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Author Topic: Mortgages.  (Read 5564 times)

Mortgages.
on: May 24, 2007, 09:31:47 AM
 :shock:

Myself and the missus will be buying our first house soon, and as such weve got an appointment with Bradford & Bingly next week.

Anything we should look out for? Going for a 100% mortagage.
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Re:Mortgages.
Reply #1 on: May 24, 2007, 09:42:44 AM
Dont believe the salesperson when they say, "we have the best mortgage deals," and dont get an endowerment policy.
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Re:Mortgages.
Reply #2 on: May 24, 2007, 09:44:13 AM
Were going through the whole mortgage thing again at the moment.

My biggest tip really is shop around, there is so much difference on a monthly payment for the sake of the odd 0.1%...

Get a fixed mortgage if possible unless you want to risk the interest rates going up even more, at the same time they may go down, but its better to know what you have to pay each month and budget for it imho.

At 100% you will more than likely have to pay a higher lending charge of circa £1000 and then the arrangement fee will be £500 unless you get a "deal".

Shop around as much as you can, get loads of quotes etc.

And good luck, its not the easiest process in the word!

P.s were with Chelsea.
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  • Offline Mardoni

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Mortgages.
Reply #3 on: May 24, 2007, 09:50:35 AM
I was looking at getting a 100% mortgage about 6 motnhs ago and I found that Northern Rock offered the best deal @ 100%, so do shop around.

Personally, Im holding off buying for a the moment. The rise in interest rates may help slow (or even push down) the cost of housing.

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Re:Mortgages.
Reply #4 on: May 24, 2007, 10:03:52 AM
ive got a 100% morgage with Northern Rock, I got a fianacial advisor to sort it all out for me, so not exactly sure on all the details, I do know I got a 5yrs fixed one, which over the last 2 years has saved me loads.

iirc NR dont have any fees and they even gave us £1000 towards legal costs and surveys etc.
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Re:Mortgages.
Reply #5 on: May 24, 2007, 10:04:31 AM
Quote from: Chuck Norris
Dont believe the salesperson when they say, "we have the best mortgage deals," and dont get an endowerment policy.


Endowment policies are great! :) Ive had one since I was 13 years old.

Endowment mortgages... not so good :D
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  • Offline matt5cott

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Re:Mortgages.
Reply #6 on: May 24, 2007, 10:06:11 AM
Similar situ here, thinking about early next year, but Im worried about house prices, some people say they can only keep going up, others on the other hand think the opposite...
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Re:Mortgages.
Reply #7 on: May 24, 2007, 11:03:41 AM
Quote
Endowment policies are great!  Ive had one since I was 13 years old.


Alright, alright! :D
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  • Offline shofty

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Re:Mortgages.
Reply #8 on: May 24, 2007, 11:04:15 AM
Quote from: matt5cott
Similar situ here, thinking about early next year, but Im worried about house prices, some people say they can only keep going up, others on the other hand think the opposite...


got to get out of the mindset that tells you that house prices going down is a bad thing.

go out and buy the most exspensive house you can afford.

let prices drop like a stone.

now for the same mortgage, swap houses into a far bigger house.

if your income has increased enough, buy another cheap house.

watch prices rise again, as they inevitably will.

sell them both, pocket the cash or pay one or the other off and live there mortgage free.

house prices are as much of a gamble as the stock market, especially when people dont understand that the way to play the house market is in reverse, i.e. make your money when prices drop.

as for mortgage deals, moneysupermarket is as good a place as any to work out the best rates...

Matt

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  • Offline matt5cott

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Re:Mortgages.
Reply #9 on: May 24, 2007, 11:34:00 AM
Quote from: bytejunkie

now for the same mortgage, swap houses into a far bigger house.


How? my original house is now worth significantly less than my mortgage?
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Re:Mortgages.
Reply #10 on: May 24, 2007, 11:42:14 AM
it doesnt matter house prices are not going down any time soon. they might level off for abit, but they are still going up. 8% last month alone.

I bought my house for 88k, now 2years later and about 6k worth of work it is worth 115k
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  • Offline SteveF

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Re:Mortgages.
Reply #11 on: May 24, 2007, 13:46:42 PM
Dont worry about house prices tbh - people are eternally concerned about it but but as long as every year 200,000 houses are needed in the UK and we only build 150,000 prices keep going up.  Add in to the fact a big chunk of the south east is looking increasingly likely to be under water in the future (building on flood plains) and its not a long term issue.

Anyway - if youre seeing a financial adviser ake sure they a) cover all of the market and b) are not sponsored by one particularl company.

A mortgage adviser is obliged to tell you this and if theyre all the market and not paid for by a company theyll sort you out better than anyone on here.


For the record though building societies (Northen Rock, especially) and Bank of Ireland have helped me out with some complicated purchases in the past.
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Re:Mortgages.
Reply #12 on: May 24, 2007, 15:32:43 PM
Look at sights like money extra & other ones that compare mortgages.
Different places have different deals on all the time.

I think Coventry BS offered me a 3.5% fixed term mortgage (yup fixed @ 3.5 for 20years) back in September. Just I changed my mind at the last minute to go for a better place & because it was more expensive, it was over their lending value. I ended up having to self certify at 6.25%

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Re:Mortgages.
Reply #13 on: May 24, 2007, 15:33:19 PM
Quote from: Eggtastico
Look at sites like money extra & other ones that compare mortgages.
Different places have different deals on all the time.

I think Coventry BS offered me a 3.5% fixed term mortgage (yup fixed @ 3.5 for 20years) back in September. Just I changed my mind at the last minute to go for a better place & because it was more expensive, it was over their lending value. I ended up having to self certify at 6.25%

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Re:Mortgages.
Reply #14 on: May 24, 2007, 15:49:55 PM
I just want em to give us the money for a house and say you pay £xxx per month back, sign here.

Asking for too much with that though I guess.  :lol:
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