Question about mortgages and buying a house?

[violet-glow]

This may sound very stupid but I have no idea what its all about. OH and I are thinking of buying a house very soon, but we dont want to ask the family what its all about because they will try and take over

Anyway I know you have to pay a deposit for the house. Ruffly how much is this?

Then theres the mortgage which you pay monthly. But how much would that be?

Say the house is 149

xx

 

[happy-chick]

You normally have to pay 5-10% of the house value for a deposit but 100% mortgages are available at a higher rate. For your payment it would really depend on the interest rate etc, why not get an appointment with your bank and they will tell you how much you can borrow & the repayments etc

Good luck with it, its so hard for first time buyers. We've basically just been told that we cant get a mortgage for another few years yet cos im not working and we already have a loan

 

[violet-glow]

Its so hard isnt it. Wouldnt it be nice to just win the lottery

 

[happy-chick]

Yep its really hard! Good luck hun x

 

[Snuggle]

We have just bought our first house and moved in 2 weeks ago. There are a lot of costs involved so having a bit of money put away is a good idea. We pay £700 a month for mortgage on a property worth £141,000. Like happy_chick said, a deposit of 5-10% is normal although there are quite a few lenders who do 100% mortgages now (no deposit required). Your best bet is to speak to a mortgage advisor who can give you an idea of how much you can borrow and what monthly payments would be.
Good luck

 

[violet-glow]

Thanks girls, will keep you updated x

 

[x-kirsty-x]

We want a mortgage too but cant afford it at the minute. The woman at the bank told us that in the next 5 years all houses will be £300,000 and above

 

[mum2be?]

Ive just bought my 2nd house & yes it is very hard to get on property lader.

If you have any questions pm me.

i know some banks do 100% mortgage no deposit but u get better deal and more likely to get mortgage if u have a deposit at least 3%

 

[violet-glow]

Will run all this past OH as he holds the purse strings (well he likes to think he does lol)

We thought it would be cheaper than renting, but that doesnt look the case

 

[trigger]

Hi,
this is a really good website called ..http://www.findaproperty.com/
there is a section whereby you input how much of a deposit you have and it will calculate the mortgage you will need and how much each month will cost you on an interest only or fixed rate mortgage. Once you input this info once then the monthly payments will show up in the top right corner of every property.

 

[Gem & Leland]

yeh its still , we pay over 700 a month rent , peeps so for that u can get a mortgage ! well in our case there wrong ! to buy the flat we live in we would need 250k 1 , that wouldnt be 700 a month , 2 , we cant get a mortgage for that much ! so while were in shitey london , we will be renting

 

[Urchin]

Bank o f Scotland do a good rate on 100% mortgages, and you can also go on "interest only" so you aren't actually repaying the value of the house, only the interest. It's not ideal but a good way to make a start.

You can also use a mortgage advice company, they do charge but it can be added to the mortgage, so an extra grand isn't too bad.
First off I would go to your own bank and ask for advice.