mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
|
Me and my girlfriend are thinking about renting somewhere together as we doubt we will be able to get a mortgage as we probably dont earn enough at the moment. I know its chucking money away renting but no other options until our salaries start going up 
|
Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
|
quote:
Originally posted by Chump
quote:
Originally posted by Bart
quote:
Originally posted by Chump
You've got to come up with a massive deposit these days to get any kind of decent house....then you have all the other costs....oh and don't even get me started on the prices....
Well thats not completely true, thesedays mortgage companies will lend you up to 5 times your income and its also pretty easy to get a 100% mortage without being screwed by the insurance company (as my friend has just done, taken out a £90k mortgage without a deposit).
The main difference is its a waste of money renting.
You pay the £400 a month or so, and you dont ever see it back!
If you paid £400 a month for 30 years, thats 14.5k, and you wont see any of it back, but if you paid that as a mortgage, you would probably see 10k of it back when you sell the house.
That's all very well but if mortgage companies won't even touch me for 100% mortgages (bad credit rating) and if I've got to get a minimum of 10% deposit for them to even consider me (again credit record)....PLUS all the other expenses associated with getting a house you can see why in MY situation renting is the only viable option......
lets say the house is £90K - that's at least £9k deposit (in my case) then about £3-4K in fees and all other expenses.....how many people could save £13k....? It isn't easy at all.....rip off
indeed.
Well, the way im doing it, im having a 2 bed flat built at the moment, costing me 90K, and im going for a 100% mortgage. Im paying an independant mortgage advisor £250 to find me the best mortgage deal available (the £250 and soliciter fees are added to the mortgage).
Your better off paying someone to do it, rather than a free advisor.
Free advisors are paid by the insurance companies to keep their details on their laptops etc to pass on to customers. Obviously the mortgage advisor is only going to recomend a paying mortgage company, where as an independant advisor will be honest.
|
Chump
Member
Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
|
i've been to an FA and they tell me i need a minimum of 10% deposit. None of the 'High Street' lenders will touch me so I have to go specialist and even then they require more security (10%).
What REALLY pisses me off is I looked into the shared ownership scheme run by the government which allows you to take out a mortgage on a share of a housing association property. i.e 25%, 50% or 75%. You then pay rent on the remaining share until you can afford to buy them out.
Great i thought....until my FA told me that most mortgage places these days won't offer mortgages on these types of places as the profit margins are tight enough on 100% arrangements. If they have to arrange for a 25 or 50% share then their profits are even smaller. So most don't bother.
And those that do only lend to people with crystal clear credit ratings. I mean FFS...they were set up by the government to allow people with not much money or crap credit ratings to get into buying houses....but that's exactly the type of people that now can't get one....
[Edited on 18-02-2005 by Chump]
|
Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
|
quote:
Originally posted by Chump
such as?
When I was looking I had no deposit. I was told by an estate agent that a local building company were building new properties and as an initiative scheme for first time buyers they were paying the deposit.
Of course they will get there money back by increasing the value of the property.
I found this http://www.thisismoney.co.uk/mortgages/index.html?in_page_id=8 very useful for info about mortgages etc.
|
Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
|
quote:
Originally posted by Mark Petty
quote:
Originally posted by Chump
such as?
When I was looking I had no deposit. I was told by an estate agent that a local building company were building new properties and as an initiative scheme for first time buyers they were paying the deposit.
Of course they will get there money back by increasing the value of the property.
Thats another thing to look into.
Now adays the big property developers are also doing really good deals where they will pay 10% of your mortgage for you etc, so many deals available.
Obviously they tend to add 10% of the depost onto the overall cost of your house, but it gets you started
|
BigSte
Member
Registered: 27th Aug 02
Location: Sheffield
User status: Offline
|
I'm just in the middle of buying a house at the minute........my mortgage is with Halifax, need to pay a 5% deposit.
It's taken us about a year to save the 5% deposit and the 1.6k solicitor fees
Our mortgage is based on affordability but on comparison our mortgage is approx 3.5 times our joint income.
