morgage

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hey guys went to view a house today.

everything about the house is perfect and my partner and i really want it.

we know that we can get a margage approved etc but the problem we are having is we need a 13k deposit.

we are first time buyers and dont know what other options we have.
just wondered if there was anyone on here that know what they are talking about when it comes to morgages and if we can get some pointers...

we can get around 4k together but cant find a morgage for that much deposit. is there anything out there that will help us out?

many thanks

rep will be awarded...

 

[Cooch]

im guessing thats around a 10% deposit if so thats as good as your gona get due to the current climate. Is it new build or an old house. If its a new build ask if there doing an incentive scheme like an 80/20 which means your deposit would be less but you would own less of the property and have to pay back the 20% in 10years time or something similar.

JC

 

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the house is about 40 years old but recently refurbished. the house will cost £130,000.

the other thing i am wondering is how much it costs to actully move house? stamp duty? lawers? estate agents?
i dont know what other cost are incurred??

really want someone that can write down what cost are involved what are my options and anything else i need to know?

all help will be appretiated

 

[IppyEP82]

I am also currently buying as house with the mrs and its not cheap i'm afraid.
Good news is you won't have to pay stamp duty because you are first time buyers.
For the solicitors fees you will be looking in the region of £1k and bank fees will be around another £500.

With regards to the deposit. i think you will find it very hard if you only have around £4k at the moment.
however the banks are interested more in what your incomes are so they know they will get their money back. Your best bet will be to visit all the main banks and just sit down with a mortage adviser and see what you can borrow. you could also see an independent mortage adviser, that will be able to tell you what deals you could get from other smaller companies that you can't visit on the high street.

Hope that helps you out mate.

 

[jonny-boi32]

only other option really is co-ownership. we went to mortgage advisor in january to see bout buying, but the deposit was stopping us plus i was in probation with my new job, sad thing is are paying rent which would be the same as a mortgage. (if only they could use that to see we can meet the payments) the only way young people can get on the property ladder is through co-ownership. althought it is not the best idea in this climate. ie. because house prices are rising, the house you jus bought was £150k will be revalued when your % is paid and could be worth £200k, so you will owe even more money. but its the only way we can seem to get on market now that 100% or even 95% mortgages are done away with.

both myself and the woman are in full time employment and all they would give us was £100k, what the fuk would that get you?!? could even get a terrace house in a slum ville!!

 

[Phil]

we got a new build apartment there, 85k its lovely and in a great neighbourhood.

but we did have to produce 8.5k in advance for our 10%.

apart from that, you dont have stamp duty below 120k. legal fees about 1k transfer of deeds 150, just putting our name down for this development cost us 500 LOL

scammers but happy now we have it.

Phil

 

[robgagt]

Alright mate.

I have literally just came from the Mortgage Advisors. Last year me and the missus bought a house together. We had to put down 10% as a minimum deposit. The more of a deposit you put down the better the interest rate you will get. We put down 12k, and got an interest rate of 5.2%
If we had put down 16K we would have got a rate of 4.7%.

If i was you i would try to get the extra money from somewhere. Loan? Family?

Solicitors fees will be around 1k
Arrangement Fees approx 750 (But these can usually be added to the mortgage as your 1st time buyers)
Survey Fee 3-400

We have just put an offer on a different house and want to sell ours. So went to see the bank again to see about getting a new mortgage. All in all costs are going to be around 3k. So if your just buying i would budget for 2k at least. That way you will not get a shock when it comes to all the fees you have to pay.

Then you have the moving fees. Unless your going to be doing it on your own.

Good luck with getting on the property ladder. Im just glad i live in where i am as its generally a bit cheaper