FAO mortgage experts !!!!
11-02-2010, 08:25 PM
#1
FAO mortgage experts !!!!
ok , i genuinley dont have the first clue about whats involved in getting one , whats the best to get , where to look ect
but thinsg are going well with the missus , and as a favour to a mate we went to see his house that his ex partners selling as they recently divorced , she dosent know us and he wanted to find out if shes was putting off potential buyers in an attempt to not sell
long story short ,the house was really nice , idel for our needs and a big garage and workshop to boot ,
the house was origanaly £ 142000 on the valuation but its been up for sale 15 months and shes now dropped it to 128.950
now as my mate has equal say in the selling price, i know from him the mortgage on the property owes them around 20 k and shes having trouble keeping up payments
he reckons an offer of 120k would buy it
so whats needed for a mortgage of 120 - 123 k
wheres doing the best deals ect ,
any info to get us rolling ,
im not saying were going to commit , far from it but its certainly opened our eyes to what we could be doing ,
anyone
beef
but thinsg are going well with the missus , and as a favour to a mate we went to see his house that his ex partners selling as they recently divorced , she dosent know us and he wanted to find out if shes was putting off potential buyers in an attempt to not sell
long story short ,the house was really nice , idel for our needs and a big garage and workshop to boot ,
the house was origanaly £ 142000 on the valuation but its been up for sale 15 months and shes now dropped it to 128.950
now as my mate has equal say in the selling price, i know from him the mortgage on the property owes them around 20 k and shes having trouble keeping up payments
he reckons an offer of 120k would buy it
so whats needed for a mortgage of 120 - 123 k
wheres doing the best deals ect ,
any info to get us rolling ,
im not saying were going to commit , far from it but its certainly opened our eyes to what we could be doing ,
anyone
beef
Last edited by -beefy-; 11-02-2010 at 08:29 PM.
11-02-2010, 08:28 PM
#2
Too many posts.. I need a life!!
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check money supermarket.com for idea of whats available mate, loads of deals out there mainly decided by how much deposit you lay down, bigger deposit better the deal mate
11-02-2010, 08:43 PM
#4
PassionFord Post Whore!!
first thing you will need mate is a 20% deposit, and a regular income.
times have changed beef,, thats what you need for a good deal/mortgage rate.
times have changed beef,, thats what you need for a good deal/mortgage rate.
Last edited by righthooker; 11-02-2010 at 08:45 PM.
11-02-2010, 08:46 PM
#5
Borg Warner EFR Equipped!
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They will take a multiple of your incomes mate.
Depending on the lender it'll be X times the largest wage plus Y times the smaller. Alternatively they'll add both together and multiply the combined amount by their figure.
If you've got a poor credit history then normally they'll either hammer you with the interest rate or they'll look for good security (normally below 90% LTV - Loan To Value) - i.e if the house is worth £100,000 they won't lend you any more than £90,000.
In this case it sounds like you might land lucky with the LTV anyway! Again, depending on the lender, if your credit history is poor then sometimes they will look for a guarantor on the mortgage, i.e if you don't pay then they agree to cover the payments.
I'll have a proper chat with you about all this next tuesday evening if you want mate?
Depending on the lender it'll be X times the largest wage plus Y times the smaller. Alternatively they'll add both together and multiply the combined amount by their figure.
If you've got a poor credit history then normally they'll either hammer you with the interest rate or they'll look for good security (normally below 90% LTV - Loan To Value) - i.e if the house is worth £100,000 they won't lend you any more than £90,000.
In this case it sounds like you might land lucky with the LTV anyway! Again, depending on the lender, if your credit history is poor then sometimes they will look for a guarantor on the mortgage, i.e if you don't pay then they agree to cover the payments.
I'll have a proper chat with you about all this next tuesday evening if you want mate?
11-02-2010, 08:51 PM
#7
They will take a multiple of your incomes mate.
