Morgages

[James]

Hi guys,

Im just after a bit of information really... I'm 18 soon and i have to move out in ermmm 11 hours and 40 minutes rofl. Probally be able to extend that until im 18,

I was just wandering what is the biggest morgage i could probally get with an income of beetween 24k (min) - 32k a year.

Im after getting on the propety ladder early as you might have noticed and i dont want to be renting a house out.

Thanks guys.

[Clouds_mate]

how would we know, go to the bank smileys/smiley17.gif

[Clouds_mate]

but.... im sure its like 3 times your income but that would change depending on other things.

[saxoash]

some ones doing well for them self smileys/smiley17.gif, depends on your credit rating and that. but im guessing wiv that income and your bank will give you one no problem, you just have to be able to afford the deposit

[AdamW]

You can get a mortgage for twice your annual income

[James]

Leckie i dont have time moron, im talking to home owners here not you smileys/smiley17.gif

Theres a certain amount you can get by your wage i just want to know what it is smileys/sad.gif.

Iv'e got to go see my personal accountant today (god it feels great sayng that).
Then iv'e got to pick up my car.

[Clouds_mate]

Im going on the big ladder next year smileys/smiley2.gif cant wait

[James]

You can get a mortgage for twice your annual income

That's crap, seen my perfect house, 3 bedrooms.. pretty much brand new with a garage :o. Nice estate 94k smileys/sad.gif

[Clouds_mate]

You maynot have time, but speaking to us isnt gonig to help. your going to have to speak to them some time aint you.

[Clouds_mate]

You can get a mortgage for twice your annual income

That's crap, seen my perfect house, 3 bedrooms.. pretty much brand new with a garage :o. Nice estate 94k smileys/sad.gif

Fuck me thats cheap. house's like that around me go for ilke 140+ smileys/smiley3.gif

[James]

Im going on the big ladder next year smileys/smiley2.gif cant wait

It's a big step for us both then smileys/happy.gif.. If i can get a house at 18 im pretty much set up for life now.

[Clouds_mate]

Get on the property market as soon as possible i say. Iv had my mad years and stupid spending now i want to get something good to my name

[James]

You can get a mortgage for twice your annual income

That's crap, seen my perfect house, 3 bedrooms.. pretty much brand new with a garage :o. Nice estate 94k smileys/sad.gif

Fuck me thats cheap. house's like that around me go for ilke 140+ smileys/smiley3.gif

Yea they usually do around here, that's why i want to try and snap it up lol . . Ill go view it and find that someone was brutaly murdered there or something. I'd still live there for that price though.

[AdamW]

My flat costed 94k and is now worth 124k

[Clouds_mate]

did you get a morgage for that Adam?


Thats what im going to do next year. Get a nice newly built flat with secure car park for the car etc.

[James]

Flats are good but i need to feel like i can roam when im bored.. smileys/smiley17.gif.. I do allot of roaming. Im trying to get a propety with a garage for the car because i cannot leave it on the street.

Mind you if the car park was secure i would probally take a look at some flats.

[AdamW]

did you get a morgage for that Adam?


Thats what im going to do next year. Get a nice newly built flat with secure car park for the car etc.

No flatmate and his dad went halves on the flat.....Im just a lodger smileys/smiley4.gif

[Barry123]

Cloud if you have a partner then you can 'combine' incomes and get a fatter mortgage... just dont split up. the other thing would be rent out one of your rooms then they can help for off your mortgage quicker.

[James]

Yea my partner and I are thinking about it, but thats a huge step in a relationship. Weve been toghther 2 years now though... hmm something to think about.

[AdamW]

Kick her out and marry a wealthy widow

[James]

lol that would work i guess.

[saxx]

cloud

it depends on the company u go with

best thing would be to see an independent financial advisor and they can find out what people can offer you

we as a company offer 2.5 joint income 3+1 single

but there are companies that can offer 5x or self certification which means if u can prove youve money in your account every month to cover the amount u want - they will offer u a mortgage subject to status

tbh you need to talk to someone independent cos then they wont try selling u the products from that company they will look at the market as a whole!

