Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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There have been some apartments advertised fairly locally which are due to be ready in June/July - they're brand new 'Redrow' homes.
I've read Kathryn W's post asking for feedback regarding similar types of new homes - and I'm aware of all the negative factors involved in them, however...
The single bedroom flats which have two storeys (bathroom & bedroom on bottom floor, kitchen and living area on top floor) are going for 88k, and the two bedroom ones which are bigger are going for 110k.
The next cheapest properties in my area are like 125k, and are some crusty old piss stained houses located in some really dodgy areas.
Bare in mind I'm on my own and earning no more than 20k...
So anyhow, I went to look at the show home today and I was pretty impressed, they're relatively small but the area is really nice and it's a good driving distance to and from work. They also offer a deal for first time buyers where they essentially take 15% off of the price, and allow you to pay that back (interest free) over 10years in any sort of intervals, the only commitment is that you pay it off all at once if you sell the property.
This would leave me to take a mortgage of 75k instead of 88k or 90k instead of 110k etc.
When going to see my financial adviser next week should I mention this scheme, or just give him/her the impression I've got that 15% as a deposit? (i imagine a bank worker would try and talk me out of the scheme as it would be more interest for them!)
I'm interested in the single bed properties however if my bank surprises me and it turns out im eligible for a mortgage big enough to cover the 2bedroom one - I'll definitely go for it purely for more space and better resale value in future.
This is my best opportunity of getting on the ladder, and I dont plan on wasting any time getting the wheels in motion otherwise i'll either miss out, or talk myself out of it
Any pointers/advice on the shit i'll have to get sorted over the next few months would be greatly appreciated 
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Personally i would definatly tell the advisor about the scheme they are offering. He/She should advise you whats best for you, not for a bank.
Your bank may lend you enough to buy the bigger 2 bedroom place, BUT, can you afford it? Roughly the pay back on 90k (meaning you opt for the 15%scheme) minus 5k deposit would be 575, thats without repayment protection, insurance etc
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Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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I went back to the site on sunday with parents to get 'the nod'.
Whilst I was there, the woman on site must have appreciated i'm semi serious about it and she gave me a contact number for someone at mortgagetalk.co.uk who are a set of advisors well aware of the scheme i'm lookign at buying into.
I've spoken with him this morning and he's looked around the market for me, recommending a 35year 100% mortgage from Abbey.
The Mortgage covers the cost of the property AFTER the 15% deposit and apparently I'd have £412 to pay each month plus £110 for 10years.
Taking into account the utility "service" bills, council tax and insurance - this is well within my budget.
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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Me and Gaz were looking into a similair offer with Barratt...
The only problem we could find if the value of the house increased dramatically at the end of the 10 years and we couldnt find the extra 25% to pay them what we owned kind of thing...
It's good i think, even better if I feel you won't be there for 10 years...
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Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by Kathryn W
Me and Gaz were looking into a similair offer with Barratt...
The only problem we could find if the value of the house increased dramatically at the end of the 10 years and we couldnt find the extra 25% to pay them what we owned kind of thing...
It's good i think, even better if I feel you won't be there for 10 years...
From talking to the advisor, that 15% 'discount' I get remains static regardless of the property value over the years.
If I pay it off each and every month the repayments will remain £110 for 10 years for that 15%.
All I gotta do is keep that up 
Anyway, mortgage application has been accepted, i've gotta go down to the site after work with £500 to reserve one now, no turning back 
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AndyKent
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Registered: 3rd Sep 05
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Do you have the option of paying it off early if you have the money?
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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out of interest, what is your take home per month?
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Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by aPk
Do you have the option of paying it off early if you have the money?
Yeah, can be paid of monthly, in one lump sum, whatever - aslong as it's within 10years and i Pay it off when I sell the property.
quote:
out of interest, what is your take home per month?
Just over 1200 after Mr Taxman has taken his cut
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whitter45
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Registered: 15th Nov 02
Location: Norton
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35 year mortgage does not sound good although do you have the option to change this as i appreciate a 35 year mortgage does allow you to get on the market
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Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by whitter45
35 year mortgage does not sound good although do you have the option to change this as i appreciate a 35 year mortgage does allow you to get on the market
Yeah unfortunately it's the only option 
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Even with 1200 id say it will be tight, but at least ure moneys going into an investment, not down the bog.
