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Thread: Mortgage, whats the chances?

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    Senior Member chriswood_7's Avatar
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    Mortgage, whats the chances?

    Hey all,

    Just applied for a right to buy on our current home with my mum offering to move out into a smaller house or flat, so the time has come to start research into mortgages. Its looking desperately depressing as hardly anywhere are offering 90-95% mortgages, and those that are are charging anywhere between £500-£1000 admin/set up fees. The mortgage wouldnt be that large, probably around £50k (big discount due to the time living here) but that still leaves me anywhere between £3500 and £6000 down before I even start and short of selling all my stuff and my car I cant get my hands on that sort of cash.

    Whats the best thing to do? Are there any chances of 100% mortgages becoming available for FTB in the next 6-9 months?

    Any advice welcome really

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    sneaks quietly away. schmunk's Avatar
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    Re: Mortgage, whats the chances?

    My spidey senses say 'unlikely'.

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    Banhammer in peace PeterB kalniel's Avatar
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    Re: Mortgage, whats the chances?

    Save for a deposit first - very good interest rates available at the moment.

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    IBM
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    Re: Mortgage, whats the chances?

    Any reason for the rush? Save for a deposit, it'll be worth it in the long run....

    That's the problem with young folk these days. No patience. Why, when I was a lad we'd save till we were dead before we went out and bought anything, worked 25 hours down the mine, come home and get beaten with great bloody stick by our dad, before eating a bowl of ground glass, sleeping just 20 minutes, then......

    Either way, good luck mate, it's a harsh world out there. Looks like you're getting a steal on that one though, even in Gateshead
    sig removed by Zak33

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    Re: Mortgage, whats the chances?

    Chris I would guess that you are not looking for a 100% mortage unless thats all the house is worth...the % is a % of the value of the house you are buying iirc therefore if the house is worth 100k u are only looking to borrow 50% of that value so a deposite may not be needed. I just fixed for 10 years with the woolwich on that basis

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    Goron goron Kumagoro's Avatar
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    Re: Mortgage, whats the chances?

    House prices have fallen 12% year on year according to the latest Halifax stats.
    Considering that they only started falling in march its likely to be at least 20% by march
    next year.

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    Chillie in here j.o.s.h.1408's Avatar
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    Re: Mortgage, whats the chances?

    im going to geta mortgage next year also and so far i will around 7% for deposit on a basic 180-200k house :S

    do you think its best for me and my wife to go on one of those key worker schemes?

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    Re: Mortgage, whats the chances?

    Quote Originally Posted by j.o.s.h.1408 View Post
    im going to geta mortgage next year also and so far i will around 7% for deposit on a basic 180-200k house :S

    do you think its best for me and my wife to go on one of those key worker schemes?
    As someone who is on the keyworker scheme, it can be quite limiting to your future plans. You can't do anything major to the property without checking with them, you can't secure any finances on the house once the mortgage has gone through, and when you do come to pay it off the interest on any "profit" you make it quite punitive (8% APR on ours when the mortgage was only 4.8%)


    It's only worth it if you're sure that the place you're buying is gonna serve your future needs.

    (\___/) (\___/) (\___/) (\___/) (\___/) (\___/) (\___/)
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    This is bunny and friends. He is fed up waiting for everyone to help him out, and decided to help himself instead!

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    TiG
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    Re: Mortgage, whats the chances?

    Buying a house at the moment is tantamount to Lunacy. Check some of the advice on any of the financial sites.

    TiG
    -- Hexus Meets Rock! --

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    Re: Mortgage, whats the chances?

    Quote Originally Posted by j.o.s.h.1408 View Post
    im going to geta mortgage next year also and so far i will around 7% for deposit on a basic 180-200k house :S

    do you think its best for me and my wife to go on one of those key worker schemes?
    Personally i'd wait out the price drops before even thinking of getting a house. One of my workmates was trying to buy a house, it was either shared-ownership or key worker, but when they went to get their mortage sorted thats where all the "fun" started. The original mortgage was approved, then withdrawn as the provider had stopped the offer. Then they were told that they would need a 25% Deposit. So nothing happened in the end.

    If i was you Josh, i'd save as much as possible while the prices are dropping, then when the signs start showing increases thats when you buy. Its what i did, and its worked perfectly. Or how about looking at repossessions. Generally you will get them cheaper, may not be in the best condition (mine wasn't) but the savings can make a massive difference on the mortgage repayments.

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    Senior Member j1979's Avatar
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    Re: Mortgage, whats the chances?

    Quote Originally Posted by TiG View Post
    Buying a house at the moment is tantamount to Lunacy. Check some of the advice on any of the financial sites.

    TiG
    getting a large mortgage is not advised at the moment, but why is buying a house lunacy? Those lucky enough to have enough cash, can put in stupidly low offers (25%) lower than the asking price.

    for myself i will be in a position soon to be able to buy a small 1/2 bed flat outright (savings and small inheritance) , if prices continue to fall after ive purchased the flat, it wont be too bad as long as the drop is not much greater than what i would have paid in rent.

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    TiG
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    Re: Mortgage, whats the chances?

    Because you know prices are going to continue to fall. You are pissing away your deposit for no reason other than to buy because you can.

    TiG
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    Chillie in here j.o.s.h.1408's Avatar
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    Re: Mortgage, whats the chances?

    Quote Originally Posted by beanbandit View Post
    Personally i'd wait out the price drops before even thinking of getting a house. One of my workmates was trying to buy a house, it was either shared-ownership or key worker, but when they went to get their mortage sorted thats where all the "fun" started. The original mortgage was approved, then withdrawn as the provider had stopped the offer. Then they were told that they would need a 25% Deposit. So nothing happened in the end.

    If i was you Josh, i'd save as much as possible while the prices are dropping, then when the signs start showing increases thats when you buy. Its what i did, and its worked perfectly. Or how about looking at repossessions. Generally you will get them cheaper, may not be in the best condition (mine wasn't) but the savings can make a massive difference on the mortgage repayments.
    Yea i dont mind buying a house that looks like a mess inside. as long as its cheap and has potnetial then im sold. My parents purchased a house that had a massive hole on teh floor in the top floor, no carpet, no anything. it was as if a bomb went off in that place lol but throughout the year my parents have transformed it into a modern looking place

    O and btw, the place had originally 5 bedrooms but after all the work was done, they transfered one of the bedrooms into a massive bathroom

    I will wait and see what happen next year and if things are still the same, i will not buy

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    Senior Member chriswood_7's Avatar
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    Re: Mortgage, whats the chances?

    Some very good advice everyone many thanks, im hoping to know whats happening within the next month or so. It all depends on what the house is valued at, were eligible for a £22k discount whatever the valued price is. I have a few things I can sell to raise a deposit, such as my car. But we will have to wait and see what happens,

    Its tough this house buying lark, and what doesnt help is that im the worlds worst person for saving money. If I have two options, save £1000 to buy something in a years time or spend it now, I spend it now. I live for today, not tomorrow

    Cheers all!

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    Goron goron Kumagoro's Avatar
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    Re: Mortgage, whats the chances?

    I believe that if you fall into negative equity and you then want to move you will have to
    pay the bank off to be able to move.

    So if you have a mortgage of 100k and your house next year is worth 80k in order to move you
    will have to stump up 20k.

    Are you in any particular rush to buy it now?

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    Senior Member chriswood_7's Avatar
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    Re: Mortgage, whats the chances?

    Not in a rush as such, but im terrible at saving money... ill end up with another car or something if i dont do it now!

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