The reason I haven’t managed to post a blog in a couple of months is because I was going through one of the most stressful times in my life (so far). Buying your first home is a monumental point in anyone’s life, as well as being extremely exciting. However, no-one ever tells you how very stressful it is, and how the whole process completely takes over your life.
My partner and I found the perfect first home back in April and went to view as soon as we could. The property was under the shared-ownership scheme, where you purchase a share of the property and then pay rent on the other half, and these type of homes are massively in demand, especially in the South West.
Before we even viewed this home, we completely fell in love with it as it serves as the perfect first home together. So, as I am a massive control freak, I had already contacted the housing association and filled out the application, as they told us it was on a first-come-first-serve basis. To be honest, I would have sent off our application before we even viewed it, but my partner said we should definitely look at it first.
By the time we went to view it, there had already been six viewings by other potential buyers which made me extremely nervous. However, as soon as we walked out of there, we both decided just to do it, so we sent off our application that very evening. The next day, they came back to us saying our application was successful, of course, we were ecstatic, then the problems started happening.
Trying to get a mortgage on a shared-ownership house is harder than you think, and I’m not sure why this is. To start with we had our mortgage in principle from NatWest, but they don’t actually offer mortgages on shared ownership properties.
The stress then came thick and fast, we were turned down by two more mortgage lenders, so we just excepted fate that it wasn’t going to happen. However, our mortgage advisor was absolutely incredible, and I couldn’t recommend him enough. After weeks of stress, he finally found a mortgage lender, and they accepted our application!
As we both lived with my partner’s parents, we had no furniture, apart from a TV, bed, bedside tables and chest of drawers, so we then had to make sure we had everything we needed and starting from scratch just isn’t fun and costs a lot of money.
So, after many stressful weeks, we finally moved in at the beginning of August! Of course, all property purchases are different, but I thought I would add a little timeline below.
April 16th: Viewed the property
April 17th: Application accepted
April 28th: First mortgage declined
May 23rd: Second mortgage declined
6th: June: Mortgage offered
3rd August: Completed
4th August: Moved in!
Just bear in mind, that the gap from our mortgage being offered to completion was where the solicitor was doing all of her checks, which took forever!
So this is just a little update on my life, and I will be posting some more interior design posts in the future! It is a such a stressful journey, but all of the stress is completely worth it in the end! How was your first buying experience? Let me know in the comments below!