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Author Mortgage help
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:39   View User's Profile U2U Member Reply With Quote

Hi all,

Im looking at getting a mortgage for around the £175k mark.

I haven't a clue about mortgages though, can anyone help? what would I be looking at paying back a month etc etc?
Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
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17th Aug 06 at 10:40   View User's Profile U2U Member Reply With Quote

Depends on deposit, fix rate, variable rate............... I could go on

[Edited on 17-08-2006 by Pablo]
Edd
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Registered: 8th Nov 04
Location: Glasgow
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17th Aug 06 at 10:40   View User's Profile U2U Member Reply With Quote

1st of all can you even get a mortgage for that amount?
James
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Registered: 1st Jun 02
Location: Surrey
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17th Aug 06 at 10:40   View User's Profile U2U Member Reply With Quote

Go onto a banks website and they will probably have a mortgage calculator, you will never get that much on your own though, unless you earn about 50k
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:41   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Edd
1st of all can you even get a mortgage for that amount?


Apparently so
Brett
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Registered: 16th Dec 02
Location: Manchester
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17th Aug 06 at 10:41   View Garage View User's Profile U2U Member Reply With Quote

You much earn a tidy sum
Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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17th Aug 06 at 10:41   View User's Profile U2U Member Reply With Quote

You will need a decent salary or deposit to get a mortgage for that in one persons name, even interest only.

Best thing to do is to go onto some sites that have mortgage calculators and they will give you a fairly accurate figure of what your repayments etc would be.

[Edited on 17-08-2006 by Melville]
Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
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17th Aug 06 at 10:41   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
Go onto a banks website and they will probably have a mortgage calculator, you will never get that much on your own though, unless you earn about 50k
or have a big deposit
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:41   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
Go onto a banks website and they will probably have a mortgage calculator, you will never get that much on your own though, unless you earn about 50k


Me and gf mate.
Pablo
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Registered: 3rd Feb 03
Location: Milton Keynes
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17th Aug 06 at 10:42   View User's Profile U2U Member Reply With Quote

Go see a mortgage advisor
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:42   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Melville
Best thing to do is to go onto some sites that have mortgage calculators and they will give you a fairly accurate figure of what your repayments etc would be.

[Edited on 17-08-2006 by Melville]


Can't seem to find the sites mate, all the ones I have been on will send me info in post or call me up etc
James
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Registered: 1st Jun 02
Location: Surrey
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17th Aug 06 at 10:43   View User's Profile U2U Member Reply With Quote

http://www.natwest.com/natwesttools/mortgages/mc_lend.stm

That will give you a rough idea, theres lot of factors though, like Pablo said, go see an advisor
Edd
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Registered: 8th Nov 04
Location: Glasgow
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17th Aug 06 at 10:43   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by GREG 1
quote:
Originally posted by Edd
1st of all can you even get a mortgage for that amount?


Apparently so



my question is actually quite stupid i mean can YOU get a mortgage for that amount
James
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Registered: 1st Jun 02
Location: Surrey
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17th Aug 06 at 10:44   View User's Profile U2U Member Reply With Quote

According to that you will need to be earning 25k each to get 175k
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:45   View User's Profile U2U Member Reply With Quote

I knew what you meant mate...

A friends friend is a mortgage advisor and he reckons what you earn doesn't actually matter...

I don't earn much yet he said I could actually give you over £200k if you wanted
Brett
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Registered: 16th Dec 02
Location: Manchester
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17th Aug 06 at 10:45   View Garage View User's Profile U2U Member Reply With Quote

3.5 times joint basic gross annual incomes

Surely they'd need £50k each in that case?
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:46   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
According to that you will need to be earning 25k each to get 175k


Yeah, thats seems pretty crap compared to what I have been offered elsewhere
Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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17th Aug 06 at 10:47   View User's Profile U2U Member Reply With Quote

The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65
Brett
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Registered: 16th Dec 02
Location: Manchester
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17th Aug 06 at 10:47   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by loafofbrett
3.5 times joint basic gross annual incomes

Surely they'd need £50k each in that case?


doesn't seem to work like that when you use the calculator
Edd
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Registered: 8th Nov 04
Location: Glasgow
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17th Aug 06 at 10:48   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Melville
The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65



pmsl
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Melville
The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65


Surely thats what you want though?

A bigger mortgage and a longer length of loan....

That way say you get a place for £150k, your paying it off, then in 25 years time it's worth £300k, you could then sell up and you've made £150k to pay it off and start again
GREG 1
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Registered: 28th Jul 00
Location: Essex
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17th Aug 06 at 10:50   View User's Profile U2U Member Reply With Quote

Also means the longer the loan the less you pay back a month?!
Brett
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Registered: 16th Dec 02
Location: Manchester
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17th Aug 06 at 10:52   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by GREG 1
quote:
Originally posted by Melville
The 3.5 rule is no longer the norm tbh with the current house prices. However becareful as to the length of the mortgage, my mate didnt realise that his wont finish until he is 65


Surely thats what you want though?

A bigger mortgage and a longer length of loan....

That way say you get a place for £150k, your paying it off, then in 25 years time it's worth £300k, you could then sell up and you've made £150k to pay it off and start again


think of the interest on a mega long term loan and the amount you're paying off. The first 10yrs will probably just cover the interest.
--Dave--
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Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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17th Aug 06 at 10:57   View User's Profile U2U Member Reply With Quote

dont bother yourself with the calculators you find online. Go and see an adviser. They will be able to look at your incomings/outgoings and advise.

The gf and I got a mortgage for 157k. 100% mortgage. 35 year term. Fixed for 5 years. Interest only.

I'll look to changing the plan after the 5 years depending on house value, new earnings etc.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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17th Aug 06 at 10:58   View User's Profile U2U Member Reply With Quote

You can go by affordability, My mortgage is for 70k and i earn approx 17k per year (plus bonus which they can include)

See at least 3 different advisors and get the lowest rate possible. I went for a mortgage with a fixed rate for the first 2 years. i wouldnt reccommend a tracker mortgage unless you have some flexibility.

Sit down with your missus, total your annual earnings and monthly outgoings as things like loan payments will effect the amount you can borrow.

Start looking for a place now, decide on a max budget and dont even look at places over your budget.

you'll need money for fees, solicitor and mortgage set up etc plus a deposit. I was luck yenough to find a place and the sellers paid my deposit for me. You'll need at least a 9k deposit if ur wanting a 175k mortgage. Plus money for fees, furniture etc so your gunna be wanting a minimum of 17 - 20k because you'll have to pay stamp duty on a mortgage that size

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