Mortgages...............
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Anyone took a mortgage out in the last year or so?
Just wondering, based on recent rates, how much you pay a month, for how long, how much deposit you put down if any, and on what value house.
I realise every case will be different, but im just after a rough idea at the moment. It would also be interesting to see how much the re-payments differ depending on what deposit you put down too.
Cheers
Just wondering, based on recent rates, how much you pay a month, for how long, how much deposit you put down if any, and on what value house.
I realise every case will be different, but im just after a rough idea at the moment. It would also be interesting to see how much the re-payments differ depending on what deposit you put down too.
Cheers
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the last mortgage decrease has seen my payments slashed by a whopping £28
halifax do a variable tracker that is 1/4% below the bank of england base rate which is the best deal for me
but shop around because there are so man little thngs you need to get sorted
i've also kept my 10% overpayment for the whole mortgage ammount bit without paying any penalties so i can pay off this amount over the top of the money i'm paying in and won't get penalised, otherwise it's £5.5k if i pay them too much money
and it cost me a grand for soemone to do all the running around, but it's saved me £140 a month for the next 2 years
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halifax do a variable tracker that is 1/4% below the bank of england base rate which is the best deal for me
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i've also kept my 10% overpayment for the whole mortgage ammount bit without paying any penalties so i can pay off this amount over the top of the money i'm paying in and won't get penalised, otherwise it's £5.5k if i pay them too much money
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and it cost me a grand for soemone to do all the running around, but it's saved me £140 a month for the next 2 years
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#3
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new mortgages as a general rule of thumb.....you need £500 a month for each 100k you borrow.
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
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Originally Posted by gingeRS
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
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2 bedroom
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gingeRS
is that intrest only or repayment?
on £180k i'm forking out £1400 a month repayment if i was on the banks prefered rate of 8% but am currently on a 5.5% rate and only fork out just under £1100
i'm no economist but even i can work out that them figures don't stack up right but the money i save goes towards the lump sum at the end of the year![Grin](https://passionford.com/forum/images/smilies/icon_smile.gif)
also you should be looking to only be paying 40% of your income towards the mortgage, any more and all the money experts tell you that's a bad thing
is that intrest only or repayment?
on £180k i'm forking out £1400 a month repayment if i was on the banks prefered rate of 8% but am currently on a 5.5% rate and only fork out just under £1100
i'm no economist but even i can work out that them figures don't stack up right but the money i save goes towards the lump sum at the end of the year
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also you should be looking to only be paying 40% of your income towards the mortgage, any more and all the money experts tell you that's a bad thing
#6
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Originally Posted by Lambchop
Originally Posted by gingeRS
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
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2 bedroom
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its the reason i sold my cos, so i can start saving though
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Originally Posted by gingeRS
new mortgages as a general rule of thumb.....you need £500 a month for each 100k you borrow.
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
![Surprised](https://passionford.com/forum/images/smilies/bigcry.gif)
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
![Surprised](https://passionford.com/forum/images/smilies/bigcry.gif)
![Surprised](https://passionford.com/forum/images/smilies/bigcry.gif)
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if you borrow £280k then you need to multiply your £500 by 5.6 which equals a monthly bill of £2800
if you've put down your £60k into that £280k then you will need to multiply your £500 by 4.4 which equals a repayment of £2200
you will then need to possibly find another job to fund your home purchace
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Originally Posted by dojj
£500 / £100k borrowed
if you borrow £280k then you need to multiply your £500 by 5.6 which equals a monthly bill of £2800
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#10
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Originally Posted by Lambchop
Originally Posted by gingeRS
so i'll be looking at a £1200 a month mortgage on the flat i'm looking into buying this summer, £280k (£60k down)
2 bedroom
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2 bedroom
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EDITED to add, That is over 35 years, but I am only 25 so I can
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We are paying £880.00 repayment on a £150000 mortgage. House is worth 180000.
We are on 4.89% fixed for 2 years, ends this year. We have 24 years to go.
We keep buying new houses as everytime we do the developer gives us another 5% deposit paid and other incentives.
We are on 4.89% fixed for 2 years, ends this year. We have 24 years to go.
We keep buying new houses as everytime we do the developer gives us another 5% deposit paid and other incentives.
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I have a £103,000 morgage. We didn't put anything down as a deposit.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
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Originally Posted by RsDarren
I have a £103,000 morgage. We didn't put anything down as a deposit.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
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Originally Posted by gingeRS
Originally Posted by dojj
£500 / £100k borrowed
if you borrow £280k then you need to multiply your £500 by 5.6 which equals a monthly bill of £2800
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but yes he's quite corerct whoever said it's was only going to be £1400 so it'll be £1100 for the other version
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For people who are having difficulties getting a mortgage eg earning etc I know a very good accountant and mortgage advisor should you wish a mortgage.
