Bonney
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Registered: 14th Nov 04
Location: St Helens
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What is the minimum that they want you to put down?
Going to be starting house hunting next year, Just looking at what houses are going for around the area that I want to move to at the minute and am just wandering about deposits.
Also what other costs during purchasing am i looking to forking out for?
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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Pretty sure 5% is around the lowest they will go although they will normally really hit you with a big APR as a result. 10% is a better amount to aim for.
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Bonney
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Registered: 14th Nov 04
Location: St Helens
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Basically higher the deposit, the less APR you will pay.
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Nismo
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Registered: 12th Sep 02
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think 10% is the going rate these days, dont think they do %100 or 95% mortgages any more.
Solicitors cost & survey, normally 1K and up.up.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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If you buy a new house, you usually get.incentives, like only needing 5% deposit and they make up the extra.
We put 10% down for a 6.05% interest rate  partly.why the housing market went down the pan. Ridiculously high interest rates at.a time the BoE rate was 0.5%.
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Bonney
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Registered: 14th Nov 04
Location: St Helens
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Thought about a new build but some of them look very small. There are a few new estates going up around here suppose just calling in to the sales office and seeing whats on offer I could get a good deal.
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Lee_fr200
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Registered: 8th May 11
Location: West Yorkshire
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Id go new build where they have loads of incentives,
I've bought a house at 170k (was up at 200k) put 42,500 down as deposit so my mortgage is 127,500 which over 35yrs works out at 530 per month iirc. My % rate is 3.6 I believe
As for extras to pay you can have your arrangement fee added to your mortgage, you will have stamp duty to pay which is 1% solicitor fees which including stamp duty I'm paying 2,500 that includes search fees! You will also have to pay for the survey/valuation which cost me 350
(this isn't a new house though it's 22yrs old but gives an idea)
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AndyKent
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Registered: 3rd Sep 05
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On the contrary, if you come across new builds from any major housebuilder whose offering incentives keep well away. Often vastly overpriced (even with discounts) and of a poor construction quality. I wouldn't touch some of the new estates round here with a barge pole.
Discounts just allow the housebuilders to falsely prop up the value of houses. If they made them truly affordable the price would come down by a lot more than they are offering!
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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I know a 2 people who bought new builts in the last 2 years and although prices have remained the same overall the price of their properties have been valued at the price they paid i.e. it was the discounted price that was the actual market value.
Not sure how as surely when they bought it the mortgage valuation would have picked this up, maybe they were just after anything with the market being dead, as long as they didn't think it would drop into negative equity.
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AndyKent
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Registered: 3rd Sep 05
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Except that mortgage valuations match the accepted offer price in 99% of cases - its not a true valuation.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by AndyKent
On the contrary, if you come across new builds from any major housebuilder whose offering incentives keep well away. Often vastly overpriced (even with discounts) and of a poor construction quality. I wouldn't touch some of the new estates round here with a barge pole.
Discounts just allow the housebuilders to falsely prop up the value of houses. If they made them truly affordable the price would come down by a lot more than they are offering!
10 year guarantee means it wouldn't bother me. Saves having to fix previous owners fuck ups.
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spencer88
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Registered: 6th Oct 08
Location: cornwall
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quote:
Originally posted by Ben G
quote:
Originally posted by AndyKent
On the contrary, if you come across new builds from any major housebuilder whose offering incentives keep well away. Often vastly overpriced (even with discounts) and of a poor construction quality. I wouldn't touch some of the new estates round here with a barge pole.
Discounts just allow the housebuilders to falsely prop up the value of houses. If they made them truly affordable the price would come down by a lot more than they are offering!
10 year guarantee means it wouldn't bother me. Saves having to fix previous owners fuck ups.
Those guarantees are quite often a load of bollocks so be careful!
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Bonney
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Registered: 14th Nov 04
Location: St Helens
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Would prefer to get an older house and do a bit of work on it. A new house would be nice, Just a case of decorate and furnish it then move in, Nothing to worry about. But what puts me off with them is how they are built, plaster board and stud work.
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by spencer88
quote:
Originally posted by Ben G
quote:
Originally posted by AndyKent
On the contrary, if you come across new builds from any major housebuilder whose offering incentives keep well away. Often vastly overpriced (even with discounts) and of a poor construction quality. I wouldn't touch some of the new estates round here with a barge pole.
Discounts just allow the housebuilders to falsely prop up the value of houses. If they made them truly affordable the price would come down by a lot more than they are offering!
10 year guarantee means it wouldn't bother me. Saves having to fix previous owners fuck ups.
Those guarantees are quite often a load of bollocks so be careful!
As said, barely worth the paper they're written on. NHBC are utter, utter cowboys.
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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I put 10% down on one and 30% on the other. never got offered 5% anywhere, was 10% or piss off 
Where you after moving to?
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Bonney
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Registered: 14th Nov 04
Location: St Helens
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10% should be acheivable on a couple I have seen.
Been looking around Haresfinch, Haydock and Sutton Leach. As for the newer houses the ones around Sutton Heath.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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If you were looking to put 60% down, what sort of %age mortgage would you expect?
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John
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Registered: 30th Jun 03
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You'll get 2% fixed for a couple of years no bother on that.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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I've signed up to the Nationwide Save to Buy scheme. Keep the account open 6 months and saved a minimum of £50 per month for that period and they'll give you a 95% mortgage, if you are entitled to a mortgage with them.
Shite rates, but it gets you on the ladder.
Whether I actually use the deal or not I don't know as I certainly look around and speak to an IFA.
I want more than 5% deposit to get decent rates.
Based on a 5% deposit for a £120,000 property which is a very small house needing work or decent flat around here, the monthly repayments were about £750 - £800 
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John
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Registered: 30th Jun 03
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That can't be a very good rate, 6+%?
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
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95% tho John, can charge you what the hell they want at that % LTV.
Just in process of remortgaging ours to a 3yr fixed with Nationwide moving from 2yr fixed with Santander.
Rates are pretty good at moment, even compared with 2yrs ago.
Save as much as possible aim for 10%-15% minimum. If house rice dropped on a 95% you'll be in negative equity in no time.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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I'm moving back to my parents in January to start saving for a deposit
Hoping to have 10% within a year and should be pretty easy as I'm used to paying for rent / bills / food etc
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AndyKent
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Registered: 3rd Sep 05
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You need to be able to save a gel of a lot more than £6k before buying to save yourself the hassle with high rates.
Think 3 times that if you're looking at having new furniture, decorating plus the actual deposit!
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Not sure if this will work:
Nationwide Save to Buy rates - £115,000 property, £109,250 mortgage, 35 years.
Deal Period: 3 years
Initial Rate: 5.69%
Followed by the SMR: Currently 3.99%
Overall cost for comparison: 4.8% APR
Fees: £499
Monthly Payment: £600.35
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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Save more, take over less years!
April '06' Corsasport Feature Car | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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