AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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Righto....
I have a plan. I would like to buy another flat in Edinburgh early next year. I can prob manage to get about 15% deposit for it by then (April/May).
I think it would be a 'better' idea to sell the impreza (about 9k) and make the deposit up to 20+%, get better rates etc.
Not really sure on Fee's views of me thinking about selling the car she uses daily, but we could trade the RR up for something nicer. She wont be using a car daily (hopefully) next year as she be working more in the city centre. Also plan on moving to Singapore in a year or two so a car wont be very useful over here.
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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ill buy the scoob 
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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It is a good idea...I'm not denying that...but I love my car sooooo much
I know that if I'm working in town after July I won't be using it as much....but but but....its my car
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GT4Brody
Member
Registered: 26th Sep 01
Location: south
User status: Offline
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property always a good investment, sold my first decent car to buy my flatm made £30k in 2.5 yrs, so cant complain.
would love to get another flat for a buy to let, but its getting the initial deposit and having the balls to do it, already got large mortgage...
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AdZ9
Member
Registered: 14th Apr 06
User status: Offline
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i nearly bought a new car last month, was a seat ibiza gti and the day before i went to view it he phoned to say he had sold it. I was pissed off, but 2 days later me and 2 friends decided to move in together, now we just got a 3 bedroom ex show home, and i couldn't be happier! id rather have my own place than a new car!
do it!
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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yes...but I already have the car....
I know it's going to be sold eventually...
...but its still got that new car excitement to me...even though I've had it a year and a half! I just don't think I'll ever get bored of it!
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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this would be 'buy to let'
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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you only need around 5% deposit for a buy to let, and an income of around 125% of mortgage repayments IIRC.
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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buy to lets are usually about 20% deposit
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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and 1 bed flats in Edinburgh are about £120-130k
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Fee
buy to lets are usually about 20% deposit
I was told 5%...its only second hand info on my part so could easily be wrong!
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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Advise from my financial dude
quote:
Dear Fiona,
Not easy, this one.
I would reckon that you would need to put down a deposit of around 15%, and get a buy to let mortgage. That way, the lender will not pay any attention to your current mortgages.
Aye,
Ferg
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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they never normally take into account any other mortgages anyway, they basically take it on the income from rental...hence why they normally want a rental income of 125% the mortgage repayments.
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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how much would repayments be?
15% deposit on 120k, over 20years.... repayment
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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http://www.abbey.com/csgs/Satellite?cid=1139301819633&mbType=2&pagename=Abbey%2FGSProducto%2FGS_Producto
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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on buy to lets they dont...I was originally asking about mortgages other than buy to lets
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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TBH, someone like Ally is good to ask as think she has looked into doing this herself in more detail than I have. And obviously an independant mortgage advisor.
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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ach.... just type the answer
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by AK
ach.... just type the answer
I could make one up as I have no idea 
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Is the scoob a crash repair?
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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Nope
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Wouldnt you have been better not to have bought the skyline if you were thinking buy to let & move abroad???
Just sell all the cars 
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All Torque
Member
Registered: 17th Nov 05
Location: Milton Keynes Drives: Ford Focus TDCi
User status: Offline
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Sell ALL cars, Buy a motorhome 
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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quote:
Originally posted by loafofbrett
Is the scoob a crash repair?
what on earth made you think that
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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I was reading something the other day. Doesn't matter Sorry to offend 
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