kingandy: (Wandering Blossom)
[personal profile] kingandy
Bah.

Apparently the woman who owns the house next to [livejournal.com profile] samharber's is demanding an exhorbitant price (twice what Sam and Nook, also in the same street, paid - and it's been on the market for a good while now) and will not budge. She is a fool. The fallout from this is that myself and Ms [livejournal.com profile] bacony will require somewhere to rest our heads come July. Anyone know any good letting agencies in Notlob? The plan is to move there and rent temporarily while I (a) build up capital and (b) find somewhere to buy... hard to arrange house viewings when you live the far side of Manchester.

In case anyone's interested, the crazy woman is asking £57K. I suspect I could get a mortgage for that on my salary - just about - but I think I'd want something a bit larger for that much. I know, housies are expensive these days, but it seems daft considering what other houses in that street went for.

It is still tempting though, if only somebody would sort out the administration... and give me a big pile of cash.

Date: 2004-04-21 07:30 am (UTC)
icklejo: (Default)
From: [personal profile] icklejo
My mum's advice was 'You could wait a couple of years while you save up enough for a deposit, but in those two years house prices will have gone up sufficiently that you will then not have enough and need to save more for a larger deposit because of the price rise'.

I think she wanted me to buy a house so that I could finally remove my piano from her living room. Unfortunately her plan was foiled when I bought a house that it wouldn't fit in.

How much is your combined rent at the moment? I will try and put my numbers head on and work out some comparison figures for you so you can see if it's even worth thinking about.

Date: 2004-04-21 07:50 am (UTC)
icklejo: (Default)
From: [personal profile] icklejo
For examples sake I've used 57k. This minus 5% deposit would be 54150 which would work out at about £314/month (going off the Egg website mortgage calculator thingy). The full 57k would be about £331/month.

Date: 2004-04-21 12:24 pm (UTC)
From: [identity profile] ghostbritain.livejournal.com
Get a larger mortgage than you need (say buy a house for £50k and get a £57k mortgage) then spend the extra cash on furniture and the like.
Mortgages are so much cheaper than loans.

In fact you can get Current Account Mortgages that allow you to lump everything together, which as long as you're not a complete idiot means you can pay your mortgage back much earlier.

The minimum you can borrow is £50k, so it should be ok for you...

Date: 2004-04-21 01:30 pm (UTC)
From: [identity profile] arwel.livejournal.com
Try Egg. They're great. No current account, but you can link a savings account to your mortgage and have that offset the balance.

Date: 2004-04-21 02:53 pm (UTC)
icklejo: (Default)
From: [personal profile] icklejo
Get a mortgage for more than you're buying your house for? How's that possible? Banks will only lend you up to 95% of your property's value.

Date: 2004-04-22 02:24 am (UTC)
icklejo: (Default)
From: [personal profile] icklejo
Sorry to confuse, regardless of 95% or 100% mortage, banks won't lend more than the value of the house (they have to be able to recoup what they've lent you if they reposess and sell it, so lending you more than it's worth isn't in their interest). Nook's suggestion would mean a 110% or so mortgage which I've never heard of unless they do it as some sort of bank employee perk but I haven't heard of it for us normal people.

Date: 2004-04-21 08:24 am (UTC)
From: [identity profile] pkgem.livejournal.com
You do realise that it is just so wrong having sensible financial advice coming from the mouth of a brownie?

However, Andy - listen to [personal profile] icklejo. She is wise beyond her years.

Date: 2004-04-21 08:34 am (UTC)
From: [identity profile] arwel.livejournal.com
It's ok, she got her financial advisor badge.

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