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Mortgages

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Right I searched through the topics and didn't see anything for finance so I thought I'd put it here.

What I want to know is how do I go about getting a mortgage for a house? I'm currently living with my parents but I'd like to move out sooner rather than later.

What do I need? Job, money etc?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    usually money is a factor wen moving house, they kinda dont like u living rent free
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    As big a deposit as you can manage to get helps. Then you basically go around banks and stuff checking on what they will offer you.

    Or you can do one of the online things, like virging one or whatever.

    Be warned though that it is not cheap at all. Once you get your house you will need furniture, and you'll be buying tools and stuff for DIY or paying to have people come in to change things once they annoy you. This will use up your money and time.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    yup. i'd suggest renting for a few years before you actually buy your own place.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Mist
    Be warned though that it is not cheap at all. Once you get your house you will need furniture, and you'll be buying tools and stuff for DIY or paying to have people come in to change things once they annoy you. This will use up your money and time.

    Not to mention repairs and maintenance. I`m thinking things like.... oh.... boiler going kaput, rather than DIY here.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You will most likely need a job, and have been employed for a few years to show that you are reliable, and able to keep up the mortgage payments. They will calculate the maximum mortgage they will give you based on your salary.
    You will almost certainly need a deposit - as Mist said, the bigger the better, though there are mortgages out there which don't require a deposit.

    So, it helps if you've been employed for a few years in a half decent paying job, and have saved a few grand for a deposit, and furnishing the house.

    Mr_Wobble ;)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Ok thanks peeps, I think I will rent at first, the whole mortgage thing scares me right now. I need a better job and yes I need my own furniture and stuff like that.

    Solid L your a funny guy you. :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Mr_Wobble
    and have been employed for a few years to show that you are reliable, and able to keep up the mortgage payments.

    This is a falacy. You do not need to prove track history of earning. It would however help simply on the basis that you might have a bigger deposit.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You are far too young to even begin thinking about moving out and getting a mortgage. Put your name down for a council house, or get a flat share. At 19 years old I really don't think you will be able to afford someone overly nice on your own.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Go and see an independent mortgage advisor. They won't charge you for the advice.

    Basically I've discovered that its worth struggling at the begining with a mortgage because house prices are just going to keep rising and oneday you may find yourself unable to afford a thing!

    If I had bought my house a few years ago I'd have saved loads. As it was I waited until I got an inheritance but by then I had to look outside of the place I wanted to live to get the kind of house I wanted.

    Insurance (Which your mortgage lender will insist you get) should pay for major house costs.

    You will need to provide a few months of bank statements to show that you have a steady income..I did.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I still think you are far too young to have a mortgage.

    Experience living on your own without that worry before you get one, that is what I would advise at least!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by BumbleBee
    You are far too young to even begin thinking about moving out and getting a mortgage. Put your name down for a council house

    And by the time you get a council house you`ll be old enough for a mortgage!! Result!!

    :thumb: :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by BumbleBee
    I still think you are far too young to have a mortgage.

    Experience living on your own without that worry before you get one, that is what I would advise at least!

    I've already lived on my own for a year in Kent before returning back home. Coped well.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Re: Mortgages
    Originally posted by Macca1983
    Right I searched through the topics and didn't see anything for finance so I thought I'd put it here.

    What I want to know is how do I go about getting a mortgage for a house? I'm currently living with my parents but I'd like to move out sooner rather than later.

    What do I need? Job, money etc?

    Well i work in northern rock and i deal with mortgages! i will put on our helpline 2mro as i cant think of it off the top of my head!

    hope it helps

    peaches
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