Gareth T
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Registered: 14th Feb 06
Location: newcastle
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The internet doesnt have anything helpful with how to go about it. Has anyone been in this situation? Is it best to go to thw bank first.
thanks
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
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Will struggle to get 100% mortgage even 95% are rare these days!
Mines an 80% took some saving up, buy payments would have been silly on anything more or a smaller / cheaper house.
Get saving 10% min.
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James
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Registered: 1st Jun 02
Location: Surrey
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100% is pretty much impossible.
Might get 95% through one of those government backed schemes but the best LTV you will get on a normal mortgage is 90%
[Edited on 16-08-2012 by James]
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John
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Registered: 30th Jun 03
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You also have to consider if you've not been able to pt the mortgage amount away each month until now, will you be able to pay it. You won't get 100% though.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Very rare these days and the rate will be terrible.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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Closest I've seen are new builds which lend you the deposit, then you pay them it back over 10 years.
As said though, rates suck!
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baza31
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Registered: 19th Apr 03
Location: yorkshire
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quote:
Originally posted by Kyle T
Closest I've seen are new builds which lend you the deposit, then you pay them it back over 10 years.
As said though, rates suck!
This , but you will find you will pay it back on top, basically house is 150k they may want 20% to fund rather than a deposit , they will charge 30k on top which you pay over the term . They usually go through finance brokers and if you go this way I'll guarantee you will pay alot more over term . But if you have no other options open then the decisions yours
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SXI - Matt
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Registered: 8th Jul 07
Location: Leicestershire Drives: Corsa C SRI
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Some estate agents will put you in the right direction but they require some one else's name to be on the mortgage in case you fail to make payments ect. Means finding some one in a good position financially & happy to take it over case you cant pay it ect
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Colin
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Registered: 4th Apr 02
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This is partly the reason the economy is in the shit in the 1st place!!
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Gareth T
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Registered: 14th Feb 06
Location: newcastle
User status: Offline
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Thanks to everyone who has commented I do appreciate the help/advice as always. I intend to start saving after christmas as I'm away over the festive period. The people who did save were you saving a min of 10-15K?
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John
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Registered: 30th Jun 03
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You need at least 10% (unless you get a rare 95% deal) of what you're looking at + a couple of K for fees. then you'll have to furnish the house after that obviously. Completely dependant on what you are buying.
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by Gareth T
Thanks to everyone who has commented I do appreciate the help/advice as always. I intend to start saving after christmas as I'm away over the festive period. The people who did save were you saving a min of 10-15K?
I saved £25k, then about £2k for fees.
It all depends on how much the houses you're looking at cost.
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craig8
Premium Member
Registered: 31st Dec 04
Location: Glasgow
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Barrat do a scheme where you put up 5% and they put up the other 15% which you pay back after 10 years, but you pay back 15% of the value and not just what they lent you
E36 328
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by craig8
Barrat do a scheme where you put up 5% and they put up the other 15% which you pay back after 10 years, but you pay back 15% of the value and not just what they lent you
Good thing if your house goes up in value to cover it or you set up sone kind of saving plan to cover the payment.
Unfortunately in current times both of these often look unlikely.
These schemes have been around 4-5yrs now and in that time house prices have been stagnant at best and in many cases plummeted.
With talk of double and triple dip recessions I'd be very wary using one of these schemes unless I was confident I could easy save the 10% and that the house isn't overpriced to compensate the builder initiative.
Cash is king.....always.
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AndyKent
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Registered: 3rd Sep 05
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If the value of the house was to drop thats potentially a good thing - you've not lost as much as you would have done had you bought the whole thing.
Despite this don't touch these builder offers with a bargepole. Said it before and said it again, if the house was affordable it would be genuinely cheaper. Instead they're shafting you - artificially holding up prices.
Save some money and do some research when you have money behind you. Quite how anyone expects to run a house when they haven't saved any money up is beyond me.
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baza31
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Registered: 19th Apr 03
Location: yorkshire
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Was on radio today about new build and a government scheme that building firms have to have a percentage of affordable housing with 95% apparently . It's about time they told banks to start lending high percentages rather than giving millions in bonuses to their fucking staff
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cunningham
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Registered: 25th May 05
Location: Lochore, Fife
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5 years ago I got a 100% mortgage no probs and have no problems paying it back
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craig8
Premium Member
Registered: 31st Dec 04
Location: Glasgow
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When working it out a probably over estimated that in 10 years the value of the house would have went from 160k to 180k, taking off the 5% deposit that leaves their 15% being just under 26k for the 10 years which would mean I would put away about £220 a month on top of the mortgage to cover it which is perfectly affordable for me
If the house is worth less in 10 years I'll have a bit extra cash in the bank although I will be keeping an eye on the values I case it ends up more
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John
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Registered: 30th Jun 03
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quote:
Originally posted by cunningham
5 years ago I got a 100% mortgage no probs and have no problems paying it back
Fife so it's probably cheap to begin with, unless it's worth much more than you paid, you'll find it's difficult when you come to move because you'll only own a few % at most and won't get another mortgage.
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Gareth T
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Registered: 14th Feb 06
Location: newcastle
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After reading abit more into it and checking the free mortgage calculators it looks like money will have to be saved if wanting to buy. Due to events happening this year the saving will have to start 2013.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Aside from a terrible rate on the savings, there's no downside to having a bit of money behind you when you do it.
Also in terms of financial benefits, the advantage of being on a better rate because you have a lower LTV are quite stark, even a few percent can equate the thousands over the life of a mortgage.
[Edited on 26-08-2012 by Ian]
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AndyKent
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Registered: 3rd Sep 05
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quote:
Originally posted by Gareth T
After reading abit more into it and checking the free mortgage calculators it looks like money will have to be saved if wanting to buy. Due to events happening this year the saving will have to start 2013.
I don't get this.
If you had a mortgage you have no choice about paying it. How come you can now afford to put it off by 3 months?
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M2RTY
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Registered: 25th May 01
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Our new build was sold to us with 5% deposit paid to the lender towards the deposit, but they just valued it af 5% less so in theory it was irrelavant
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
User status: Offline
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Mortgages are much harder to get now. A property has come up that we really like. Slight run-down but everything else is exactly what we would look for in our proper family house but alas no matter what we do we can't get a mortgage on it. Very frustrating as there is a good chunk of money to be made on it so once done up it would naturally gain a good chunk too and a friend at work spend 30k more on his house 2 years ago and is on a chunk less than us.
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stuartmitchell
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Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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quote:
Originally posted by Ian
Aside from a terrible rate on the savings, there's no downside to having a bit of money behind you when you do it.
Also in terms of financial benefits, the advantage of being on a better rate because you have a lower LTV are quite stark, even a few percent can equate the thousands over the life of a mortgage.
[Edited on 26-08-2012 by Ian]
Well said. I couldnt believe the difference between going from a 25% LTV to a 30% LTV. It's also worth trying to pay it over the shortest time feasible even if it's a push.
Our first mortgage was a 25yr one fixed for 2 years. Just reduced that to 18yr fixed for 5 years and if we stayed put and didnt move til it was paid off we would save £54K in interest payments 
Plus, see the payments as savings and it's much easier to swallow! (the interest is the dead money so minimise that wherever possibe) 
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