Mortgages

Re: Mortgages

Niki Gubb — Wed, 19 Aug 2009 08:30:50 GMT

Have you looked into the new scheme that lloyds & C&G are doing? I remember seeing some paperwork where the persons family can help out, not too sure how it works but it is something to do with if a member of your family helping with a 5% deposit set against their mortgage. Worth lookig into, it's supposed to be a way to help first time buyers get onto the market.

Re: Mortgages

dinkyd — Mon, 17 Aug 2009 20:41:25 GMT

It must be so frustrating for those of you renting and unable to get a mortgage.I know colleagues at work that are renting and they pay more a month for rent than what we do for our mortgage agree it must feel like you are throwing money away

Re: Mortgages

Anonymous — Mon, 17 Aug 2009 20:34:19 GMT

[quote user="loopylou711"]

we rent our flat for £450 a month so so depressing!!! It's like throwing money away! :( Would love to buy my own place but am only 19 so prob a lil young!! prob wouldn't give me1 anyways!!!

[/quote]

Wow - I've just looked at a one bed rental property and it's at £585pcm. I live in an expensive area though - boo

I'm 30 now and just fed up of living in a shared house. I would love to own or part own somewhere but even just renting a place with my other half would be ace.

Re: Mortgages

loopylou711 — Mon, 17 Aug 2009 19:37:08 GMT

we rent our flat for £450 a month so so depressing!!! It's like throwing money away! :( Would love to buy my own place but am only 19 so prob a lil young!! prob wouldn't give me1 anyways!!!

Re: Mortgages

louiseRVN — Mon, 17 Aug 2009 19:27:10 GMT

I have just officially bought my first house (got the keys on sat-yeah!!!) I hve spent over 2 years saving for a decent deposit and I probably havnt got the best deal around for mortgage (6%), but I got the house at a really good price-60k so the mortgage isnt too bad.

There is so much information about houses at the moment and a lot is really confusing- even I dont fully understand it yet, but was a good time for me to buy and am soooooo excited now about having my own space.

I was shocked to find out that my friend is paying double what I am for a rented property so hopefully I will be better off xx

Now just have to find some spare pennies to decorate it!!!

Re: Mortgages

les punton — Mon, 17 Aug 2009 15:51:14 GMT

I was the same I didnt have a scooby about them so I made an appt at the bank just to get some ideas of deposits and things. I was quite surprised on what I could get on my own (my bfwasnt with me that day), however they needed a 10% deposit (but interest rates were high).

It has given me an idea of what I need to save though so all extra hours going to the les house fund!!

good luck x

Re: Mortgages

sarah shipley — Mon, 17 Aug 2009 15:33:02 GMT

I have a 'shared ownership property' which is the term used around here for part rent part owned properties. It's a great way to get on the property market. I have a mortgage for 30% and pay rent on the remaining 70%, this works out cheaper than a full mortgage but is not always cheaper than renting. However the scheme allows me to buy more of the property if i so wish or sell a % back if necessary. I would recommend it to anyone looking at getting on the property ladder however there is often a long waiting list (at least in this area) and you have to meet certain requirements to qualify for the scheme.

Good luck with the property search

Re: Mortgages

A Little TLC — Mon, 17 Aug 2009 14:57:21 GMT

my friends have just gotten a 2 bed flat through them. they put down a £16k deposit, they got a £58k mortgage. their monthly mortgage/rent payment is going to be £100+ cheaper than the rent they pay now....

Re: Mortgages

Anonymous — Mon, 17 Aug 2009 13:59:38 GMT

I've just emailed them Thanks.

I'm wondering if it'd be more expensive to do than just renting somewhere. I'm guessing it would be quite a bit more but boy would it be worth it!

Re: Mortgages

A Little TLC — Mon, 17 Aug 2009 12:21:24 GMT

[quote user="Button"]

[quote user="A Little TLC"]

[quote user="Button"]

Thanks guys, will look in to this further.

What's part rent, part own? How does that work exactly?

I just desperately need to get out of this house asap. Especially as I start college next month - I need a calm and quiet house to study in.

[/quote]

Go to ummm. www.homebuy.co.uk (i thkni thats it!!) you can find a link for your area. its a really good way to get on the housing ladder :) without having to get a humongous mortgage...

[/quote]

Ooooh thanks. Just looked at that, very interesting. Never knew such a scheme was available! So would you pay arrange monthly rent plus mortgage each month as surely that would be costly? Worth it though I guess

[/quote]

It actually works out cheaper!!! its brilliant!! :)

Re: Mortgages

Anonymous — Mon, 17 Aug 2009 11:40:55 GMT

[quote user="A Little TLC"]

[quote user="Button"]

Thanks guys, will look in to this further.

