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Colin

Member

Registered: 4th Apr 02
User status: Offline

27th Oct 06 at 19:13

Has a for sale sign up......how can I quickly work out what my mortgage would go up by if I was interested.

http://www.rightmove.co.uk/viewdetails-5848419.rsp?pa_n=1&tr_t=buy

£108,500 (Fixed Price)

Currently own property worth £60k & owe £35k on it

Am I right thinking my new mortgage would be about 3x what I am now

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

27th Oct 06 at 19:16

you'd have 25k deposit, 108k -25k = 83
you'd need to earn 20k a year on a single mortgage or 27k between you on a joint - about 430 a month over 25 years

[Edited on 27-10-2006 by Russ]

Colin

Member

Registered: 4th Apr 02
User status: Offline

27th Oct 06 at 19:24

Thats just under double what im currently paying....u sure

I could afford £430 a month although im not earning just now

Nice though & only over the road so an easy move....I like the palm tree

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

27th Oct 06 at 19:25

What rate is that Russ?

I make it 485 over 25 at 5%

Might do better than that though as its nearly got 25% deposit?

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

[Edited on 27-10-2006 by Ian]

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

27th Oct 06 at 19:25

i just guessed lol.

well tried to work out 5 then guessed around that

[Edited on 27-10-2006 by Russ]

Nismo

Member

Registered: 12th Sep 02
User status: Offline

27th Oct 06 at 19:26

the palm tree does it for me

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

27th Oct 06 at 19:27

Would need to be 3.85% to get close to 430.

Alternatively 30 years at 4.7% is also 430.

Colin

Member

Registered: 4th Apr 02
User status: Offline

27th Oct 06 at 19:33

Is this interest only or repayment???Im repayment just now...but would consider interest only to get a leg up on another rung.

I could afford another £200 a month but im not working now or for the immediate next 10 months or so.

Probably a daft idea

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

27th Oct 06 at 19:34

quote:
Originally posted by Colin
Is this interest only or repayment???Im repayment just now...but would consider interest only to get a leg up on another rung.

I could afford another £200 a month but im not working now or for the immediate next 10 months or so.

Probably a daft idea

why not??

Colin

Member

Registered: 4th Apr 02
User status: Offline

27th Oct 06 at 19:35

infact it is a daft idea stamp duty & legal fee's would leave me high & dry

Ah well I can keep on dreaming

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

27th Oct 06 at 19:35

Repayment.

If you want to keep the payments down, interest only over 30 is 325.

Just overpay what you can as and when perhaps.

Not actually wanting the house puts you in a good position, means you can put a cheeky low offer in, not be in a rush etc.

[Edited on 27-10-2006 by Ian]

Colin

Member

Registered: 4th Apr 02
User status: Offline

27th Oct 06 at 19:39

quote:
Originally posted by Ian
Not actually wanting the house puts you in a good position, means you can put a cheeky low offer in, not be in a rush etc.

Didnt think of it that way....its getting towards the time of year people arnt looking to move aswell. Might drop in a mild offer under asking price, no harm is there.

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

27th Oct 06 at 19:43

Yeah go it at maybe 96-98 ish.

There's no stamp duty btw, its below the 120k threshold.

Colin

Member

Registered: 4th Apr 02
User status: Offline

27th Oct 06 at 19:49

Offering under the asking price is usually unheard of up here, things opperate differently from England & most properties here are fetching 5 - 10% more than asking price. Thats with offers over prices, ive no idea how fixed price would work.

I'll look into it though why not

I didnt know about stamp duty being exempt <120k I thought it changed from 50k to 100k.

mav

Member

Registered: 19th Jun 01
Location: Scotland
User status: Offline

27th Oct 06 at 20:10

yeah Property's in Scotland are either fixed price or offers over price..
you won't get it like in England with a low offer...

As Colin said 10% over offers over price is the norm...

I paid 8.5k over the offers only price on the house I just bought.

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

28th Oct 06 at 18:20

quote:
Originally posted by Colin
I thought it changed from 50k to 100k.

£60k to £120k

Whats the harm in offering under? You'll get shown the door in the estate agents or something?

Tell them if they don't accept the 96 now it'll be 94 next week.

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