mortgages

[x-kirsty-x]

Me and Daniel are thinking about getting a mortgage so we can 'get our feet on the property ladder'.

Well to be honest, he's thinking about it, Im thinking about how its never gonna happen! They're so expensive and I dont have a clue what type to get, how much they cost or anything.

Who has a mortgage and how much do you pay? Just roughly, Im not trying to be too nosey lol!

Im getting all stressed cos I dont know the first thing about them

 

[Rosieroo]

We have a fixed rate mortgage with Abbey National. We're tied in for another 3 years at the same rate, then it goes onto their standard variable rate unless we tie ourselves in again. We pay £654 a month on a £106k mortgage.

And we've got 23 years left on it

 

[cassi]

It depends how much you want to borrow on how much it will cost, so the more deposit you can put down the less it will be. Me and Alan are going to get a 3 year fixed like kina has for an 80k mortgage with a 120k deposit and we were quoted around £550 a month over 25 years with HSBC and Northern Rock at around 6%APR. Go onto a site and do a mortgage calculation they ask for you're wages, loan commitments and then it tells you how much they would give you roughly and how much it would cost a month at what APR. Always go through as many as possible before making a decision .
Cas

 

[Lauz_1601]

hi hun we bought our first house when I was 19, i remember thinking there is no way we would ever be able to afford it and that it would never happen! Now we've nearly been here for a year (omg its gone so fast!) we pay £320 on a £95k house, we have an interest only mortage though, its a good way to get on the property laddder as the repayments are cheaper, eventually we will change to repayments only.

The first thing for you to do is go and see an independant financial advisor (FSA) they have access to all the lenders, it you go into an estate agents their advisorwill not have acsess to half and many lenders.

You do not have to pay them, they will take all your details and your income ect and work out how much you can go up to on your mortage, then you can start viewing houses in your price range, ring all the agents tell them what your after and they will call you if something new comes on the market.

Hope this helps hun, Id say go for it, it was the best desicion we ever made and i much prefer owning a home rather than renting because its ours ot do what we wantto it!

if you need any help feel free to PM me

 

[Dee1985]

ild love a mortgage but its just not happeneing.
i need a 3bedroom and with having to babies it cant need alot of work as it needs to be livable at first. the cheapest around is about £120k to live somewhere safe and half decent. but i cant get 100% mortgage because my credit is bad, so i need to find 5% of £120k. where can i get that from i cant even get £1k loan lol
so im buggered. either try and save 5%over the next few yrs but by then the prices are going up and il never get the 5% i need
so for now i rent or am hoping the concil offer me a half decent house that i can then buy cheap in the future. or just keep playing the lotto

 

[sophie]

We've not long got a new mortage £120k we pay £700 a month on the mortage. we went through northern rock, we wish we had bought a house when we first found out i was pg. If we had bought the house we are in now then it would have been about £70k.

 

[Charm]

As Cassie says it's best to speak to a Financial Advisor.

We did and we bought our 1st house (2 bed) for £68K - a 5% deposit and the payments were @ £389 per month Fixed rate for 5years, repayment type.
Then we had our house valued a year and a half after for £94k so we bought a run down 4 bed house for £90k. The 4k diff we used for legal fees etc and we could take our mortgage with us so it didn't cost us a penny.
We also borrowed another £5k on the mortgage to do the new house up.

So our Mortgage now is @£63k over 20.5 years = @ £406 p/mth and the fixed peiod ends in the middle of next year so we'll be shopping around for a better rate.
And our house was valued recently at £140k.

So If your serious you need to get on the property ladder as soon as possible.

Cx

 

[Charm]

ooh Kirsty I forgot to say, I've heard that you can now get a 35 Year mortgage

 

[Cat&Noah]

We are now getting a £70k mortgage for the new house, but have £130k of equity, with repayments if £360 a month, so therefore the amount we were able to borrow was more. Basically its a calculation based on several times yours and your partners income, but this can be increased if you have a good sized deposit.

