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vibrio

Banned

Registered: 28th Feb 01
Location: POAH
User status: Offline

23rd Nov 05 at 12:08

can you not get a properflat. studio is silly. we bought our house at th right time. prices ahve shot up since we bought. if you get the right area then your sorted.

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 12:08

The best policy is...

Buy a house. Get an interest only mortgage. Pay that for a couple of years, then sell.

Take the money you've made and use as a deposit on next house (something better). Do the same, getting interest only mortgage, sell again after two years.

Granted you're never actually paying mortgage off with interest only, but if you buy a house you will make at least £10k every 2 years to put down as deposit on next house.

So you will be making money and moving up the ladder each time

luisa

Member

Registered: 11th Feb 05
Location: Bedfordshire
User status: Offline

23rd Nov 05 at 12:09

Brain like a sieve

Dione J

Member

Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline

23rd Nov 05 at 12:10

I thought repayments mortagage was the best option

Ally

Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline

23rd Nov 05 at 12:11

quote:
Originally posted by d_jay50
I thought repayments mortagage was the best option

They are IMO i plan to do interest only for the first few years to get me get on the ladder.

I could do interest only on the 50k flat at £180 a month, or repayment @ £300

Dione J

Member

Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline

23rd Nov 05 at 12:13

quote:
Originally posted by Ally

quote:
Originally posted by d_jay50
I thought repayments mortagage was the best option

They are IMO i plan to do interest only for the first few years to get me get on the ladder.

I could do interest only on the 50k flat at £180 a month, or repayment @ £300

I'd say follow ur heart, but do you get any additional bonuses or commission at work?

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 12:14

quote:
Originally posted by d_jay50
I thought repayments mortagage was the best option

not in my opinion.

Most people on here disregard my opinion anyway so who gives a shit.

My mum and dad have a house worth over half a million and what i've just said is their advice, given to them by their financial advisor

Cosmo

Member

Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

23rd Nov 05 at 12:15

I always thought no mortgage was the best option

Dione J

Member

Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline

23rd Nov 05 at 12:16

Cool, I will have to look into this intrest only option on my second purchase

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 12:17

quote:
Originally posted by d_jay50
Cool, I will have to look into this intrest only option on my second purchase

think about what i said...it makes sense...You're making thousands each time you sell...!!

Then each time you do it you're moving up to better houses, which make more money than the last one did...

Strategic property buying, moving every couple of years is the way forward

[Edited on 23-11-2005 by loafofbrett]

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 12:19

Plus, because you're saving a few hundred a month on the mortgage you can save that too

--Dave--

Banned

Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline

23rd Nov 05 at 12:35

yep interest only is the best way to go. This is what my mortgage is. I plan to sell a few years down the line (probably when my fixed rate ends) and make a decent profit on the place to put towards a larger home.

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 12:36

quote:
Originally posted by Jamie Walby

quote:
Originally posted by loafofbrett

quote:
Originally posted by d_jay50
I thought repayments mortagage was the best option

not in my opinion.

Most people on here disregard my opinion anyway so who gives a shit.

My mum and dad have a house worth over half a million and what i've

My mum and dad also have an expensive house, with no mortgage

still wont lend me a fiver though

might be funny if it made sense

Jamie Walby

Member

Registered: 15th Nov 04
User status: Offline

23rd Nov 05 at 13:25

I tried to edit it got confused and gave up

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 13:26

quote:
Originally posted by Jamie Walby
still wont lend me a fiver though

Sadly this bit is true tho

Ally

Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline

23rd Nov 05 at 13:29

Looking round a house tonight

72k, hopefully get them down but the bathroom is downstairs

Liveable thou, 3 bedrooms, 17x10 master bedroom....

Just abit errr ... retro decoration

B3KYR

Member

Registered: 5th Jan 05
Location: Wakefield
User status: Offline

23rd Nov 05 at 13:32

my bfs house has the bathroom downstairs took abit of getting used to lol

Ally

Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline

23rd Nov 05 at 13:33

has 3 bedrooms upstairs so i suppose over time one could be converted

B3KYR

Member

Registered: 5th Jan 05
Location: Wakefield
User status: Offline

23rd Nov 05 at 13:37

yeah you could do that, would that not decrease the value of the house in the long run tho as u are loosing one bedroom. unless you were to convert the old bathroom in to the bedroom u will be moving from upstairs.

does that make sense lol

Ally

Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline

23rd Nov 05 at 13:39

Yeh it does

Wouldnt mind converting the loft so it would still be a 3 bed, 2 bath as id keep downstairs or make that into another room

B3KYR

Member

Registered: 5th Jan 05
Location: Wakefield
User status: Offline

23rd Nov 05 at 13:44

sounds like you got loads of plans for when u eventually get the rite house. Hope you find one soon. En- suite bathrooms are always nice. you could knock thought into another bedroom make your bedroom bigger and add an en-suite

Brett

Premium Member

Registered: 16th Dec 02
Location: Manchester
User status: Offline

23rd Nov 05 at 13:47

good luck ally