gwil0283
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Registered: 16th May 03
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Hi
I am looking to buy a property with 75 % ownership and the other 25% you pay rent on
http://www.cityresidential.co.uk/html/buy/buy_individual.asp?recordid=100010623
ths one £81950 for 75%
my question is how much am i likely to be paying a month all together for the mortgage ? dont really know how it works ?
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Russ
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Registered: 14th Mar 04
Location: Armchair
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your mortgage over 25 years would be about 500? depending on who u go with, and ur probably looking at another 100 rent
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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See the useful links thread at the top of the forum on how to calculate your mortgage
As for rent - will vary down to the sellers themselves, best to call the estate agency and ask how much the rent is
But as Russ says, £100 sounds about right
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VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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The mortgage is up to the lender you go through, to how much you pay per month on that.
The remainder to be added on is the rental you pay, so say £150 PCM on top of the Mortgage. Then IIRC, you get an opportunity to purchase more ownership every three years or so.
Corsa 2.0 16v Vegas - Sold
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gwil0283
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Registered: 16th May 03
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oh right only earn about £1050 a month so got no chance or keeping the mortgage plus everything else on top
food bills ect
might as well get a card board box cant afford anything decent unless i live inthe ghetto !
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Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
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As a guide, we pay £120 rent per month on 50%. Valued at £80,000
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gwil0283
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Registered: 16th May 03
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how much on the mortgage then?
i will be on my own which makes it alot worse
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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http://www.corsasport.co.uk/board/viewthread.php?tid=329364
Use the link to the mortgage calculator in that thread, use 5% as a rough estimate
As you are buying on your own i would go for an interest only mortgage.
I take home the same as you and have a mortgage for £67500, repayments of £300 a month. I couldnt afford to live if my mortgage was higher than that tbh, and my mortgage is over 30 years
So a £600 a month mortgage (including rent) would kill you, and leave you £450 for bills, fuel and food and you couldnt survive on that!
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neoquip
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Registered: 12th Aug 02
Location: Nottm
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quote:
Originally posted by gwil0283
Hi
I am looking to buy a property with 75 % ownership and the other 25% you pay rent on
http://www.cityresidential.co.uk/html/buy/buy_individual.asp?recordid=100010623
ths one £81950 for 75%
my question is how much am i likely to be paying a month all together for the mortgage ? dont really know how it works ?
IMO... don't do it.
check out what other shared ownership houses sell for, when you want to sell it on!!
renting is dead money!
also whats the area like where this house is?
who are the other people buying them?
better buy bit cheaper house with FULL ownership.. least you will see an investment on what you've put in.
don't forget.. you would never own a 'share' house 100%. or if you can buy the other 25%... you wouldn't want to own all your house if everyone around you still only owns 75%
this is just my opinion, but do a bit of research into the fors and against.
are there DSS moving in?
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gwil0283
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Registered: 16th May 03
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The problem with going for a cheaper house with full ownership is it is going to be in a bad area which im not prepared to do.
The other people buying shared ownership are like me first time buyers that is waat the scheme was designed for by the government to get people on the property ladder who cant normally afford to do it alone
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neoquip
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Registered: 12th Aug 02
Location: Nottm
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but, I can't understand that if you can get a £85k mortgage (about £470 a month?)
and then you pay £140 a month rent on top
that means you could pay a £610 a month
why can you not get a say £100k mortgage to get a better house or the same type of house you'd only be owner 75% of?
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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£610 a month, no way could you do that on your own unless you are taking in an MINIMUM of £1500 a month!
Plus, like neoquip says, find a mortgage done by affordability. Rent plus Mortgage on that property is say £600, but £600 would get you a £95k mortgage...
The scheme was developed by the governement to help people yes, but i would only use it as an absolute last resort to buy a property.
Affordability mortgage = more to play with
75% ownership = paying the same amount, for less!!
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neoquip
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Registered: 12th Aug 02
Location: Nottm
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go in to a 'market place' mortgage advise and see what the max you can borrow sensibly.
don't just go for someone who says they are INDEPENDENT!!
a 'Market Place' mortgage advisers are inpartial and will sell you the mortgage thats best for you and not what gives them best commision!!
keep away from 'banks/building societies' that will only offer you THEIR mortgages.. unless you have compaired everyone elses and you know thtas who you want t go with.
Be careful not to go somewhere that advertise.. Mortgages for everyone, CCJ/Low income/bancrupt etc. as you might find these charging you 2% arrangment fee on what you borrow!!!
i went to Frank Innes/Braford-Bingley on wheeler gate in Nottm. arragnemt fee was only about £200 with them to find best mortgage to suit me. remeber no matter who you go with there will be an arragment/booking fee with that lender on top!!
sometimes better 5 rates mean higher booking fees. But do your home work and you can save pounds over 25yrs!!!!
[Edited on 10-01-2007 by neoquip]
[Edited on 10-01-2007 by neoquip]
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Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
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Agree with what Neoquip says. Coulby conduct, the esate agent we got our house through tried to arrange us a mortgage. They only searched through 12 companies.
The mortgage advisor we went to searched hundreds and was really helpful.
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neoquip
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Registered: 12th Aug 02
Location: Nottm
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quote:
Originally posted by Dean_W
Agree with what Neoquip says. Coulby conduct, the esate agent we got our house through tried to arrange us a mortgage. They only searched through 12 companies.
The mortgage advisor we went to searched hundreds and was really helpful.
tnx, I do know what I'm on about when it comes to this, currently standing at 6 buy to let mortgages + 2 repayment mortgages over 8 properties. Mum says she doesn't know how I SLEEP AT NIGHT!! lol
I've three b/t/l mortgages with HSBC, there not the cheapest rate buy to lets you could have got from elsewhere, but there were no arrangment fee and the mortgage went straight through without any hic ups and it suited me at the time.
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gwil0283
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Registered: 16th May 03
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thanks for the advice
its all new to me !
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Good luck and let us know what you go for in the end
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