Depending on the lender it'll be X times the largest wage plus Y times the smaller. Alternatively they'll add both together and multiply the combined amount by their figure.
If you've got a poor credit history then normally they'll either hammer you with the interest rate or they'll look for good security (normally below 90% LTV - Loan To Value) - i.e if the house is worth £100,000 they won't lend you any more than £90,000.
In this case it sounds like you might land lucky with the LTV anyway! Again, depending on the lender, if your credit history is poor then sometimes they will look for a guarantor on the mortgage, i.e if you don't pay then they agree to cover the payments.
I'll have a proper chat with you about all this next tuesday evening if you want mate?
Depending on the lender it'll be X times the largest wage plus Y times the smaller. Alternatively they'll add both together and multiply the combined amount by their figure.
If you've got a poor credit history then normally they'll either hammer you with the interest rate or they'll look for good security (normally below 90% LTV - Loan To Value) - i.e if the house is worth £100,000 they won't lend you any more than £90,000.
In this case it sounds like you might land lucky with the LTV anyway! Again, depending on the lender, if your credit history is poor then sometimes they will look for a guarantor on the mortgage, i.e if you don't pay then they agree to cover the payments.
I'll have a proper chat with you about all this next tuesday evening if you want mate?
sounds good fella,
you got an eta for tues ?
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11-02-2010, 08:52 PM
#8
Borg Warner EFR Equipped!
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Beef, you'll need to be in the job for at least 3 months before you even think of applying fella.
Not got an ETA yet. Will buzz you over the weekend
Not got an ETA yet. Will buzz you over the weekend
11-02-2010, 09:33 PM
#9
when applying for a mortgage the banks will ask for the following
deposit
payslips to show how much you earn
a valuation on the property to see if it's worth what you are asking for it
etc
then you also need to find out how much it's going to cost in soliciter fee's
and stamp duty
these are going to bump up the cost so you may well need to have a bigger cash pile as a back up
find a good mortgage broker
deposit
payslips to show how much you earn
a valuation on the property to see if it's worth what you are asking for it
etc
then you also need to find out how much it's going to cost in soliciter fee's
and stamp duty
these are going to bump up the cost so you may well need to have a bigger cash pile as a back up
find a good mortgage broker
11-02-2010, 10:40 PM
#10
beefy, to buy a property for 120k as a first timer you will need about 20k in savings you might get away with a 15k deposit then 5k for the rest of the shit and that leaves you with a mortgage of 105k and for that you would need to earn at least 30k.. that would gave you a monthly payment of £550 then add another 500 for the rest of the shit and thats your outgoings per month before you even put any food on the table
all approx imo
steve
all approx imo
steve
11-02-2010, 11:00 PM
#12
Wahay!! I've lost my Virginity!!
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just a tought but a mate of mine is renting the house he lives in for 1 year and is paying £680 a month.
when the years up IF he wants to buy it then the owner will knock off 50% of what he has paid in rent (as a down payment if you like) and go for the current market value, or just walk away, or rent for another term but re-look at the half price off bit.
(or he can have it for the current market value today).
the owner dosnt have a morgage and has moved in with his girlfriend so can afford to do it, plus the owner dosnt have to pay out anything whilst my mate is in the house as all bills are down to my mate, so the owner is making £680 a month all the time my mates there.
he thinks that he will buy it as it will save him removal fees and £4000 off.
lucky bar-steward!!
why not try that one??
when the years up IF he wants to buy it then the owner will knock off 50% of what he has paid in rent (as a down payment if you like) and go for the current market value, or just walk away, or rent for another term but re-look at the half price off bit.
(or he can have it for the current market value today).
the owner dosnt have a morgage and has moved in with his girlfriend so can afford to do it, plus the owner dosnt have to pay out anything whilst my mate is in the house as all bills are down to my mate, so the owner is making £680 a month all the time my mates there.
he thinks that he will buy it as it will save him removal fees and £4000 off.
lucky bar-steward!!
why not try that one??
