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Of course.
Not an option for most people, though, as it's also useful if these places are within reasonable commuting distance of your job (forget I mentioned Dewsbury, however commutable it is for me, it's still shit).
Exactly - If I was able to live in a village in the arse end of nowhere and enjoy a 15 minute commute to London, it would be most excellent... Although I wouldn't as I'm a city boy. I like the hustle and bustle. It's just sooooooooooooooooooooooooo not an option for 99% of people though once they get settled in a job as the prices are already well up there, and almost all jobs are in the big cities!
Having a 2.5 hour commute each way just isn't worth it for the sheer drop in quality of life. Trust me, I've done it for a couple of contracts, and you just end up working yourself to death. Up for work, commute, work, commute, home, eat, bed. That's all you end up doing and you're too tired to go out on the weekends. Even for the big £££ that some of these contracts pay, it isn't worth it.
It's not a case of killing yourself paying for a mortgage, but you do buy the best you can for your money. However, if you simply don't have enough money to buy anything in the first place, you're fucked.
G.
P.S. Yes, you're right, Dewsbury is shit!
I don't know, but I'm guessing that his payment is so small because he got the mortgage a while ago, and now has not much left to pay off, and for what was originally a smaller amount than you'd need to get now.
I would imagine about 15 years ago. But yeah, properties are pretty cheap in that town
I know desirable properties in desirable areas will cost a load more. But when you're skint and first time buying you don't get what you want! Probably get a shithole, in a shit area. But if having your own place is what you want then go for it. 15k a year will be difficult but its doable, if you can get the initial costs together
Depends what jobs you're looking for. And 20-30 min commute to Cardiff. My boyfriend lives in Cardiff with me and works in Merthys so he's really doing it the wrong way round!!
That would be my scholarship
So, for a term of 10 weeks thats £1,300. I have a rough weekly budget of:
£20 - groceries
£30 - takeouts / going out / pubs / anything really (though in reality I'm a bit sad and don't spend anywhere near this, I like staying in
£10 - phone
Which is £60 a week.
Anyway, won't be living in London, no way. York, more likely
So to get a mortgage of £100,000, what are the usual figures you need?
So to get a mortgage of £100,000, what are the usual figures you need?[/QUOTE]
Jumping straight to the mortgage figures, I would say to be comfortable on a £100k mortgage, a 4 x multiplier is the highest I would go to. That would equate to approx £22k a year if you put a deposit 5-10% down. You should slip under the stamp-duty threshold at £100k, but York is actually pretty pricey, if I recall!
You would need to put down a deposit to get a decent multiplier, or you're back to 100% mortgages, which you would need to be earning around £33k to hit the £100k mortgage mark.
With regards to your boyfriends Dad's mortgage: a mortgage of £300 15 years ago... Well, let's just say it would be a LOT more than that now if going on house price!!! You can't compare the past and the present in this context.
Yea york is pricey, hopefully get somewhere cheaper in commuting distance and maybe one day...
who knows?
I could row to work
It's not that I'm worried about buying a house right now, not at all. I just thought maybe it would be prudent to think in advance of what exactly it is I'm going to do when the time comes. So, rent in scummy accommodation, work lots of overtime, find some mates, move out, get promoted, get paid more, meet someone, get our moneys together, put a mortgage down on somewhere little, work more, then if baby comes along -> continue working in said house till they leave home then retire.
or else -> both get promoted, move into bigger house.
I don't want kids till I'm 30
Me and the man have been talking about buying a lot lately, especially after the landlord situation (bitch) and his friend is here, just said you can get a morgage in pontypridd for £300 a month - he's bought recently too.
I was going to say that you should price in a boat if you live in York.
Just to give you a picture of the housing market at the moment. At the time I bought my house, I was earning 23,500. Whilst I could get a reasonable mortgage, once I budgeted for bills and going out and all the rest of it, the max that I was prepared to spend was about 65,000 on a house. I got my house for slightly less than that but it is in Nottingham (ask Phil and Kirstie about the place), in a shit hole (albeit not one that is well known for its gang warfare!), terraced and ex council. It's two bedroomed and had no double glazing or central heating when I moved in. I pay just over £400/month on a 100% 3 yr firxed rate mortgage.
In York, http://www.rightmove.co.uk/viewdetails-6290778.rsp?pa_n=1&tr_t=buy , that's what you get for over 20,000 more.
Don't be disheartened by this BUT don't feel that you have to rush out and buy a house as soon as you finish Uni either. xxx
God knows what its like but 30k! double glazing, although gas central heating not tested
http://www.homesandproperty.co.uk/agent.aspx?agentid=7909&opt=prop&pid=575252
2 bedroom. all those houses are pretty much the same size and layout so you know what you're getting
This one looks alright
http://www.homesandproperty.co.uk/agent.aspx?agentid=6061&opt=prop&pid=430987
Just to show you CAN buy cheap if you're willing to compramise on area. Lucky for me that's the area I want to live in!
ETA: the last one looks pretty small, but you could move in and live without doing too much to it. Also its skinny but looks quite long! You can get much bigger houses for similar prices but they tend to be done out pretty horrible (seen 1 with yellow and brown walls), but I'd want to redecorate anyway to make it mine so wouldn't bother me!
Compromise? I don't think that's *quite* the correct term to be using here!!!!
I have no idea where that is bar being in Wales - of which I can guarantee there would be no/little work for me there.
Yes, you can buy cheap - but that area (and many others of a similar ilk) are just not an option, never mind a compromise, for most people.
