taylorboosh
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Registered: 3rd Apr 07
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hi there new to house day soo............do you think 100% mortgages will ever come back?
i really want to get on the property ladder but 10-20 grand deposits are very daunting, then you have fees etc involved, now im tempted to rent a council house, or least apply.
then i could buy it at later date? 
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AndyKent
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Registered: 3rd Sep 05
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Whats wrong with saving rather than taking the easy option?
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taylorboosh
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Registered: 3rd Apr 07
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it would take me about 2 years or a loan to save that kind of money, we need a place soon as the gf is living with me atm but its not a permanent option
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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If you can't afford to buy then rent - thats what its there for 
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oceansoul
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Registered: 19th Jun 06
Location: Sunbury, Surrey
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From what ive seen its only in this country that everyone see's renting as a bad thing (there was a thread about it somewhere), where as in europe many people rent and then only buy when they retire/close to retire.
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taylorboosh
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Registered: 3rd Apr 07
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just 100k mortgages and 10 grand deposits atm make me think is it worth it
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taylorboosh
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Registered: 3rd Apr 07
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the houses i could afford in my area are all horrid, in rough areas, council offers a affordable solution that i could buy at a later date, save up while renting etc, i earn around 20k a year and the mrs starting a new job on 15k, rent from council it 75 a week round my way, will have time to save while we wait for a place for furnature etc then get a deposit together whilst living there, by that time 5% deposit may be a bit more available
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AlexN
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Registered: 21st Oct 09
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mortgages are over rated, you work your whole life to pay it off, get old, go in a home and they sell it from under you to pay for it.
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John
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Registered: 30th Jun 03
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A 10% deposit mortgage is good atm, when I've been looking it's been at least 15 or 25% to get a half decent rate.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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I'm doing a shared ownership, I pay 5% deposit, bovis put 25% up, I buy the other 75%. After 5 years of just paying my mortgage (no rent on the 25%) I can either start paying the 25% back, or sell up and move on. Means on the house I'm buying for 116,995 I only have to stump up £4 and bit grand deposit. Rate is 4.90% on the mortgage iirc
[Edited on 03-11-2009 by AlunJ]
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AndyKent
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Registered: 3rd Sep 05
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quote:
Originally posted by john-d
it would take me about 2 years or a loan to save that kind of money, we need a place soon as the gf is living with me atm but its not a permanent option
At the same time (going by your profile) you're 21, so don't exactly NEED a house, just want one.
If you really want something you could save hard and easily get £20k in a couple of years and get a much better rate.
Or you could keep pushing cash into having a fast car and watch the money disappear
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Cavey
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Registered: 11th Nov 02
Location: Derby
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quote:
Originally posted by AlunJ
I'm doing a shared ownership, I pay 5% deposit, bovis put 25% up, I buy the other 75%. After 5 years of just paying my mortgage (no rent on the 25%) I can either start paying the 25% back, or sell up and move on. Means on the house I'm buying for 116,995 I only have to stump up £4 and bit grand deposit. Rate is 4.90% on the mortgage iirc
[Edited on 03-11-2009 by AlunJ]
That's what we're going for on our place as well, officially they say you don't need a deposit, but it helps. The one we are on is 70-30%, Miller + Government put up the 30%, means you can get a 70% LTV mortgage, so get better rates.
If you don't fancy that, there's a lot of rent before you buy schemes, and similar to that, lower rent than it normally would be, with the idea that you save in the meantime to get some money up to purchase a property
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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Have to put the 5% down on mine, they don't do the government homebuy in Wales for some strange reason? We're obviously not worthy, but bovis offer their own similiar scheme.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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Ah. fair enough, but still, minimal deposit = good to get on the ladder 
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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yup, can't wait to get in now still waiting to hear whether my mortgage application has gone through 
should be in by end of november if all goes to plan
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Cavey
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Registered: 11th Nov 02
Location: Derby
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Ditto, they've asked us if they can get in touch with our employers with regards to our mortgage which is going to add more time on the application, just wanna know whether it's yes or no! Pain in the arse, still aiming for early-mid dec though i think, everything else seems to be going smoothly on ours
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taylorboosh
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Registered: 3rd Apr 07
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quote:
Originally posted by AndyKent
quote:
Originally posted by john-d
it would take me about 2 years or a loan to save that kind of money, we need a place soon as the gf is living with me atm but its not a permanent option
At the same time (going by your profile) you're 21, so don't exactly NEED a house, just want one.
