Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
|
Been looking for somewhere to rent, called Darlows today and all together including Bonds and a months rent upfront is going to cost around £1500 just to get into the actual house 
How much money is involved in buying a house? Also how much do i need to be earning etc to be granted around 100k?
Just made me think about buying instead of renting 
 thanks 
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Only rent if its going to be short time, u should get 3 or 4 times your incomings for a mortgage depending on lots of things......best to talk to an advisor!
|
MatthewR
Member
Registered: 21st Oct 02
Location: Rickmansworth
User status: Offline
|
I think its worked out on your salary times a certain amount.
theres something you can do which is half rent and half mortagage untill u can afford to pay teh full amount, my friend has done this recently £400 rent £400 mort. not bad imo
|
Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
|
Yeah add you and your fellas wages up and multipy by 3.5 you should get that, and don't forget you need a deposit for a decent rate mortgage 
|
Jodi_the_g
Member
Registered: 7th Aug 01
Location: Washington D.C
User status: Offline
|
Rule of thumb you need to be earning about 29k a year to get a 100k morgage, you then would have to pay solictor fees, stamp duty possable not sure what the new limit is. as well as a depoist
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Dont forget money for stuff for the house aswell......fooking well expensive! I enquired about getting 1 to buy my mates flat but they wouldnt give me what I needed based on my outgoings........I spend too much on shit
|
willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
|
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Ally love, its fucking expensive
We had £40k between us (per annum) to get our £155k Mortgage... Stamp Duty was £1.5k, Solicitors all in was about £1k and we didnt puit down a deposit as the builders did as an incentive 
However you need at least 5% and ideally 10%
Then theres kitting it out, we went mad and bought loads of really posh stuff an e kitted ours out for around £10k (  ) but I reckon you could kit out a small 2 bed etc for £2-3k
|
Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
|
our income multiples are
up to 95% - 3.75 x annual income for single applicant or 2.75 x joint
95% - 99% - 3.25 x annual income for single or 2.75 x joint
If one income is considerably higher than the other then its 3.75 x that one plus 1 of the other
e.g mr earns 25k and mrs earns 10k
= 25 x 3.75 + 10
= 103,750
fees vary greatly across the board for example some offer fee free mortgages other offer cash back
high % borrowing lenders also look at affordablity
|
Rileysport
Member
Registered: 18th Jun 04
Location: West Yorkshire
User status: Offline
|
i paid 32k for my house 2 years ago.... worth 71 k now 
|
Siberia
Member
Registered: 9th Oct 03
Location: Leprechaun Land Drives : Zafira GSI
User status: Offline
|
quote:
Originally posted by Robbo
Ally love, its fucking expensive
We had £40k between us (per annum) to get our £155k Mortgage... Stamp Duty was £1.5k, Solicitors all in was about £1k and we didnt puit down a deposit as the builders did as an incentive
However you need at least 5% and ideally 10%
Then theres kitting it out, we went mad and bought loads of really posh stuff an e kitted ours out for around £10k ( ) but I reckon you could kit out a small 2 bed etc for £2-3k
ive spent 6 already and its nowere near finished....
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Yes tis mate, we have pretty muich got there but its sooooooooo expensive
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
quote:
Originally posted by SRi-Co
i paid 32k for my house 2 years ago.... worth 71 k now
Yes its called a rise in the housing market..........you havnt made that profit
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Makes me laugh when people say my house has doubled in value, tis fine for now but as soon as u want to move u screwed
|
leni
Member
Registered: 25th Mar 02
User status: Offline
|
Me and Rob bought our house last year before the market started soaring!
We paid 68k for a 3 bedroomed semi with drive and feilds behind us! BARGAIN 
Monthly outgoing
£400 mortgage
£80 insurances (house/life insurance/mortgage cover etc)
£30 electric
£18 gas
£20 water
£30 telephone
£100 council tax
£13 TV Licence etc etc etc
cost us around £5k to kit our house out, but we've just put a new bathroom in and doing the kitchen next year!
It's not too bad, but as I said, we bought at the right time! Mortgage would be atleast double if we bought at the same price Robbo and Nat did
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Yes Leni, our mortgage is £900 per mth 
Stay where u r leni
|
leni
Member
Registered: 25th Mar 02
User status: Offline
|
quote:
Originally posted by Robbo
Yes Leni, our mortgage is £900 per mth
Stay where u r leni
bloody hell Rob
|
Rileysport
Member
Registered: 18th Jun 04
Location: West Yorkshire
User status: Offline
|
quote:
Originally posted by Robbo
Makes me laugh when people say my house has doubled in value, tis fine for now but as soon as u want to move u screwed
yeah, i'll sell up and move in with my bird
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Yes :$ But to be fair, we earn enough to easily cover that so its not too much of a problem
|
Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
|
im currently renting and paying:
£350 rent
£70 car insurance
£15 electric
£15 gas
£100 council tax
im looking to buy my own place in June.
Its the council tax i hate.
|
leni
Member
Registered: 25th Mar 02
User status: Offline
|
we bring home atleast £36k basic between us
|
Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
|
Might just rent for now, we can get a 3 bed detached in a very nice area for £500 pcm near where i work, and cost of living here isnt that bad.
Buying just seems like a waste of time stress and money imo
|
leni
Member
Registered: 25th Mar 02
User status: Offline
|
nah, renting is!
renting your paying some and get nothing of your own, buying your paying more or less the same and getting a house thats yours at the end!
would you rent a car or buy one?
|
Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
|
depends on the car
put it this way, im 18, richies 19 and were both just starting out, based on the figures kez has posted we would get granted around £100k
because we are so young id rather rent, get married then buy but will have to see as time goes on
|
Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
|
Yeah but now may not be the best time to buy, I agree in principal leni but houses cost siull money these days
|
