JadeM
Premium Member
Registered: 9th Feb 06
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depends vastly on the leander, type of mortgage deal you take, how long its over etc.....your best looking into it yourself!!
You'll need to be earning almost £40k yr to be considered to borrow that much!!
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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Well we have decided to look into it as we have been renting now for 6 months and have got on great so think the time os right to take the next step.
It was just a ball park figure I was after to compare it to my rent Im paying at the moment. We have a joint income of about £46k
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JadeM
Premium Member
Registered: 9th Feb 06
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Start by punching some figures into a mortgage calculator to get a rough idea then go see a financial advisor, you get some free ones that make there money off the lenders so wont cost you squat for a chat to see whats what!! 
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JadeM
Premium Member
Registered: 9th Feb 06
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Probably looking roughly £750 interest only & £950 repayment over 25yrs.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
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House price 159k
borrow 150k
over 25 years
typical rate 4.89%
capital and interest payment = £866
interest only payment = £611
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N16K
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Registered: 4th Oct 04
Location: Belfast, NI Drives: Corsa D SRi, Tuned Cooper S, B
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Mortage repayments depend on many variables, deposit, how much you earn, length of mortage - 25 years etc, area you are buying, if it is for rental, first time buyer or not. A mortage for £150,000 over 25 years would be around £1000 per calendar month, £175,000 over 25 years would be around £1200 pcm - these are very basic figures.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by JadeM
depends vastly on the leander, type of mortgage deal you take, how long its over etc.....your best looking into it yourself!!
You'll need to be earning almost £40k yr to be considered to borrow that much!!
actually they could be on as low as 15k each to get that much 
depends what monthly commitments they have i.e loans, credit cards
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by N16K
A mortage for £150,000 over 25 years would be around £1000 per calendar month, £175,000 over 25 years would be around £1200 pcm - these are very basic figures.
 and very high interest rates
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JadeM
Premium Member
Registered: 9th Feb 06
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Thats a low assed apr% Kerry 
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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quote:
Originally posted by Kerry
quote:
Originally posted by JadeM
depends vastly on the leander, type of mortgage deal you take, how long its over etc.....your best looking into it yourself!!
You'll need to be earning almost £40k yr to be considered to borrow that much!!
actually they could be on as low as 15k each to get that much
depends what monthly commitments they have i.e loans, credit cards
Fuck paying 80% of your income on a mortgage though
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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 JadeM
Thats a low assed apr% Kerry
4.89 is not low at all
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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low compaired to mine
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by JadeM
quote:
Originally posted by Kerry
quote:
Originally posted by JadeM
depends vastly on the leander, type of mortgage deal you take, how long its over etc.....your best looking into it yourself!!
You'll need to be earning almost £40k yr to be considered to borrow that much!!
actually they could be on as low as 15k each to get that much
depends what monthly commitments they have i.e loans, credit cards
Fuck paying 80% of your income on a mortgage though
you stated they would need a rediculous income to reach that level i was merely pointing out this is not the case
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by JadeM
low compaired to mine
thats your choice
theres actually lower than 4.89 out there i was giving an average of what the highest competitors are offering currently
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JadeM
Premium Member
Registered: 9th Feb 06
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No-one likes a smart ass
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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Thanks for the help guys. If I could pay around £600 a month then that is only about £50 more then Im paying in rent. Obviously there will be all the cost of furniture etc to take into account.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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I did say i know my shit im just proving it
noone likes a smart arse but everyone loves a challenge
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BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
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Seriously wouldnt recommend it..
Gota mortgage with my best mate 18 months ago and in the middle now of moving out, everybody who i spoke to who had done it before said dont do it, and i seriously agree with them.
dont get along with him no more and now have to pay a mortgage redemption fee, solicitors fees and estate agents fees to get out.
its ok being best mates but unless you have the same living styles it wont work
much LESS risky moving in with your bird imo, atleast u get sex out of it 
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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There is no way I would get a mortgage with a mate.
If you get a gf and want to get a place with her what will you do with your mate?
Its not the same with a gf because if you split up you can sell and move on.
With regards to mortgage if your short of cash look at extending the mortgage over a longer period until your financially better off.
I'm just in the process of buying a house i'm getting a mortgage of £155k and it works out about £790 over 30 years. But i'm putting a deposit of approx £25k.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Would never do it, lived with friend in Swindon and we hate each other now
Better off with girlfriend imo, or parents as guarentoors, or a shared ownership scheme.
Or, move out of town for lower money. I did this and havent regretted a single minute
House 30 - 40 mins from work, 70k
Studio flat 10 minutes from work in shitty area 79k
hmmmmmmmmm
Could you take on a rennovation/part rennovation project?
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Fad
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Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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Three mates of mine took out a mortgage between them on a 5 bed house. Thye all had equal sized rooms (luky) and the other two rooms were rented out with the agreed proceeds going towards the mortgage.
They made sure a contract was drawn up by a solicitor outlining their positions.
Bascially it went along the lines of they would all pay the equal amount towards the mortgage but if for what ever reason one of them wanted out, they could either sell their 1/3 at the current market value to the other party or Sell the property and split the proceeeds/debt three ways.
Two years down the line one of them is getting married so they agreed to sell the house and due to the current market, after they paid off the mortgage they all walked away with 12K each not bad?
Some renovation went on over the two years but nothing too substancial. Just shows how renting is just dead money dont it?
[Edited on 22-09-2006 by Fad]
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BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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just depends how much they paid though..
Were looking at just over 9k back which aint bad considering for 18 months but paid just over 10k on the mortgage so still down by a grand
but agree wud never rent unless my family were gone and absolutely had no other option
[Edited on 22-09-2006 by BabyBlade]
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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quote:
Originally posted by Fad
Three mates of mine took out a mortgage between them on a 5 bed house. Thye all had equal sized rooms (luky) and the other two rooms were rented out with the agreed proceeds going towards the mortgage.
They made sure a contract was drawn up by a solicitor outlining their positions.
Bascially it went along the lines of they would all pay the equal amount towards the mortgage but if for what ever reason one of them wanted out, they could either sell their 1/3 at the current market value to the other party or Sell the property and split the proceeeds/debt three ways.
Two years down the line one of them is getting married so they agreed to sell the house and due to the current market, after they paid off the mortgage they all walked away with 12K each not bad?
Some renovation went on over the two years but nothing too substancial. Just shows how renting is just dead money dont it?
[Edited on 22-09-2006 by Fad]
Thats all good but what would happen if one didn't want to sell and wanted to saty there but couldn't afford to buy the others out?
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Jules
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Registered: 26th Nov 04
Location: Ipswich, Suffolk Status: Happy
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Then he'd have no choice but to sell up - as you said - he can't afford to live there on his own, so he either sells or get's other people in to replace those that moved out.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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but surely that would be the same circumstances regardless of whether you take a mortgage out with a partner or friend??
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