Buying is so much better than renting if you can buy of course.
|
GT4Brody
Member
Registered: 26th Sep 01
Location: south
User status: Offline
|
renting is a waste of time imho, unless its a short term arangement or perhaps in between buyin houses etc.
I bought my 2 bed flat about 18 months ago, is worth about 30k more already  so about 169k if thats not a good investment i dont know what is?
|
Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
|
quote:
Originally posted by GT4Brody
renting is a waste of time imho, unless its a short term arangement or perhaps in between buyin houses etc.
I bought my 2 bed flat about 18 months ago, is worth about 30k more already so about 169k if thats not a good investment i dont know what is?
No way?
Im in the process of buying a brand new 2 bed flat too, brand new from plans.
It has private parking, garden, lockup, fully fitted kitchen (washing machine, dryer, cookers, fridge freezer dishwater) for £90k 
Seems like a nice investment to me
|
Chump
Member
Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
|
quote:
Originally posted by BigSte
I'm just in the middle of buying a house at the minute........my mortgage is with Halifax, need to pay a 5% deposit.
It's taken us about a year to save the 5% deposit and the 1.6k solicitor fees
Our mortgage is based on affordability but on comparison our mortgage is approx 3.5 times our joint income.
Buying is so much better than renting if you can buy of course.
and it is much easier if you're buying with someone else too.....its a nightmare for single people like me
|
Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
quote:
Originally posted by Bart
quote:
Originally posted by GT4Brody
renting is a waste of time imho, unless its a short term arangement or perhaps in between buyin houses etc.
I bought my 2 bed flat about 18 months ago, is worth about 30k more already so about 169k if thats not a good investment i dont know what is?
No way?
Im in the process of buying a brand new 2 bed flat too, brand new from plans.
It has private parking, garden, lockup, fully fitted kitchen (washing machine, dryer, cookers, fridge freezer dishwater) for £90k
Seems like a nice investment to me
I'm moving to bath  The one i'm looking at is £170k with underground secure parking. In 2 - 3 years time when i'm looking to buy will be a lot more
|
Blue
Member
Registered: 24th Feb 03
Location: Sideways
User status: Offline
|
In the process of buying a house with my bird as we speak ( )
It is proving to be the single most expensive thing I've ever done and it is the reason why I still drive a 1.2 Clio at 22!
In hindsight I might not have bought one at this age because there are loads of things I would rather do at the minute.
But hey, Im at the point of no return now and it will only get more affordable. 
|
Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
|
quote:
Originally posted by Peugeot Nut
quote:
Originally posted by Bart
quote:
Originally posted by GT4Brody
renting is a waste of time imho, unless its a short term arangement or perhaps in between buyin houses etc.
I bought my 2 bed flat about 18 months ago, is worth about 30k more already so about 169k if thats not a good investment i dont know what is?
No way?
Im in the process of buying a brand new 2 bed flat too, brand new from plans.
It has private parking, garden, lockup, fully fitted kitchen (washing machine, dryer, cookers, fridge freezer dishwater) for £90k
Seems like a nice investment to me
I'm moving to bath
Steady on chap, i only live 15 mins away from ya
|
nik
Member
Registered: 19th Jun 00
User status: Offline
|
I've put in a big deposit on my house (£85k) so the mortgage repayments aren't at all bad. Just bloody difficult to get yourself on the property ladder now
|
Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
|
quote:
Originally posted by nik
I've put in a big deposit on my house (£85k) so the mortgage repayments aren't at all bad. Just bloody difficult to get yourself on the property ladder now
with 85k, i wouldnt have a worry in the world 
|
nik
Member
Registered: 19th Jun 00
User status: Offline
|
I didn't say I sold my left bollock and big toe though
|
NeilsC
Member
Registered: 6th Dec 00
Location: Middlesex drivin a Puma Racing on FRS 18's
User status: Offline
|
quote:
Originally posted by Chump
What REALLY pisses me off is I looked into the shared ownership scheme run by the government which allows you to take out a mortgage on a share of a housing association property. i.e 25%, 50% or 75%. You then pay rent on the remaining share until you can afford to buy them out.
