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 Bi-Weekly Mortgage Payments!? |
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 Selling my house: stage it or leave it empty? |
| I have the option of staging my home (bringing furniture into my home solely for the purpose of making it look like a dream home) OR leaving it completely vacant as I will be moved out of my home ... |
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| fall. Do you think that property prices in Scotland will also fall or do you think we will be okay. I am wanting to buy a house but I am not sure if I should wait and see if the prices go down in S... |
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 Landlord SLOW to deposit our rent check?? |
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 When you are looking for a home to buy, do you prefer to view it empty or furnished? |
Additional Details
I would much rather see it empty, as you have all said so far, so you can see better what is there. I think buying extra stuff to stage it is silly-- as in that hgtv ... |
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dave12welve | Property for 160000, can only afford an interest only mortgage. is this a bad move? |
i am renting a detached 2 bed house and recently my landlord asked if i would be interested in buying the property. she has asked for 160000. i have 8000 deposit but can still only afford an interest only mortgage, my rent is 650 a month, not much difference than a 152000 interest only mortgage amount per month. the house has not been valued, how do i know its not worth less? do i need to arrange a valuation? what i am actually asking is does this sound like a bad move? |
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My name's MUD
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Interest only is fine, after all you are putting down 8,000, so you will own this part, now you will at some point in the future sell the property, and whatever the remaining capital(amount you owe is left) will go to the lender, you get to keep the rest. Which should be your 8,000 plus any increases in value in the time you own the property.
Ask some estate agents round for a valuation, they all have in house mortgage advisors and will be happy to sel you a product that suits you.
They cannot sell you something you do not want, or that is unsuitable for you, as this breaks the mortgage code.
If you are expecting some inheritance at some point in the future, or can envisage an increase in salary based on your progression, then you will not have a problem.
Interest only is fine for 5 years or so, when you can then shop around for a new product, go back to a 25 year term or sell up and move on.
If the property becomes a £200,000 value then you will have £48,000 in your pocket.
However if the house goes down in market value, you could end up being in a debt to the lender.
Try a longer term product, perhaps 35 years. You can always change the length of the term later.
Dont over stretch yourself into something uncontrollable, a lot of properties are re posessed.
You have to get several valuations done, and then try and knock £5-8,000 off this price for yourself! try and get the price down a little and have a good survey done.
As a first time buyer, expect to pay up to£2,000 for all the legal stuff and surveys. You can add this to the loan. Or take it out of your £8,000
If you want to move to another home later this will cost you double at £4,000. |
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INACTIVE
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If you cannot afford a traditional fixed mortgage then you cannot afford that home. You've got to consider the additional expenses of a home besides just the mortgage... taxes, water, sewer, trash collection, home insurance, PMI insurance, etc. Don't strap your budget to have something you cannot afford. What if something happens to your income??? Look for a more affordable home/condo if you really want to own or work on ways to decrease your expenses or increase your income. |
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Jacqueline K
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Did u choose to live there because u didn't have anywhere else to go and needed a cheap place to live, or did u compare the place with others and thought that it was nice? I wouldn't buy it, because it might be difficult to sell and you will loose your money and be stuck with the house! |
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matt g
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Don't listen to people who pour scorn on interest only mortgages. They are great if you do your homework and make sure you are getting the right property.
...do you remember hearing your grandprents saying that back in whenever they paid £6000 for their house? Well, in 25 years its going to be the same. The £160k that you spend will sound like chicken feed in 25 years. We'll all be earning £5k per week then!
Go for it!!!!!!!!! |
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Jo Blo
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bad move |
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mar m
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NEVER take out an interest only loan. You pay into thin air. You never get equity.
We are in a housing collapse. Wait a while before buying |
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messiahandrw
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Try to save at least 15% of the house price before considering a mortgage. |
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sunshine_today
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No, don't do it. It is too easy to get in over your head with that kind of mortgage and forclosure is just 2-3 missed payments away. |
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little weed
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Interest only mortgages are fine so long as you make provision to repay the mortgage at the end of the day. |
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luludoodie
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BAD MOVE.
Why does your landlord want to sell instead of hanging on for the extra profit she will be allowing you to make in the future? Because she knows that the housing market is at the top of the cycle.
There is an interest rate rise projected soon (could be this Thursday)!
The only question is will it be static market for a few years or a crash as back in '92 when negative equity reared its "first" head.
Of course demand outstrips supply at present, which drives prices up. However the "affordable" level has long gone and we are in now in probable negative equity area again.
The USA market is in collapse as they are also living beyond their means and prices are falling. France's collapse has just started.
No one attached to the housing market (building society, surveyors, estate agents, landlords) is going to admit to you they are worried. They all want to keep the ball rolling and hope it doesn't collapse!
In our Midland's town we have an oversupply of flats. They are not selling so the estate agents are running "buy to let" seminars showing the huge profits to be made by quoting the money made over the last few years. Then the offer you 10-20% discount on a few highly desirable properties!!!! Be real, they are trying to offload!
Try offering £125,000 - she may be desperate to sell. Otherwise be warned - you will be the one left holding the pass the parcel! |
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Bill F
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I would ask your landlord for the following before committing:A copy of the current property tax statement. This will allow you to get a round ball park figure of what the property is worth.Then if you are not satisfied have an independent appraiser appraise the property.The cost is on you. Next talk to your landlord about owner financing all or part of the cost.I would not put more than 20% down.Interest only loans are becoming harder to get.You will build up no equity till the loan is paid off.The principle is not reduced.Also ask What the APR rate is on the interest only loan(very important)for any loan,this is what you will pay. No ARMS. Interest only loans are beginning to red flag at the IRS. |
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