James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by Kerry
quote:
Originally posted by --Dave--
When I think of mortgages I think of 30/35 year commitments. Not something I would ever consider doing with a mate 
Its not a commitment its an investment short or long term
He could buy with mate or mates for a few years then sell and be in a good position to purchase on his own with possibly enough for a small deposit
Seems logical to me
Thats kinda what I was hoping to do
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by d_jay50
Have you got a deposit James?
Cross that bridge when I come to it, havent graduated yet 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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quote:
Originally posted by Kerry
quote:
Originally posted by --Dave--
When I think of mortgages I think of 30/35 year commitments. Not something I would ever consider doing with a mate
Its not a commitment its an investment short or long term
He could buy with mate or mates for a few years then sell and be in a good position to purchase on his own with possibly enough for a small deposit
Seems logical to me
I still think you have to be fairly committed though  especially as most mortgage deals tie you down for a certain number of years. Ie 5 years with mine.
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by Tom
get this one, it looks nice
http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=058457&agentid=03070
What a hole 
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by Tom
get this one, it looks nice
http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=058457&agentid=03070
What a hole
Also it needs to be in Woking ideally, walking distance from the station which puts the price up
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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I would chat with mates, see whos in, rent for 6 months and test the water whilst also putting yourself in a better position and then away you go
I decline mortgages everyday where young people like yourself want around 100% for first time purchase but dont have a good enough credit score to make the grade due to living with parents for ever
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by Kerry
I would chat with mates, see whos in, rent for 6 months and test the water whilst also putting yourself in a better position and then away you go
I decline mortgages everyday where young people like yourself want around 100% for first time purchase but dont have a good enough credit score to make the grade due to living with parents for ever
Kerry do you know if student loans affect mortgage offers much?
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by --Dave--
quote:
Originally posted by Kerry
quote:
Originally posted by --Dave--
When I think of mortgages I think of 30/35 year commitments. Not something I would ever consider doing with a mate
Its not a commitment its an investment short or long term
He could buy with mate or mates for a few years then sell and be in a good position to purchase on his own with possibly enough for a small deposit
Seems logical to me
I still think you have to be fairly committed though especially as most mortgage deals tie you down for a certain number of years. Ie 5 years with mine.
most mortgages dont tie you in at all !!!
the most popular mortgage at the moment is a 2 year fixed and even then not all lenders charge redemption penaltys if you redeem within that period
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by Kerry
I would chat with mates, see whos in, rent for 6 months and test the water whilst also putting yourself in a better position and then away you go
I decline mortgages everyday where young people like yourself want around 100% for first time purchase but dont have a good enough credit score to make the grade due to living with parents for ever
Kerry do you know if student loans affect mortgage offers much?
all lenders have different credit policys
depends on whether you have started making repayments or not for starters 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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I'm tied in for 5 years with mine. 100% first time buyer. Lived with parents beforehand.
Not sure about penalties though, I don't envisage moving out of my place anytime soon anyway
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James
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Registered: 1st Jun 02
Location: Surrey
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BLOODY SHITTY COUNTRY
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by --Dave--
I'm tied in for 5 years with mine. 100% first time buyer. Lived with parents beforehand.
Not sure about penalties though, I don't envisage moving out of my place anytime soon anyway
you dont have to move out to redeem you melon you might want to remort to get a better deal say in 18 months time when bank of england drop the rates and your gutted your still paying a higher rate which you took out and got tied in to 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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I know that Kerry I was just saying I'm gonna change as soon as I get a bit more money coming in as I'm on Interest only
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James
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Registered: 1st Jun 02
Location: Surrey
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I am going to move to Hull where I can purchase a 17 bedroom mansion with pool for £87k and invite ClaireF over for tea and sex
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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interest only is ok to get you started as long as you either have the capital to repay at the end or you make changes to the repayment at some point.
Do you know if you can overpay with your lender?
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James
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Registered: 1st Jun 02
Location: Surrey
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Is there a website that is like mortgages for dummies?
E.g. what is overpay and stuff?
I am of RETARD
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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i guess you can google just about anything these days and find the answers
or im happy to answer any questions, what i dont know about mortgages aint worth knowing 
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James
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Registered: 1st Jun 02
Location: Surrey
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Ok - what is overpay?
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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James you do make me laugh boy.
I can overpay yes Kerry but really can't afford to at the moment. Like I say I'm thinking of changing to repayment shortly when I have more money coming in per month.
I did hear that overpaying small amounts per month can make a massive hole in the amount at the end though...
U2U sent as don't want to hijack James' thread
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by James
Ok - what is overpay?
Hang on let me guess.....
Is it where you pay off a lump sum more than your set repayments? 
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Jules
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Registered: 26th Nov 04
Location: Ipswich, Suffolk Status: Happy
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quote:
Originally posted by James
Surely its less risky than getting one with a girlfriend?
Of course it isn't.
When you get a mortgage with a GF/BF you are doing it as you think you'll stay together 9wether you do or not is a different matter!) but getting a mortgage with a friend you aren't in the same situation - you and your mate aren't planning to be together for the foreseeable future.
The best bet to get on the ladder is to either get somewhere with your GF/BF if you have one, if not and want to go in with a friend then make sure it's a friend who is in a secure job with a consistent wage packet that doesn't very greatly from week to week or month to month. Get a mortgage with them by all means but only as a temporary measure - sell up after 3 years, make a profit and hopefully you should each have enough to put down a deposit on a place of your own.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by James
Ok - what is overpay?
in simplist form
£100 is your monthly direct debit to pay your mortgage
but you wish to pay off more in effect paying off the mortgage quicker
you can either ring up and increase the direct debit permantly
or you can ring up and make lump sum payments as and when
some lenders let you do it willy nilly
other lenders are funny and say only let you do up to 10% of the initial mortgage a year
make sense?
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James
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Registered: 1st Jun 02
Location: Surrey
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Yes Thankyou
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JadeM
Premium Member
Registered: 9th Feb 06
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I have a redemption penaltys if I move lender in the next 1.5yrs
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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Im a bit of a novice at mortgages too and I know this question is similar to how long is a piece of string but what roughly would the repayments be on a £150k mortgage and how much would it change if I had 5% or 10% deposit?
Thanks
Edit - probably would have to go for interest only.
[Edited on 22-09-2006 by Melville]
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