AlexSXI
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Registered: 10th Jan 08
Location: Colchester, Essex
User status: Offline
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Renting presently! Which I regret, although its great having our own space and the time was right for it.
The frustrating thing is, our rent would be the same as re-payments on the mortgage, its just getting the deposit together, as well as considering all of the fees and everything you have to buy!
And obviously being in our own rented place now means saving per month is alot less than when I was at home, however I don't think moving back in is an option.
[Edited on 22-01-2013 by AlexSXI]
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eckers90
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Registered: 22nd Apr 12
Location: birmingham
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the thing is, the website says they will offer between 5 and 14.99%
im thinking of starting one of these accounts but surely depending on criteria they wil offer majority of people the 14%?
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by eckers90
the thing is, the website says they will offer between 5 and 14.99%
im thinking of starting one of these accounts but surely depending on criteria they wil offer majority of people the 14%?
They may well do - but at the end of the day the interest rates aren't too bad and you get cash back if you arrange the mortgage - currently I'd be due about £250.
There is no harm in taking out one of these accounts - plus you can access your money any time, but you'd have to close the accounts.
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by AlexSXI
Renting presently! Which I regret, although its great having our own space and the time was right for it.
The frustrating thing is, our rent would be the same as re-payments on the mortgage, its just getting the deposit together, as well as considering all of the fees and everything you have to buy!
And obviously being in our own rented place now means saving per month is alot less than when I was at home, however I don't think moving back in is an option.
[Edited on 22-01-2013 by AlexSXI]
After years of renting I have just moved back to my parents earlier this month so I can save up and buy somewhere in 12 - 18 months.
Banking everything I was paying out a month for my flat should give me a nice deposit to put down 
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
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quote:
Originally posted by AlexSXI
Renting presently! Which I regret, although its great having our own space and the time was right for it.
The frustrating thing is, our rent would be the same as re-payments on the mortgage, its just getting the deposit together, as well as considering all of the fees and everything you have to buy!
And obviously being in our own rented place now means saving per month is alot less than when I was at home, however I don't think moving back in is an option.
I'm in the same boat mate. Rented to get used to how things are, check I can put up with living with her but now I want my own place and saving not enough to move out anytime soon.
Makes sense to move back home but I couldn't do it now
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Robbo
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Registered: 6th Aug 02
Location: London
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This has now got me seriously thuinking of investing in a BTL before I leave the country at the end of the year... will have £25k + sat in the bank and this may be a good way to invest it
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by Robbo
This has now got me seriously thuinking of investing in a BTL before I leave the country at the end of the year... will have £25k + sat in the bank and this may be a good way to invest it
Don't you need 20% deposit for BTL? Unless you are thinking of buying somewhere for £125k 
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Robbo
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Registered: 6th Aug 02
Location: London
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Pass 
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A2H GO
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Registered: 14th Sep 04
Location: Stoke
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More than 20% in some instances and the interest rate is usually higher.
Makes me wonder how people make money on BTL's unles they have a massive deposit/equity or are letting on a residential mortage.
[Edited on 23-01-2013 by A2H GO]
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mwg
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Registered: 19th Feb 04
Location: South Lakes
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Just don't go to a couple of Arsenal games and you'll soon have enough deposit
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mwg
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Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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quote:
Originally posted by A2H GO
More than 20% in some instances and the interest rate is usually higher.
Makes me wonder how people make money on BTL's unles they have a massive deposit/equity or are letting on a residential mortage.
[Edited on 23-01-2013 by A2H GO]
Presumably just banking on being able to sell it on for a profit rather than actually making any money from renting it?
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AndyKent
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Registered: 3rd Sep 05
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You won't be getting a BTL mortgage these days if the rental income doesn't stack up.
You need to buy smart. Small properties in commuter areas and the like. Outside of London (and a couple of select other areas) you can't rely on values rising short term. Banks won't expose themselves to as much risk as they used to, so a decent amount of equity is a must.
