spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
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quote:
Originally posted by emicen
So lawis (or something like that, new user) asks for pics of birds from what is in fairness a well known thread, even outside the premium illuminati, and everyone pounds him as a troll.
This geezer posts nothing but nonsense from arrival and is now putting down the benefits sponger whose buying a house claim, and nobody is calling it? 
Troll.
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Lynny
Member
Registered: 3rd Jan 03
Location: oop north! Where people talk properly
User status: Offline
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quote:
Originally posted by john-d
Clearly you lot havent seen some of durham. Its very posible
a lot of Durham is lovely, some very affluent areas.....but Ferryhill is a dive
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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Lol im in durham as we speak. A lot is rough as fuck too
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Lynny
Member
Registered: 3rd Jan 03
Location: oop north! Where people talk properly
User status: Offline
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As am I, well Consett but the nice side! Wouldn't live Ferryhill!
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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Im actually in a rough bit of dh1 suprisingly.
Lynny in your new profession are you in call or out
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Baskey
Member
Registered: 31st May 06
User status: Offline
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What's wrong with a bank loan for some/all the deposit
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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Emicen :brilliant:
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by Baskey
What's wrong with a bank loan for some/all the deposit
'Not only will the mortgage lender decline the application if it discovers this is the source of the deposit, but it is also a huge risk to the borrower - your monthly outgoings will be higher which means there is a greater chance of you finding yourself unable to keep up with repayments'
Read more: http://www.dailymail.co.uk/property/article-1200291/Young-people-taking-loans-pay-huge-deposit-needed-house.html#ixzz1LZrqRSSR
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Baskey
Member
Registered: 31st May 06
User status: Offline
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I have just taken out my first mortgage this week
160k property
22k deposit made up of
13k savings and 9k loan
Can't see the issue if you can easily afford the repayments
[Edited on 06-05-2011 by Baskey]
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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FFS
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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1. This should be posted in House Day
2. Unless you are earning £30k/year or have like a 50% deposit there's no fucking way you are going to get a mortgage!
[Edited on 06-05-2011 by Sam]
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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a bank loan for a deposit? pretty sure thats partly how people end up getting their houses repo'd.
save up the 7k then you won't have that extra direct debit every month to pay.
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by Baskey
I have just taken out my first mortgage this week
160k property
22k deposit made up of
13k savings and 9k loan
Can't see the issue if you can easily afford the repayments
Is it a bank loan and did you make the lender aware?
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by Ben G
a bank loan for a deposit? pretty sure thats partly how people end up getting their houses repo'd.
save up the 7k then you won't have that extra direct debit every month to pay.
Not realy what the difference between borrowing 10k for a car and 10k for a house? Do people not take out loans once they have a mortgage?
I personally wouldnt do it but if you have a good credit rating and can afford it then why not?
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Baskey
Member
Registered: 31st May 06
User status: Offline
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John, Yes they are aware I have a loan but I wasn't required to specify what it was for
I have no other debt and can easily afford the repayments.
[Edited on 06-05-2011 by Baskey]
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by Fad
quote:
Originally posted by Ben G
a bank loan for a deposit? pretty sure thats partly how people end up getting their houses repo'd.
save up the 7k then you won't have that extra direct debit every month to pay.
Not realy what the difference between borrowing 10k for a car and 10k for a house? Do people not take out loans once they have a mortgage?
I personally wouldnt do it but if you have a good credit rating and can afford it then why not?
people get loans for a deposit usually when they can't afford the deposit in the first place.
if they could afford it they would've saved up for it.
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Baskey
Member
Registered: 31st May 06
User status: Offline
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As fad says same as a car loan, I however own all my cars outright.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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yes i know it's the same, but if he can't afford to save up 7k then how the hell is he going to afford to repay it every month with all the other bills that come with home ownership?
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by Ben G
quote:
Originally posted by Fad
quote:
Originally posted by Ben G
a bank loan for a deposit? pretty sure thats partly how people end up getting their houses repo'd.
save up the 7k then you won't have that extra direct debit every month to pay.
Not realy what the difference between borrowing 10k for a car and 10k for a house? Do people not take out loans once they have a mortgage?
I personally wouldnt do it but if you have a good credit rating and can afford it then why not?
people get loans for a deposit usually when they can't afford the deposit in the first place.
if they could afford it they would've saved up for it.
Not really people use as it as a top up. Borrowing 10-20k at say 5-7% for 5 years is much cheaper than taking out a mortgage at an inflated rate because you cannot get together a enought of a deposit at that point in time. Its not necessarily about not being able to afford something....its sometimes down to timing.
The houses that get repocessed are the people who rush out and buy oveer priced houses and end up in negative equity. Trust me I deal with them week in week out.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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let this guy buy a house with a loan then and we'll see what happens.
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John
Member
Registered: 30th Jun 03
User status: Offline
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If you buy a house with a loan as a deposit you've got a bigger problem if you come to sell and you are in negative equity.
It's fine if everything goes to plan, as everything is, it's when it doesn't you've got a problem.
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Lawrah
Premium Member
Registered: 25th Dec 04
User status: Offline
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quote:
Originally posted by Ben G
let this guy buy a house with a loan then and we'll see what happens.
Hopefully he gets the hint.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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Taking out a mortgage with a loan for the deposit is effectively a 100% mortgage and banks don't offer them anymore for a reason.
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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A agree with your point John totally as its not something I would do, but I have seen a number of people do it and just top up their current deposits as they dont have any other commitments.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Everyone's a fuckin expert on here
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