GRcade

Eighthours wrote:

suzzopher wrote:Getting a mortgage now is fecking impossible for first time buyers too. My brother in law and his girlfriend earn a fair old whack between them and with no deposit they were offered £80K for a mortgage Round here £80K could buy you a bike shed.

They've had to borrow £65K to get a mortgage for £210K(so £145K the mortgage property was £210K). It's ridiculous.

To be fair, you should be saving up at least a 5% deposit before trying to buy a house in the first place. Granted, the system has become stupid with the sums that first time buyers now need to put down, but 100% mortgages were silly. Saving up a deposit shows a degree of ability to regulate your outgoings, which is important when it comes to paying a mortgage every month for the next 25/35 years.

Where are they living, anyway? Starting out at a £210k house sounds a bit crazy, unless they're in London or something. Ladders! Rungs!

I get what you're saying, but there should be other ways to prove you're a responsible lender. I currently rent at £700 a month and haven't ever missed or been late with a payment. Being able to pay £700 a month without issue for several years could surely be seen as evidence that I'd be able to pay a mortgage of a similar amount?

I mean, essentially I'm currently paying someone else's mortgage.

Beans wrote:Congratulations OS

Thanks Beans, you and your girl can come over for the house warming

OnlyShallow wrote:

Beans wrote:Congratulations OS

Thanks Beans, you and your girl can come over for the house warming

Sweet as. Promise not to trash the place

Beans wrote:

OnlyShallow wrote:

Beans wrote:Congratulations OS

Thanks Beans, you and your girl can come over for the house warming

Sweet as. Promise not to trash the place

Promise not to shag her

OnlyShallow wrote:

Beans wrote:

OnlyShallow wrote:

Beans wrote:Congratulations OS

Thanks Beans, you and your girl can come over for the house warming

Sweet as. Promise not to trash the place

Promise not to shag her

Me and my gf would really like to buy a place sometime in the next year or so once I've got a new job. As much as I would love to own a house I'm not looking forward to the process.

Day 8 in the mother-in-law's house and I still haven't gone mad. Mind you she was away most of last week and I was away for a good part of the weekend.

Only another few weeks to go. I'll be fine.

Here is a picture of the mother-in-law's house



Here is a picture of the house we bought.

Personally I hate renting and my gf agrees with me, it's like flushing money down the toilet.

Lotus wrote:Well, after saying earlier in the topic that I wouldn't be able to get on the housing ladder, I've been looking into it, and it might be possible. Not sure whether a big chunk of my salary going on a mortgage each month is worth it though, when I can pay rent now at probably half what I would be paying on mortgage repayments.

We are the other way around. We are paying £1250 a month in rent, which was about to rise to £1500. We will be paying much less than that on our mortgage.

Shadow wrote:

Eighthours wrote:

suzzopher wrote:Getting a mortgage now is fecking impossible for first time buyers too. My brother in law and his girlfriend earn a fair old whack between them and with no deposit they were offered £80K for a mortgage Round here £80K could buy you a bike shed.

They've had to borrow £65K to get a mortgage for £210K(so £145K the mortgage property was £210K). It's ridiculous.

To be fair, you should be saving up at least a 5% deposit before trying to buy a house in the first place. Granted, the system has become stupid with the sums that first time buyers now need to put down, but 100% mortgages were silly. Saving up a deposit shows a degree of ability to regulate your outgoings, which is important when it comes to paying a mortgage every month for the next 25/35 years.

Where are they living, anyway? Starting out at a £210k house sounds a bit crazy, unless they're in London or something. Ladders! Rungs!

I get what you're saying, but there should be other ways to prove you're a responsible lender. I currently rent at £700 a month and haven't ever missed or been late with a payment. Being able to pay £700 a month without issue for several years could surely be seen as evidence that I'd be able to pay a mortgage of a similar amount?

I mean, essentially I'm currently paying someone else's mortgage.

5%? I thought most companies are looking for 15-20% now?

Congrats, OS!

melatonin wrote:I do not think I will ever buy a house in this country. Too much expenditure and cost for comparatively little return.

European renting culture for the winning.

I tend to agree. I have owned my own house in the past, and even now I remain a part-owner of the house my late mother bequeathed to myself and my siblings (which we rent out), but I don't think I'll ever buy my own place. I actually prefer the freedom that renting offers. I'm currently considering my next move - renting means I'm not stuck in a chain and I can just find a place, wherever I want, and chuck everything into the back of a van and move the next weekend.

I'm considering going back down to the southwest for good (Devon or Cornwall) or possibly up to Yorkshire to be near my older brother and his family. Since I work from home, where I actually live is a complete non-issue (god bless the interweb).

I've rented some pretty regrettable places but also some fantastic places - my last place before where I am now was a huge split-level flat with two bedrooms, two bathrooms and even a f*kin' chandelier in the most enormous dining room you've ever seen - for £430 per month. All that in a listed 17th century townhouse in a little town called Tavistock on the edge of Dartmoor National Park. Just look for the renting bargains and you can find them. Be flexible and keep your worldly goods to a minimum.

