Jump to content

How much do you pay for mortgage / rent per month?


N.Wood

Recommended Posts

Some of you guys appear to have pretty fecking HUGE deposits down on these places.

Pardon my rudeness, but how on earth does anyone of our age manage to bang down a £50k deposit? living at home? family help? lottery win?

Ahem.

If you spent as much money on a house depost as you've spent on the race car and pasta n' sauce you'd have had 50k to put down too.

I know I'm in the same boat for different reasons...

Link to comment
Share on other sites

Pardon my rudeness, but how on earth does anyone of our age manage to bang down a £50k deposit? living at home? family help? lottery win?

I think it's just priorities. Most of the people I used to work with had an "Oh great it's payday!" mentality, whereby they never accumulated money but instead saw their pay each month as money to spend. The idea of actually saving just never seemed to occur to any of them.

Link to comment
Share on other sites

I've actually been looking at taking out a buy to let mortgage just as a way to invest some money, but right now I see it as a ton of hassle that I don't need. I'm not bothered about 'getting on the ladder' and don't ever want to live in the house, but it'd be nice to have some kind of asset which I might appreciate in 10-20 years time.

Link to comment
Share on other sites

Buy a Porsche.

964, put it in a garage, forget about it for 10 years. You'll double if not triple your money, and then you'll have a house.

Investment is investment and cars are a solid way to buy something affordable and make reaonable money without the huge outlay and expense of a house.

And if you ever need to sell it, you'll get your money back and some within a week.

Link to comment
Share on other sites

I bought my house when hsbc gave away 100% mortgages with their graduate account holders, back then you could only get 4x salary which for me at the time was 62k. The house was on the market for 67k but I had instant money available and offer was accepted within a few hours :)

Link to comment
Share on other sites

We bunged something like 12% down on ours, we saw our house at 100k and knew we wanted that one. We received our promise of a mortgage (can't remember it's genuine name) all based on 100k @ 10%. After haggling we got the house for 89k! Seemed like rates got a lot kinder if you can push over the 10% mark.

Link to comment
Share on other sites

Definitely. I've currently got around the 20% mark put aside for the places on looking at which brings things down a little, but if I can get an extra chunk put away to take me over that threshold it seems rates improve significantly. Fingers crossed Soph can bring enough to the party to make that dream a reality :)

Link to comment
Share on other sites

Bigger deposit is obviously always preferable, but I'd rather get on the ladder sooner with a higher LTV than hold out for another ~5 years to get a huge deposit. Prices are rising all the time at the moment. housing market is bonkers.

Agree

We started out at 15% with a view to adding %ltv by improving with some hard graft. Remortgaged with a revalue to go up the ladder on ltv.

With prices going up and rental being fairly similar to mortgage on a higher rate, you can always buy a place and save while you are in there, neutralising the house price rise?

Link to comment
Share on other sites

I couldn't agree more :)

Once you're in, with prices rising your LTV is dropping from day 1.

That plus adding value through hard work should help you jump a few bands in equity share anyway, giving you a mich better rate when you come to remortgage. Assuming of course you signed up to the right deal in the first time and arnt tied into a fixed term for too long / too little.

Rainbird has it. Lay down as much as you can, but buy soon in the current market.

  • Like 1
Link to comment
Share on other sites

Thanks Adam. I see what everyone's saying here. In my case I probably won't do anything until I'm ready to put the 25% down and find a place I really like. I'm thinking about putting some serious effort into it around August time. I get the whole thing about buying before prices go much higher, but by the same token prices can come down again, which doesn't really help the LTV surely?

My parents neighbour is an estate agent with buy to let properties of her own, so I'm going to ask her for some advice too.

Link to comment
Share on other sites

Yes prices can come down. But just for perspective, the 2007 peak/crash in houseprices was a huge thing apparently. House prices in my street are at least 30% higher than then. If houseprices drop dramatically the country goes into meltdown, and nobody wants that, so there would be a pretty fast recovery. It's only really good if you have the money as a first time buyer/investor at the right time. Yes your ltv may go down but probably temporarily and you are paying it off all the time. The only real downer is if interest rates go skyrocketing AND the value of your house falls. Then you have to get a lodger :lol:

Link to comment
Share on other sites

I think I agree that it's a good shout to 'get on the ladder' asap, but if you're hovering between, say, a 22% deposit and trying to squeeze to 25%, you'll get a much better mortgage at 25%, that was my point :)

Definitely. Agree on the getting to the next band in 5% increments.

It's a minefield out there buying houses, and a pretty stressful time for most.

it's all worth it though :)

Link to comment
Share on other sites

  • 3 weeks later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...