But, on a good note for me, if u can survive ok on 1200, me and the missus should be fine on 2200 take home with a 600 mortgage
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Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by Dan
Even with 1200 id say it will be tight, but at least ure moneys going into an investment, not down the bog.
But, on a good note for me, if u can survive ok on 1200, me and the missus should be fine on 2200 take home with a 600 mortgage
Ive been pissing money around for ages so its about time I put it into something decent
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whitter45
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Registered: 15th Nov 02
Location: Norton
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quote:
Originally posted by Dan
Even with 1200 id say it will be tight, but at least ure moneys going into an investment, not down the bog.
But, on a good note for me, if u can survive ok on 1200, me and the missus should be fine on 2200 take home with a 600 mortgage
should easily do it on over 2k a month
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Colin
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Registered: 4th Apr 02
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Any idea if they do those schemes up here - Scotland?
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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My feelings are, even if it comes to 1500 (meaning 900 for everything else, which is more than i think it will be) for everything, it still leaves us like 700 each on flat weeks.
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Doug
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Registered: 8th Oct 03
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That sounds like the exact sort of thing I would be after! Can these be found commonly?
Whats the noise like inside? I would hate to live below a noisy family or the floor boards creaking all the time
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by Doug
That sounds like the exact sort of thing I would be after! Can these be found commonly?
Whats the noise like inside? I would hate to live below a noisy family or the floor boards creaking all the time
http://www.redrow.co.uk/developments/view/166
I handed over my reservation fee last night, so no turning back now I guess 
I've got 4 weeks to sort solicitor and get the mortgage contract signed, and buy lots of shit from Ikea
Noise seemed fine in the showhome, but it was a showhome so who knows what the actual things are like, however my apartment is not above or below anybody - it's a 2 floor apartment in a 2 floor building, i'll just be next to someone in a semi-detatched fashion
[Edited on 11-03-2008 by Kyle T]
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by Colin
Any idea if they do those schemes up here - Scotland?
http://www.debutbyredrow.co.uk/developments/map
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
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quote:
Originally posted by Kyle T
quote:
Originally posted by Doug
That sounds like the exact sort of thing I would be after! Can these be found commonly?
Whats the noise like inside? I would hate to live below a noisy family or the floor boards creaking all the time
http://www.redrow.co.uk/developments/view/166
I handed over my reservation fee last night, so no turning back now I guess
I've got 4 weeks to sort solicitor and get the mortgage contract signed, and buy lots of shit from Ikea
Noise seemed fine in the showhome, but it was a showhome so who knows what the actual things are like, however my apartment is not above or below anybody - it's a 2 floor apartment in a 2 floor building, i'll just be next to someone in a semi-detatched fashion
[Edited on 11-03-2008 by Kyle T]
21% off at ikea on the 19th April on evertything
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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quote:
Originally posted by whitter45
21% off at ikea on the 19th April on evertything
Cheers
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BYRON
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Registered: 1st Jun 04
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on store and on-line? *goes to look*
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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Im going to be looking at something like this in the summer when i've finished my loan, finally going to have the money to get my own place 
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
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TBH from a personal prospective I think its a good idea as this will further increase house prices for people who are already on the market as demand will still outstrip supply
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gavin18787
Premium Member
Registered: 22nd Feb 05
Location: Basildon, Essex
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There has been some of these advertised near me and I was considering it. Will be interesting to here how you get on.
Drives supercharged Tec with torque 
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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Just a bit of an update:
I've basically used all of the resources recommended by Redrow i.e Mortgage adviser and solicitor.
The Mortgage adviser found me a mortgage in about 10minutes over the phone, took my details and applied for me - it got accepted, and redrow are paying the £300 fee to the adviser.
I then reserved the property, this cost me a £500 reservation fee however this fee can go towards the 15% interest free loan payoff.
I also contacted the recommended solicitor, who will charge £630 including VAT to sort out all the elements of the purchase.
I've got until the 7th of April to get the contract for the mortgage sorted out if I want to keep my £500 and reserved property, if that gets sorted ontime, i'll be moving in June
Considering 10 days ago I wasn't even THINKING of buying a place, i've now handed cash over and am past the point or no return.
Scarily easy and straight forward
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