in the flat being sold on death and the mortgage repaid, so this is less of an issue.

Also if you prove your employer provides adequate death in service benefits (often 4x salary) they may accept this.
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Also decorate before you move in if you can. It save a lot of sodding about later.
And if you need to do any rewiring, plumbing, heatingwork, do that now before any decorating etc.

[SOSAGES]

after reading a load of stuff i can see that Banks take you for a ride and that it is better to have 3 kids no job and possibly a drink addiction than try and work everyday to earn some money to live...
something isnt right here

[Chimaera]

after reading a load of stuff i can see that Banks take you for a ride and that it is better to have 3 kids no job and possibly a drink addiction than try and work everyday to earn some money to live...
something isnt right here
Mmmm - well I was actually told that when I became a single parent 8 years ago!! It's much better to try and buy your own place though - even if it takes every penny you have (and a bit more!)
I've been lucky with my bank though! (so far, anyway..... ;) )
And delay the decorating for as long as you can - once you start you (or more likely your lady! ;) ) will see something much nicer / better colour/ cheaper elsewhere! Although I wouldn't leave it for as long as I did.......... :D

[SOSAGES]

as an update - survey done house need to sort insurance out for £105,00 0 -
was looking at EGG or theaa -

also ive been dragged round carpet shops i just found out how much they cost and beds - whats that all about ? 2 desk chairs on some carboard im going for :)

Thanks for all the tips - heres one of my own i found http://www.fool.co.uk/ and its a handy site the newsletter has a few hints n tips in it

[Graham]

as an update - survey done house need to sort insurance out for £105,00 0 - was looking at EGG or theaa -

Currently the best offer I've had for buildings and contents has actually been with Nat West Insurance, although my situation's a bit unusual since it's only going to be me living in a 3 bed house.

also ive been dragged round carpet shops i just found out how much they cost

Are there any places that do "room size remnants"? They are a *lot* cheaper than buying from a big chain.

and beds - whats that all about ?

You can buy pine double beds down here for £99! Don't make the mistake of getting an expensive frame and a cheap mattress, remember which you're actually going to sleep on!

[SOSAGES]

yeah i think the young lady wants a king size bed so i have less chance of finding her :)
a nice mattress isnt cheap but i will see what i can find the shops always have offers on