PM me for details.
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PM me for details.
#18
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Originally Posted by dojj
Originally Posted by gingeRS
Originally Posted by dojj
£500 / £100k borrowed
if you borrow £280k then you need to multiply your £500 by 5.6 which equals a monthly bill of £2800
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but yes he's quite corerct whoever said it's was only going to be £1400 so it'll be £1100 for the other version
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nearly had a brown trousers moment there
£2800 for a mortgage
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#19
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So glad I took out a five year fixed mortgage when i bought my house! Interest rates have gone up 1.25% since!
Anyway, whilst on the subject....
If i overpay my monthly mortgage by say £100 a month does this directly reduce the capital i owe OR does it work just the same as the rest of my monthly amount I pay where 99% of it goes to paying off the interest?? (I have a full repayment mortgage btw).
Anyway, whilst on the subject....
If i overpay my monthly mortgage by say £100 a month does this directly reduce the capital i owe OR does it work just the same as the rest of my monthly amount I pay where 99% of it goes to paying off the interest?? (I have a full repayment mortgage btw).
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My house here i £560 a month, value of £119 k, putdown 10%.
Think that isright im useless wih this stuff.
Bit worried i wouldnt get one as did have no proof of earnings etc but a friend but me in touch with someone local in Doncaster who sorted me staright away. Glad as i wanted a house here before i left to move abroad or something to fall back on.
Think that isright im useless wih this stuff.
Bit worried i wouldnt get one as did have no proof of earnings etc but a friend but me in touch with someone local in Doncaster who sorted me staright away. Glad as i wanted a house here before i left to move abroad or something to fall back on.
#22
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repayment is for mugs,
why do you do it, I used to, but don't anymore. I have read loads of books on the subject.
I own 3 houses now all on interest only, buying another next year.
buy a house which is about 20 k less than the market value, then remortage the day you buy it and take the 20k and put it a deposit on another house.
as you are using interest only you can rent it out at a good rate
why do you do it, I used to, but don't anymore. I have read loads of books on the subject.
I own 3 houses now all on interest only, buying another next year.
buy a house which is about 20 k less than the market value, then remortage the day you buy it and take the 20k and put it a deposit on another house.
as you are using interest only you can rent it out at a good rate
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Originally Posted by RsDarren
I have a £103,000 morgage. We didn't put anything down as a deposit.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
We're paying £671.
Our mortgage is up for renewal at start of February tho so I'll need to start shpping about as well.
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Mines about 160k over 40 years i think at 750 a month reduced thereafter its 950?!
on a house worth 190. 40years sounds harsh but i was 20/21 at the time of taking it out plenty of time to change it
Ginge i thought u said u didnt have a great job how are u going to get a 220k mortgage?
Crowds.
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Ginge i thought u said u didnt have a great job how are u going to get a 220k mortgage?
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Crowds.
#25
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Originally Posted by JohnnyB
only ever to interest only
remember the house goes up, but the amount you owe stays the same.
remember the house goes up, but the amount you owe stays the same.
Interest only is good for making capital gains or rental income, BUT if you're seriously suggesting folks buy a house in the current climate on interest only you're a mentalist........if the prices drop a few percent which is likely you are in negative equity straight away on an interest only and at the mercy of the housing market as to wether you get your equity back.
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yes it may drop so what
you increase the rent to compensate
then as the market picks up you have postive equity then you can pump that money into say your first house to clear some of the debt.
remmeber house prices go up, wages go up, £1 is not worth the same as £1 20 years ago, but the amount you owe stays the same.
Think about it
you increase the rent to compensate
then as the market picks up you have postive equity then you can pump that money into say your first house to clear some of the debt.
remmeber house prices go up, wages go up, £1 is not worth the same as £1 20 years ago, but the amount you owe stays the same.
Think about it
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Originally Posted by gkandr4ch
Originally Posted by RsDarren
I have a £103,000 morgage. We didn't put anything down as a deposit.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
With all the insurances and other bit's that go on top I pay £695 a month for my morgage.
That's with Yorkshire Building Society.
#28
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Originally Posted by JohnnyB
yes it may drop so what
you increase the rent to compensate
then as the market picks up you have postive equity then you can pump that money into say your first house to clear some of the debt.
remmeber house prices go up, wages go up, £1 is not worth the same as £1 20 years ago, but the amount you owe stays the same.
