Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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The main benefit of being on the ladder is that when you upgrade your "profit" can be used as a deposit to help bring down the repayments
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by antonOO2
what the man is saying is the value of his property covers what is owing on the mortgage easily
[Edited on 01-11-2006 by antonOO2]
Id hope so no one wants to be in negative equity.........you wouldnt get a mortgage if you were to put yourself in that position in the 1st place!!
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Scoty B
Member
Registered: 14th Feb 06
Location: East Kilbride, Glasgow 1873
User status: Offline
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Its nice to know that I owe 60k and the flat is worth 80k. If I lost my job and had to move back with my folks I would have 20k to help me out.
[Edited on 01-11-2006 by Scoty B]
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Income multiples mean nothing, ignore them. Like Dave said go and see a mortgage advisor, they will sort it out for you, Northern Rock are giving money away at the moment with their mortgages.
Ally, I hadn't heard about that new lending criteria and I work for Abbey 
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nik
Member
Registered: 19th Jun 00
User status: Offline
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Glad I put down nearly 30% deposit and I've paid off about 40% of mortgage already in 18 months (250k house) 
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Ojc
Ally, I hadn't heard about that new lending criteria and I work for Abbey
Been all over the news today, am pretty sure its Abbey unless i heard it wrong
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by nik
Glad I put down nearly 30% deposit and I've paid off about 40% of mortgage already in 18 months (250k house)
Wow have a medal
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Daimo B
Member
Registered: 20th Mar 00
User status: Offline
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I was worried about all this mortgage stuff...
Tehn we found out we could get £250k, MASSIVLY over what we thoguht we could get. Silly repayments, but we could have had it. We settled for much less.
Get an independent mortgage advisor who has no fee (Will recover from lenders). Sorts EVERYTHING out for you, and you don't pay a penny...
Happy days...
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by nik
Glad I put down nearly 30% deposit and I've paid off about 40% of mortgage already in 18 months (250k house)
So you had a deposit of £75k lying about and you have paid off another £70k in a year and a half.
AND...AND your ex bird took the works cooper s you bought her with her when you split....and you are in the market for an e46 m3.
Silver spoon or sweaty arm pit?
[Edited on 01-11-2006 by Tom]
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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quote:
Originally posted by nik
Glad I put down nearly 30% deposit and I've paid off about 40% of mortgage already in 18 months (250k house)
You've been paying off almost £4K a month. You must be on one hell of a income.
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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I bought a 2 bed flat 2.5 years ago. We have just sold it and we made around £25k which we put down as a deposit on our new house. Just bought a 3 bed for £176. I have a mortgage of about £150k :wow: but I know I could sell and make a good profit so I don't class it as debt 
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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quote:
Originally posted by nik
Glad I put down nearly 30% deposit and I've paid off about 40% of mortgage already in 18 months (250k house)
What the feck do you do? i'm in the wrong job
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Mad Moe
Member
Registered: 14th Jun 01
Location: Northumberland
User status: Offline
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quote:
Originally posted by --Dave--
quote:
Originally posted by Aj.
quote:
Originally posted by --Dave--
before I got my mortgage, i was worried that I didn't earn enough. Heard loads of things like 3x 4x, 2x your combined salary etc... it all turned out to be crap.
Sat down with the adviser, he looked at our payslips to see how much we took home etc, what outgoings we had (loans etc) and worked it out from that.
Yeah same here...i was worried i wouldnt be able afford everything
Now i'm settled in my flat and i've paid 3 mortgage re-payments and bills and i have plenty of spare in my accounts
Now me and my dad are looking into buying a new house that hasnt even been built yet and then selling it when completed...easy money (i'm told) 
would love to get into this, just don't have the money at the moment.
I would advise against it mate the market is extremely flat at the moment and buying off first phase doesn't gurantee a good recovery like it used to, and lot of my collaegues have had their fingers burnt recently.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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nik owns his own business/shop if my memory serves me correctly. Sells retro furniture, I think.
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nik
Member
Registered: 19th Jun 00
User status: Offline
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quote:
Originally posted by Rob_Quads
quote:
Originally posted by nik
Glad I put down nearly 30% deposit and I've paid off about 40% of mortgage already in 18 months (250k house)
You've been paying off almost £4K a month. You must be on one hell of a income.
Paid a couple of large overpayments to the building society, mortgage was around £1100 a month, down to £800 odd now iirc.
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Nath
nik owns his own business/shop if my memory serves me correctly. Sells retro furniture, I think.
Yes I recall this, I just wondered how he financed it
Cool job though
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nik
Member
Registered: 19th Jun 00
User status: Offline
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Chirst there are some jealous pricks on here Just read the other comments, better keep my mouth shut in future so as not to upset anyone eh.
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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FFS lighten up was just pulling your strings 
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nik
Member
Registered: 19th Jun 00
User status: Offline
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Sorry  Just having a bloody boring day And thanks for the medal Meville will hang it on the wall with all the others (running out of wall space).
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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House prices going up are not always a good thing. People are saying I made £25K when I sold my flat so I could buy my house but the problem is the jumps are harder i.e.
My brother bought his 3 bed detached house for 87K
5 Year later sold his house for 187K
So he made £100K Profit (and £10K from deposit) wohoo he is rich
He moved up the lader to a 4 bed house in a different area for...£320K
So he has a mortgage for £190,000 now
BUT if priced had remained the same then...
Sell the house for £87,000
Leaves him with £10K
Buy 4 bed house for £145,00
Leaves him with a mortgage of £135
i.e. Now he owes more money to own the same house.
WHen you die or downsize is the only time you are really 'making' something with your money
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chr15barn3s
Member
Registered: 5th Oct 03
Location: Farnborough
User status: Offline
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quote:
Originally posted by nik
Chirst there are some jealous pricks on here Just read the other comments, better keep my mouth shut in future so as not to upset anyone eh.
Fair play if you can afford it nik 
Ive set my self a two year target to get my own place, i need more money first
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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like Melville said, it's all about bringing down the repayments.
If you can get on at an early stage and keep up with repayments, sell up, and use the difference for a deposit, repayments might be lower, you can then overpay to shorten the life of the mortgage and so on and so on....
I know what people are saying though. You never really see the money until it's too late. Unless you're lucky enough to earn shoot loads of money.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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My mortgage is 4.4x, no special deal, just told them how much the place was and they did it.
I can, if I wish move some of my other debts on to the mortgage if I want, which would take it over 5x. Already approved, I just click a few buttons in the online banking pages.
The bad news is you have to pay it back.
The multipliers are there because generally if you go too silly you have to start missing out on non-essential things like food in the cupboard.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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I know that me and Rach could get a mortgage now, please don't tell her that  otherwise I will have to move out and wash my own clothes and make my own lunch
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Ojc
otherwise I will have to move out and wash my own clothes and make my own lunch
just make Rach do it!
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