mortgage help
| smegy9 |
 Posted: Fri, 09/02/2007 - 11:08pm
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Looking at buying a flat. At the moment I have about 8 grand for a deposit. Flat I quite like is offers over 96 grand . Question is would I be able to get a mortgage to offer around 103-105 thousand? My current income is as follows 19000 per anum + I get a 5% wage rise in march aswell and my profit share in april. My girlfriend would also be moving in so that would help with the bills. Currently work at a bank in finance , and studying CIMA examinations. any one help me in what to do next and what i can afford |
| misled |
Posted: Fri, 09/02/2007 - 11:22pm
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are you in scotland (judging by the offers over comment?). mortgage at 96 grand minus 8 grand deposit would come in around £500 a month. would your girlfriend put money towards it? |
| smegy9 |
Posted: Fri, 09/02/2007 - 11:24pm
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is that interest only? not really keen interest only and yes she would put money towards it |
| Homer |
Posted: Fri, 09/02/2007 - 11:26pm
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could you afford it alone if she fucks off ? |
| misled |
Posted: Fri, 09/02/2007 - 11:27pm
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that would be interest and repayment if you get a fixed rate deal. not sure on the exact figures but would be roundabout that. here's a mortgage calculator. some other useful calculators on the site http://money.guardian.co.uk/calculator/form/0,,603156,00.html |
| misled |
Posted: Fri, 09/02/2007 - 11:28pm
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could you afford it alone if she fucks off ? good point |
| San |
Posted: Fri, 09/02/2007 - 11:30pm
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could you afford it alone if she fucks off ? good point
On a £19k salary your take-home amount is around £1150. |
| El Bongo |
Posted: Fri, 09/02/2007 - 11:30pm
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Could someone quickly explain; What is an interest only mortgage? |
| misled |
Posted: Fri, 09/02/2007 - 11:31pm
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Could someone quickly explain; What is an interest only mortgage? you don't pay off any of the value of the house - only the interest on the loan. useful way to get on the property ladder if, say, you expect a pay rise in a year or two |
| El Bongo |
Posted: Fri, 09/02/2007 - 11:32pm
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Could someone quickly explain; What is an interest only mortgage? you don't pay off any of the value of the house - only the interest on the loan
Whats the point in that? Does'nt that mean you dont own anything of the house? |
| smegy9 |
Posted: Fri, 09/02/2007 - 11:34pm
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whats your thoughts then acceptable or not? |
| misled |
Posted: Fri, 09/02/2007 - 11:34pm
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Could someone quickly explain; What is an interest only mortgage? you don't pay off any of the value of the house - only the interest on the loan
Whats the point in that? Does'nt that mean you dont own anything of the house? the idea is you start paying off the house in a couple of years when you can start making higher payments. alternatively, you can gamble on the fact that the house will rise in value enough to pay off the loan and any other costs (v. risky IMO) |
| Essence |
Posted: Fri, 09/02/2007 - 11:35pm
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Could someone quickly explain; What is an interest only mortgage? you don't pay off any of the value of the house - only the interest on the loan
Whats the point in that? Does'nt that mean you dont own anything of the house? Kinda I guess but if it goes it in value, thats yours I guess. |
| misled |
Posted: Fri, 09/02/2007 - 11:36pm
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whats your thoughts then acceptable or not? think you'd be pushing it. depends how much your girlfriend puts in but if she isn't a signatory to the mortgage then you could be fucked if she leaves |
| Essence |
Posted: Fri, 09/02/2007 - 11:38pm
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If shes living there anyway? without signing? cant she claim anyway if it all goes tits up? |
| San |
Posted: Fri, 09/02/2007 - 11:38pm
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whats your thoughts then acceptable or not? If she fucks off then you will be struggling. |
| misled |
Posted: Fri, 09/02/2007 - 11:40pm
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If shes living there anyway? without signing? cant she claim anyway if it all goes tits up? yeah after a certain length of time but more to the point, she could just leave without having any legal responsibility and leave him with the full mortgage. either way you wouldn't want to take any chances |
| SuchAgoodFeeling |
Posted: Fri, 09/02/2007 - 11:48pm
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From my experience mortgages can be a bit of a headache but like with everything do your research as different banks offer slightly different deals. In the % they offer, set up fees, fixed/variable rates, close down fees etc etc. I ended up getting the best deal with the bank i have my current account with. As we are planning on moving on in a couple of years the best option for us was a 2 year fixed interest only keeping the payments as low as possible at the moment. As the house needed alot of work and the capital growth should be enough for us to move on to a better property and get another mortgage. I think generally you should have aprox 10% deposit but obviously the more capital you can raise the better. Contact a few different lenders and they should be able to give you the best advise regarding your income and repayments. Check out sites such as : https://www.moneysupermarket.com/Mortgages/secure/DoctorLeads.asp?p=0&bbcam=Adwds%5FMortgages&bbkid=mortgages&x |
| El Bongo |
Posted: Fri, 09/02/2007 - 11:50pm
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Thanks, misled youth and Essence. |
| smegy9 |
Posted: Fri, 09/02/2007 - 11:56pm
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any ideas on lenders? and what bid i should put in? its offers over 96 |
| misled |
Posted: Sat, 10/02/2007 - 12:00am
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any ideas on lenders? and what bid i should put in? its offers over 96 are you in scotland? have you had a survey done? it's usually between 15 and 30% above asking price, but to be honest the best way to work it out is find out exactly how much you can afford and bid that. if there hasn't been much interest you could try making an offer subject to survey |
Cheers