Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by MatG
Yes you will need a deposit but that will depend on how much you want a house. You can get 100% mortgages and I think a lot of lenders are very wrong for doing so. The more deposit you put down the better, it took me a few years but I managed to rent and save 15k for deposit.
Im not on the highest wage i could be on, infact im only an apprentice still! but im paying out £350 a month for renting, when i could be paying £400-£450 on a mortgage if im lucky.
I dont think i could afford to save and live at the same time, not at this precise time.
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--DAN--
Member
Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
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I rented for nearly 2 years and I hated it, lining somebody else's pocket, wouldn't advise renting to anybody. I bought my house brand new 3 years ago for 41k and its now on the market for 108k, so not a bad little investment.
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Nath
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Registered: 3rd Apr 02
Location: MK
User status: Offline
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I live with my rents 
Easy life 
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morty
Member
Registered: 5th Apr 02
Location: leeds, Drives:06 Focus ST-2
User status: Offline
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I was renting for about 3 years then found a re-possession through the local estate agents, I got a 2 bedroom end town house for £15k and I had it valued about 3 months ago and its now worth just over £100k thats in 3 years ive owned the house. ive put abit into it doing it up but at least I will be getting that back and some when I sell it and get some thing else.
Darren
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BeArDy
Member
Registered: 7th Aug 00
Location: Manchester
User status: Offline
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I Own my House (all payed for No Mortgage)
i payed 18k for it off my sister (as thats what she payed for it a million years ago  )
My house is now worth about £65k
2 bedroom house, Garage etc etc
BUT i live in the Getto
NorthWest house prices are pants and house are well cheap
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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Getting on the property ladder benefits, renting is for people who have short term renting plans, to move on later on.
Buying is good, building your own is better
Plus if you buy land with a building already on it, you don't need planning permission.
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Steve Smith
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Registered: 28th Nov 00
Location: Doncaster, South Yorkshire
User status: Offline
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I own my own house, best thing i ever did. Its hard at first but just gets easier as time goes on. Besides i have 60k in equity if need be from two years investment. If i was to do it all again i would get a buy to let mortgage and buy a house to rent out then buy another from the income off that and carry on so on and so forth. You have to be carefull that you select the right house in the right location and never get attached emitionally to the property if you are going to rent it. Then after a couple of years sell one and you have a nice deposit for your own palace.
These young ones! eh
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by Steve Smith
I own my own house, best thing i ever did. Its hard at first but just gets easier as time goes on. Besides i have 60k in equity if need be from two years investment. If i was to do it all again i would get a buy to let mortgage and buy a house to rent out then buy another from the income off that and carry on so on and so forth. You have to be carefull that you select the right house in the right location and never get attached emitionally to the property if you are going to rent it. Then after a couple of years sell one and you have a nice deposit for your own palace.
These young ones! eh
There is a few young un's who are what I like to call ' investment wise' though, I think it depends what they see from their parents or piers, that determines what future financial life they lead.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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Its very hard at the moment to get on the property ladder
things are due to change very soon though
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Steve Smith
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Registered: 28th Nov 00
Location: Doncaster, South Yorkshire
User status: Offline
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I agree it is very hard, but if you can make ends meet then go for it. Parents do set an example and will be invaluble to you, they have been there and done it long before we have, what i am getting at is that you dont have to buy the best you can afford but there is a way to getting further up that ladder than you think. You would have to take a risk buying to let but it can be very rewarding.
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MatG
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Registered: 26th Apr 02
Location: Birmingham UK
User status: Offline
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Kerry no disrespect to you but you better hope it doesnt change!
The only way things will change and house prices come down is a resession and none of us want that!
The house market has leveled off now to what it was and its not climbing at such a rapid rate. First time buying is always going to be difficult but I think some people may set there standards to high to begin with.
Oh Chump if your credit rating is worse than what mine was then declare yourself bankrupt, spend the next 6 years sorting yourself out and start again. Some how I doubt its all that bad though!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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with interest rates as they are house prices are falling
the bank of england do not plan to reduce interest rates in the near future due to the debt this country is in there fore house prices will keep falling to compensate
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MatG
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Registered: 26th Apr 02
Location: Birmingham UK
User status: Offline
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If Tony Blair stays in power the Bank of England will do as there told and that will mean bringing interest rates into line with the EU. Meaning more people buying houses as they are more affordable. Houses then become in high demand and prices rocket! Exactly what has been happeninf over the last 4 years.
On top the that if the interest rates continue to rise like they have for the last 2 years it will cause a resession as these people that have had 4, 5 times thier anual income for their mortgage and these 100% mortgages are going to have their houses reposessed.
[Edited on 18-02-2005 by MatG]
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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bank of england has not changed their base rate for about 6 months if anything it will stay like that or fall
it aint going any higher
but like i said while ever it stays like it is house prices will fall
the only time they lower interest rates is to make people spend so increase the economy but like i said with the debt uk is in at the mo then things are going to stay as they are for a while
trust me
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MatG
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Registered: 26th Apr 02
Location: Birmingham UK
User status: Offline
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why?
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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because its my job 
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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60-40
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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Same Colin I wouldn't rent unless for a ferw months...
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Liam
Member
Registered: 19th Jan 06
Location: Stafford
User status: Offline
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quote:
Originally posted by Nath
I live with my rents
Easy life
me 2
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shawboy
Member
Registered: 1st Jul 02
Location: Wombwell, Barnsley
User status: Offline
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we rent at the minute, did it just to test the water.
just bought our 1st house, should have moved in yesterday but now been put back to 17th nov
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nova_gteuk
Member
Registered: 15th May 02
Location: South Wales Drives: The Bandwagon
User status: Offline
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Im living with my dad at the moment,but hes going to be moving to live with his gf in the next 1-2 years and hes signing the house over to me and then i carry on the mortgage payments,i love the position off the house where its located,needs a lot of mordenising but,i cant wait for him to sign it over to me,ive priced up round here for a 3 bedroom terrace house the same as mine to rent is £550 a month or council is £266 a month,but my dad pays £153 a month much cheaper than renting plus hes already payed off 6 years off the morgage already bargain
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smack
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Registered: 7th Jul 04
User status: Offline
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I really want to get my own place in a few years, Bassicly i ern nothing more than 11k a year.
I have seen some nice flats for like 90k, and am saving 6k a year for a deposit.
Would i be able to get a morgage with the money im on?
Loads of people are saying i wont ? help please
Forgot to say i wanted to save like a 12k deposit and be out of the house
[Edited on 05-11-2006 by smack]
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Wouldnt get a mortgage on that smack, you have to remember a 90k mortgage could be £500 a month, and im guessing your take home is £750, leaving you with £250 for bills, food, fuel, living etc and there is absolutely no way on this planet u could do it on ur salary!
Interest only would be £400 approx, so £350 but thats not enough.
12k deposit would be 78k mortgage, 11k salary x 3 = 33k, even x 5 is 55k, and based on affordability i dont think u'd get much more than 70k, i earn 17k a year and was allowed to go upto 75k!
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Daimo B
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Registered: 20th Mar 00
User status: Offline
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House prices aint falling They are still on the up, guess it depends where you live. Im expecting mine to go above £200k soon.
I'd never rent, its just dead money. The amount your paying on rent you could have a mortgage. Jsut then you got bills etc on top of that.
But every month your paying your mortgage (exc interest only mortgages, ewwww) you own that bit more and are makign that bit more money.
If prices drop, jsut stay put.
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smack
Member
Registered: 7th Jul 04
User status: Offline
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