After my post the other day of a mortgage without a deposit, Ive worked out a way I can get 20-30k deposit if needed and we've seen a decent home for around £250k

What options do I have now?

(Yes, talking to a financial advisor is a good option, but how many will give fair, impartial advice? Atleast if I research before hand I can go in and come out better off. I am currently searching Google for as much info as poss, but alot of people on here have alot of good knowledge )

 

You be better be on a very good wage with security for that

 

Thanks Ballin (Hopefully) if either one of us lost our jobs the other could cover the mortgage (Touch wood)

 

There are some really good calculators on here

http://www.fool.co.uk/mortgages/compare-mortgages.aspx

Think most lenders are asking for 10% at least (if not 15%) deposit (which as above you say you could find)

£250k? are houses really that expensive there?!

Oh and good luck!

Z

 

Speak to an independent advisor as they can search the whole of the market, just remember that mortagages are no longer based on salary multipliers anymore but on affordability. So even if you earn 100K a year you wont be able to get an amazing mortgage if your up to your eyes in credit card debt etc

 

The lending criteria has stiffened up so much over the past 6 weeks...

Now, they have reverted back to the whole 3 times your salary.. as opposed to what you can afford... as this is hwat got us into the trouble we're in!

So... if you and your missus are both on 30k, you are only likely to be able to get a mortgage for up to £180k

there are still lenders out there that will lend more, but they are now few and far between.

As said above, go and see an INDEPENDANT advisor, you'll be able to find one in the yellow pages, and most offer 30 minutes free!

 

Remember you can get income insurance!

Can't believe people wouldn't have tbh!

 

Cheers Zo, will browse that in a min. Over a year ago flats round my way were £220k+ and houses £280k+ So no hope even with shit houses that need alot of work. Thanks to the recession houses (With 3 beds, garage and rear garden) average between £200-£300k and we've seen one for £250k in a decent area.

One's around Sutton are £250-£300k for a 4 bed, garaged house. I would prefer leaving closer to me Mum tho

Kamike, We have quite good desposable income on paper, so hoping that should be ok. I want an advisor that will not give me a deal based on their bonus. So finding someone who will be fair is gonna be hard

 

Maria, Ive been searching the net, but how do you know a genuine one? Don't wanna waste time moving from one advisor to another.

Lamb, Insurance will be purchased. Didn't think about it tbh, thanks

 

http://www.unbiased.co.uk/

Really good if you need a reputable IFA just type in your post code

 

Hope so mate. Sounds like a sizeable mortgage to take on so you need cover. Fuck losing your job then having no choice but lose the house as you're not covered. Double wounder!

 

Its trial and error im afraid honey!

I personally would go and see two! Book them straight after one another, and you'll simply get a feel for the one who you can trust the most.

 

Lamb, cheers

Maria, thanks to Mike's link above there's a few round my way. Gonna speak to me Mum's advisor who gave us some advice 18mts ago and he seemed genuine. Will getg booked in to see a few

 

Circa £1400 per month repayments?
Doing nicely to afford that, and gas/electric, and rates, and food, and cars etc on one wage.

Will a cheaper place not do?
Sounds like you'd be overstretching yourself, a lot have done that, reposessions are quite high now...

I'm looking at similar priced places, 200k tops ideally, but with 50/60k deposit and 40k income.

Best of luck

 

If hes getting a palce in Surrey i cant imagine there will be much cheaper there

See increase in house prices from NAtion wide today to 0.9% for the month. A bounce thats an anomilly or something of a leveling out?

 

Yeah used to drive past a new build round there, with one bedroom flats starting "at just 249,500"

 

so you are thinking of getting a £220k mortgage?

that's a big mortgage and you'll need to earn a few quid to get it

 

As said, Surrey is fucking expensive at the best of times. I never mentioned paying cars, etc just said one of us should be able to pay the mortgage. If we have to cut everything off and move out the house (Rent it maybe) to keep the house, then so be it! Even if we rent at a loss it will be beneficial when the houses start to go up in 5-10yrs.

This is probably THE only time we can get a decent house at a decent price, so wanna get on the ladder if we can.

 

Yeah sorry mate, didn't want to sound a cunt, and sympathise greatly, been watching for years as houses get further and further out of reach!

Just a lot of people in same situation as you have done the same, and are paying for it now, is tricky.

 

I still personally think the prices have a way to come down yet, especially on bigger houses as the market isnt what it was and with the tighter lending criteria screwing people up. Wouldnt surprise me if the "starter" sized homes dont drop much further as the demand will always be there for those type of property and with harder to get big mortgages a lot of people will have to put up with a smaller house as a first time and work thier way up the ladder.


Interestingly how will the new criteria effect people on renewals with large mortgages???? will it basically mean they are stuck on thier original deal as no one will give them a new deal on over 3x income????
Im currently earning £14k and have an £80k mortgage and will be earning even less when i come up for renewal in 2 years so will it go on affordability of my current wages or will i just be stuck with who im with now???

