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Author Has anyone got a mortgage with a friend?
Fad
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Registered: 1st Feb 01
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22nd Sep 06 at 16:16   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Mark Petty
quote:
Originally posted by Fad
Three mates of mine took out a mortgage between them on a 5 bed house. Thye all had equal sized rooms (luky) and the other two rooms were rented out with the agreed proceeds going towards the mortgage.

They made sure a contract was drawn up by a solicitor outlining their positions.

Bascially it went along the lines of they would all pay the equal amount towards the mortgage but if for what ever reason one of them wanted out, they could either sell their 1/3 at the current market value to the other party or Sell the property and split the proceeeds/debt three ways.

Two years down the line one of them is getting married so they agreed to sell the house and due to the current market, after they paid off the mortgage they all walked away with 12K each not bad?

Some renovation went on over the two years but nothing too substancial. Just shows how renting is just dead money dont it?

[Edited on 22-09-2006 by Fad]


Thats all good but what would happen if one didn't want to sell and wanted to saty there but couldn't afford to buy the others out?


Thats why there is a get out clause they could split the buy between them if they wanted but if they cant then its not like he's lost out is it? still going to have a good credit rating and wouldnt of been throwing his money away in rent.
Jamie Walby
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22nd Sep 06 at 16:21   View User's Profile U2U Member Reply With Quote

I've always said renting is dead money.

Hence why I save money each week in the hope ill have a decent amount for a deposit when I decide to move out.

All my mates chuckle cos I save and obviously this isnt cool, but when I can afford a house and they cant, i guess I can have a little chortle at them
Ian
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Registered: 28th Aug 99
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22nd Sep 06 at 17:35   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by --Dave--
House prices have pretty much double in 10 years. I don't see any reason why the trend won't continue.
I do - people will stop buying them when they can no longer afford to do so. If my house doubled in price the mortgage rate would need to be one tenth of one percent in order for it to cost the same to buy, which isn't going to happen.

Borrowing twice as much at even 3% which is very low indeed would be well over a grand. I couldn't afford that so I wouldn't buy, therefore people wouldn't sell, therefore if people wanted to sell prices must come down.

My brother got a house which was up for 250k as he waited for the vendor to drop it to 235k, then he put an offer in at 215. When they had taken it off the market he broke it to them that he only had 200k. Cheap house but it also hadn't sold for months. One down the road from him same story. Was up at 240k, thats come down 20k since it went up three months ago, and I'm quite sure they would entertain a lower offer given the fact thats still for sale.
Ian
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22nd Sep 06 at 17:39   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Jamie Walby
I've always said renting is dead money.
In the current climate perhaps but don't forget renting is also cheaper than buying. I could rent my flat for 550, but I'm buying for 710. Every month I'm 160 down. If I sell in two years I need to make back at least my loss of 3840 to be square on that, then there's all the legal crap, stamp duty which is another few grand, so my profit of 6/7/8k in 24 months begins to look like hundreds rather than thousands, if its every anything. That assumes that the place actually appreciates in value which unless you do a great deal, things currently aren't.

Far less risky to just pay someone to live there.
JadeM
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22nd Sep 06 at 17:40   View Garage View User's Profile U2U Member Reply With Quote

House next door to my maw & paw sold 6yrs ago for 70k then again last month for 165k

I dont see the market freezing at all....people were saying that back in the early 90's!!
Ian
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22nd Sep 06 at 17:47   View Garage View User's Profile U2U Member Reply With Quote

I think the market will do everything in its power to stop a crash, I just don't think that you can double your money like 5/10 years ago.

The amount of appreciation is lower so as to be far closer - albeit slighty better - than regular investments.
JadeM
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22nd Sep 06 at 17:54   View Garage View User's Profile U2U Member Reply With Quote

I dunno it seems to be quite stable up here think theres always been a climb of around 10-15%!!

My parents paid 21k for their house 25yrs ago & its worth 170k+ now, so in theory its more than doubled every decade.

[Edited on 22-09-2006 by JadeM]
Ian
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22nd Sep 06 at 17:54   View Garage View User's Profile U2U Member Reply With Quote

Mine did the same, but I'm quite sure I won't.
JadeM
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22nd Sep 06 at 18:00   View Garage View User's Profile U2U Member Reply With Quote

A 1 / 2 bed flat will never have the same growth as a 3 / 4 bed semi / detached house but it will increase in value centerfold!!
Ojc
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22nd Sep 06 at 18:02   View User's Profile U2U Member Reply With Quote

House purchased in 1992 for 62.5k sold in 2004 for 205,000.00
JadeM
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22nd Sep 06 at 18:05   View Garage View User's Profile U2U Member Reply With Quote

fuck me

chr15barn3s
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22nd Sep 06 at 20:08   View User's Profile U2U Member Reply With Quote

James - why has it got to be Woking, its shit there

Theres nicer places to live with the same train line.
BabyBlade
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Registered: 5th Feb 03
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22nd Sep 06 at 23:21   View User's Profile U2U Member Reply With Quote

house prices seem stable ish at the mo, our house hasnt increased in value much in the last year.

things like surfing down the stairs on bed mattresses, bb bullets everywhere and lighting things covered in petrol using a lynx can doesnt help imo
allza
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23rd Sep 06 at 09:13   View User's Profile U2U Member Reply With Quote

I also live in woking and prices are really expensive! I think i may look into some of those part buy/ part rent schemes. Most of the new hoses seem to be doing it. There are also some very nice flats gone up in woking, however i would go somewhere like brookwood and commmute a bit further.
Mattss Corsa
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23rd Sep 06 at 09:28   View User's Profile U2U Member Reply With Quote

Would never dream of it...
James
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2nd Nov 06 at 00:35   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by chr15barn3s
James - why has it got to be Woking, its shit there

Theres nicer places to live with the same train line.


I'm from near Woking so would like to stay near friends and family.

Where is nicer to live on the same trainline? Not forgetting I dont want to move too far away
Robin
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2nd Nov 06 at 00:37   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ojc
House purchased in 1992 for 62.5k sold in 2004 for 205,000.00


Ours was bought in 1981 for 17k, and is now worth 200k.

James
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2nd Nov 06 at 00:38   View User's Profile U2U Member Reply With Quote

Our old house was built by my dad about 25 years ago and sold about 8 years ago for 500k
Robin
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2nd Nov 06 at 00:39   View Garage View User's Profile U2U Member Reply With Quote

James
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2nd Nov 06 at 00:40   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by allza
I also live in woking and prices are really expensive! I think i may look into some of those part buy/ part rent schemes. Most of the new hoses seem to be doing it. There are also some very nice flats gone up in woking, however i would go somewhere like brookwood and commmute a bit further.


Brookwood was another possibility, a strong contender infact
James
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2nd Nov 06 at 00:42   View User's Profile U2U Member Reply With Quote

****UPDATE****
House prices aside, I was surprised to find the other day that 2 of my best friends also wanted to go for a group mortgage and are both in fairly good jobs.

We are going to see an independent mortgage advisor near xmas to see what our options are.

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