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~ | How do i buy a house when i have £80,000 in savings and the property is advertised at £139,995? |
can i give £80,000 in deposit and pay the rest in monthly instalments of around £1,000?
what is mortgage?
i am new to england. immigrated from australia due to business resons. |
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tamzin b useful today
 |
same here just find the house go to the bank and they will organise the mortgage with you |
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acid tongue
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you make a downpayment and take out a mortage for the rest, a mortage is a amount borrowed to finance a house, whose backpayments and interest are calculated to make a montly payment, usualy over a long period of time, like 15 or 30 years |
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taketwo
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yes, and speak to the bank, you may get a better deal on your monthly payments. |
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Jane S
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find the house go to a bank or building society they will explain it all to you and good luck |
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Screaming Eagle
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Mortgage is a real estate loan with the property as security. |
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happyface
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It all depends on how long you have been in the country, but as you have a large deposit your installments will be smaller. The best bet is to approach your bank before you offer on the property. Ask the bank to provide you with a mortgage certificate, dont tell them what you would like to buy, just explain you are ready to buy now and would like to see how much they are prepared to lend you. The installments should NOt be that high for a 60k mortagage. |
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D M
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A mortgage is a loan used to purchase a home, where the property and other collatoral is used to guarantee repayment of the loan. You can use your savings for a downpayment, and take out a mortgage from a lender for the balance. So the seller gets the full amount (from you and the bank or lender) and you arrange repayment terms with the lender. I would suggest you don't use all your savings for the downpayment. On the other hand the more you can put down the better. In Canada the base amount for a downpayment is around 10%. With 80k in savings you could pay at least 30% and still have nearly half your savings left for other investment or your business. |
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snicker
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if the house is advertised at $139,995 and you currently have $80,000, make the owners an offer and see if they accept it. don't pay the full price if you don't have too. maybe thay will come down in price. offer say...$100,000 or whatever you think is a reasonable amount. you will owe a lot less, making your monthly payments smaller or if you prefer to pay $1,000 per month, you'll have it paid off in less time saving you from interest rates...good luck!
by the way.. your mortgage is your monthly payment. |
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fcas80
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It depends what mortgage interest rate and mortgage term you can get.
I tried a rate of 6% and 30 years, and with those terms you could theoretically pay nothing in deposit and pay off the full 140,000 with 1000 per month.
Suggest you not use all your savings for the deposit. Visit a mortgage lender for current terms. |
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somosnegocios
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Go to the bank and ask for a mortage over the property for the difference of the initial payment you have available:
Then about the 80.000 punds you have two options:
Option 1- Pay 80.000 cash for the property and then finance just the difference with the mortage (the bank will ask you to pay a monthly ammount which includes a certain interest rate to repay for the mortage)
Option 2- Compare the interest rate of the mortage with the interest rate of any other investment, then if you find one investment with higher return than waht you are going to pay for mortage then just go with i, it will give you cash for the mortage + some extra "pennies" for you...and even you may end up having the property + more money. However this requires experience and is a risky business
If you want some quite I recommend you go with option one
check my website which has a lot of business opportunities |
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nemesis
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Firstly, you will need to set aside approx £3000 to cover stamp duty, solicitor fees and survey. This leaves you with £77,000. I will also assume you will require £2000 for other things e.g. carpets, initial furniture, appliances etc. This means you have £75,000 to put down.
This means you require a mortgage of £65,000. Given the high deposit, your LTV will be low (less than 50%) and this will make it easier to get a mortgage - which obviously is subject to your circumstances. If you can afford £1000 per month, then you will be able to take the mortgage over a shorter term. Don't forget council tax, which will probably cost around £100-150 per month depending on location and whether you're living alone (which attracts a 25% discount). Also, you need to factor in buildings and contents insurance, which may cost £20-40 per month total.
A mortgage is a loan which is secured on a property. Most mortgages are taken out on a term of 25 years but some people have longer terms and others take shorter terms. Payments can be fixed for a certain period of time, or variable (changing in response to interest rates).
Your best bet will be to contact an independent mortgage broker. You can find these by doing a search on the internet, or by looking at the Yellow pages. Most brokers earn their money by commission from the lender, but you will be told at the start. |
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joe_ballarino
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This will be very easy for you, assuming you have some type of job or income... In fact, you probably should only use 30,000 as a deposit and use a mortgage for the rest.
A mortgage is a loan secured by the real estate you purchase. If you don't pay the loan, the bank will foreclose on the property and take possession of it. They will then sell it to recoup their funds.
Contact your local banker or Real Estate professional. They can assist you in getting started.
Regards,
Joe Ballarino
http://www.AmerivestRealty.com |
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spirit of radio
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Don't put that amount down as a deposit! You never know when you may need it. Talk to a mortgage broker first. You can put down about 10pc, say 14,000 as a deposit and arrange the mortgage you want on that. Most mortgage companies would be very happy with 10pc down. Perhaps a mortgage where you can over pay at certain times if things are going well, isn't Nat West offering one at the moment? |
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kaydee
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Unfortunately life isn't that simple. Dependant on your salary, pay a deposit and mortgage the rest. Don't use all your savings though; keep some aside you never know what's around the corner. Speak to and independant mortgage broker. you will find them in most towns. They will show you all mortgage options and you choose the best for you. |
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