 

Dojj, thats why Im asking on here what options Ive got

The house we've seen is £250k, so put in an offer as quite a few places round the area are for sale (One 2 doors up is for sale and others round the area), so gives us more bargaining. If we can knock the house down to £230k or less and put a £30k deposit, then the mortgage will be cheaper obviously.

If this cannot be afforded we will look for cheaper houses and use the deposit to make our monthly payments less.

Hence why I asked for options. Ive had a few people give me contact details of IFA's who could help, so that will be explored over the next week or so.

All Im asking is for rough figures, best mortgages to get what I want, etc as people on here have alot of knowledge

 

With a 230k house a 30k deposit will only be 13% deposit. To get a first mortgage most lenders will need 15% unless you want to be stung with 7% + rates.

Try everyway possible to get that magic 15% or even better 20% as it will open up much better rates.

HTH

 

nthorpey you're hot, what colour underwear are you wearing? I'm guessing cream?

 

Cheeky monkey, i'm, not wearing any

 

warren you would be suprised, the housing market has really picked up around here, and i mean very very quickly.

i dont think house prices are going to drop much more in the desirable parts of the country, they never will, as rich people will generally always be rich.

must have seen 10-15 for sale board go to sold in the last few weeks, 2 of them being in our road, and supringsly went very close to asking price. (both on our road were on the market for 6-8 weeks max.

Ironically my mum has just bought another project last week.

 

Ive noticed houses are starting to sell again, we had 1 on our road go up for sale 4 weeks ago, and yesterday the sold sign went up! altho it was very reasonably priced i must say!

This house buying malarky aint cheap i can tell you ..< real tears lol

 

once the housing market picks up ironically everything should follow suit and pick-up

hopefully we can get out of this shitty doom and gloom bollocks

 

Mortgage lenders will also look at your attitude to risk.
30k is a lot of money to put forward out of your own pocket.They can see that you wont be likely to miss payments as you have a sizeable amount of money to loose too.They're not daft,especially now.

Even if you earned a huge amount of money,say 80k a year,and had no deposit,you may stil get a kick in the nuts cos you aren't putting your money where your mouth is.

 

Too true, you forget when discussing deposits etc that you then have to find extra money for the solicitors, search fees, survey etc which comes in at least another couple of grand not to mention at that price you will have to pay stamp duty too (is it properties over £175k?) when we first bought here the threshold was lower so we had to pay it robbing bastards

Z

 

the nationwide figures are guesses(up .9%)
woolich figures down 1.9%
wait for the land registry figures to see what the market is like

http://www.housepricecrash.co.uk/index.php

 

my mrs who is a morgage advisor and investments says things have really picked up in the last 2-3 weeks and she's suddently having alot more meeting for house purchases.

 

here are my figures and then you can see what's what from there

house bought for £280k
£100k deposit
fee's totalled £16.5k (including stamp duty, soliciters fees, all survey's etc)
mortgage, repayment, originally £1400 a month on tracker
currently just under £700 a month, still repayment but no on a 0.24% rate
household bills for family of 4, 2 adults 2 kids per month:
electric £58
gas £70
water £33
council tax £120
phone (included in sky package and bt line rental) approx £90 depending on useage
and other stuff on top of that

so out of the £3k i roughly get a month, i budget to put half of it away for a rainy day and half of it for bills etc but my monthly bills currently vary between £1400-£1700 a month depending on what's been bought

so if you can afford the mortgage, don't forget about the rest of the outgoings either, and if you are going to struggle, make sure you can survive

 

FFS, I can't even find somewhere to give me 90% of 90 grand Most I can get is 75% - 85% If I could find someone to give me 25 grand for nothing I'd be sorted!!!!! SOMEONE GIVE ME 25 GRAND FOR FREEEEEEEEEEEEEEEEEE

 

I am looking at buying a house in a few months 170K maybe beat them down to 160k with ideally a 50/60k deposit, am l right in thinking we can qualify for lower rates ? l have been told that l can over pay on the morgage also

Mike

 

I think most people were misled by the 0.9% 'rise', rumour has it the prices will drop further over the year. Our house is now worth around the same as when we bought it late 2003 - most estate agents are saying the last 5 years sky rocketed prices are now practically reversed, thankfully we still have some equity, but if sold not have much profit after associated fees are paid thank god not in negative though

Z

 

Where is Paul Ripley when you need him? isnt he a Estate Agent?

Mike

 

The dole office maybe? Most estate agents I know haven't sold a house in months

 

the bigger the deposit, the less chance there is of the bank losing money if they need to reposess, so they give you preferential rates

most will also give you a 10% overpayment leeway per year and, if you cough up the whole 10% you tend to save 2 years worth of payments per year, so you can either reduce the term or reduce the payment ammounts

 

thank god i paid 27.5 k for mine 8 yrs ago

and i got a 1k cash sweetner from the seller as they wanted to move quickly

give it a another year then think about moving once things have settled down

you can't buy a caravan for that now went to replace our static with a new one they were asking 30k plus siting fees fook that stick with the one we have got

glad i live up north not surry would be living in a tent