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
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quote:
Originally posted by A2H GO
More than 20% in some instances and the interest rate is usually higher.
Makes me wonder how people make money on BTL's unles they have a massive deposit/equity or are letting on a residential mortage.
[Edited on 23-01-2013 by A2H GO]
They sometimes let you rent out on a residential mortgage depending on your circumstance.
My friend bought a flat 2 hours away on a residential mortgage, then made out it was too far for him to commute each day as his job was no longer mover.
He asked if he could rent it and they said yes with no extra charges etc. They have to agree to renew each year but he's had no trouble the last 3.
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A2H GO
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Registered: 14th Sep 04
Location: Stoke
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Yeah we let people at work they just have to fill in a letting pack, as you say lasts for 12 months before they have to reapply. But then I guess that's unfair on all those people who have to have low LTV's and high interest rates.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
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I'm going to pop into Nationwide on Monday to hopefully open one of these accounts, but still looking at alternatives.
Long story short, once I've sold up my current place I'll have £15k to put down towards my next purchase - but I'm hoping for a £200-230k property which drops me way out of the usual 80-90% LTV brackets.
I've got a choice of either renting for a year or two to save up more deposit, or seeing how one of these Nationwide mortgages work out. We can't stay in our current property for much longer because we're physically out of space - and it's destroying our standard of living... sounds dramatic, but it's true 
Halifax will give me 4% for 3 years with an 85% LTV and these Nationwide mortgages would work out at 5.5%, which I think may be an acceptable cost to pay for my impatience
I'm due about £20k in shares/other stuff in 2016 so I would be looking to remortgage then anyway for a more traditional rate, with a much better LTV (hopefully!) so the pain will be short lived.
I'll be putting the £15k into this nationwide save to buy account which will also grant me £1000 cashback upon completion, which will be nice I guess.
Lotus Elise 111R
Impreza WRX STi
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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But you have to have the account open for a minimum of 6 months iirc, and save £50 per month for that period. Not in total, so you need to do 6 seperate transactions!
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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Yeah indeed, I'm allowing 6 months for my current place to sell and I won't be slapping £15k in there right away. I'd just dribble in £50 per month and if I get a better mortgage offer at 95% LTV in the meantime, I can always abandon the N'wide account and go about my business.
IF it gets to 6months though, and I've still not got any mortgage options - I'll slap in the remaining 14700 and get things rolling.
I've got a few questions I need to ask on monday first though, for a start I'll see if I can get some kind of promise on what LTV I'll be offered after six months. If it's only 90% - it's a wasted effort.
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Impreza WRX STi
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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They told us that it if you are entitled to a mortgage with Nationwide and you've signed up to the Save to Buy scheme, they will give you 95%.
Our advisor was not mortgage just general products and he ran through their mortgage calculator with us, which is the same as their website. He said it is pretty accurate as it was spot on for when he got his mortgage.
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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Cool, will see what they say then. 6 months is an acceptable wait for us, we might not even have sold in 6 months but if we do, we'll need to find a B&B
I did the calculator on their website and it said we could have a 400k mortgage with our income and deposit, which is clearly bullshit
Hopefully they've got a more accurate one
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Impreza WRX STi
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Obviously that's to get people through the door but if your credit rating is good and the property right, it will be close.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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just put in my details and they offered me a job on their board of directors
Sincerely
Blukoo
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Russ
just put in my details and they offered me a job on their board of directors
Sincerely
Blukoo
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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How'd you get on Kyle T?
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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Going in next week to have a mortgage advice session and will be opening an account if they feel it's my best option.
Also saw another advisor today for a local building society that would lend me 95% with the amount I'm looking for however need to wait for June before my missus has worked 6months at her place.
Will be setting up the nationwide account regardless as a fallback, and it might take 6months to sell so at least I could have two rates to choose from in that case!
Lotus Elise 111R
Impreza WRX STi
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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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