What's part rent, part own? How does that work exactly?

I just desperately need to get out of this house asap. Especially as I start college next month - I need a calm and quiet house to study in.

[/quote]

Go to ummm. www.homebuy.co.uk (i thkni thats it!!) you can find a link for your area. its a really good way to get on the housing ladder :) without having to get a humongous mortgage...

[/quote]

Re: Mortgages

A Little TLC — Mon, 17 Aug 2009 10:48:43 GMT

[quote user="Button"]

Thanks guys, will look in to this further.

What's part rent, part own? How does that work exactly?

I just desperately need to get out of this house asap. Especially as I start college next month - I need a calm and quiet house to study in.

[/quote]

Go to ummm. www.homebuy.co.uk (i thkni thats it!!) you can find a link for your area. its a really good way to get on the housing ladder :) without having to get a humongous mortgage...

Re: Mortgages

Fiona Leathers — Mon, 17 Aug 2009 10:43:10 GMT

There is a Government scheme (in Scotland anyway - not sure about England) where they were lending you the deposit so that you could get a mortgage, it only worked for first time buyers though

Re: Mortgages

emmiemac — Mon, 17 Aug 2009 10:13:42 GMT

We've just put an offer in on a place......HSBC are offering 90% mortgages with an interest rate of 5.99% fixed for 2 years, not great but the best of whats on offer at the mo i think, a 10% deposit is still a lot of money to get your hands on though......

Re: Mortgages

Anonymous — Mon, 17 Aug 2009 09:52:40 GMT

Thanks guys, will look in to this further.

What's part rent, part own? How does that work exactly?

I just desperately need to get out of this house asap. Especially as I start college next month - I need a calm and quiet house to study in.

Re: Mortgages

A Little TLC — Mon, 17 Aug 2009 09:48:19 GMT

part-own, part-rent is the way to go. that what im gonna do :)

Re: Mortgages

Snowb — Mon, 17 Aug 2009 09:12:52 GMT

this may help

http://www.moneysavingexpert.com/mortgages/

Re: Mortgages

Snowb — Mon, 17 Aug 2009 09:10:19 GMT

This was on the news recently, you can get a morgatge with a 10% deposit but the rate you would be paying back at isn't worth it. I think at the moment to get just an ok rate from a lender you need a min of 15% deposit, but if you have more( 20%) the rate gets better. However how may of us can afford this! Best to save hard and hope more banks start lending.

Re: Mortgages

Kay Eminson — Sun, 16 Aug 2009 20:41:51 GMT

[quote user="Caro Laithwaite"]

psst Kay she said 100K as in hundred thousand not 100 pounds

[/quote]

dw i know what 100k means lol

Re: Mortgages

Anonymous — Sun, 16 Aug 2009 20:30:10 GMT

[quote user="Caro Laithwaite"]

psst Kay she said 100K as in hundred thousand not 100 pounds

[/quote]

God but wouldn't that be nice!? I could just about stretch to £100

Re: Mortgages

Caro Laithwaite VN — Sun, 16 Aug 2009 20:25:30 GMT

psst Kay she said 100K as in hundred thousand not 100 pounds

Re: Mortgages

Kay Eminson — Sun, 16 Aug 2009 20:21:16 GMT

by a big deposit it would be more than 10%, i think you would struggle to get a mortgage which such as small deposit!

Re: Mortgages

Mrs Dot Dot — Sun, 16 Aug 2009 20:14:47 GMT

It doesn't matter how much you read up, or how many people you ask for advice etc, when you apply/ get your 1st mortgage it never really makes sense! You just go with the flow! I've been in my house just over 11 years and remortgaged once at the end of a 5yr fixed rate... and that was bad enough, even with abit of experience!

All I can say is don't mortgage upto your maximum... however much you budget, things always cost more, living costs more, you need to try and put abit aside for emergencies etc etc.

All in all, I just love having my own house.... all my space, all my garden... it is always expensive/ forever needing to pay out for something but you can't beat it!

Re: Mortgages

Anonymous — Sun, 16 Aug 2009 20:13:23 GMT

Oh dear - I'm dooooooooooooomed then!! Big deposit - what like £100k!?? HA!

Re: Mortgages

Kim Buckley — Sun, 16 Aug 2009 20:08:46 GMT

I find mortgages very confusing but what I do know is that at the moment you need a big deposit to get someone to lend you money. Hmm I'm rubbish at saving!