GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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Hi all,
Im looking at getting a mortgage for around the £175k mark.
I haven't a clue about mortgages though, can anyone help? what would I be looking at paying back a month etc etc?
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Depends on deposit, fix rate, variable rate............... I could go on
[Edited on 17-08-2006 by Pablo]
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Edd
Member
Registered: 8th Nov 04
Location: Glasgow
User status: Offline
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1st of all can you even get a mortgage for that amount?
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Go onto a banks website and they will probably have a mortgage calculator, you will never get that much on your own though, unless you earn about 50k
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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quote:
Originally posted by Edd
1st of all can you even get a mortgage for that amount?
Apparently so 
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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You much earn a tidy sum
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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You will need a decent salary or deposit to get a mortgage for that in one persons name, even interest only.
Best thing to do is to go onto some sites that have mortgage calculators and they will give you a fairly accurate figure of what your repayments etc would be.
[Edited on 17-08-2006 by Melville]
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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quote:
Originally posted by James
Go onto a banks website and they will probably have a mortgage calculator, you will never get that much on your own though, unless you earn about 50k
or have a big deposit
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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quote:
Originally posted by James
Go onto a banks website and they will probably have a mortgage calculator, you will never get that much on your own though, unless you earn about 50k
Me and gf mate.
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Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Go see a mortgage advisor
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GREG 1
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Registered: 28th Jul 00
Location: Essex
User status: Offline
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quote:
Originally posted by Melville
Best thing to do is to go onto some sites that have mortgage calculators and they will give you a fairly accurate figure of what your repayments etc would be.
[Edited on 17-08-2006 by Melville]
Can't seem to find the sites mate, all the ones I have been on will send me info in post or call me up etc
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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http://www.natwest.com/natwesttools/mortgages/mc_lend.stm
That will give you a rough idea, theres lot of factors though, like Pablo said, go see an advisor
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Edd
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Registered: 8th Nov 04
Location: Glasgow
User status: Offline
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quote:
Originally posted by GREG 1
quote:
Originally posted by Edd
1st of all can you even get a mortgage for that amount?
Apparently so
my question is actually quite stupid i mean can YOU get a mortgage for that amount
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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According to that you will need to be earning 25k each to get 175k
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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I knew what you meant mate...
A friends friend is a mortgage advisor and he reckons what you earn doesn't actually matter...
I don't earn much yet he said I could actually give you over £200k if you wanted
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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3.5 times joint basic gross annual incomes
Surely they'd need £50k each in that case?
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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quote:
Originally posted by James
According to that you will need to be earning 25k each to get 175k
Yeah, thats seems pretty crap compared to what I have been offered elsewhere
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65 
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
Originally posted by loafofbrett
3.5 times joint basic gross annual incomes
Surely they'd need £50k each in that case?
doesn't seem to work like that when you use the calculator
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Edd
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Registered: 8th Nov 04
Location: Glasgow
User status: Offline
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quote:
Originally posted by Melville
The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65
pmsl
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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quote:
Originally posted by Melville
The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65
Surely thats what you want though?
A bigger mortgage and a longer length of loan....
That way say you get a place for £150k, your paying it off, then in 25 years time it's worth £300k, you could then sell up and you've made £150k to pay it off and start again
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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Also means the longer the loan the less you pay back a month?!
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
Originally posted by GREG 1
quote:
Originally posted by Melville
The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65
Surely thats what you want though?
A bigger mortgage and a longer length of loan....
That way say you get a place for £150k, your paying it off, then in 25 years time it's worth £300k, you could then sell up and you've made £150k to pay it off and start again
think of the interest on a mega long term loan and the amount you're paying off. The first 10yrs will probably just cover the interest.
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--Dave--
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Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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dont bother yourself with the calculators you find online. Go and see an adviser. They will be able to look at your incomings/outgoings and advise.
The gf and I got a mortgage for 157k. 100% mortgage. 35 year term. Fixed for 5 years. Interest only.
I'll look to changing the plan after the 5 years depending on house value, new earnings etc.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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You can go by affordability, My mortgage is for 70k and i earn approx 17k per year (plus bonus which they can include)
See at least 3 different advisors and get the lowest rate possible. I went for a mortgage with a fixed rate for the first 2 years. i wouldnt reccommend a tracker mortgage unless you have some flexibility.
Sit down with your missus, total your annual earnings and monthly outgoings as things like loan payments will effect the amount you can borrow.
Start looking for a place now, decide on a max budget and dont even look at places over your budget.
you'll need money for fees, solicitor and mortgage set up etc plus a deposit. I was luck yenough to find a place and the sellers paid my deposit for me. You'll need at least a 9k deposit if ur wanting a 175k mortgage. Plus money for fees, furniture etc so your gunna be wanting a minimum of 17 - 20k because you'll have to pay stamp duty on a mortgage that size
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