11-02-2010, 11:18 PM
#13
PassionFord Post Whore!!
10% deposit.
Do the money supermarket thing its easily the best mortgage selector but when you find the best deal go direct to the banks website.
You will need to be crystal clear on credit history anything less wont be considered.
You'll need to earn 30k upwards for a house like this as an absolute minumum.
£1000-£1200 for solicitors fees.
£12000 deposit.
£600-£700 a month on £108k mortgage.
Do the money supermarket thing its easily the best mortgage selector but when you find the best deal go direct to the banks website.
You will need to be crystal clear on credit history anything less wont be considered.
You'll need to earn 30k upwards for a house like this as an absolute minumum.
£1000-£1200 for solicitors fees.
£12000 deposit.
£600-£700 a month on £108k mortgage.
12-02-2010, 08:20 AM
#14
10% deposit.
Do the money supermarket thing its easily the best mortgage selector but when you find the best deal go direct to the banks website.
You will need to be crystal clear on credit history anything less wont be considered.
You'll need to earn 30k upwards for a house like this as an absolute minumum.
£1000-£1200 for solicitors fees.
£12000 deposit.
£600-£700 a month on £108k mortgage.
Do the money supermarket thing its easily the best mortgage selector but when you find the best deal go direct to the banks website.
You will need to be crystal clear on credit history anything less wont be considered.
You'll need to earn 30k upwards for a house like this as an absolute minumum.
£1000-£1200 for solicitors fees.
£12000 deposit.
£600-£700 a month on £108k mortgage.
as long as she's on £15k a year as well
12-02-2010, 10:01 AM
#15
PassionFord Post Whore!!
Beefs other half is in a good job, she may earn enough on her own???
Beef on the other hand aint got a hope in hell, sorry beefy but in your current situation it would be very difficult to get a good deal,if at all get them to lend you the money. The smaller the deposit the worse the deal mate , it sucks but the banks have been bitten in the arse by lending 100%+ mortgages in the past .
I was offered a house last year for 4ok with a market value of 70k, when i tried to borrow the 40k they wouldnt take the resale value of the property int context and still wanted a 10% deposit on the 40k, i was hoping they would lend on the value of the house . ie: 40k loan and take the 20k equity in mind as there deposit/safeguard , if you get my drift but nope .
But honestly to get a deal at circa 5% you will need a 20% deposit imo, or take a bad deal as i did 6 years ago.
It was then possible to go self cert if you had a "Deposit" i raised 10k on the 100k house , but got hit with a 6% deal which rose to 9% within a year.
I had to put up with huge repayments for 3 years untill i could get out.
Fair play for trying mate , but it will be a struggle unless your lass is on a wedge , but you keep saying she is , so fingers crossed mate
Beef on the other hand aint got a hope in hell, sorry beefy but in your current situation it would be very difficult to get a good deal,if at all get them to lend you the money. The smaller the deposit the worse the deal mate , it sucks but the banks have been bitten in the arse by lending 100%+ mortgages in the past .
I was offered a house last year for 4ok with a market value of 70k, when i tried to borrow the 40k they wouldnt take the resale value of the property int context and still wanted a 10% deposit on the 40k, i was hoping they would lend on the value of the house . ie: 40k loan and take the 20k equity in mind as there deposit/safeguard , if you get my drift but nope .
But honestly to get a deal at circa 5% you will need a 20% deposit imo, or take a bad deal as i did 6 years ago.
It was then possible to go self cert if you had a "Deposit" i raised 10k on the 100k house , but got hit with a 6% deal which rose to 9% within a year.
I had to put up with huge repayments for 3 years untill i could get out.
Fair play for trying mate , but it will be a struggle unless your lass is on a wedge , but you keep saying she is , so fingers crossed mate
12-02-2010, 06:08 PM
#16
Beefs other half is in a good job, she may earn enough on her own???
