Single woman knocked nearly £13k off the asking price of a £170k one-bed flat in Cardiff – here’s how to haggle

HOUSE buying can be daunting - but one first-time buyer managed to knock £12,500 off the asking price of her one-bed flat in Cardiff and is now urging others to do the same.

Maria Clement, 32, has worked in the property industry for 12 years and used her insider knowledge to cut the price of her now home.

The developer wanted £170,000 for the flat, but Maria knew that as a first-time buyer she was in a strong position because she wasn't in a chain.

Her flat was also one of the last to be sold in the new-build block so she used this to push the price down even more.

In the end, she paid £157,500 - around £3,000 less than the average price of a one-bed flat in Cardiff.

But she still needed all the help she could get, making the most of a Help to Buy Isa and a Help to Buy equity loan of £31,500.

Maria also gave up her rented flat and moved in with her dad while she saved.

We chatted to Maria as part of our My First Home series where we get the inside track on what it takes to get on the property ladder.

What's your new flat like and how much did you pay?

It's a one-bedroom flat on the third floor of a building, which means it has amazing views of Cardiff Bay and Penarth Marina.

You can also see across the channel to Bristol. There’s a wrap-around balcony so I get the sun all day, which is lovely at this time of year.

I also have a car parking space in a gated area, which is handy.

I bought the flat in 2016 and paid £157,500. It’s a new-build and was on the market for £170,000.

I managed to negotiate the price right down as it was in the last phase of flats built and the developer wanted a quick sale.

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How did you afford to buy on your own?

I saved as hard as I could while I was renting for the deposit and got together a few thousand pounds.

I was paying £500 a month in rent but it was hard to afford this while saving.

So 18 months before I bought I moved back in with my dad so I could plough every penny into a savings account.

It’s not just about the deposit of course - you need money for solicitor’s fees and mortgage broker fees too.

I wanted to make sure I had a decent amount so I could afford everything.

As well as saving money on rent I also cut down on the rest of my spending.

I love buying clothes, so while I was saving I cut out shopping trips - which was hard, but I did it. I also cancelled my gym membership which saved me £61 a month.

I managed to put away on average £300 a month, sometimes more though.

In total I saved £3,200 in a Help to Buy Isa, so when I bought my flat I benefited from a 25 per cent government bonus of £800 which really helped.

What size deposit did you pay and what mortgage did you get?

I managed to save £10,000 in total and I used £8,000 of this to put down as a five per cent deposit.

I also took out a £31,500 Help to Buy equity loan with Nationwide, which added an extra 20 per cent to the deposit.

This bought my mortgage down to £118,000 - or 75 per cent loan-to-value (LTV).

I signed up to a two-year fixed mortgage at 2.29 per cent, which meant monthly repayments of about £410 (over a 35 year term).

That deal is coming to an end so I’ve just found another two-year fix at 1.94 per cent.

Were there any issues getting the mortgage?

Only certain lenders will offer loans for the Help to Buy equity loan scheme so I was limited on what deals I could choose from.

My broker did all the legwork for me and we got a good rate - but it wasn’t the lowest on the market.

That didn’t bother me too much to be honest, as without the Help to Buy deal I wouldn’t have been able to afford this place.

How do you plan on paying back the loan?

I’m already overpaying on my mortgage each month by £50 to reduce the interest I will pay overall and to build up the amount of equity I own.

I then plan to use the equity I've built up in the property from mortgage repayments to cover the cost of the loan.

Since the government’s loan is only interest-free for five years, I plan to sell just before then.

How did you find the property search?

Initially I was only interested in buying a period property that I could pick up cheap and renovate myself to add value.

But just as I was about to start looking a friend pointed to a development nearby which had a few remaining flats for sale.

I went to see two - one on the lower ground floor which was cheaper - and the one I ended up buying.

I fell in love with it straightaway. Even though it was out of my price range, because it was a new-build I knew I could make the numbers add up with the Help to Buy equity loan.

How did you feel when you completed?

Amazing - and overwhelmed that I had done something as grown up as to buy a property.

What surprised me is that my mortgage cost less than rent - I was renting at £500 a month but my mortgage is £410.

How did you afford the furniture?

The flat came with carpets and all the white goods I needed, such as a fridge and a washing machine - and my dad gave me a bed.

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