ian_evs2003

hi.. im goin to meet up with a mortgage advisor next week.. ive seen a property for 115k,,im only 22 and il be goin into it on my own, just after any advice really,, and how have you done it,,its ither renting a place or buying,, i dont fancy renting,, and staying home is no option..lol

cossie4i+

iTrader: (15)

Im sorry to say but i doubt you will get a mortgage for that amount unless you are earning at least 35k and have a 10% deposit min.

Steve

dojj

iTrader: (3)

most places will need a 25% deposit or they rates will be sky high

unless you are doing a part buy part rent

ian_evs2003

i can put 15-20 percent down on it.. will i get a good deal en?

cossie4i+

iTrader: (15)

How much do you earn ???????????????

Steve

dojj

iTrader: (3)

the basics are that for every Ł1 you borrow, you will pay back Ł2

so if you borrow Ł100k, you will have to pay back Ł200k

on a 25 year mortgage this will be around the Ł650 a month if you get your figures figuring that you can afford to pay this ammount back

ian_evs2003

just had a meeting with them today.. and we came up with some figures like.... if i found a place for 110k and i put 20k down and had a 80k morgage over 35 years at a 3years fixed rate (i can change after 3 years) it worked out arround 450 a month,, so wasnt bad really.. better than i expecteded

dojj

iTrader: (3)

either you've wrote it wrong, or you need to find another mortgage advisor as you've lost Ł10k in there somewhere

CraigoScott

iTrader: (1)

yeah there 10k gone west somewhere! 450 a month is very good for a mortgage! is that interest repayment only?

ian_evs2003

and the figure are not exact, would that be intrest,, thinking back naw,, was it 30 years or 35..ooops , she did it on the computer and that worked it all out really,

ian_evs2003

sorry.. just looked at the details..and it was 86k,,

Cossy Mike

iTrader: (4)

35 year term ? bit high

mines a 90k mortgage fixed for 10 years @ Ł490 a month on a property worth Ł145,000

CraigoScott

iTrader: (1)

well your still 4k short 110 - 20 = 90

88k would make 22k a 20% deposit on a 110 house...


i personally wouldnt go with interest only, but it is a very good way of gettin on the ladder! did she do an agreement in principal?

ian_evs2003

i didnt do intrest only,, 35 is high but it was working a bit cheaper to what i can aford per month,, again im only 22, single,, so im goin in on my own..

Lambchop

iTrader: (1)

woooooah sack having a mortgage over 25 years! Never mind 35

CraigoScott

iTrader: (1)

why? take the initial term of 35 for a few years to get you on the ladder, then when your more settled/earning more/sharing the mortgage, then remortgage over a shorter term! thts what me and my mrs are planning on doing anyway!

ian_evs2003

ye that what she said craigoscott.. theire no way i can aford to pay more,, i wana a life aswell,,like he said when i get older i can change the years a bit.. 35 is just to get started

Lambchop

iTrader: (1)

If it's the only way to get started then fair play!

FAR better paying a mortgage than someone else's by renting!

Crowder

i did the same at 21 got a 38yr mortgage on a place worth 190k. i figure im not going to live in the same house all that time so why would i keep the same mortgage. once ur in and set up it'll be ok but have plenty of money spare for the initial set. appliances, decorating fees blagh blagh etc

Crowds.

Lambchop

iTrader: (1)

holy crap

i honestly never realised you could have a mortgage over that long!

Crowder

actually im a bit misleading there it was actually 40 to start with lmao!!

Cossy Mike

iTrader: (4)

40 year mortgage!! it's going to be as bad as china where you can take out a 90 year mortgage and pass it on to your kids lol

I worked my mortgage out so it will be paid off before I am 55 so I will have 10 years to save for my retirement to add to my pension.

ian_evs2003

i though 35 was long to start with but when they explained a bit more that i can change it as i get older and more money in my poket,, and theyl do this in 3 years time after the fix rate has finishes,, i can change company os so. altho nothing has been confirmed yet

Crowder

doing your math it finishes when im 61 if i was to keep the same one. but theres no chance in that in the two years ive already got a better job etc and i now rent that house out lol. so i'll have done something majorly wrong if i still ahve the same house and mort at retirement lol!!

rstel1

only advise i can give mate is to make sure you get a second quote from a diffrent advisor to make sure you are getting the best deal.

Cossy Mike

iTrader: (4)

Best of luck mate. Advice would be to read the small print for the early repayment penalties.

Were happy were we are, were back in the same street we grew up in, so no chance of shifting. House is more than big enough so we will never out grow it.

ian_evs2003

i should do that really ,get advice off somone else,, like they all say,, naw is the best time to buy,,,i think i can put more money down than figures i gave but,,, just to be on the safe side..its a big step for me, and i can spend more time with me lil girl