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Author Mortgages
--Dave--
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Registered: 17th Feb 04
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11th Jul 05 at 12:54   View User's Profile U2U Member Reply With Quote

turns out there are a few nice places around for just under 100k... nothing special but it gets us on there which is the main thing.
iceman
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Registered: 22nd Jul 00
Location: Berkshire
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11th Jul 05 at 12:55   View User's Profile U2U Member Reply With Quote

oh my bad i always thought that to get a mortgage you would need some equity (sp) ......
and he is me trying to save 15k for a deposit

[Edited on 11-07-2005 by iceman]
TNM
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Registered: 5th Apr 04
Location: Nottingham Drives: VW Tiguan
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11th Jul 05 at 12:57   View User's Profile U2U Member Reply With Quote

If i was to buy where I live now where my parents live. 180k buys a 1/2 bed apartment.

250-280k buys a 3 bed house.

300-350 buys my mum and dads house.



Think im going to move into the slums.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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11th Jul 05 at 12:57   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by iceman
oh my bad i always thought that to get a mortgage you would need some equity (sp) ......
and he is me trying to save 15k for a deposit

[Edited on 11-07-2005 by iceman]


IMO the more deposit you put down the better off you will be in the long term anywho, so just save as much as u can
Ian
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11th Jul 05 at 12:58   View Garage View User's Profile U2U Member Reply With Quote

You need thousands to throw at stuff like stamp duty, search fees, solicitors fees and of course furniture, appliances etc.

Even if you mortgage 100%, you'll still need at least 5k, better 10k for costs up front.
Andrew
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11th Jul 05 at 14:27   View User's Profile U2U Member Reply With Quote

Done my mortgage with the Halifax. Got my Dad as a guarantor.

Listen to Ian though. You need money for furniture, solicitors, surveyors and money up front to get a phone in etc. I rented my flat first for 2 years and got all the furniture and saved to put a lump sum of money down. You really will be surprised at how much the starting point costs.

Some months i really do struggle to pay the mortgage, especially when other bills come in at the same time. My parents help me out a fair bit though.
jaffa
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Registered: 27th Mar 00
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11th Jul 05 at 16:55   View User's Profile U2U Member Reply With Quote

stamp duty - not always
threshold is now 120k i think and some areas you don't have to pay stamp duty classed as 'regeneration'

but yeah soliciotrs fees can be high and local serahces etc etc.

some mortagages offer a cashback deal that can cover most costs but i found that most of these tie you into a fixed rate mortgage for two years then the third year went up their normal interest rates and you have to saty for the third year

[Edited on 11-07-2005 by jaffa]
Kerry
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11th Jul 05 at 20:38   View User's Profile U2U Member Reply With Quote

I know all about mortgages its my job
with most companies the higher % borrowing the higher interest rate so ideally you want to try and save a deposit of some kind
first time buyers can get all sorts of deals these days from cash backs to free surveys
best thing is to speak to a financial advisor as they are all regulated now by the financial services authority so are obliged to find the best mortgage to suit you and they use whats called a sourcing system to source out the best deals
also renting prior to buying is a good idea as they will look at the history of you paying the rent when assessing you for the mortgage which helps if you want to borrow a little more

[Edited on 11-07-2005 by Kerry]
Natz
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11th Jul 05 at 21:54   View User's Profile U2U Member Reply With Quote

Nationwide look good

considering my mortgage with them. fixed payments for how ever long and the bloke was really helpful, based it on his mortage and was only a few yrs older than me, so knew where i was coming from.

cant get enough to fully buy here though, shitty MK with its stupid house prices! its rubbish! can only get shared ownership up here. nationwide like shared ownership which is cool for me
Ally
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Registered: 2nd Jul 03
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12th Jul 05 at 08:45   View User's Profile U2U Member Reply With Quote

We are renting first
--Dave--
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Registered: 17th Feb 04
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12th Jul 05 at 09:25   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Kerry
I know all about mortgages its my job
with most companies the higher % borrowing the higher interest rate so ideally you want to try and save a deposit of some kind
first time buyers can get all sorts of deals these days from cash backs to free surveys
best thing is to speak to a financial advisor as they are all regulated now by the financial services authority so are obliged to find the best mortgage to suit you and they use whats called a sourcing system to source out the best deals
also renting prior to buying is a good idea as they will look at the history of you paying the rent when assessing you for the mortgage which helps if you want to borrow a little more

[Edited on 11-07-2005 by Kerry]


cheers Kerry, some useful info there
--Dave--
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12th Jul 05 at 09:27   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Natz
Nationwide look good

considering my mortgage with them. fixed payments for how ever long and the bloke was really helpful, based it on his mortage and was only a few yrs older than me, so knew where i was coming from.

cant get enough to fully buy here though, shitty MK with its stupid house prices! its rubbish! can only get shared ownership up here. nationwide like shared ownership which is cool for me



what's this shared ownership thing then? You only pay mortgage on part of the property and you get the opportunity to purchase more in the future?
mav
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12th Jul 05 at 09:35   View User's Profile U2U Member Reply With Quote

solicitor fees can be put onto your mortgage if you want...Not a good idea in the long run as your paying them back over say 25 years..

but if your borrowing say 100k over 25 years whats another 2k.....

When i got my 1st flat about 12 years ago I got 100% mortgage and all solicitor fees etc put onto to it so i didn't have to pay anything up front at all.....Just money for furniture etc...
Ally
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12th Jul 05 at 09:43   View User's Profile U2U Member Reply With Quote

Shared Ownership Mortgage Guide
Shared ownership is just that. You buy a share of a property that is sold to you by a housing association. If a property costs 100,000 and you can only afford to buy 50% of it for 50,000 the housing association retains the difference for which it charges you rent. The rent is generally charged as a percentage of the value of the property the housing association still owns and is generally kept as low as possible. If at any time your circumstances change, you can buy a greater share. You can do this until you own the property outright. This is called Staircasing. You will have to pay the current market rate for each share and this may not be the rate of the original 50% purchase.

In some areas, particularly rural, housing associations may impose restrictions and will not let you buy a full share. Others may insert a clause in the contract which gives them first refusal when you choose to sell up as housing associations need a stock of properties to offer to the next generation of first time buyers.

You must reach certain criteria to qualify for a shared ownership scheme. You have to prove that you are unable to buy a full share on the open market and that you are able to make the rental and mortgage payments.

Credit checks are most stringent and carried out by both the mortgage lender and the housing association. It is generally expected that you will have some connection with the area in which you want to buy, you may have either lived or worked there for some time.
--Dave--
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Registered: 17th Feb 04
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12th Jul 05 at 09:43   View User's Profile U2U Member Reply With Quote

this is the way I want to go, £100 mortgage with as many fees and expenses added onto it as possible.

Most i've managed to get is around 97k.

--Dave--
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Registered: 17th Feb 04
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12th Jul 05 at 09:44   View User's Profile U2U Member Reply With Quote

Cheers Ally

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