markeverest
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In the UK...which is what this YA! is for...Americans please note...
Don't try and buy with more than a 95% mortgage;
Shop around for the best deals;
Make sure you have a fund to cover buying expenses, and then double it to make sure you have some in reserve;
Your mortgage provider will charge you a fee to set up the mortgage (ours was £450 for £80,000), although you can add this to your mortgage;
Your seller's solicitors will expect a "nominal deposit" quite early on, so set aside £1,000 for this;
Don't buy a leasehold property (and make the mistake we did);
Try and set your exchange of contracts day for a couple of days after you normally get paid, this will mean your mortgage comes out every month just after payday.
Think about what will happen if the lady gets pregnant, who will pay the mortgage etc?
It really is the most stressful thing you will ever do, so please make sure of your relationship first, as if you break up then one of you will have to find somewhere to live AND you will both still be responsible for paying the mortgage. If you are under 25 I urge you to wait, as we humans aren't settled in our ways until about that age. |
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David T
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I see a problem with buying a house at this point in time.
For one if either of you decides you had enough and moves out the other is faced with a mortgage payment.
I would seriously suggest keeping the apartment until the relationship is solidified with a marriage.
A lot of financial companies get leary if a couple wants to buy a house but aren't married. I know I would be.
What I would do is look for something a lot less. I know their out there. Or maybe buy a small "starter" house that you can fix up, then sell it and use the money as a down payment on a bigger house.
A lot of young couples will buy a house next to nothing and put the money they were going to spend into remodeling it. Then they turn around and put it on the market. |
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Mommacat
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Personally, It's a bad idea to invest in the purchase of a house unless your married to the person your buying it with.
There is just to much risk involved in the purchase of a home in general. If you end up buying a home together, the stress of it can really hurt a relationship, even after many many years together...and Because it's a legal joint purchase, the chances of it ruining both of your credit if something goes wrong is much worse then if you'd been married, filed divorce, and had to sell it.
Another risk is that if one of you purchases the house in your name alone, and then things go bad, you may be at risk of losing the house if you have based the finances on the two incomes, and then again, the risk to your credit is there along with the fact that the other has no protection of where to live if the relationship blows up, along with no way to recover any expenses you've put into the house prior to the split.
If you're going to do this, have an attorney draw up a contract detailing both of your responsibilities for the expenses, keep accurate and detailed records, and keep your money & bank accounts separate!
Best Of Luck |
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Irfan
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First get married then go for mortgage a home lone with both of you as applicant with 50% ownership each. |
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Charlene
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Go to a mortgage adviser |
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Real Estate Guy
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Everyone here has explained what you need to do about the mortgage. Bottom line is, take with a loan officer.
I personally don't feel you should be buying a house with your "boyfriend". I believe that one of you should be the house OR get married.
Buying property is a major step. If you are not ready for marriage, then you are not ready to buy a house together.
This has nothing to do with living together, which you have done for only a year. It has to do with commitment. Can either one of you afford the house on your own? If not, what happens if you break up? |
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duffie_1999
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Buying a house is a very serious matter and can effect your credit rating for life. I would NEVER buy a house with someone I was not married to. You have a limited amount of funds? Have you been watching the new about what is happening to the subprime market? Do NOT get any type of adjustable loan. Do not pay more then 35% of your income on a mortage. House prices are going to continue to go down...you would be wise to wait a little longer. |
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Veritas
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Believe me, I understand your frustration, but please wait a little longer, because house prices will continue falling next year. If you go in now, you will pay over the odds, because the housing market is ludicrously over-priced.
Also, interest rates are expected to drop next year, which is another reason to wait a little and possible get a good fixed interest rate mortgage deal. |
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missey01_uk
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Ok what you have to do is see mortgage advisor, advise them how much your salaries are, what back up money you have i.e emergency fund, they will try and sell you lots of insurance that is really unneccary so be carefull as most of these coveries you have with employers or pay already i would say you definetly need life cover, i would also pick an area you like and potential houses you would like to make an offer to, take pictures of houses to mortgage advisor so they can see you are serious, look at link below - good luck. |
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dave
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think twice.make sure what ever you do you both have the same vested interest in the property in case the relationship dissolves or ends.you or he can become liable for a morgage w/ no right to the property. |
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lathamd
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There are loads of Independant financial advisors around, maybe visit an estate agent, big chain i.e bairstow eves, fox & sons, etc, they will help from where they can, it all depends on what you both earn, full time part time, debts, and other factors. |
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marrod1206
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Speak to your bank to find out the maximum they will lend you and the Annual Percentage Rate (APR) they will offer you.
Also check the same with two other Mortgage Companies.
Then start looking for properties, when you find a place you like, speak to the Estate Agent's Mortgage Adviser to find out more options.