[Clouds_mate]

so you think us as Sax-p are no good then lol smileys/smiley17.gif

[saxx]

so you think us as Sax-p are no good then lol smileys/smiley17.gif

no comment smileys/smiley17.gif smileys/smiley2.gif

[S9_DAN]

i am going to look at mooving out next year, Where i live at the moment they are still builiding so i wam going to look at getting a nice new flat and underground parking! you can get them where you half buy and half rent so it makes it easier to pay for if you cant afford to buy out right!

[saxx]

i am going to look at mooving out next year, Where i live at the moment they are still builiding so i wam going to look at getting a nice new flat and underground parking! you can get them where you half buy and half rent so it makes it easier to pay for if you cant afford to buy out right!

dont touch it

that is more of a rip off than renting out right

you will not believe how expensive that turs nout to be

if you cant afford to buy out right the best thing is to see if your local council offer grants - normally they put forward 20k towards the property and u only pay it back once you move out

helps the lower income people put down a deposit

[S9_DAN]

yeah i didnt say i was thinking of it as i have not looked into it yet as i am not looking till next year!

Cloud, how come you have to move out now??

[saxx]

yeah i didnt say i was thinking of it as i have not looked into it yet as i am not looking till next year!

Cloud, how come you have to move out now??

i know you didnt im just telling you how shit a scheme it is

thats what ive seen in my work

[S9_DAN]

well i will stay clear of that one thensmileys/smiley2.gif

[timmygcsc2308]

[QUOTE=AdamWales] You can get a mortgage for twice your annual income

That's crap, seen my perfect house, 3 bedrooms.. pretty much brand new with a garage :o. Nice estate 94k smileys/sad.gif

Fuck me thats cheap. house's like that around me go for ilke 140+ smileys/smiley3.gif
Haha lucky people, 3 beds in my area, £210k MINIMUM, even for the skanky houses with plasterboard internal walls. 2 beds are usually no less that £180k.

I checked it out a while back, it depends but you can get anything up to 4.5x your annual income, so just under 100k if you shop around..go here (http://www.moneysavingexpert.com/mortgages) or check out Motley Fool.
Trouble is with a mortgage is you need a deposit..generally 9-10% (so therefore £9400ish). So you may wish to either A) look into renting or B) Investigate 100% mortgages (no deposit required but higher monthly repayments and possibly a smaller mortgage amount)

[saxx]

[QUOTE=AdamWales] You can get a mortgage for twice your annual income

That's crap, seen my perfect house, 3 bedrooms.. pretty much brand new with a garage :o. Nice estate 94k smileys/sad.gif

Fuck me thats cheap. house's like that around me go for ilke 140+ smileys/smiley3.gif
Haha lucky people, 3 beds in my area, £210k MINIMUM, even for the skanky houses with plasterboard internal walls. 2 beds are usually no less that £180k.

I checked it out a while back, it depends but you can get anything up to 4.5x your annual income, so just under 100k if you shop around..go here (http://www.moneysavingexpert.com/mortgages) or check out Motley Fool.
Trouble is with a mortgage is you need a deposit..generally 9-10% (so therefore £9400ish). So you may wish to either A) look into renting or B) Investigate 100% mortgages (no deposit required but higher monthly repayments and possibly a smaller mortgage amount)

and if houses prices drop and youve got 100% mortgage you will owe more money than there is equity

[boz]

i have just got my first house and moved into it a few months ago with my lass (although i have only spent 3 weeks in it smileys/smiley19.gif smileys/smiley17.gif )

we went around the banks looking at what they could offer. i had a bad experience with an independant financial advisor who was trying to rip us off!
best advice is to shop around mate.

i had a good deposit to put down, i would advise you do the same as you can get a better deal as far as interest rates go etc.

i think northern rock offered 4times your annual.
and can lend you up to 110%, the extra 10% is a secured loan. you can also extend the amount of time you can pay it over eg 30yrs instead of 25yrs.

we ended up with a 90% mortgage with an excellent rate.

ive never looked back, just got a new 3 bedroom house with a nice room for the saxo too smileys/smiley2.gif and a yarking big conservatory for those hot sunny days lol

but remember to budget for your bills etc, shopping, water/gas/electric, mortgage, insurances, council tax. the list is endless LOL

