Mortgage advice
13-12-2005, 03:22 PM
#2
Chasing Radders
TBH Jake, with that kind of earnings you are looking at about 60k morgage 
As you know that will get you sweet FA
roughly, a morgage of 100k will see repayments of anything between £500-£800 a month depending on what kind of morgage it is and who its with.
As you know that will get you sweet FA
roughly, a morgage of 100k will see repayments of anything between £500-£800 a month depending on what kind of morgage it is and who its with.
13-12-2005, 03:31 PM
#4
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Originally Posted by Shings
yeh I had a feeling that would be the case- maybe if I just cut my moms head of she wont be able to call me a shit head and tell me not to fuck with her.
However on a plus point she's just thrown a cheque at me for the money she owes me... it'd better not be rubber I tell thee!
Jake
However on a plus point she's just thrown a cheque at me for the money she owes me... it'd better not be rubber I tell thee!
Jake
13-12-2005, 03:32 PM
#5
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Agreed Jake, you're looking at around a £65k mortgage based on your salary alone.
However, you do have the option to go Non-Status, and with a £10k deposit you are looking at around £100k mortgage, but your repayments will be up around the £800 pcm mark.
Have you looked into / considered shared ownership?
However, you do have the option to go Non-Status, and with a £10k deposit you are looking at around £100k mortgage, but your repayments will be up around the £800 pcm mark.
Have you looked into / considered shared ownership?
13-12-2005, 03:32 PM
#6
Chasing Radders
Best bit of advice would be get a better job
At your yearly wage they will only be tripling it.....As soon as you start hitting 22k+ a year they will times it by 4....so that is a big help for you
Yes it is good finishing at 1pm......but that wont get you a house
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13-12-2005, 03:38 PM
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Originally Posted by DaveEscos
what mortgage would you get for £41k ??
The larger deposit you have the more products that are available to you, make an appointment with a local Mortgage Broker to get a better idea on the rates available to you.
13-12-2005, 03:41 PM
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Originally Posted by Shings
Claire- looked at it very very briefly but I dont wanna have to pay interest on part of a property I dont own. I also havent got any mates who can match me in terms of deposit and status. Most of my mates have about 20k debt let alone actual disposable income also none of my mates are single so no one wants to buy a house with me.
You buy a percentage of the house, say for example 40% at the pro-rata price, then you rent the remaining say 60% off either a Housing Association or Local Authority. The house belongs to you, but you just have a smaller mortgage and discounted rent to pay each month. If you shop around for long enough you can find a decent deal - for example, my 3 bedroom detached house with a garage in total costs me £431 per month! (the split works out £240 mortgage & £191 rent).
13-12-2005, 03:44 PM
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Remember a deposit will help lower the interest rate you pay. It will also mean the mortgage you require is less.
We saved £150 a month off our mortgage payment each month by putting a 5% deposit down!!
We saved £150 a month off our mortgage payment each month by putting a 5% deposit down!!
13-12-2005, 03:45 PM
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We just got ourselves a £63k mortgage for a £130k 4 bed house with garage, £80k deposit plus pay a few debts off, over 30 yrs payments are £310 without any of the required insurances, £482 with, insurances are a bit OTT but not a bad deal really.
13-12-2005, 03:47 PM
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You 'could' go self-cert mortgage (deposit needed) and pay interest only mortgage not repay. This keeps cost down and house prices always go up in the 'long run' as an investment.
By going self-cert you do not have to prove your income
Speak to an accredited FSA Financial Advisor who will advise you for free. Stay away from the banks and be advised elsewhere as Advisors are independant; getting the same amount of commission whatever they sell you.
good luck
'
Dave
By going self-cert you do not have to prove your income
Speak to an accredited FSA Financial Advisor who will advise you for free. Stay away from the banks and be advised elsewhere as Advisors are independant; getting the same amount of commission whatever they sell you.
good luck
'Dave
13-12-2005, 04:12 PM
#17
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Originally Posted by DaveEscos
what mortgage would you get for £41k ??
Take that figure away from £41k = X
Then dependant on the lenders income multiplier. Say 3 times income.
Multiply X by 3(Income multiplier) = Max loan.
13-12-2005, 04:21 PM
#18
Chasing Radders
Originally Posted by DaveEscos
what mortgage would you get for £41k ??
The tax on 41k a year is in the higher bracket...........You would be better off earning £39,999 per year
13-12-2005, 04:29 PM
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10% upto £2090
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
13-12-2005, 04:54 PM
#22
Professional Waffler
Shings you would be better off with a new house that is being offered part ownership. You buy say for example...60%. You pay the mortgage on that. The 40% is the builders share. When you sell it the builder takes thge 40% and you get whatevers left. A good way to get on the ladder...