Think about it
you increase the rent to compensate
then as the market picks up you have postive equity then you can pump that money into say your first house to clear some of the debt.
remmeber house prices go up, wages go up, £1 is not worth the same as £1 20 years ago, but the amount you owe stays the same.
Think about it
You say if prices go up , wages go up, so in theory prices down = wages down and yet when prices go down you suggest a rental increase
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So in a falling economy you increase the rent
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I totally agreed with you about making capital gains etc...but with a repayment mortgage the amount you owe if prices change stays the same as well as interest only. Are you saying it doesnt??????
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Originally Posted by JohnnyB
how can you wages go down?
there is a thing called inflation,
there is a thing called inflation,
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Inflation 4% (RPI)
Wage increase 2.5%
#32
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Originally Posted by JohnnyB
how can you wages go down?
there is a thing called inflation,
there is a thing called inflation,
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#34
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Originally Posted by Crowder
Ginge i thought u said u didnt have a great job how are u going to get a 220k mortgage?
Crowds.
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Crowds.
i'm buying with my brother....he also doesnt earn lots, he works for the BBC
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#35
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Originally Posted by ballin
Don't agree that interest only repayment is the best thing to do either, quite the opposite in fact I think interest only is for mugs!
Also good for buy to let in a stable/rising market long term
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having watched loads of telly and being crap at maths, this is my take on the matter
if you go for intrest only you need to be thinking about jumping ship fairly early or keeping the house long term
this business of keeping it for a while and then floging it off will just get you taxed to death
and you need to make the house make you money when you come to sell it, because if the prices are stagnant then you'll be screwed because you'll have spent your money paying out on it and not had a return
and this buy to let stuff has had it's time as well i reckon, if you can afford to pay a grand a month to rent, you can afford to pay a grand a month to pay the mortgage and lots of peole are seeing this now as well
and if you put the prices up, they move soemwhere else so you are doubly fucked
it's all gone well so far for a lot of peole, and a lot of peole, on paper, are property millionaires, but whe it comes to flogging the stuff off, expecially with intrest only, you've got to think about the ammount of money the tax man is going to take from you when you start selling all 10 of your houses
and you can't leave them to your wife and kids because they are still going to get taxed for it
which is why me and my brother went halves on buying a hosue with full repayment, and then, when he finds somewhere to live, we'll go halves on that as wll and he can rent his other bit out to help out
there is a lot of talk floating about as to the why's and what's but all the programes you see on the telly, the peole who have made the money are the ones who bought ages ago and have fuck all else to spend money on, and money makes money so they jumped onto that particular bandwagon and have been rolling in it ever since, but trying to get onto the ladder now, without having the backing of a fully paid off house to fall back on is a mistake as far as i'm concered
and yes, i'm bitter about not having spent all my £300k and bought 3 houses back in the day all them 15 years ago
if you go for intrest only you need to be thinking about jumping ship fairly early or keeping the house long term
this business of keeping it for a while and then floging it off will just get you taxed to death
and you need to make the house make you money when you come to sell it, because if the prices are stagnant then you'll be screwed because you'll have spent your money paying out on it and not had a return
and this buy to let stuff has had it's time as well i reckon, if you can afford to pay a grand a month to rent, you can afford to pay a grand a month to pay the mortgage and lots of peole are seeing this now as well
and if you put the prices up, they move soemwhere else so you are doubly fucked
it's all gone well so far for a lot of peole, and a lot of peole, on paper, are property millionaires, but whe it comes to flogging the stuff off, expecially with intrest only, you've got to think about the ammount of money the tax man is going to take from you when you start selling all 10 of your houses
and you can't leave them to your wife and kids because they are still going to get taxed for it
which is why me and my brother went halves on buying a hosue with full repayment, and then, when he finds somewhere to live, we'll go halves on that as wll and he can rent his other bit out to help out
there is a lot of talk floating about as to the why's and what's but all the programes you see on the telly, the peole who have made the money are the ones who bought ages ago and have fuck all else to spend money on, and money makes money so they jumped onto that particular bandwagon and have been rolling in it ever since, but trying to get onto the ladder now, without having the backing of a fully paid off house to fall back on is a mistake as far as i'm concered
and yes, i'm bitter about not having spent all my £300k and bought 3 houses back in the day all them 15 years ago
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Originally Posted by DanS
Originally Posted by gkandr4ch
If you make an overpayment it reduces the capital you owe.