Beef on the other hand aint got a hope in hell, sorry beefy but in your current situation it would be very difficult to get a good deal,if at all get them to lend you the money. The smaller the deposit the worse the deal mate , it sucks but the banks have been bitten in the arse by lending 100%+ mortgages in the past .
I was offered a house last year for 4ok with a market value of 70k, when i tried to borrow the 40k they wouldnt take the resale value of the property int context and still wanted a 10% deposit on the 40k, i was hoping they would lend on the value of the house . ie: 40k loan and take the 20k equity in mind as there deposit/safeguard , if you get my drift but nope .
But honestly to get a deal at circa 5% you will need a 20% deposit imo, or take a bad deal as i did 6 years ago.
It was then possible to go self cert if you had a "Deposit" i raised 10k on the 100k house , but got hit with a 6% deal which rose to 9% within a year.
I had to put up with huge repayments for 3 years untill i could get out.
Fair play for trying mate , but it will be a struggle unless your lass is on a wedge , but you keep saying she is , so fingers crossed mate
Beef on the other hand aint got a hope in hell, sorry beefy but in your current situation it would be very difficult to get a good deal,if at all get them to lend you the money. The smaller the deposit the worse the deal mate , it sucks but the banks have been bitten in the arse by lending 100%+ mortgages in the past .
I was offered a house last year for 4ok with a market value of 70k, when i tried to borrow the 40k they wouldnt take the resale value of the property int context and still wanted a 10% deposit on the 40k, i was hoping they would lend on the value of the house . ie: 40k loan and take the 20k equity in mind as there deposit/safeguard , if you get my drift but nope .
But honestly to get a deal at circa 5% you will need a 20% deposit imo, or take a bad deal as i did 6 years ago.
It was then possible to go self cert if you had a "Deposit" i raised 10k on the 100k house , but got hit with a 6% deal which rose to 9% within a year.
I had to put up with huge repayments for 3 years untill i could get out.
Fair play for trying mate , but it will be a struggle unless your lass is on a wedge , but you keep saying she is , so fingers crossed mate
to get a good deal you have to show that yuv'e got money to put up front as a deposit and the payslips go towards showing how much you earn a month, thus not needing to factor in the fact that your basic might be £10k but you earn an addition 350k in bonuses, so they'll only lend to you on the basis on the £10k that you can actually earn every month rather than the £350k you "might" potentially earn
12-02-2010, 06:38 PM
#17
............
Beef, forget 90% of whats written on here as tho its the law 
most of it is bollocks.
Get an IFA to visit you, they are usually free,they'll go through your options, what you can afford and the different products available for your situation
Dont take a product from them, dont buy insurance from them, go direct to the lender/lenders you identified with him and do the deal yourself.
most of it is bollocks.Get an IFA to visit you, they are usually free,they'll go through your options, what you can afford and the different products available for your situation
Dont take a product from them, dont buy insurance from them, go direct to the lender/lenders you identified with him and do the deal yourself.
13-02-2010, 03:48 PM
#18
PassionFord Post Whore!!
Beef, forget 90% of whats written on here as tho its the law most of it is bollocks.
Get an IFA to visit you, they are usually free,they'll go through your options, what you can afford and the different products available for your situation
Dont take a product from them, dont buy insurance from them, go direct to the lender/lenders you identified with him and do the deal yourself.
most of it is bollocks.Get an IFA to visit you, they are usually free,they'll go through your options, what you can afford and the different products available for your situation
Dont take a product from them, dont buy insurance from them, go direct to the lender/lenders you identified with him and do the deal yourself.
13-02-2010, 03:56 PM
#19
............
I am a qualified IFA altho I dont do it anymore, and yes from what i've read he will struggle, altho none of us know his exact circumstances and what he and or his partner is prepared to spend, which is why i suggest initially consulting a free IFA
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