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Author Mortgage.. what you pay back..
GIBBS
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Registered: 22nd Feb 01
Location: Kent, Jap Car Importer :)
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27th Jan 04 at 10:57   View User's Profile U2U Member Reply With Quote

just as a example i thought 80k mortgage over 25 years, 6% interest the total i'm borrowing and have to pay back is 200k is this correct?

Matt

god! justchanged title spelling!

[Edited on 27-01-2004 by GIBBS]
Juni0r
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Registered: 17th Jan 03
Location: Hants
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27th Jan 04 at 11:06   View User's Profile U2U Member Reply With Quote

You'll never pay off your first mortgage!
vibrio
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27th Jan 04 at 11:14   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by GIBBS
just as a example i thought 80k mortgage over 25 years, 6% interest the total i'm borrowing and have to pay back is 200k is this correct?

Matt



we borrowed 57K, have paid about 6800 over the last 20 moths. thats only paid off 2.5k of the actual mortgage so far
vibrio
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27th Jan 04 at 11:15   View User's Profile U2U Member Reply With Quote

WF 6%. get a better deal Matt FFS
GIBBS
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Registered: 22nd Feb 01
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27th Jan 04 at 11:20   View User's Profile U2U Member Reply With Quote

Virbio, sorry i was just using 6% as an example, rather then using 3% and getting unhappy when realise i can't get that.
i basically need a 60 mortgage but need an extra 20k to fix up and pay off some of my debts so i can afford the mortgage
Ally
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Registered: 2nd Jul 03
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27th Jan 04 at 11:21   View User's Profile U2U Member Reply With Quote

Seek advice from your Financial Advisor.

I would help, but i can only do Pensions, life assurance and bonds
GIBBS
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27th Jan 04 at 11:25   View User's Profile U2U Member Reply With Quote


i will go into bank speak to a mortgage / financial advisor methinks
GT4Brody
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Registered: 26th Sep 01
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27th Jan 04 at 11:40   View User's Profile U2U Member Reply With Quote

My mortgage is 123,000, only payed off about 3000 and its over 30 yrs, not bothered though really, on the ladder though so thats the main thing. A house/Flat is very unlikey to depriciate and 9 times outta ten if it does it well go back up eventually, where as most cars depreciate 1000 a yr roughly
Ally
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Registered: 2nd Jul 03
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27th Jan 04 at 11:42   View User's Profile U2U Member Reply With Quote

But u have 2 think mate, house prices are constantly rising, we r going to reach a point where people can no longer afford them, then the market will decrease rapidly, in a very short period of time.

This is why they've introduced the 'part rent, part buy' scheme. You have to be earning a minimum of 18k to qualify
GT4Brody
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Registered: 26th Sep 01
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27th Jan 04 at 11:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ally
But u have 2 think mate, house prices are constantly rising, we r going to reach a point where people can no longer afford them, then the market will decrease rapidly, in a very short period of time.

This is why they've introduced the 'part rent, part buy' scheme. You have to be earning a minimum of 18k to qualify


Yeah i know there is always an element of risk and interest rates are at a record low but at the end of the day, you well be waiting forever for the market to be stable for a long period of time.
I looked into those part buy schemes(i earn about 30k), even applied for one but decided against it as they are no where near as good an investment as buying a place on ur own as when you come to sell it you hardly make any profit, although i see wot you are saying, that there is lest risk.
Ian
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Registered: 28th Aug 99
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27th Jan 04 at 11:50   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by GIBBS
pay off some of my debts so i can afford the mortgage
And pay off a 3 or 4 year debt with a 30 year one? This works out very expensive!
Ally
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Registered: 2nd Jul 03
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27th Jan 04 at 11:52   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by GT4Brody
quote:
Originally posted by Ally
But u have 2 think mate, house prices are constantly rising, we r going to reach a point where people can no longer afford them, then the market will decrease rapidly, in a very short period of time.

