Tuesday, June 30, 2009

Sunk Cost

So where before I didn't want to tell my friends about the house-buy situations because there was already so much good news in the works (pregnancies, some people looking marriage-ready, new jobs, houses) it wouldn't have been right to jump in and demand attention. Today there's been some bad news and now I think it would be wholly inappropriate, so the house buy is on total back burner from a sharing perspective. These posts will stay unpublished until the time is right.

The update though, is this. The Hubs and I went to the bank today to arrange our mortgage. We needed to gather some information for this, like 2 years worth of P60s, bank statements, payslips and employer's address. The process itself was a little painless. We simply walked in and handed the paper over. A declaration had to be signed notifying us that, amongst other things we would be offered a Mortgage Payment Protection Product (no thanks!), and subject to repayments totalling £1.51 for every £1 borrowed. Ouch. It was at this point that we worked out the rates had gone up from when we'd previously enquired, but it was still the best rate we could get. We signed the bits of paper and that was it. We were committed to £1000 arrangement fee (added to the mortgage) and £1,510 valuation fee (we'd opted for the full sche-bang). Still plenty of time to get gazumped.

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