Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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How many of you have them ? And how old were you when you got one?
Been thinking about getting my foot on the ladder but need to look into it deeper.
how do you go about getting one?
do you find a house then go ask for one or the other way around.
might sound like a stupid question but i could do with finding out the basics first.
ta
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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I just signed the final forms for mine today....best to go to a bank 1st see how much you can borrow, credit check etc. Check out some online lenders they can give you a basic loan calculation based on your income!
Then u find a house, get survey carried out put in a bid, appoint a solicitor & then back to bank to sign up the paper work!!
It will cost you shit loads as ive found out.....ive spent almost £8k and ive not even moved in yet or bought any furniture
Oh and im 22
[Edited on 19-04-2005 by Colin]
[Edited on 19-04-2005 by Colin]
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nickyboy01
Member
Registered: 10th Sep 03
Location: Oxford-ish
User status: Offline
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Had mine for 3 years, just about to move and change borrowers.
For £73k left on it and a flat worth £145k
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Basic income multiples are 3 times your earnings, overtime and bonuses can be included.
But... if you can prove you can afford the mortgage even if your income multiple does not in anyway reach the amount required to purchase your house lenders will often do income stretches.
For example if you have been renting a property for £800 a month and you can prove that you have been paying this fine with no arrears and not going overdrawn or spending more than you can afford and your mortgage is something like £700 a month which is around a 150k mortgage over 25 years they will lend you the money.
I mean I earn 18k basic a year and there is no way my income multiples (3 times salary) would allow me to buy a 150k house but I could afford the mortgage and bills and have some money left over.
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pauls corsa
Member
Registered: 26th Feb 05
User status: Offline
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im in the middle of looking for an house at the moment im 23 been renting for 5 years tho as colin said best just going to a bank to c what u can borrow first then find an house
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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www.oneaccount.com
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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I had a joint mortgage with my brother on a house when I was 18... 
Next mortgage won't be for a place in the UK (or with anyone else) that's for sure! 
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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well am 19 , been thinking about 60k , i know it wont be brilliant for that price but i have to start somewhere, and ive seen a few in the paper fairly local to work for around that price.
i would not mind doing bits myself , am a sparky so can do all electrics if they were shagged , can plaster too, and have a quite a lot of contacts in the building game .
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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I got mine as a repossesion so saved thousands on the value & I plan to jump in both feet first and fit/do as much myself as possible - Ive got a week off in May to fit + Tile a new bathroom, sand down the wood work & do all the wall papering, fit flooring/carpets etc.....cant wait to get started
Also plan to landscape the garden & hopefully start building a garage this year aswell
[Edited on 19-04-2005 by Colin]
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AndyW
Member
Registered: 28th Oct 02
Location: Greater London
User status: Offline
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weird ive just been lookin too at gettin a flat or summat, im pretty DIY minded so would do everything i can etc my self...
but dunno about affording a mortgage on 15k a year
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by AndyW
weird ive just been lookin too at gettin a flat or summat, im pretty DIY minded so would do everything i can etc my self...
but dunno about affording a mortgage on 15k a year
Would surprise you what you'll get offered from some banks, ive got a A+ credit history so got offered 4x my income!! Some will give you up to 5 times!!
Worthwhile getting a foot on because house prices keep on increasing but it is a big initial outlay being a 1st time buyer!!
To get a decent mortgage term you'll need to pay at least 5% of the house price straight off, then theres fees for fucking everything you dont even want to start to imagine It all adds up
[Edited on 19-04-2005 by Colin]
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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Bought my 1st flat when I was 21...
most high street lenders are doing good deals for 1st time buyers..
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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colin what do you mean fees?
solisitors?
Estate agent?
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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You have to have life insurance too
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Ben
colin what do you mean fees?
solisitors?
Estate agent?
£400 just to apply for the mortgage
£150 house survey
£££££ fuck knows how much for solisitor....probably £1k or so
Deposit - I paid 5%
Then:
Buildings & contents insurance
Gas / Electric
Council Tax - £100/month for getting your bins emptied
TV license
Cable / Phone / Broadband
Mammy let me come back home please
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Peugeot Nut
You have to have life insurance too
No you dont
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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You wanna become a student then you don't need to pay council tax
Other bills are quite expensive to start with as you get the rental to pay straight off I never got a TV licence for 8 months Ends 30th this month too, another £126.50 to bloody pay 
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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quote:
Originally posted by Colin
quote:
Originally posted by Peugeot Nut
You have to have life insurance too
No you dont
I have applied for a morgage. They haven't charged me to apply but said you need life insurance in case you die. I'm going no where
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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you dont have to pay council tax been a student . wtf
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Peugeot Nut
quote:
Originally posted by Colin
quote:
Originally posted by Peugeot Nut
You have to have life insurance too
No you dont
I have applied for a morgage. They haven't charged me to apply but said you need life insurance in case you die. I'm going no where
Thats mortgage protection insurance you retard so your covered if you lose your job or become ill!!!, life insurance pays out a lump sum to your next of kin if you die
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Ben
you dont have to pay council tax been a student . wtf
Hmmm im doing an evening course at a college.....wonder if I can somehow slip the net aswell
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I swear to God it's life insurance the guy said. You could be right Colin, all my crap is in process so will have to see. Shouldn't be any probs anyway, Dad is gonna go guarantor.
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pauls corsa
Member
Registered: 26th Feb 05
User status: Offline
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yeah u do need life insurance as its that they count on if u die to pay for the house.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by pauls corsa
yeah u do need life insurance as its that they count on if u die to pay for the house.
Well must be an English law cos ive just signed my papers today and never once has life insurance been mentioned!!!!
Only things I got offered was the payment protection thing!
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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quote:
Originally posted by Colin
quote:
Originally posted by Ben
you dont have to pay council tax been a student . wtf
Hmmm im doing an evening course at a college.....wonder if I can somehow slip the net aswell
This is correct Coling...if I owned my own home..or even rented I would be council tax exempt due to me being a student...its £100 a month better off...I keep trying to pursuade my mum to put our house in my name...
She is having none of it though...
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