If you really want something you could save hard and easily get £20k in a couple of years and get a much better rate.
Or you could keep pushing cash into having a fast car and watch the money disappear
i get your point about the saving and a better rate, but the gf cant stay at my parents permanent so we do need to sort something
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taylorboosh
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Registered: 3rd Apr 07
User status: Offline
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quote:
Originally posted by Cavey
quote:
Originally posted by AlunJ
I'm doing a shared ownership, I pay 5% deposit, bovis put 25% up, I buy the other 75%. After 5 years of just paying my mortgage (no rent on the 25%) I can either start paying the 25% back, or sell up and move on. Means on the house I'm buying for 116,995 I only have to stump up £4 and bit grand deposit. Rate is 4.90% on the mortgage iirc
[Edited on 03-11-2009 by AlunJ]
That's what we're going for on our place as well, officially they say you don't need a deposit, but it helps. The one we are on is 70-30%, Miller + Government put up the 30%, means you can get a 70% LTV mortgage, so get better rates.
If you don't fancy that, there's a lot of rent before you buy schemes, and similar to that, lower rent than it normally would be, with the idea that you save in the meantime to get some money up to purchase a property
what scheme are you on mate
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Nismo
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Registered: 12th Sep 02
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I cant ever see 100% mortgages coming back, thats a thing of the past now sadly, the goverment is making the lenders more strict now too
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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quote:
Originally posted by john-d
the houses i could afford in my area are all horrid, in rough areas, council offers a affordable solution that i could buy at a later date, save up while renting etc, i earn around 20k a year and the mrs starting a new job on 15k, rent from council it 75 a week round my way, will have time to save while we wait for a place for furnature etc then get a deposit together whilst living there, by that time 5% deposit may be a bit more available
If you're on that kind of money don't expect a council house.
If you're determined that you have to live together now then go and rent privately.
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taylorboosh
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Registered: 3rd Apr 07
User status: Offline
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quote:
Originally posted by Conway563
quote:
Originally posted by john-d
the houses i could afford in my area are all horrid, in rough areas, council offers a affordable solution that i could buy at a later date, save up while renting etc, i earn around 20k a year and the mrs starting a new job on 15k, rent from council it 75 a week round my way, will have time to save while we wait for a place for furnature etc then get a deposit together whilst living there, by that time 5% deposit may be a bit more available
If you're on that kind of money don't expect a council house.
If you're determined that you have to live together now then go and rent privately.
hate the idea of private renting, being told to get out, not being able to decorate etc.... why shouldnt i be allowed a council house? my parents have 1 and earn about the same.
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taylorboosh
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Registered: 3rd Apr 07
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well theyve owned it for about 15 years now but did have 1
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
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quote:
Originally posted by john-d
hate the idea of private renting, being told to get out, not being able to decorate etc.... why shouldnt i be allowed a council house? my parents have 1 and earn about the same.
I've been privately renting different houses for almost 3 years. Never been asked to leave, decorated whatever I want.
From experience of trying to get a council house previously, (even when I was a single parent) it's not at easy as you seem to think. Unless you'd like a bedsit surrounded by addicts?
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Cavey
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Registered: 11th Nov 02
Location: Derby
User status: Offline
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Private renting is generally fine, as long as you respect the fact it's someone elses house at the end of the day, people are good with you, if you ask to decorate etc, they'll probably let you.
We're going for HomeBuy Direct scheme John, lots of into on the net if you google it. Basics are 70-30 equity, you own 100% though, you don't pay on the 30% for 5 years then it's 1.75% or something.
Means you only need a 70% LTV, so get better rates, and as far as I know it doesn't need a deposit, we gave one anyway to get our mortgage down though.
We're paying £500 a mnth renting, we can get a house valued at 190k for £585 a month, so had to go for it really
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Twiggy
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Registered: 15th Oct 04
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I painted our hall a few mths ago! Hope the like it 
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