[Edited on 18-02-2005 by Chump]
im looking in to this but the off putting things is, key workers get priority which pisses me off 
|
Chump
Member
Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
|
i'm just going to have to hope that i find £13,000 down the back of the sofa or something......
|
JJ
Member
Registered: 20th Apr 00
Location: Northern Ireland
User status: Offline
|
I RENT HOUSES TO OTHERS
|
M2RTY
Member
Registered: 25th May 01
User status: Offline
|
PMSL renting is just burning money away, you have nothing to show for it at the end
never can loose money investing in property
|
GT4Brody
Member
Registered: 26th Sep 01
Location: south
User status: Offline
|
quote:
Originally posted by Bart
quote:
Originally posted by GT4Brody
renting is a waste of time imho, unless its a short term arangement or perhaps in between buyin houses etc.
I bought my 2 bed flat about 18 months ago, is worth about 30k more already so about 169k if thats not a good investment i dont know what is?
No way?
Im in the process of buying a brand new 2 bed flat too, brand new from plans.
It has private parking, garden, lockup, fully fitted kitchen (washing machine, dryer, cookers, fridge freezer dishwater) for £90k
Seems like a nice investment to me
Fraid so mate, its really expensive where i live, outskirts of London (so good commuting) but not too built up, still have trees and fieldsa etc round here lol.
Its only a 2 bed maisonette, front and rear garden, garage and parking space, built on the 70s, so by no means new!! Its a lot of money for what it is, but its all relative, and im gald i am on the ladder, the rent on a place like mine would be more than mortgage repayments, so makes sense to own it
|
GT4Brody
Member
Registered: 26th Sep 01
Location: south
User status: Offline
|
quote:
Originally posted by nik
I've put in a big deposit on my house (£85k) so the mortgage repayments aren't at all bad. Just bloody difficult to get yourself on the property ladder now
Holy shit, you rob a bank or something?? take it the evo is staying too then??
You going to boxhill tomorrow? Huge jap meet, should be good 
|
stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
|
quote:
Originally posted by Chump
quote:
Originally posted by Fwaza esquire
I own a house... tis a sound investment...
but then you do live in Scotland where houses are about 1/2 the price of the same sort of house down south.....
try living in Edinburgh then, house prices are through the roof
my parents were looking at a 2 bedrrom flat up the road to rent out, offers over £110 000 
|
MatG
Member
Registered: 26th Apr 02
Location: Birmingham UK
User status: Offline
|
Renting is fine for short term and to get some independance. However like I said before its not a long term solution.
As for having a bad credit rating and needing a big deposit! Well I can tell you know I bet m credit rating was worse than yours and it took me 12 months to sort it out enough for a high street lender to give me a martgage.
Yes you will need a deposit but that will depend on how much you want a house. You can get 100% mortgages and I think a lot of lenders are very wrong for doing so. The more deposit you put down the better, it took me a few years but I managed to rent and save 15k for deposit.
It all depends on your income at the end of the day but please dont see renting as long term option.
|
Chump
Member
Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
|
quote:
As for having a bad credit rating and needing a big deposit! Well I can tell you now I bet my credit rating was worse than yours
I bet it wasn't.....
|
NovaGTE
Member
Registered: 16th Dec 02
User status: Offline
|
quote:
Originally posted by Bart
quote:
Originally posted by GT4Brody
renting is a waste of time imho, unless its a short term arangement or perhaps in between buyin houses etc.
I bought my 2 bed flat about 18 months ago, is worth about 30k more already so about 169k if thats not a good investment i dont know what is?
No way?
Im in the process of buying a brand new 2 bed flat too, brand new from plans.
It has private parking, garden, lockup, fully fitted kitchen (washing machine, dryer, cookers, fridge freezer dishwater) for £90k
Seems like a nice investment to me
Where you getting that to mate, im looking at flats in Bath at the mo and your easily looking at £150K for one that needs attention!
|
