JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by d_jay50
quote:
Originally posted by JadeM
My mortgage is £220 a month....Repayment 25yrs!!! 
[Edited on 17-08-2006 by JadeM]
 I pay double that living at home
Parents take £440 off you to sit under their roof??? man thats daylight robbery!!!!
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by d_jay50
quote:
Originally posted by JadeM
My mortgage is £220 a month....Repayment 25yrs!!!
[Edited on 17-08-2006 by JadeM]
I pay double that living at home
You pay £110 a week living at home? 
Id move out mate
Fecking right!!! Or at least get your name on the mortgage papers to claim your half the house your paying for!!!
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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Buying and selling with an interest only mortgage is a good plan in theory but with the slow down and possibly even decrease in house prices it might not work out exactly as you had planned.
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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quote:
Originally posted by JadeM
quote:
Originally posted by Ally
Col my mortgage is £300 a month 
Repayment though??
I bought mine for £36k 18months ago...I could now sell it all day long for £60k
Not huge amounts like darrn sarrrff but still not bad at all
 must be nice knowing you're set for life mate. Nice investment
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by Melville
Buying and selling with an interest only mortgage is a good plan in theory but with the slow down and possibly even decrease in house prices it might not work out exactly as you had planned.
Slow down The've been saying that since the early 90's.....where is it
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by JadeM
quote:
Originally posted by Ally
Col my mortgage is £300 a month
Repayment though??
I bought mine for £36k 18months ago...I could now sell it all day long for £60k
Not huge amounts like darrn sarrrff but still not bad at all
Interest only, moving in 2007/2008. House was bought at 67k and is now worth 85k.
Similar plan to yours col, take profit and go up every 3 years till im 30, then downgrade and clear the mortgage, or the bulk of it
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Dione J
Member
Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline
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quote:
Originally posted by JadeM
Parents take £440 off you to sit under their roof??? man thats daylight robbery!!!!
No its called, living with black parents that want to show you responsibilties of the real world
So when i do move out i wont miss paying out a monthly mortgage payment
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by d_jay50
quote:
Originally posted by JadeM
Parents take £440 off you to sit under their roof??? man thats daylight robbery!!!!
No its called, living with black parents that want to show you responsibilties of the real world
So when i do move out i wont miss paying out a monthly mortgage payment
Id call it being a mug TBH 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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quote:
Originally posted by Melville
Buying and selling with an interest only mortgage is a good plan in theory but with the slow down and possibly even decrease in house prices it might not work out exactly as you had planned.
this is why I'm considering the repayment option after a while.
But to be honest I can't see that ever happening here. Not with our economy like it is.
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Dione J
Member
Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
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TBH its not that bad, if i moved out would be alot more on my own renting alone..
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
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You wont be able to move out cos you won't have any money
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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quote:
Originally posted by d_jay50
quote:
Originally posted by JadeM
Parents take £440 off you to sit under their roof??? man thats daylight robbery!!!!
No its called, living with black parents that want to show you responsibilties of the real world
So when i do move out i wont miss paying out a monthly mortgage payment
Also means you cant save fcuk all for a decent deposit
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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I doubt you would TBH, I have mates renting in the west midlands and its cheap as chips!!
I reckon you could get a mint 1 bed place for £110 a week
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by d_jay50
quote:
Originally posted by JadeM
Parents take £440 off you to sit under their roof??? man thats daylight robbery!!!!
No its called, living with black parents that want to show you responsibilties of the real world
So when i do move out i wont miss paying out a monthly mortgage payment
Yer da's laughing all the way to the bank!!!!
No offence like but id never live with some darkies.
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Dione J
Member
Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline
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Money ain't an issue, its where I live in Birmingham houses are in the reigon of 120K just for a 2bed house!!!
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by d_jay50
Money ain't an issue, its where I live in Birmingham houses are in the reigon of 120K just for a 2bed house!!!
Thats cheap, where I live you cant get a 1 bed house for that
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James
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Registered: 1st Jun 02
Location: Surrey
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And where Colin lives you can get a 4 bed detached house with a pool for that
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by d_jay50
Money ain't an issue, its where I live in Birmingham houses are in the reigon of 120K just for a 2bed house!!!
Thats about same as here!!!
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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quote:
Originally posted by d_jay50
Money ain't an issue, its where I live in Birmingham houses are in the reigon of 120K just for a 2bed house!!!
join the club mate. We've all gotta do it. Cost me 157k for my 2-bed house and it's not the biggest of houses.
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by JadeM
quote:
Originally posted by Melville
Buying and selling with an interest only mortgage is a good plan in theory but with the slow down and possibly even decrease in house prices it might not work out exactly as you had planned.
Slow down The've been saying that since the early 90's.....where is it
Not sure how fast houses went up in Scotland but in Newcastle they were increasing at a rate of £5k a week a couple of years ago.
Again in Newcastle, not sure about the rest of the UK, there is a house opposite mine that was on the market for £195k and they have had to reduce the price down to £165k and still havent had any real interest. This isnt a one off either as I have heard a couple of people with similar stories who are having difficulty paying the mortgage.
That leads to another story though.....repossession auctions
[Edited on 17-08-2006 by Melville]
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by James
And where Colin lives you can get a 4 bed detached house with a pool for that
Nah prices are starting to level out here!!! Ex council 2 bed terrace houses are starting to go for over the 100k mark!!!
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Holly Olly
Member
Registered: 15th May 06
Location: Gosport, Hampshire
User status: Offline
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I had an interest only mortgage of £125K over 25 years and I was paying £680 per month
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by Melville
That leads to another story though.....repossession auctions
[Edited on 17-08-2006 by Melville]
Thats where I bought mine!!!!
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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How many of you lot are interest only....seems a fair chunk!!!
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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It really depends on how long term your plans are.
With a repayment mortgage for about the first 3-4 years you're only paying off the interest, so the loan amount doesn't actaully go down. It's only after the first few years that you actaully start repaying the loan
If you're just planning on staying in the place for a few years and then moving on, an interest only mortgage is the best way as the repayments are lower.
The higher the deposit you can put down, the better the rate you will get. We managed to get a 90% mortage and I think it knocked about £100-150 a month off our repayments than if we had gone for a 95% mortgage
Our flat went up in value by £30k in the two years before we bought it (my dad owned it before) so fingers crossed it will do the same if not more when we come to sell it in a few years
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