Mortgages and the like.

[MrMasher]

I know this could sound potentially like a non starting thread, but.....

Recently I have been thinking that I must get on the old property market soon. Very soon I will be loan and hp free!
I suppose what I am really after is an idiots guide to motgages or just some plain and simple info on them.
I also looked at the Forces Housing thing (its linked on the r/h side of the goats home page). Anyone with any experience of it?
I would be most grateful if anyone has any links or helpful info they could pass along.

[Scaley brat]

I know this could sound potentially like a non starting thread, but.....

Recently I have been thinking that I must get on the old property market soon. Very soon I will be loan and hp free!
I suppose what I am really after is an idiots guide to motgages or just some plain and simple info on them.
I also looked at the Forces Housing thing (its linked on the r/h side of the goats home page). Anyone with any experience of it?
I would be most grateful if anyone has any links or helpful info they could pass along.

Don't even consider anything which isn't a repayment mortgage. Endowments are purely for people who would bet their house and first born's bottom in a casino :raf:

[Vim_Fuego]

http://www.houseladder.co.uk/Information/BuyersGuide.aspx

The above gives an idea...

Feel free to ask questions...buying and selling houses has been a profitable hobby of mine over the past two decades...in fact I'm buying another one right now!

[Scaley brat]

http://www.houseladder.co.uk/Information/BuyersGuide.aspx

The above gives an idea...

Feel free to ask questions...buying and selling houses has been a profitable hobby of mine over the past two decades...in fact I'm buying another one right now!

It's people like you driving the prices up you tw@t :PDT_Xtremez_15:

[Vim_Fuego]

It's people like you driving the prices up you tw@t :PDT_Xtremez_15:

Cheeerr-Ching!

[Scaley brat]

Cheeerr-Ching!

You are just totally shameless aren't you :PDT_Xtremez_25: :PDT_Xtremez_15:

[Buphoonery]

Check out - http://mortgages.charcolonline.co.uk/default.aspx

Used these for my last 2 mortgages - always went direct with the company supplying the mortgage - and got the same deal - Does exactly what it says on the tin - worth a look.........

[beer]

Have you repaid a mortgage and have had to pay admin fee's in the last 10 years? Well it appears that the robbing barstewards namely banks etc have been over charging everyone and the government has told them to pay it back!

I have just called the Halifax as I remortgaged to the RBS a couple of years ago and was over charged £135- quick call, hey presto - cheque for said amount in post! No hassle they just paid!

The link to the GMTV article attached below.

http://www.gm.tv/index.cfm?articleid=25562

[FOMz]

As said above - repayment mortgage is the way forward??

But what sort though? Capped, fixed tracker??

When I bought my first house I spent weeks ploughing through the net, but the best info I got was a book from the local Library - Which book of housebuying. Priceless info and helped me keep my solicitoer on his toes as well.

[Vim_Fuego]

Here's agreat little website that tells you by what % prices are slipping in asking price to accepted bid via postcode...great if you're a buyer that is!

It should give confidence to first time buyers to haggle low from the start...Just recently bid £15,000 low and after some minor haggling upwards I saved myself 10k...

[Bluntend]

I'd avoid the 'One Account' type mortgages. They work like a current account so you effectively have a huge overdraft. The sales pitch is that because all of your 'excess' cash at the end of each month goes into the one pot, you can effectively pay off your mortgage in 15-20 years rather than 20-25. In reality though most people don't have massive amounts of cash left over at the end of the month. As a result, most people only pay off the interest even though the mortgage isn't marketed as an interest only package. To compound things, one of the 'perks' of the account or at least its advertised that way, is that you can dip into the cash that you have paid off to buy a car or pay for a holiday etc - in reality all you're doing is prolonging the time you have to pay on the mortgage.

[Vim_Fuego]

I'd avoid the 'One Account' type mortgages. They work like a current account so you effectively have a huge overdraft. The sales pitch is that because all of your 'excess' cash at the end of each month goes into the one pot, you can effectively pay off your mortgage in 15-20 years rather than 20-25. In reality though most people don't have massive amounts of cash left over at the end of the month. As a result, most people only pay off the interest even though the mortgage isn't marketed as an interest only package. To compound things, one of the 'perks' of the account or at least its advertised that way, is that you can dip into the cash that you have paid off to buy a car or pay for a holiday etc - in reality all you're doing is prolonging the time you have to pay on the mortgage.

Agreed...There are still some great fixed rate products out there despite what you hear on the news....Get the best one you can then, if you can afford it, make extra payments...on a £140,000 mortgage if you pay £50 (barely a night on th p!ss these days) off extra a month and you'll reduce you payment period by 3.5 years (appox).

[Comms_Lad]

Agreed...There are still some great fixed rate products out there despite what you hear on the news....Get the best one you can then, if you can afford it, make extra payments...on a £140,000 mortgage if you pay £50 (barely a night on th p!ss these days) off extra a month and you'll reduce you payment period by 3.5 years (appox).

Gotta be able to afford the mortgage in the first place lol £700 a month is just too much at the moment

[K9 FORNICATOR]

Cheeerr-Ching!

With you 100% 'VF' With a little digging, a viable area where rental properties are in demand, anyone can get into the property game and let someone else pay your mortgage and feather your nest. Mentioned this on another thread about an SAC who has recently purchased a 250k house on the south coast, rented it and not paying a bean. Bet he won't be looking for social housing when he leaves the Service. I won't either. Yippee!

[Downsizer]

Here's agreat little website that tells you by what % prices are slipping in asking price to accepted bid via postcode...great if you're a buyer that is!

It should give confidence to first time buyers to haggle low from the start...Just recently bid £15,000 low and after some minor haggling upwards I saved myself 10k...

Where is the website duder?

[Vim_Fuego]

Textbook schoolboy error:

http://www.propertysnake.co.uk/site/search

[tag_lincoln]

I always go for fixed everytime, normally for 2-3 yrs when you need to be able to budget. Anymore than 3 yrs and you could find yourself tied to a unattractive product and trying to escape costs a fair amount. % rates on the way up for the next few yrs so another reaso to get fixed payments (obviously repayment mortgage unless you like putting everything on red 5).

I got on the market as an 18 yr old JT, best thing I ever did even if it did mean living on baked beans for a couple of yrs. The housing market is like the lottery, you have to be in it to win it.

[roverboy]

I took the £8,500 from the RAF. It took a bit longer to sort the mortgage out, but it was all done for me. My reasoning behind doing it was that it meant having an £8,500 mortgage. Plus, £8,500 is worth more now than it will if it comes out of my pension should I not pay it off before I leave the RAF.

[Fablon biff chit]

The housing market must crash soon! Prices can't carry on going up!

At least I hope not.............