All good fun tho, well worth it smileys/smiley2.gif smileys/smiley17.gif

[James]

Ill give northern rock a call tommorow, thanks baz smileys/happy.gif

[boz]

boz lol smileys/smiley2.gif

i would call all the major banks mate, they have a load to offer smileys/smiley17.gif

best if you can go in person tho and make an appointment. you get a much better grasp of all the things they chuck at you lol

its really stressfull and nerve racking when your looking at houses and mortgages but it pays off in the end smileys/smiley2.gif smileys/smiley17.gif smileys/smiley4.gif

i would defo recommend trying to save as much as possible and clearing off as much dedbt as possible before you go for a mortgage. smileys/smiley17.gif

[Sax1lora]

i got my flat in December 2005 for £48,000, now its worth £52,000 smileys/smiley14.gif

it really depends on YOU, if you have credit history then you should be fine, if not it might be tricky but you sound like you have a (fucking) great income so it shouldnt be a problem, just dont go with any shady back street lenders!

try big lenders like Halifax or The Northern Rock smileys/smiley17.gif

plus (dont know if this applies in England) depending on the price of your house you will have to pay Stamp Duty. you only pay it on houses over £100,000 but its bloody exspensive! and remember you would have legal fees and outlays to pay i.e. Registration of your Deeds.

Lora smileys/smiley10.gif

[Tony_Jay86]

I could get a terrace house in the rough part of nelson for about £25k smileys/smiley3.gif

Nelson (where i live) is meant to be 1 of 2 places in the uk where the cheapest houses are.

For this house, my parents house, semi detatched, 3 bedrooms, detatched garage, big side lawn, front & back garden/lawn, it would be about £130k (my parents bought it for £40k about 10 years ago) smileys/smiley3.gif

My dream house, which is about 2 minutes walk away would cost about £400k, but you get luxury, in door swimming pool, gym, suana, mini bar, games room, its very nice, couldnt believe my eyes when i went in it.

[boz]

yep stamp duty is a Killer to, then you have solicitors fees!
im sure nothern rock had a deal on when i had an appointment. they would give me a grand towards solicitors fees. but we never went with them.

me and my lass had a cracking deposit, so our mortgage is alot less than the house is worth.
the house 2doors up is going for 150k+ and it dosnt have a conservatory. Ours has a big conservatory and had a load of extras when bourght.
so we should be sitting on a canny profit, not bad for a few months LOL alot of new developments around here so should go up a tad more.

i wish i had done this a few years ago before the price boom,a mate has similar house to mine in a older estate and has a mortgage for next to nothing smileys/smiley3.gif smileys/smiley17.gif

not looking at selling up for another few years, looking at getting a 4bed with double garage in same estate smileys/smiley17.gif should have another nice deposit saved up by then lol and concentrate on paying the mortgage off as soon as possible smileys/smiley17.gif

[Gav]

when we bought our house 6 years ago we got a endowment morgage. worst thing we could have ever done. in the end we would have had to fork out about the same as what the house was worth in the first place so dont go for one of them. we bought our house for £28.500 its now worth over £100.000. it will be the bigest investment you will probably ever make m8 so have a good look around. banks do good deals now.

[boz]

yep, property is the best investment you will ever make.

mam and dad got an endownment mortgage years ago, but they were worth it then as the interest rates were sky high!
They finish paying theirs soon, they will get enough to pay the house of and then more smileys/smiley2.gif LOL

there 4 bed detached with double garage and 4 car drive was 30K, that was when i was a tiny nipper LOL
its worth well over 265k now smileys/smiley3.gif

but would probs cost them more if they were to sell and get newer house the same.

a relative of mine has a 450k mortgage for a 3 story 5 bed house down south. thats just a interest only mortgage, never own the house, but he plans to sell up when he retires, get alot more than its worth and retreat into the country smileys/smiley17.gif

[Daniel_VTR]

I got 3.5 x mine and my partners annual income..

And thanked my mum and dad for the deposit smileys/smiley4.gif