CraigJ

Do any places still do them?

Me and my fiancee wernt looking for a house but one has come up local which is ideal for us, 3 bed semi-detatched, lond drive and a garage for 80K. Cheap as it needs gutting inside. Every room needs bringing up to date. Others that have been up for sale are 110-120K on the same area. These have been modernised.

As we wernt looking for a house we have fuck all saved up. Was wondering if anywhere still do 100% mortgage.

C4llyT

If they do they're idiots....
Wouldn't be hopeful, and would be shocked if they did.

mechanic28

iTrader: (5)

dont think they do!but i think there is a way out or some sort of scheme where as for example the house is 180k u buy it for 190k but u get the 10k back and put the 10k down as a deposit?

RWD_cossie_wil

iTrader: (9)

No, I think there is only one, and the interest is shocking.

If you want the house, then sel somthing of value quickly, or get a couple of 0% credit cards and use them for a deposit, as you can pay them off quickly (say 12 months) and won't pay anything on the cash you borrow

C4llyT

With a massive mortgage to pay each month too?
Not sure that's too achievable, but is an idea!

RWD_cossie_wil

iTrader: (9)

If you want somthing enough you will get it, the beauty of a CC is that you can pay what you like when you like, so any spare cash can go towards paying it off, and a second job for 2 nights a week would go a long way to clearing it

CraigJ

Looks like are lasses car will be going up for sale then. theres 4k there. just need the money soon. Looks like im gunna be sucking up to the parents.

Mr C

iTrader: (2)

decent deposit as it is £4k and in a couple of years if you are tight with your money she can have a new car with the profit and a decent deposit for the next house when the tide starts to turn again

C4llyT

10% is the minimum for a deposit now isn't it, with some wanting 20%?
I know you can get less, but no doubt interest reflects this.

CraigJ

Can some one explain different mortgages types to me please, Repayment, intrest only, fixed, tracker etc as im getting a little confused.

fuzzy

repayment pays the whole loan. interest only is much cheaper as it only pays the interest so after 25 years you still owe the original amount. fixed rate is a fixed rate usually for 2 or 3 years. tracker goes up and down with the bank of england interest rates.pretty much as they sound really.

CraigJ

is the fixed rate better to go for as a first time buyer?

mrjenrst

5% isnt shit tbh on an 80k house, you could get a mortgage but most ifa's can get you some cracking deals if you have 10% minimum

I'd personaly avoid a tracker if your watching penny's a fixed rate is ALWAYS better as you know exactly how much to budget each month.

Interest only is shit tbh after 25 years of paying and you still havnt paid what you bought it for

Hth

fuzzy

interest only is basically renting as unless you have some sort of plan you will never own it but allows you to afford it if things are tight. tracker or fixed rate is basically a gamble because no one knows how the interest rates will be in 6 months time. if you have a fixed rate for 2 years and the rates keep going up in 2 years time when your deal ends you'll have a big jump in payments to the latest interest rate. but it could also go the other way.who knows for sure. you need to do a lot of research into things and get professional advice then its upto you to make the choice thats best for your circumstances

rabmc

I got my mortgage around 3 months ago, had to put down 11k though as i was going self cert as i have my own business, i was only 2 years in and needed 3 years accounts, anyway i got a good deal with the place i bought and i went tracker for 2 years and has dropped £20 since, hopefull the base rate wont go up too much and take my morgage up to over what it originally was when i took it.

Mr C

iTrader: (2)

seek professional advice as its THE biggest item you will ever pay for and dont take it lightly as owing £80,000 is serious stuff (obviously not in the grand scheme of things, its not un heard of to have a £400,000 mortgage), have a plan and work to it, pay off as much as you can in the first 5yrs as every £1000 payed extra now can equate to £3000 in total off of the end of your mortgage
Post up how you gat on at a lenders meetingbest of luck

dojj

iTrader: (3)

on £80k it's going to be about £500 a month

bear in mind that for every £1 you borrow, you normally pay back around £2 over the course of the mortgage term

if it was me i'd be on it like a rabbit on a mrs rabbit

C4llyT

Sorry, didn't think you could get houses that cheap
Me being a southerner an all......!
Be twice that for the smallest roughest hole down this way.

Rick

80k will buy u a wheelie bin in Manchester.

Interest only are not bad for first time buyers. You always owe what u have borrowed - say 80k. But, after say 10 years the house will be worth 120k, so you have made 30k profit. Ok, u have to consider inflation etc, but it is usually much better than renting.

Shings

If you look around you can get 95% but with these you incurr higher lending charges, a lot of lenders at the moment are also asking for product fee's on top of everything else they want to charge you.

Not being Funny Craig but you needed to get a deposit sorted, mortgage in principal and some idea of your financial situation before you started looking.

"You cant just jump in the ring and think you can box with the itka's"

Buying a house and lending a lot of money needs to be an informed decision- why do I speak like this- I am AT THIS SECOND looking and I more or less did what you did and found the hard way that it aint easy.

Luckily I have a deposit and no debts - but mortgages for First timers at the moment are a fucking joke!!!!

J