That should give you 4 or more options, ensure the maximum offer plus your available funds cover the price of the property,
remember the bigger deposit you put down, the less you owe to the bank/mortgage company. If you have no funds for a deposit, you have to choose a 100% mortgage.
Try to get a repayment mortgage, endowments are pointless. |
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px
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You should also consider getting an attorney to make sure you aren't getting screwed the deal. I think they are 200+. |
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organbuilder272
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There are houses available in specific areas for this price. DO NOT get into sub-prime mortgage loans. Talk to your bank. Get a fixed interest rate if possible. Large down payment will reduce total cost. You can also go to reposession auctions and get expensive houses for a bargain. There are listing on the web. |
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David B
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visit your local bank or credit unions mortgage dept, ask them to prequalify you, see where you go from there. |
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sacha s
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shop around look for the baragins which now exist to do housing/mortgage issues if you actualy decide to buy one .
but before that talk to your bank . |
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Lovey
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No one wants to advise you on mortgages, because it's silly to buy a house with your boyfriend. Get married if you want to make major purchases together. |
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Mel
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First stop is city hall and buy a marriage license. Second stop is a real estate agent and tell them how much you can afford Right now it is a buyers market housing is down. |
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Get Going
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Start with a class offered by first time home buyer agencies, will give you a smart start on what type of mortgage, the terms & acryonmins, etc. Talk to your bank or the phone book for class information. |
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Jodie Z
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Dont bother with a single bank - go and see a mortgage broker. They will get you the best deal and package that suits your financial circumstances.
I am a real estate agent and tell all my clients to go to a good broker (some are crap and just try and sell their own package or the product of a lender who pays them the highest commission).
Ask a couple of different real estate agents for a referral. |
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Leo F
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What are you guys fools (my boyfriend and I are looking to buy a house) What if you break up, who gets the house? And if you get the house you can't afford it because you have limited funds, and you will lose it and screw up both of your credit You cant even make the comment to get married but you want to comment on a 30 year mtg payment? |
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Maxine H
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You should ideally start with looking at banks for a mortgage. There is a first time land owner's grant you can get with your first real estate. Its always cheaper interest if you can apply for a loan at the bank. Your real estate agent can help you with this. Find the house that you would like to own. Consider how many children you will want, your finances, the community that you would like to live in. What kind of house you would to own and a list of other details. LOL |
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ste_pej
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Visit an Independent Financial Advisor. Make sure they look at 'all the market'. Don't use a mortgage advisor from an estate agency. Invariably they will give the best deal for themselves (& the estate agent) and not for you.
Try and get a recommendation from a friend/family member who has used an IFA in the past.
There are a couple of links below but please seek professional advice. Mortgages are a minefield. |
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fasteddie79103
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talk to a banker or several and see if you can get a preapproved house loan. Its good when you are able to say up front that your ready to buy. I would also talk to a real estate agent , tell them what your wants and needs are. Dont buy the first thing you see, you will feel it when you find the right house. As for mortagages go with a fixed rate. They are slightly more expensive but you dont wind up in the mess alot of people get into with a rate that jumps or a huge ballon payment during the life of the loan, this is called an adjustable rate mortgage, its a little cheaper at first but raises rate during life of loan. Shop around for the lowest possible rate. Dont try to buy a mansion right out of the gate, keep it reasonable size. Find out if there is a home owners association for that area--some form this group and try to put restrictions on what you can and cant do with your house--if this is the case, run as fast as you can--you dont need it. Also check with local banks about repo's, you may get a house a lot cheaper than you think and can use the money you would have spent on a house to remodel it the way you want. |
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cmax9970
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Make sure your credit is clean. Make sure you can afford the house payment and taxes that come with it. Best way to do this is go to your local bank, speak to a mortgage loan representative. Since you already bank there they might be able to help you better since you are a "known" customer of the bank. Shop around. Get as much info as possible from different sources. Definately deal with banks directly, that way you don't get cheated or lied to by outside agencies that are looking to make money off you. |
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scotty497
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Start by looking for a house you want to buy. Real estate agencies are a good place to start. The next thing will be determining if you qualify for a mortgage for that house. The agency will help you with that. Good luck! |
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R.a.c.h.i.e
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there are many websites for example www.morgagemania.com ect |
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Sarah
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You need to go see a loan person. They can help you figure out and calculate just how much you can afford. You must remember that you will have to carry Home owners insurance, and you will have pay bigger taxes on property that you own. There are different programs out there that help first time home buyers with stuff like that. Right now is a buyers market so you should be able to get something you like. Just start small and later on when you get a little more financially stable you can sell that one and get a bigger one or just rent out the smaller one and have some extra income. Good luck. |
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sean k
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dont buy a house because he might cheat on you ! |
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