General Discussion: mortgage help


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misled
misled avatar

4250 posts since 3/1/02

9 Feb 2007 23:00
smegy9 wrote: 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
smegy9
smegy9 avatar

277 posts since 3/5/05

9 Feb 2007 23:37
i had thought you put your offer in then you get a survey done?

dont want to go in to hasty

two flats I am considering below:

http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=230407

http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=231172
misled
misled avatar

4250 posts since 3/1/02

9 Feb 2007 23:41
smegy9 wrote: i had thought you put your offer in then you get a survey done?

dont want to go in to hasty

two flats I am considering below:

http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=230407

http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=231172

buying in edinburgh. i don't envy you. do you have a solicitor? you need to get the survey done first because

a) you will only be loaned the amount the property is valued at. you have to make up any extra.

b) no point bidding on a flat that is gonna fall down in a year

[deleted]
 avatar
9 Feb 2007 23:45
It's a joke, you need a 100k mortgage, so that means you'll be paying back 200k in total over fuck knows how many 10s of years. It almost makes renting viable. Become a muslim and apply for an interest free mortgage.
misled
misled avatar

4250 posts since 3/1/02

9 Feb 2007 23:48
Mr X wrote: It's a joke, you need a 100k mortgage, so that means you'll be paying back 200k in total over fuck knows how many 10s of years. It almost makes renting viable. Become a muslim and apply for an interest free mortgage.

think you'll find muslim mortgages don't quite work like that! it is a joke but i'd almost guarantee you'd pay as much in rent as a mortgage would cost you and at least you'll own something at the end of it
smegy9
smegy9 avatar

277 posts since 3/5/05

9 Feb 2007 23:49
a) you will only be loaned the amount the property is valued at. you have to make up any extra.

b) no point bidding on a flat that is gonna fall down in a year


how sure of point a are you surely i put the offer in first
[deleted]
 avatar
9 Feb 2007 23:51
That's great if prices go up, but how long can they keep going up before you have to be a millionaire to get on the property ladder (no Sarah Beeny) or will the market slump?
misled
misled avatar

4250 posts since 3/1/02

9 Feb 2007 23:52
smegy9 wrote: a) you will only be loaned the amount the property is valued at. you have to make up any extra.

b) no point bidding on a flat that is gonna fall down in a year


how sure of point a are you surely i put the offer in first

have bought 2 properties. you really should find out how much you can borrow before putting in any offers. go and see an independant financial adviser if you're not sure about doing it all yourself. you'll also need a solicitor to put in the offer for you. I am certain about the first point however there are ways around it (you can often get surveyors to *ahem* give you a favourable valuation.)
El Bongo
El Bongo avatar

2994 posts since 15/8/06

9 Feb 2007 23:55
This all souunds wayyy to complicated for me, when it comes round to it I think I'l just rent for life Smiling
misled
misled avatar

4250 posts since 3/1/02

9 Feb 2007 23:56
El Bongo wrote: This all souunds wayyy to complicated for me, when it comes round to it I think I'l just rent for life Smiling

it actually sounds more complicated than it is. just get other people to do all the work for you!!
Sol
Sol avatar

12241 posts since 17/3/03

10 Feb 2007 00:17
El Bongo wrote: This all souunds wayyy to complicated for me, when it comes round to it I think I'l just rent for life Smiling

Yeah man, think I'm stuck with the parents for the rest of my life Sad

Must be sweet to own your own little place, but it just seems so difficult. Surely there must be some kind of crash eventually? Otherwise its going to get to the stage where people are screwed for somewhere to live.
El Bongo
El Bongo avatar

2994 posts since 15/8/06

10 Feb 2007 00:29
Sol wrote:
El Bongo wrote: This all souunds wayyy to complicated for me, when it comes round to it I think I'l just rent for life Smiling

Yeah man, think I'm stuck with the parents for the rest of my life Sad

Must be sweet to own your own little place, but it just seems so difficult. Surely there must be some kind of crash eventually? Otherwise its going to get to the stage where people are screwed for somewhere to live.
Thinking about it, I think ile be stuck living with my parents for at least three years now Sad On the plus side my only compulsary expenditures are going to be my phone bill( Which my dad said he will now cover Smiling ) , a bit of housework, a bit of rent (Hardly anything.) Leaving me with alot of money to spent on clothes and stuff Smiling
Ile just get a loan when I need a diposit Smiling
smegy9
smegy9 avatar

277 posts since 3/5/05

10 Feb 2007 20:44
what lenders should i talk to bearing the above ?
Hello World
Hello World avatar

12100 posts since 7/3/05

10 Feb 2007 20:53
The market will not crash the country's economy and the stock market is at an all time high.

Unfortunately the situation where those on lower incomes will have to rent or share housing for life will come around within 10 years or so.

You have two choices, buy now while you can, and be forced to pay a very large proportion of your income in mortgage and live with the fincial consequences on your life, or rent in a cheaper apartment and enjoy the extra disposable income.

If your not married / children or have a permanent job for life whats the point of buying somewhere, whos going to inherit it?
sofasogud
sofasogud avatar

5198 posts since 13/3/03

10 Feb 2007 21:42
smegy9 wrote: what lenders should i talk to bearing the above ?

northern rock were good for me 5.9%
El Bongo
El Bongo avatar

2994 posts since 15/8/06

10 Feb 2007 21:47
doodle_duck_dandy wrote: The market will not crash the country's economy and the stock market is at an all time high.

Unfortunately the situation where those on lower incomes will have to rent or share housing for life will come around within 10 years or so.

You have two choices, buy now while you can, and be forced to pay a very large proportion of your income in mortgage and live with the fincial consequences on your life, or rent in a cheaper apartment and enjoy the extra disposable income.

If your not married / children or have a permanent job for life whats the point of buying somewhere, whos going to inherit it?
Sad Buying does mean you have assets though, like you actualy own something right?
smegy9
smegy9 avatar

277 posts since 3/5/05

10 Feb 2007 22:33
i defo want to buy its just the case of what i can afford
Hello World
Hello World avatar

12100 posts since 7/3/05

10 Feb 2007 23:26
You dont own anything, your sacrificing the short term disposable income for buying a huge item that ultimately worth nothing unless you intend to give it to someone else.

Most people will be pensioners or older before they pay for their house, 40 years of povety for that? Is it worth it?
Martinmargiela2002
Martinmargiela2002 avatar

25507 posts since 1/10/02

10 Feb 2007 23:27
doodle_duck_dandy wrote: You dont own anything, your sacrificing the short term disposable income for buying a huge item that ultimately worth nothing unless you intend to give it to someone else.

Most people will be pensioners or older before they pay for their house, 40 years of povety for that? Is it worth it?

A mortgage is usually less expensive then rent though.

Hello World
Hello World avatar

12100 posts since 7/3/05

10 Feb 2007 23:35
The killer of a mortgage is the deposit, which if your already on a low income will be impossible to save up.

If you have to stretch to get ont he ladder you will get killed on your mortage payments, interest only is just another word for renting it from the bank.

If you have a career path rent until your income increases so that you can pay your mortgage confortable increase deposit and without hardship.