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Corsa Sport » Message Board » Off Day » House Day » Mortgages with extra money to pay off existing loans » Post Reply
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Ian |
posted on 31st Jan 07 at 00:32 |
Most of the figures I've ever looked at would require you to have around 15-25% equity in the house in order to break even on rental income. | |
Fee |
posted on 26th Jan 07 at 09:34 |
Me and Adam are planning on buying another flat in a couple of months to rent out. | |
mav |
posted on 26th Jan 07 at 03:14 |
I didn't borrow 125% of the value though... | |
Whittie |
posted on 26th Jan 07 at 03:14 |
:lol: | |
mav |
posted on 26th Jan 07 at 03:13 |
quote: not that silly:P | |
Matt H |
posted on 26th Jan 07 at 00:12 |
You were lucky then! | |
Colin |
posted on 26th Jan 07 at 00:11 |
It was only silly cheap because some silly person took on too much debt & ended up losing probably everything!! | |
Matt H |
posted on 25th Jan 07 at 23:52 |
Yes but your flat was silly cheap :| | |
Colin |
posted on 25th Jan 07 at 23:47 |
Its a big risk, bigger one than I would take but getting on the housing ladder is a good move, just be prepared to be skint for a while & have no money for cars/beer....unless that can be put on the mortgage too :o | |
whitter45 |
posted on 25th Jan 07 at 23:42 |
yes and soon you will need a certtificate to prove the house is up to standard and there is a cost associated with obtaining this certificate. It was meant to be legislation last year but got put back due to the impact it may have | |
Matt H |
posted on 25th Jan 07 at 23:41 |
Im already paying out for a loan as it is. Young & stupid with a credit card means you learn the hard way, unfortunately I did. It makes sense financially to get on the property ladder ASAP. House prices in the Doncaster & Hull area are expected to rise by 200%. At the moment its a cheapish place to live, but thats going to change. | |
Cosmo |
posted on 25th Jan 07 at 23:37 |
and do you intend to get your own personal mortgage in the future on another property? As this could cause more hassle when that comes round! | |
Colin |
posted on 25th Jan 07 at 23:34 |
I hope you have thought this out well...could end in disaster. | |
Matt H |
posted on 25th Jan 07 at 23:34 |
Its just a normal mortgage | |
Cosmo |
posted on 25th Jan 07 at 23:30 |
Dont forget all the other nice costs when it comes to renting...maintenance, council tax bills, etc. etc. You also should keep some money saved if anything major goes wrong that you HAVE to fix otherwise can get in a bit of trouble! | |
Cosmo |
posted on 25th Jan 07 at 23:28 |
you getting buy to let or standard mortgage? | |
Melville |
posted on 25th Jan 07 at 23:28 |
quote: Are you sure the rent will cover the mortgage alone? Most people who have rental property who have bought recently are making a loss on the rental income which can then be set off against any capital gain. | |
Matt H |
posted on 25th Jan 07 at 23:27 |
Free money! Woo! | |
Colin |
posted on 25th Jan 07 at 23:26 |
Northern Rock do a mortgage where you can borrow 125% of the value of the property :lol: Will be silly terms though!! | |
Matt H |
posted on 25th Jan 07 at 23:26 |
Im buying one to rent out. So the rent will be paying my mortgage & loan :) | |
whitter45 |
posted on 25th Jan 07 at 23:18 |
and in terms of buying a house greta move - just doing it myself now | |
whitter45 |
posted on 25th Jan 07 at 23:18 |
yes its l;ike getting a 110% mortgage | |
Cosmo |
posted on 25th Jan 07 at 23:15 |
most will do it if you can afford that amount of mortgage, its just consolidating your loans into one which makes it easier to repay. | |
Matt H |
posted on 25th Jan 07 at 23:13 |
Looking at Northern Rock & they do this. Obviously you pay the loan off over a silly time but if you already have a loan & can't really afford the loan & the mortgage its an attractive option |