Kano
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Registered: 29th Aug 04
Location: Fife
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As some will know I'm looking for a house at the moment. Was quite surprised how easily I managed to get my mortgage approved, anyone else been for one recently? Thing it just shows how much the current problems have been blown out of proportion..
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Depends if you have a whacking great deposit tbh.
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Colin
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Registered: 4th Apr 02
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Going to be making enquiries about june/july time.
Reasuring to know you didnt have any problems.
My main concern is having dificulties shifting the current place.
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Gaz
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Registered: 24th Aug 03
Location: Widnes, Cheshire
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We applied in July just before things got bad and were approved no problem at all.
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Kano
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Registered: 29th Aug 04
Location: Fife
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quote:
Originally posted by Colin
Going to be making enquiries about june/july time.
Reasuring to know you didnt have any problems.
My main concern is having dificulties shifting the current place.
15% deposit, fixed rate. Might try and push to a 20% deposit to save at least another £60 a month..
We both have no credit issues or that but didnt think it would be quite as easy considering how bad everything is supposed to be..
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by Kano
quote:
Originally posted by Colin
Going to be making enquiries about june/july time.
Reasuring to know you didnt have any problems.
My main concern is having dificulties shifting the current place.
15% deposit, fixed rate. Might try and push to a 20% deposit to save at least another £60 a month..
We both have no credit issues or that but didnt think it would be quite as easy considering how bad everything is supposed to be..
tbh, it sounds like you're in the right situation to get a mortgage, hence why you was approved.
Average-joe has about £500 saved and wants a mortgage with not so good paying job 
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Atm we could get a mortgage (so said the IFA) but we only really have a 7% deposit (would be 10% ish but taking the upfront fees off there) so the repayments are mental, up in the 5/600 a month area. If we can get a 20% deposity we would be looking at paying less per month for a repayment mortgage than we are paying in rent 
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by dannymccann
Atm we could get a mortgage (so said the IFA) but we only really have a 7% deposit (would be 10% ish but taking the upfront fees off there) so the repayments are mental, up in the 5/600 a month area. If we can get a 20% deposity we would be looking at paying less per month for a repayment mortgage than we are paying in rent
IMO £500/600 a month repayments aren't really mental. Then again house prices are pretty high round here so I have been looking at mortgages with repayments of around £800.
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Colin
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Registered: 4th Apr 02
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I think im going to speak to someone & see what sort of figure we can borrow, then find a few properties I like, then stick my current place on the market & sell it 1st. Then once(if) it sells hopefully one of the houses I seen or something better comes up & we can move into.
Should have 30-40k deposit (depending on what car I buy) Lots of ifs/buts/maybes just now
I would say 500/600 a month is small for a couple. Id be comfortable paying 800 a month I think. Current ones just dropped to £183 a month
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by James
quote:
Originally posted by dannymccann
Atm we could get a mortgage (so said the IFA) but we only really have a 7% deposit (would be 10% ish but taking the upfront fees off there) so the repayments are mental, up in the 5/600 a month area. If we can get a 20% deposity we would be looking at paying less per month for a repayment mortgage than we are paying in rent
IMO £500/600 a month repayments aren't really mental. Then again house prices are pretty high round here so I have been looking at mortgages with repayments of around £800.
Yeah, I thought that sounded reasonable
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Colin
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Registered: 4th Apr 02
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Just seen this in a nearby town - reposession.
http://www.slaterhogg.co.uk/content/006_Results/002_Property/property-sales-rpsSLA-FAE081054-1232727115
Thats what I want to get my hands on.
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Kano
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Registered: 29th Aug 04
Location: Fife
User status: Offline
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quote:
Originally posted by Colin
I think im going to speak to someone & see what sort of figure we can borrow, then find a few properties I like, then stick my current place on the market & sell it 1st. Then once(if) it sells hopefully one of the houses I seen or something better comes up & we can move into.
Should have 30-40k deposit (depending on what car I buy) Lots of ifs/buts/maybes just now
Were going to be saving between 100 - 150 on the rent we pay. Were only borrowing half what were entitled to aswell so just trying to keep things affordable..
I would say 500/600 a month is small for a couple. Id be comfortable paying 800 a month I think. Current ones just dropped to £183 a month
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Laura
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Registered: 6th Oct 04
Location: Leven, Fife
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We get our keys on Friday.
