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Author That wonderful feeling!
Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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7th Mar 11 at 17:24   View User's Profile U2U Member Reply With Quote

Recieved a phonecall this afternoon to say I've had my mortgage request accepted on a new build, just been to sign all the paperwork and been given a completion date for end of April

Paying 10% deposit, can't remember exact rate but paying around 330 per month repayement mortgage. New 2bed house, but a decent size.

Over the moon, time to start shopping
Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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7th Mar 11 at 17:32   View User's Profile U2U Member Reply With Quote

330 a month mortgage? Bloody good that

Would love a new build

Congrats!

[Edited on 07-03-2011 by Whittie]
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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7th Mar 11 at 18:09   View User's Profile U2U Member Reply With Quote

330 a month repayment
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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7th Mar 11 at 18:14   View Garage View User's Profile U2U Member Reply With Quote

must have got that repayment figure wrong!

330 is probably interest only
John
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Registered: 30th Jun 03
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7th Mar 11 at 18:16   View User's Profile U2U Member Reply With Quote

That or it's some shared ownership scheme.

Have you not done this same thing recently Lynny?

quote:
Originally posted by Lynny
79,999 house
6,000 deposit
338 per month mortgage


Firgures from other thread.

That sounds like 75/25 which will give a mortgage of 54k and then some way of them making the money back on the other 25%, I hope you done your research, loads of people getting stung with they deals now when trying to move.

[Edited on 07-03-2011 by John]
Jake
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Registered: 24th Jan 05
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7th Mar 11 at 18:25   View User's Profile U2U Member Reply With Quote

ooo new build
Nath
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Registered: 3rd Apr 02
Location: MK
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7th Mar 11 at 18:26   View User's Profile U2U Member Reply With Quote

And she's a Key Worker, if that makes any difference.
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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7th Mar 11 at 18:32   View User's Profile U2U Member Reply With Quote

what the hell is a key worker?
Nath
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Registered: 3rd Apr 02
Location: MK
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7th Mar 11 at 18:33   View User's Profile U2U Member Reply With Quote

Police/Nurse/Fireman etc... there are schemes to make home buying easier, but not sure what that includes though. Some properties are Key Worker only and are cheaper.
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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7th Mar 11 at 18:43   View User's Profile U2U Member Reply With Quote

eh?

Why should they get houses more easily?

They need us lot to give them jobs
Ryan
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Registered: 23rd Jun 08
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7th Mar 11 at 18:49   View User's Profile U2U Member Reply With Quote

Yea...cunts!
Nath
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Registered: 3rd Apr 02
Location: MK
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7th Mar 11 at 19:12   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by AK
eh?

Why should they get houses more easily?

They need us lot to give them jobs


I didn't create the scheme so I have no idea
Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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7th Mar 11 at 19:22   View User's Profile U2U Member Reply With Quote

Occupation didn't come into it, yea it's a repayment, and yeah its the govt. scheme 75/25% thing. Aye looked into it all fully before signing

Sooooo excited Joys of houses being cheaper up north!
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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7th Mar 11 at 19:33   View User's Profile U2U Member Reply With Quote

Shared equity or ownership?
Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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7th Mar 11 at 19:53   View User's Profile U2U Member Reply With Quote

Full ownership of the house, take out mortgage for 75%, other 25% deferred for 5 years. Fixed rate mortgage until then
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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7th Mar 11 at 20:08   View User's Profile U2U Member Reply With Quote

I see.
Gary
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Registered: 22nd Nov 06
Location: West Yorkshire
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7th Mar 11 at 21:05   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Lynny
Full ownership of the house, take out mortgage for 75%, other 25% deferred for 5 years. Fixed rate mortgage until then


Sounds good.

What area is it in?

New build tho

Prepare to get the plasterers in after a few years when it settles and the plaster cracks
Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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7th Mar 11 at 21:09   View User's Profile U2U Member Reply With Quote

I'm about 20 mins from Durham, same area I'm living in at the minute. Yeah moved into a new build a year ago and it's horrendous already, luckily good mate of mine is a plasterer and takes payment in beer
Kerry
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Registered: 5th Oct 01
Location: Norwich
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8th Mar 11 at 21:50   View User's Profile U2U Member Reply With Quote

dont new builds get a 12 month builders warranty thing?
ours is new build and we had them back before the 12 months was up to fix everything, well i say everything there was only a couple of cracks round the windows
dunno if it makes a difference but house was built in march we moved in start of june so was stood empty for 3 months
AlunJ
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Registered: 3rd Apr 07
Location: Newport
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8th Mar 11 at 23:49   View User's Profile U2U Member Reply With Quote

that is a really low repayment, I'm on a scheme that's pretty much the same and paying 416 a month.
Deffo get them back in if anything needs doing, I had a new cupboard door, some paintwork and a new window may as well you're paying for it.
Brett
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Registered: 16th Dec 02
Location: Manchester
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9th Mar 11 at 16:00   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Nath
Police/Nurse/Fireman etc... there are schemes to make home buying easier, but not sure what that includes though. Some properties are Key Worker only and are cheaper.

dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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9th Mar 11 at 17:32   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Lynny
Full ownership of the house, take out mortgage for 75%, other 25% deferred for 5 years. Fixed rate mortgage until then


Same as mine, but my 20% 'loaned' by the builder is a 10 year repay, linked to the independent valuation of the house at the time of repayment (so god forbid it loses value the builder gets less too, which keeps my share 75%)

Congrats
A2H GO
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Registered: 14th Sep 04
Location: Stoke
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9th Mar 11 at 18:16   View User's Profile U2U Member Reply With Quote

Congrats.

Been in our new build two years now, was built 8 months before that and still no cracks.
John
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Registered: 30th Jun 03
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9th Mar 11 at 18:57   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by dannymccann
quote:
Originally posted by Lynny
Full ownership of the house, take out mortgage for 75%, other 25% deferred for 5 years. Fixed rate mortgage until then


Same as mine, but my 20% 'loaned' by the builder is a 10 year repay, linked to the independent valuation of the house at the time of repayment (so god forbid it loses value the builder gets less too, which keeps my share 75%)

Congrats


I've been reading a lot on MSE about the builders having conditions on selling and it not being quite as easy as that?
Nath
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Registered: 3rd Apr 02
Location: MK
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9th Mar 11 at 19:26   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by loafofbrett
quote:
Originally posted by Nath
Police/Nurse/Fireman etc... there are schemes to make home buying easier, but not sure what that includes though. Some properties are Key Worker only and are cheaper.




Yup.

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