OnlyShallow wrote:

Lotus wrote:Well, after saying earlier in the topic that I wouldn't be able to get on the housing ladder, I've been looking into it, and it might be possible. Not sure whether a big chunk of my salary going on a mortgage each month is worth it though, when I can pay rent now at probably half what I would be paying on mortgage repayments.

We are the other way around. We are paying £1250 a month in rent, which was about to rise to £1500. We will be paying much less than that on our mortgage.

Did you use a realestate agent to buy your house?

1cmanny1 wrote:

OnlyShallow wrote:

Lotus wrote:Well, after saying earlier in the topic that I wouldn't be able to get on the housing ladder, I've been looking into it, and it might be possible. Not sure whether a big chunk of my salary going on a mortgage each month is worth it though, when I can pay rent now at probably half what I would be paying on mortgage repayments.

We are the other way around. We are paying £1250 a month in rent, which was about to rise to £1500. We will be paying much less than that on our mortgage.

Did you use a realestate agent to buy your house?

We just used an estate agent. We don't have the unreal kind here so don't need to differentiate between real and unreal.

Cal wrote:
I've rented some pretty regrettable places but also some fantastic places - my last place before where I am now was a huge split-level flat with two bedrooms, two bathrooms and even a f*kin' chandelier in the most enormous dining room you've ever seen - for £430 per month. All that in a listed 17th century townhouse in a little town called Tavistock on the edge of Dartmoor National Park. Just look for the renting bargains and you can find them. Be flexible and keep your worldly goods to a minimum.

Tavi? lovely.

OnlyShallow wrote:

1cmanny1 wrote:

OnlyShallow wrote:

Lotus wrote:Well, after saying earlier in the topic that I wouldn't be able to get on the housing ladder, I've been looking into it, and it might be possible. Not sure whether a big chunk of my salary going on a mortgage each month is worth it though, when I can pay rent now at probably half what I would be paying on mortgage repayments.

We are the other way around. We are paying £1250 a month in rent, which was about to rise to £1500. We will be paying much less than that on our mortgage.

Did you use a realestate agent to buy your house?

We just used an estate agent. We don't have the unreal kind here so don't need to differentiate between real and unreal.

How did that go for you? Do you think the estate agent helped and got you a good deal?

I dont suppose the house had an ad did it?

1cmanny1 wrote:

OnlyShallow wrote:

1cmanny1 wrote:

OnlyShallow wrote:

Lotus wrote:Well, after saying earlier in the topic that I wouldn't be able to get on the housing ladder, I've been looking into it, and it might be possible. Not sure whether a big chunk of my salary going on a mortgage each month is worth it though, when I can pay rent now at probably half what I would be paying on mortgage repayments.

We are the other way around. We are paying £1250 a month in rent, which was about to rise to £1500. We will be paying much less than that on our mortgage.

Did you use a realestate agent to buy your house?

We just used an estate agent. We don't have the unreal kind here so don't need to differentiate between real and unreal.

How did that go for you? Do you think the estate agent helped and got you a good deal?

I dont suppose the house had an ad did it?

No, I think they went door-to-door on streets they liked.

1cmanny1 wrote:How did that go for you? Do you think the estate agent helped and got you a good deal?

I dont suppose the house had an ad did it?

Unlike our colonial friends (or the people we cast off as I like to refer to them) we do not see a property we like, murder the owners and take over ownership, then live like kings in the property. In the UK we would be arrested of such behaviour.

So yes, the house had an advert, on an estate agents website. I'm pretty sure it had a card on the shop window too. Since we are the purchasers we didn't have too much contact with the lizards who inhabit human bodies, so it went fine.

Did we get a good deal? We weren't looking for a deal, we were looking for a house. We know the market value of similar houses in the area and discussed the price with the vendor. We then had other discussions with the vendor with regards to such things as whether or not we wanted the white goods in the kitchen etc.

OnlyShallow wrote:

1cmanny1 wrote:How did that go for you? Do you think the estate agent helped and got you a good deal?

I dont suppose the house had an ad did it?

Unlike our colonial friends (or the people we cast off as I like to refer to them) we do not see a property we like, murder the owners and take over ownership, then live like kings in the property. In the UK we would be arrested of such behaviour.

So yes, the house had an advert, on an estate agents website. I'm pretty sure it had a card on the shop window too. Since we are the purchasers we didn't have too much contact with the lizards who inhabit human bodies, so it went fine.

Did we get a good deal? We weren't looking for a deal, we were looking for a house. We know the market value of similar houses in the area and discussed the price with the vendor. We then had other discussions with the vendor with regards to such things as whether or not we wanted the white goods in the kitchen etc.

Wait... Is that a snide comment against NZ?!

Do you have a picture of the ad? I find it very interesting how estate agents market these kind of things!

So are you happy with it? Does it need any work?
Also, I think you said this is your first house, how does it feel? Exciting, scary etc?