 

[cassi]

And if youre thinking of getting a new house, scrimp them for everything! barter with them you can get loads, to them if you say you will make a quick sale they will usually offer some cash back, stamp duty, carpets etc...

If you're not getting a new house, never offer the asking price, ask something stupid, you never know, and go up from there, what have you got to lose?

And dont forget to barter with the estate agent on how much commision they get aswell they will drop it to you're standards at the end of the day its that or nothing to them .

good luck
cas xx

 

[Lauz_1601]

Our mortage is a 35year term Lucky Im only 20 lol!

You wont have to pay stamp duty unless it is over £100k (i think) our house was £95k and we didnt have to pay stamp duty

Id definatly go speak to a financial advisor you have nothing to loose and it can make things seem more realistic for you, then the fun begins, house hunting! we must have looked at about 40 or 50 properties - no joke, Im fussy and it had to be perfect!

 

[PyscoFalcon]

We have a 45 year mortgage 43 years left to pay.

House was 120k, got a loan for 15k and mortgage for 105k. Fixed rate until next year.

Pay £600 a month.

 

[PyscoFalcon]

We have a 45 year mortgage 43 years left to pay.

House was 120k, got a loan for 15k and mortgage for 105k. Fixed rate until next year.

Pay £600 a month. This is with IF.com

 

[rusks]

our mortgage is for £117,000 we pay nearly £800 a month on a 5 year fixed rate. the ortgage is over 25 years and is with the halifax, you have to search for the best rate at the time as they vary so much.

Good luck its very stresssful but great to have your own place

 

[cassi]

Our mortage is a 35year term Lucky Im only 20 lol!

You wont have to pay stamp duty unless it is over £100k (i think) our house was £95k and we didnt have to pay stamp duty

Id definatly go speak to a financial advisor you have nothing to loose and it can make things seem more realistic for you, then the fun begins, house hunting! we must have looked at about 40 or 50 properties - no joke, Im fussy and it had to be perfect!

when did you buy you're house as its very rare to find a house for under 100k now if not tell me where they are!!! i want one lol I wanna go back in time, my mom got her house for 70k 19 years back, its now valued at 310k lol!! and this house was 55k new!!

 

[jennywren]

when did you buy you're house as its very rare to find a house for under 100k now if not tell me where they are!!! i want one lol I wanna go back in time, my mom got her house for 70k 19 years back, its now valued at 310k lol!! and this house was 55k new!!

lol there are quite a few houses round here for under 100k but there not in the best areas but not so bad looking for the price imo

Example :

http://www.rightmove.co.uk/viewdetails- ... 2&tr_t=buy

http://www.rightmove.co.uk/viewdetails- ... 1&tr_t=buy

Not the best looking, in the best areas- mostly ex council I think, but good price if you want to buy and cant get a high mortgage

http://www.rightmove.co.uk/viewdetails- ... 8&tr_t=buy

http://www.rightmove.co.uk/viewdetails- ... 8&tr_t=buy

Anyway lol just to show you can get under 100k round here lol

Our mortgage is a 100% mortgage on 99k and is £598 a month including insurance (MPI for accident, sickness and unemployment) which is approx £40-£50 iirc so about £550 without that. were on a staff mortgage with the yorkshire building society, however it aint any better than a normal on tbh as its only 1% below the bank of england base rate however i get taxed as a benifit in kind so works out no discount lol (pointless or what) its on capital and interest as well. Suppose the only benifit was it was fast tracked, we could (although didnt) borrow more than normal, and no fees were charged at all so saved quite a bit there

We have to move before the baby comes as currently have a 1 bed appt, we will need to up our mortgage about 10-15k so were going to go interest only for a bit, till I go back to work at least as should take us down to £400 a month, but will have to find a company that dont make you run something along side it to cover the interest (like the old endownments) as the Yorkshire BS do.

