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is there some sort of sexual meaning to it??... |
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Chucklebunny | How do I get a mortgage? |
Hi I am on £14,500 a year and my partner is on roughly the same and has also just set up his own business part time.
I really want to have my own home before we start trying for a family but how do I go about it and what kind of amount will we looking at recieving?
A friend has offered us to rent his house for a year and then buy at the end of the year for £200,000 we would have contracts professionally drawn up but I dont want to move out of our current house unless I am certain we can get a mortgage for this amount.
we have no savings and I have only got negative advice so far but need to know my realistic options.
I am a bit naive when it comes to things like this and dont want to be misled.
Additional Details
thank you all very much for your answers. I will talk to my partner and go from there. |
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Vickie H
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go to your bank and ask their advice. onceyou know if you can get a mortgage, go on the internet and see what rates are out there. i know northern rock building society do quite good rates. |
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Marky
 |
So, you have a joint salary of around £30,000.
A mortgage company will most likely lend you up to 4 times your salary which would be £120,000. They would also require around 10% deposit so you would need £12,000 savings plus around £3,000 for solicitors fees and other expenses.
Not a huge amount I'm afraid, so would be surprised on your current salaries if yuo could get a mortgage for £200,000. |
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Munki nutz
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Unfortunatley, you wouldnt be able to get a mortgage for £200,000. This is the main problem for 1st time buyers.
At the moment, we have £5,000 saved for a house deposit and we are looking at auction. Buying a cheap house which needs work, spend a bit of money on repairs and then look whether to live in it or sell. |
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Lucie
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Go talk to a mortgage advisor. The ones at the estate agents will tell you about a wide range of different mortgages available and how much they would lend you. We then went to see the advisors at the banks he had recommended and went with one that suited us best.
There are lots of different mortgages too. Best to get a fixed rate - We're on a 3 year fixed rate at the moment. You might have to consider an interest only mortgage but in the long terrm they're not a good idea. Some lenders will do a 100% mortgage if you havent the deposit.
Many mortage lenders will charge you a higher interest rate because if they give you a mortgage it will be a bigger one than the normal 3 times your salaries.
You will need a 10% deposit, money for stamp duty, money for the solicitors, admin fees for the bank, money for a survey, money for furniture.
As well as paying the mortgage each month there is all the other bills such as gas, water, electricity, council tax and tv license. You will also need insurances. All that adds up to a lot of money each month.
You also need some money for any unexpected things that happen. Ive been living in my new home 4 months now and so far have had to replace the oven. We had some savings fortunately but are having to be so careful with money.
My advice is if youre really serious about doing this save as hard as you can and go see a mortgage advisor.
Good luck with it. Hope it all works out for you. |
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Dr
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Your best bet is to go into every estate agent in your town and have a look at what's on the market. Roughly, you will be able to borrow 4 times your salary (if buying alone) or 3 and a half times you and your partner's joint salary. This was certainly the case when I was buying, but it may have changed as that was 5 years ago!
Don't be afraid to accept an appointment to see the mortgage advisor at the estate agent's. A lot of people don't like to think that they are being "sold" something, but this advice will always be free (and if it is not, then do question it!). First off, the advisor will run through basic budgeting advice with you: How much you earn, what deposit (if any) you can scrape together, how much can you afford on the monthly repayments. Then, he/she will look at the different types of mortgages with and how much they cost - not only in monthly repayments, but also set-up charges. For example, my mortgage cost £999 to set-up, but I was able to add this on to my total loan.
Fixed-rate mortgages are usually the best for when you are starting off. Either go for a two-year or a five-year one. Your mortgage advisor will be able to tell you which is the best for you.
The advisor will take his/her commission once your mortgage has completed (I was charged £247). The lender may also pay the advisor something as well.
Best of luck. I hope it all works out for you! |
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D G
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Get free advice from a Building Society or Bank |
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Barbie Girl
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OK, this is just my personal thoughts on this so hope theyre helpful in some way! Theres no way youll be able to get a mortgage for £200K on your salaries. My hubby and I are on £22K and £26K and can only get a max of £180K. You also have to think about the fact that even if someone DID lend you that amount of money, how on earth would you pay it back? some places are offering mortgages of 50years in length - 50years!! Youll be trying to pay off your mortgage on a pension, not easy! so theres that side to think about.
also think about the fact that the interest rates are a little unpredictable right now, so if you got a mortgage, would you be able to continue paying it if the rates went up again?
Personally, my hubby and I are selling our house and using the equity to put into savings and going back to renting. In the 3 years we've had our house, we'e only paid back £2K on the mortgage and we dont see the point in owning our own place. Seriously, its not all its cracked up to be! :O( Oh, we're also trying for a family so we need a bigger house but cant afford to BUY one, so renting is our best option.
I think what youd be best off doing is calling a financial advisor / mortgage advisor (look in the phonebook) and talking it through with them. They can give you a list of mortgages you can afford with repayments, options etc and you can see what the best path to take would be
I hope I dont sound too negative but Ive not found being a hosue owner to be that rewarding and renting isnt 'dead money' as youll always have a roof over your head
Good luck to you whatever you decide to do xx |
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VixMix
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I depends where you a looking. There are still some properties which may be with your grasp. Most lenders are being a little more flexible with their lending and are willing to lend a little more than before but the general rule of thumb is 3 x your own salary or 2.5 x your combined salary so you could get about 70,000. The best thing to do is make an appointment with a local building society and they will tell you exactly how much they will be prepared to lend you and give this in writing (you can then use this in the purchase process). Remember a mortgage of that amount will require about £500 per month in repayment...
Another thing you may wish to consider is part purchase. Most housing associations offer this, often on new builds. Effectively you agree to purchase either 25%, 50% or 75% of the property. You pay a rent on the part of the house you dont own. The benefit is that if you have repairs the housing assoc assist with the cost and you have the option of buying more of the house if you find your finances improve - which they will over time anyway. Its a very good way of getting on the property ladder. Try doing a google search on housing assoc in your area and check out if they offer the scheme. |
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jackie m
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usually you can get a mortgage 3 times your salary. |
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Louie
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Talk to a reputable bank or mortgage company. Ask if they can run some numbers for you unofficially. That is, without actually applying for the loan. Ask, how mauch you can afford with both salaries, and how much money down is needed. Usually you need some money for deposit, you may have to do an appraisal, a home inspection, and so on. Hopefully they can tell you about all the hidden fees. |
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