This is why they've introduced the 'part rent, part buy' scheme. You have to be earning a minimum of 18k to qualify


Yeah i know there is always an element of risk and interest rates are at a record low but at the end of the day, you well be waiting forever for the market to be stable for a long period of time.
I looked into those part buy schemes(i earn about 30k), even applied for one but decided against it as they are no where near as good an investment as buying a place on ur own as when you come to sell it you hardly make any profit, although i see wot you are saying, that there is lest risk.


Im not really for them, waste of money imo, but then again everyones different.

Im just going to live with my parents till someones stupid enough to marry me
Ian
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27th Jan 04 at 11:53   View Garage View User's Profile U2U Member Reply With Quote

Not as good an investment as buying but certainly better than renting outright!
GT4Brody
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Registered: 26th Sep 01
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27th Jan 04 at 11:59   View User's Profile U2U Member Reply With Quote

Yeah good point Ian, spose everyone is differnent really. For some people they are prob a really good idea.
The 2 schemes that i looked into prioritised key workers, eg people that work for the council.
One development had about 80 2 bed flats and they were all gone in less than 2 weeks, so that just shows u how popular they must be.

And Ally, hehe u sound like my girlfriend, prob a better way of doing things
Ditch
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27th Jan 04 at 12:01   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by GT4Brody
The 2 schemes that i looked into prioritised key workers, eg people that work for the council.



any more information on this?
my work is related to hertfordshire county council
Ally
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Registered: 2nd Jul 03
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27th Jan 04 at 12:01   View User's Profile U2U Member Reply With Quote



Prospects aren't looking very good atm, but then again its a leap year this year so girls can propose to men

GT4Brody
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27th Jan 04 at 12:30   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ally


Prospects aren't looking very good atm, but then again its a leap year this year so girls can propose to men





Pmsl, i dont think there is any danger of my bird proposing to me she wants a big fat rock in her engagement ring
GT4Brody
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27th Jan 04 at 12:32   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ditch
quote:
Originally posted by GT4Brody
The 2 schemes that i looked into prioritised key workers, eg people that work for the council.



any more information on this?
my work is related to hertfordshire county council


I dont have the info any more, binned it in the end. Think it varys in different areas but if you get in touch wiv the local housing department they should be able to send you some info can be a good way to get on the property ladder if you cant afford a normal mortgage.
Tom
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27th Jan 04 at 12:36   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
quote:
Originally posted by GIBBS
pay off some of my debts so i can afford the mortgage
And pay off a 3 or 4 year debt with a 30 year one? This works out very expensive!


But he might make a lot of money on the property

Anyway u can't do that unless the house is worth 80k, the most mortgage u can get is 100% (no deposit) and most places thast do that offer a shit high interest rate don't they?

I would like to be getting onto the ladder but it's not realistic until i'm on at least another 4k a year and have paid off my debts and saved up a deposit
vibrio
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27th Jan 04 at 12:41   View User's Profile U2U Member Reply With Quote

you can get mortages that are tailered to fixing up houses Matt. think you pay more interest though
GIBBS
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Registered: 22nd Feb 01
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27th Jan 04 at 12:42   View User's Profile U2U Member Reply With Quote

Virbio, i've been asking around and i cannot find one + i know of a large development near the area which should sky rocket the housing prices
vibrio
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27th Jan 04 at 12:43   View User's Profile U2U Member Reply With Quote

have you been to see an advisor yet
GIBBS
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27th Jan 04 at 12:51   View User's Profile U2U Member Reply With Quote

no i haven't had time, i've made some time on saturday so i'm gonna see if i can see one then, do i walk in a estate agent's or do i need to book up an appointment ?
GIBBS
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Registered: 22nd Feb 01
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27th Jan 04 at 12:51   View User's Profile U2U Member Reply With Quote

+ i've emailed one my g/f knows and i'm calling another which is a mates mates boss today.
vibrio
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27th Jan 04 at 13:16   View User's Profile U2U Member Reply With Quote

walk in and ask for an appoinment

go see a couple though. I went to 3 before I choose

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