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poorna v | First time buyer (interest only or repayment mortgage)? |
i am a first time buyer, looking for a 100% mortgage on the property. i am very new to this whole idea of mortagage. i want to know whether it is wise to go for interest only on a fixed rate for 5 years or go to repayment option. if i go to interest only and choose option of flexible payment option and pay some money every month, will it not reduce the monthly repayments. any advice would be much appreciated.
Additional Details
i am looking for advice, on the UK market, sorry people for not mentioning that in the question. i asked before. |
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robertlazi
 |
Interest only will benefit you only if:
(1) you expect your circumstances to improve over the term of the loan, or the first 5 years of it. This assumes that right now you prefer the interest only option because it has a lower per month payment.
AND
(2) you will use whatever "savings" you make as your salary rises to invest with the view to paying off your home. These investments must (logically) be at a higher interest rate than the interest on your loan.
Bottom line is you will have to pay the loan somehow, and if you cant afford it now, and you are not prudent with the use of your money, and your income does not rise then you will not end up owing the property.
Alternatively if you are clever enough to see this as an opportunity and make (financial) use of it, then you will score.
I recommend you supplement your income with a part time or work from home job and just save that money to put towards your home, if you choose the interest only mortgage. EM me if you want leads.
The repayment option is the safe option. It is kinda "what you see is what you get" and you don't need to rely on financial dexterity or higher salaries to see your situation at a glance.
Good luck! |
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Ahwell
 |
Interest only is a little risky, it's too easy to think 'I'll do something about it later' and never get around to it. This way, you never pay anything off the amount you borrowed and the debt is there forever, unless you arrange some kind of savings plan to pay off the loan. You could pay extra off, but you probably will not be able to afford enough to make much of an impression on the repayments.
Repayment is the only guaranteed way to know you're house will be paid for at the end of the mortgage, but obviously it will be much more expensive. A lot of people are going for interest only because it's much cheaper on a monthly basis, but the debt never goes away.
You can get 100% mortgages, but the interest rate will be higher. |
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Gunner
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Interest only benefits the lender only. You are essentially renting, and if you intend to pay more, why not just amortize it at the best fixed rate available? Remember that ANY mortgage other than the traditional were not designed for the buyer. Only the seller {gets their money} and lender {you pay eventually, only more}. |
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jory
 |
I think you'll have trouble getting a 100% mortgage particularly with the current credit crunch atmosphere.
If you plan to stay in your chosen property for a long while, it is better to go for a repayment mortgage, (as eventually you will own the property).
The interest on a mortgage take the first 10-12 years to pay off, and mortgage companies take their interest first.
Only after the interest is paid, does one begin to pay off the capital amount, (the actual price of the house).
If you choose an interest only mortgage, you will never pay off the capital amount, so in effect the house will never be yours.
Of course you can pay interest only, and later, when you sell the property, you get to keep the equity, (the difference between what you bought the house for and its current value).
Either way, in the current climate, go for the cheapest fixed amonut available. |
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franja
|
Get yourself a financial advisor - we did.
They will negotiate the minefield that is the mortgage market for you.
They ask questions about what you want to do and what you can afford then get you the best deal they can find.
It costs you nothing as they are paid a commission from the company they recommend. As the commission is a set amount, it makes no financial difference to the advisor which company he recommends; but he wants to get you the best possible deal so you'll use him again. |
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dimples
|
There is an argument for an interest only option especially for a first time buyer and also if you were intending to pay slightly more than your commitment amount then yes it would reduce your payments as you would be paying off capital which would give you a lower interest payment, as a first time buyer the interest only option is good as it gives you less to pay each month, freeing up monies for other things and if you don't intend to stay in the property for that long then you can always change after the deal ends.
And CHRIS C there is quite definitely banks and building societys that offer 100% mortgages you can get 110% mortgage. |
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lynn r
 |
Interest only is the worst loan you can get. Your loan never goes down. In fact I think I heard something about the government was trying to outlaw that kind of loan. I listen to a radio show in so ca. on Sunday morning about real estate. It is called mortgage makeovers with Ken Michael's. He also has a web site called mortgagemakeovers.com or .org You should go there and ask around to see what they say about that kind of loan. Good luck |
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Terry S
 |
Forget about 100% mortgage UNLESS your state offers First time homebuyer programs.
Arizona first time homebuyer's just received 400 million dollars in funding for first time homebuyer's.
5% GRANT (free money) to be used for down payment, closing costs, prepaids.
NO pre-payment penalty
6.55% interest rate.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
P.S. Here is the link for Arizona's First Time Homebuyer's
http://www.welcome2arizona.com/home/first_time_homebuyer/first_time_homebuyer.php |
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CHRIS C
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a 100% mortgage... don't think there is a bank in the country that offers a 100% mortgage... a 10% deposit is usually required... The more the deposit the more you can negotiate the interest... Say your buying a £400k house... You would need at least a £30k a year salary and a deposit of say £20k.... There are of course ways of getting legit mortgages with only 2% from reputable banks.. but I won't go into that now... |
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