But yes, if you want to live in a nice house in the city then you'll be paying 3 times the price. I don't want to live in the city though
Hey Loopi thanks
I will probably rent first, as it seems its fairly impossible to jump onto the housing market. But I'll try and save up some of the money first so I have some cash in the bank, while I'm renting. I don't have to live in york the town, it is reaaaallly expensive, but ideally I'd like to find work up here, and so be within 45 mins commuting distance or so.
But yea, all very preliminary, I didn't have the foggiest about mortgages, or any of it really. Just want to find out information really.
Property prices are still quite cheap in the Welsh valleys, the two-bed terrace houses I'm working on in that area are typically going for about £70,000-£75,000 in decent condition (in places like Merthyr Tydfil). But there's a reason for that.
We have a combined income of about £33,000 gross, and we don't have the money for luxuries like new laptops and long holidays. We're not starving or owt, but we're not living a luxury lifestyle, and that's with a £95,000 mortgage on a favourable product rate (4.85% fixed until December 2010) which is not available on the market now.
Then he got a graduate mortgage with HSBC with his friend. It's incredibly difficult (impossible actually) to get a mortgage by yourself.
What have they got to do with home, money and law??
Yeah the valleys aren't regarded as the most desirable place to live by many, but like all places there's good and bad parts. I personally think the valleys are beautiful, my boyfriend used to live in pontypridd, the back of his house was literally on the side of a mountain looking out over the valley, the view in the morning was breathtaking. There is a problem with jobs but its easier to commute to bigger towns, and to Cardiff so house prices are rising! Which is why I wanna get in there fast!!
We aren't the cheapest firm by any stretch of the imagination, other firms may do it cheaper. My house was done by a firm in Carlisle and we paid £650+VAT all in, but then we did know the owner of the firm.
Stamp duty is not payable below £125,000, and above that it is 1% of the purchase price. Above £250,000 it is 3%. Some areas are "disadvantaged areas" and have a stamp duty exemption in order to get people to move there- in disadvantaged areas stamp duty is not payable below £150,000.
Some lenders will pay the legal fees for you and add it to the mortgage, Halifax do it for first time buyers.
Ahh that would be much better, what with the deposit and the legal fees it would take us ten years to save all that up!
Is the deposit about 10%? I'm sure I read that, but my boyfriends mate got a mortage for 70k on his wage of 15k a year, and he only had to pay £3000 deposit. How did he manage that?!
ETA: halifax only want 3% deposit (for first tiem buyers at least) and with me and my boyfriend earning 14k a year we could borrow up to 110k - that's not bad
I'm confused between a repayment morgage and an interest only morgage - and which is best?
The traditional deposit to the vendor on exchange is 10%, but a traditional mortgage is only for 75% of the property's value. These days this isn't so common, a typical first-timer-buyer contribution to the purchase price would be about 5%. Some lenders do loan to 100% of the property value, but these products don't have a good interest rate.
For comparison, we provided £5000 for our house, which cost £100,000. We got a really good deal with the conveyancing, and we got an excellent mortgage product for our circumstances. Ours is repayment, fixed rate at 4.85% until 2010, and comes in at about £600pcm. We also had kind parents:)
On a repayment morgage for halifax on a fixed rate of 5.49% monthly payments were just less than £400 a month. How come thats a lot less than yours? Or have I worked it out wrong
This is so confusing!!
You would need to contribute at least 5% of the purchase price from your own savings for the mortgage products from Halifax. That's typical of most lenders. If you contribute less than 10% of the purchase price usually you have to pay a Higher Lending Charge, which is usually around £2000 and is usually added to the mortgage balance.
I suspect you worked it out wrong, it looks like you ticked the interest-only one. I put my details into their online calculator and it came out pretty much spot on what I pay to my lender, Coventry Building Society, who I've been really impressed with.
Interest-only mortgages aren't a good idea, as you need some way of paying back the capital. People used to take out endowments, but they've been proven to be shite.
If you are serious about buying a house you need to take solid financial advice from an independent financial advisor. Beware IFAs, though, as many of them receive a commission for products sold and they don't always sell the best product for you. Read the small print and don't take their word as gospel.
ETA: maybe I got it wrong because I didnt know what this was :What interest rate would you like an illustration on (not the APR)? I put 5.49%
ETA again: I only put in to borrow £65,000 because we won't be looking to spend more than £70,000 on our first house. To borrow £75,000 repayments are nearly £500 a month
You really won't get much for £70,000, even in the valleys, I'm afraid. Any house you do get will need work doing to it.
Do you reckon?
http://www.homesandproperty.co.uk/agent.aspx?agentid=6061&opt=prop&pid=430987
And most of the 2 bed terraced houses seem to be 60-70k and I'm sure they're not all in terrible condition. Most of the ones I've been looking at are decorated hideously old fashioned but don't seem to be in bad condition
For example this one
http://www.homesandproperty.co.uk/agent.aspx?agentid=6061&opt=prop&pid=455934&photo=4#photo
Lovely wooden floors, nice big rooms. would need decorating but seems in fair condition
Do you mean work as in new carpets and decorating to look nice? Or do you mean work as in sorting out damp, roof fixing, central heating etc?
Please don't take this as argueing with you as I really value your opinion - you seem to know a fair amount and havr your head screwed on...I'm just trying to work out whats affordable to buy etc!
£65,000 for a one-bed terrace isn't too bad, but it shows that you don't get much for your money.