Oh as tiff says, get a better job man. My apprentice is on about that much
Dave you should be able to borrow around 180k on 41k per year. i am about to move house and was told i could borrow 210k
210 fooking thousand pounds....imagine that debt round your neck 
Oh as tiff says, get a better job man. My apprentice is on about that much
Dave you should be able to borrow around 180k on 41k per year. i am about to move house and was told i could borrow 210k
210 fooking thousand pounds....imagine that debt round your neck
13-12-2005, 05:12 PM
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just go to the mortage advice person at any estate agents and tell ur story, believe me if your serious theyl find a away for ya, ended up using the combined wage of me and me old man, got a 200.000 flat
13-12-2005, 06:01 PM
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Originally Posted by TIFF-C20WTH
Originally Posted by DaveEscos
what mortgage would you get for £41k ??
The tax on 41k a year is in the higher bracket...........You would be better off earning £39,999 per year
its like when i do overtime, people say no point, just more for the tax man.
yes, the tax man gets more, but only 22% of any extra i earn
13-12-2005, 06:05 PM
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Originally Posted by SapphyMike
10% upto £2090
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
13-12-2005, 08:17 PM
#26
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Originally Posted by kevandalice
Originally Posted by SapphyMike
10% upto £2090
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
13-12-2005, 08:43 PM
#27
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Tax whats that only paid it for 1 1/2 days of my life, robbing mofo's
And judging by what you guys say about tax brackets i would be paying a fair but
Mike
And judging by what you guys say about tax brackets i would be paying a fair but
Mike
13-12-2005, 08:56 PM
#28
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Originally Posted by Shings
I also havent got any mates .................................................. no one wants to buy a house with me.
Originally Posted by TIFF-C20WTH
Originally Posted by DaveEscos
what mortgage would you get for £41k ??
The tax on 41k a year is in the higher bracket...........You would be better off earning £39,999 per year
it dont work like stamp duty does you spoon
13-12-2005, 09:03 PM
#30
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Originally Posted by SapphyMike
10% upto £2090
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
22% upto £32,400
40% over £32,400
iirc, you get taxed 10% on the first £2090 of your wages, then 22% between that and £32,400, then 40% on anything over that figure.
You can from that, and a tax code, work out how much someone earns after tax.
start with your tax allowance, 489L is normal, this means £4895 tax free income, then the next 2090 @ 10%, then from your allowance (plus 2090) upto 32400 is at 22%, from 32400 to your annual salary is at 40%
13-12-2005, 09:47 PM
#31
Professional Waffler
Yep as Matt says. If you are on say 41k as per dave, you dont pay 40% on all that, just 40% on the 8600
I think Tiffs accountant has been pocketing some of his money and telling him this
If you are on say 41k as per dave, you dont pay 40% on all that, just 40% on the 8600 I think Tiffs accountant has been pocketing some of his money and telling him this
13-12-2005, 10:00 PM
#32
Chasing Radders
Originally Posted by Lee Reynolds
Yep as Matt says. If you are on say 41k as per dave, you dont pay 40% on all that, just 40% on the 8600
I think Tiffs accountant has been pocketing some of his money and telling him this
If you are on say 41k as per dave, you dont pay 40% on all that, just 40% on the 8600 I think Tiffs accountant has been pocketing some of his money and telling him this
Now where are my books......i better do some checking
13-12-2005, 10:03 PM
#33
Professional Waffler
Originally Posted by TIFF-C20WTH
Originally Posted by Lee Reynolds
Yep as Matt says. If you are on say 41k as per dave, you dont pay 40% on all that, just 40% on the 8600
I think Tiffs accountant has been pocketing some of his money and telling him this
If you are on say 41k as per dave, you dont pay 40% on all that, just 40% on the 8600 I think Tiffs accountant has been pocketing some of his money and telling him this
Now where are my books......i better do some checking
13-12-2005, 10:09 PM
#36
Professional Waffler
Originally Posted by TIFF-C20WTH
Headline from the Warwick papers on Thursday will read
ACCOUNTANT FOUND WITH ANUS FULL OF YEARLY TAX BOOKS OUTSIDE HIS MANSION
ACCOUNTANT FOUND WITH ANUS FULL OF YEARLY TAX BOOKS OUTSIDE HIS MANSION
14-12-2005, 04:44 PM
#40
Professional Waffler
I know where ya coming for shings, im not in anyway having a go...It will be nice not to have to do much and enjoy the work you do...BUT if you want things like houses and nice cars and are not lucky enough to be born with a silver spoon in ya gob, then ya have to work