Any shop around see whats best, some companies to internet based deals that can save you quite a bit in fee's etc, but thats something to look outfor as well, fee's (arrangement fee, Admin fee etc). If you get 100% mortgage as well there is a large fee on this, I cant remember what its called as ours was waivered but would have been about 2-3k iirc.

Also you can usually get 3.5 times the higher wage and 2 times the lower wage as a basic to work out how much you can borrow. However watch out for some lesser known companies as they can offer as much up to 7 times each wage, people get carried away, buy over the means, cant afford the repayments and get repossesed!

You do really need to take the advice of seeing an IFA (independant financial advisor) though as they will explain everything to you and find the best deal for you

 

[Lauz_1601]

when did you buy you're house as its very rare to find a house for under 100k now if not tell me where they are!!! i want one lol I wanna go back in time, my mom got her house for 70k 19 years back, its now valued at 310k lol!! and this house was 55k new!!

lol there are quite a few houses round here for under 100k but there not in the best areas but not so bad looking for the price imo

Example :

http://www.rightmove.co.uk/viewdetails- ... 2&tr_t=buy

http://www.rightmove.co.uk/viewdetails- ... 1&tr_t=buy

Not the best looking, in the best areas- mostly ex council I think, but good price if you want to buy and cant get a high mortgage

http://www.rightmove.co.uk/viewdetails- ... 8&tr_t=buy

http://www.rightmove.co.uk/viewdetails- ... 8&tr_t=buy

Anyway lol just to show you can get under 100k round here lol

Our mortgage is a 100% mortgage on 99k and is £598 a month including insurance (MPI for accident, sickness and unemployment) which is approx £40-£50 iirc so about £550 without that. were on a staff mortgage with the yorkshire building society, however it aint any better than a normal on tbh as its only 1% below the bank of england base rate however i get taxed as a benifit in kind so works out no discount lol (pointless or what) its on capital and interest as well. Suppose the only benifit was it was fast tracked, we could (although didnt) borrow more than normal, and no fees were charged at all so saved quite a bit there

We have to move before the baby comes as currently have a 1 bed appt, we will need to up our mortgage about 10-15k so were going to go interest only for a bit, till I go back to work at least as should take us down to £400 a month, but will have to find a company that dont make you run something along side it to cover the interest (like the old endownments) as the Yorkshire BS do.

Any shop around see whats best, some companies to internet based deals that can save you quite a bit in fee's etc, but thats something to look outfor as well, fee's (arrangement fee, Admin fee etc). If you get 100% mortgage as well there is a large fee on this, I cant remember what its called as ours was waivered but would have been about 2-3k iirc.

Also you can usually get 3.5 times the higher wage and 2 times the lower wage as a basic to work out how much you can borrow. However watch out for some lesser known companies as they can offer as much up to 7 times each wage, people get carried away, buy over the means, cant afford the repayments and get repossesed!

You do really need to take the advice of seeing an IFA (independant financial advisor) though as they will explain everything to you and find the best deal for you

I live in Latchford in warrington and there are few houses round here for under 100k Our area is getting better so the prices are increases but most of them where I live are under 100k. we have a end terrece with front room dining room and kitchen downstairs and 2 beds and bathroom upstairs and a decent sized yard.I love it here!

 

[x-kirsty-x]

Well after reading alot of info on the net I dont think me and OH are gonna be getting a mortgage anytime soon! He went to the bank to enquire and on his wage they would offer him £65,000 which isnt going to buy a shed let alone a decent house. They havent taken my wage into account though (even though its not much at all as Im only part time).

I've just entered into a debt management plan aswell as I had loads of credit and was paying out about £800 a month, now its gone down to £300 a month and in 4 years I'll be totally debt free. Anyway, thats a bit off topic but my point is that while Im on this plan my credit score is going to be crap basically, and applying for a mortgage will be pointless.

So its another few years in this house, god knows what we'll do when a new baby comes along cos its only 2 bedrooms!