Got a good deal with Abbey National, 15% deposit, 25 years, and will pay £290 a month.
Cheaper than renting somewhere anyway thats for sure!
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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Mortgages with 15% or more down payments are being approved allover the place, 2-5 years fixed and then bum rape you all when the interest rate flies up again, although there has been a slump lately, people are go 'bigger' for the same price as their smaller house and keeping their smaller house to rent out until the prices pick up and then getting their money back, soooo.....
Mr Bloggs has a 3 bed semi which he bought for £170,000 in 2005 say, he can now buy a 4/5 bedroomed detached for roughly £180,000-£200,000+
Keeping his 3 bedroomed house, renting it at £500 a month which works out at £6k a year, then when the market bounces back, sell the 3 bedroomed house for a decent price.
Bit of a Paul_J'er, just an example.
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Kano
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Registered: 29th Aug 04
Location: Fife
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quote:
Originally posted by Laura
We get our keys on Friday.
Got a good deal with Abbey National, 15% deposit, 25 years, and will pay £290 a month.
Cheaper than renting somewhere anyway thats for sure!
What rate did you get that fixed at Laura.. Pretty much same as mine but were borrowing closer to 80 by the looks of it..
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Laura
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Registered: 6th Oct 04
Location: Leven, Fife
User status: Offline
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Ah we are only borrwing £47,000.
Have a fixed 5.84% until 3rd April 2012.
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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47k? What are you buying a shed? I hate living down south
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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quote:
Originally posted by deano87
quote:
Originally posted by James
quote:
Originally posted by dannymccann
Atm we could get a mortgage (so said the IFA) but we only really have a 7% deposit (would be 10% ish but taking the upfront fees off there) so the repayments are mental, up in the 5/600 a month area. If we can get a 20% deposity we would be looking at paying less per month for a repayment mortgage than we are paying in rent
IMO £500/600 a month repayments aren't really mental. Then again house prices are pretty high round here so I have been looking at mortgages with repayments of around £800.
Yeah, I thought that sounded reasonable
Thats on an 84k mortgage for 100k valuation, fixed 2 years 6% ish, and I think thats relatively high around here, its a high LTV amount, we need more deposit as I dont want to spend £550 a month on mortgage if I dont have to 
edit - £100k around here buys you a 10 year old 3 bed semi in a nice area round here, £75k gets the you same but an older house in a less nice area, £150k buys you a mansion
[Edited on 24-01-2009 by dannymccann]
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Laura
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Registered: 6th Oct 04
Location: Leven, Fife
User status: Offline
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quote:
Originally posted by Ojc
47k? What are you buying a shed? I hate living down south
It's look like a shed the now
It's a repossession 
Purchased for the grand old price of £55,000.
2 bed semi.
Place pretty much needs gutted, new bathroom and kitchen, front and back door, all internal doors skirtings flooring etc etc.
Good bit of tlc and hard work and it'll be a wee profit maker wee hope 
[Edited on 24-01-2009 by Laura]
[Edited on 24-01-2009 by Laura]
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GT4Brody
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Registered: 26th Sep 01
Location: south
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quote:
Originally posted by Colin
Just seen this in a nearby town - reposession.
http://www.slaterhogg.co.uk/content/006_Results/002_Property/property-sales-rpsSLA-FAE081054-1232727115
Thats what I want to get my hands on.
Feck me, i wish it was that cheap down here, i payed 35k more for our 3 bed semi 2 yrs ago
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Thats very cheap, its offers over also.
Usually something like that would be 300k+
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
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quote:
Originally posted by Colin
Thats very cheap, its offers over also.
Usually something like that would be 300k+
The market in Scotland works very differently, thats why!
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mwg
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Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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I really have no clue what so ever with where to start with looking into mortgages. So where do I start?! Who do I go and see? I really dont have a clue!
I've seen a place and would like to know if I can borrow enough.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Financial advisor Matt, most are free to use.
I just went to my bank at the time because I was borrowing a small amount & I liked the sound of their 1st time buyer package (stepped rate, no fee & they refunded my survey costs) so just went with that.
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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Right. I will have to find one!
I might be jumping the gun but going to arrange a viewing of this place regardless. Cant do any harm even if it turns out I cant afford it
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