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General Chat Thread, Mortgage Question in General; My new neighbours put 35% down on their house, they have an interest rate of 1.9% guaranteed for the life ...
  1. #46

    nephilim's Avatar
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    My new neighbours put 35% down on their house, they have an interest rate of 1.9% guaranteed for the life of the mortgage.

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    mac_shinobi (17th June 2013), Steve21 (17th June 2013)

  3. #47

    mac_shinobi's Avatar
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    Quote Originally Posted by nephilim View Post
    My new neighbours put 35% down on their house, they have an interest rate of 1.9% guaranteed for the life of the mortgage.
    In about a year or two's time we will be looking at buying a house ( will either be 10 or 15% ) can't afford much more than that. No doubt will be over a 30 year period

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    Steve21 (17th June 2013)

  5. #48
    zag
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    I've been overpaying my mortgage since the start, adding as much as I could afford over the years.

    It was a 25 year mortgage and I should have it paid off in 7 years. Compound interest is an amazing thing

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    Steve21 (17th June 2013)

  7. #49

    mac_shinobi's Avatar
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    Quote Originally Posted by zag View Post
    I've been overpaying my mortgage since the start, adding as much as I could afford over the years.

    It was a 25 year mortgage and I should have it paid off in 7 years. Compound interest is an amazing thing
    Compound interest ? Over paying on each of your monthly payments or some it ?

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    Steve21 (17th June 2013)

  9. #50
    zag
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    Quote Originally Posted by mac_shinobi View Post
    Compound interest ? Over paying on each of your monthly payments or some it ?
    Yeh I overpay £700 a month on my mortgage each month. I have a lodger so I just use their rent and a bit of my disposable income for the overpayments.

    Managed to Knock 18 years off the payback period! Amazing!!

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  11. #51

    plexer's Avatar
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    If I had any disposable income I'd pay extra, when I do have I intend to.

    Ben

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    mac_shinobi (17th June 2013), Steve21 (17th June 2013)

  13. #52

    nephilim's Avatar
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    If we had room for a lodger, we would probably do the same, unfortunately, we lack the space. We want a 3 bed house, on our street, but just have to wait I suppose until one of the neighbours move. lol

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    Steve21 (17th June 2013)

  15. #53

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    Aye as a few people mentioned my understanding was every "insurance" was optional normally, apart from building cover etc. Some may prefer others, but don't think it's forced if you really object

    In terms of deposit size, obviously the more the better, but part of me says it's better to keep some money behind just to get you settled in, whether it's for goods, bills or something you need to fix/improve etc It's unlikely you'll find lots of spare money afterwards while paying the mortgage!

    In terms of rates people are paying, did many people go for a much longer fixed rate at a higher percentage? Just been flicking through Santander options, and seems more sense to go for a 5 year fixed at 2.5% than a 2 year fixed at 2%. Even if you're paying more to start with, soon save it back after the 2 years

    Thanks,
    Steve

  16. #54

    Andrew_C's Avatar
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    The BBC have a web page on mortgages. Lists rates and has a calculator to workout your monthly payments.

    I'm working on a 15 year repayment at the moment; but with lots of cash, combining two houses into one. Still hurts when you think what you will be paying out! And DON'T get me started on lawyers. Two months down the line, just when things look wrapped up, another bunch of enquiries. The idle ***** have been sitting on their ******* thumbs. If they were acting for me, I'd be in the office tomorrow at 9 kicking some bottom.

  17. #55

    Andrew_C's Avatar
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    Having finally moved, it transpires that the hold-ups were caused by the first time buyer at the bottom of the chain not checking first to see if he would get enough cash. Your Move estate agent didn't check that his mortgage was in place, the buyer didn't know what was required of him and the agents were bloody hopeless at chasing him. Our buyers, who sold with YM have complained to their head office. Then at almost the last minute Halifax decided he had to provide a larger deposit.

    Moral of story. Get your lender on side early, find out how much they will lend, and whether they are going to move the goal posts. Keep hassling estate agents, and your solicitor/conveyancer if things slow down. And draw your own conclusions on the two above named companies.

  18. Thanks to Andrew_C from:

    mac_shinobi (29th June 2013)

  19. #56
    XiJ
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    It seems that all the estate agents do us stick it on right move and sit back and wait. We're in our second agent and nothing is happening in our attempt to sell.

    I'm pretty sure I could market my house and achieve more doing it myself....if I had the time.

  20. #57

    mac_shinobi's Avatar
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    How much extra do you need on top of the deposit as there are things like

    * solicitor fees
    * land registry tax
    Etc etc

    Not sure if im calling them by the correct names / terms etc

    Presumably those charges are seperate from the deposit

  21. #58
    XiJ
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    Deposit is for your mortgage only. You can add arrangement fees etc to the mortgage if you don't have the upfront cash.

    Solicitors fees range from £750 to £2k+ around here (for first time buyer market ish). We paid £550 6 years ago which covered all search fees + solicitor fee.

    Get a recommended (by others as well as mortgage lender) solicitor and a fairly local one. Keep chasing them.

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    mac_shinobi (29th June 2013)

  23. #59

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    Quote Originally Posted by XiJ View Post
    It seems that all the estate agents do us stick it on right move and sit back and wait.
    The one we used, both buying and selling, worked hard for us. Chasing up and down the ladder to keep things moving, and to stop our seller pulling out when things dragged so badly she lost incentives from her builder.

    Happy to praise Winkworths. I'd use them again, and my solicitor, Kirklands. Only useful information for those around here though!

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    mac_shinobi (29th June 2013)

  25. #60
    zag
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    Quote Originally Posted by Andrew_C View Post
    Having finally moved, it transpires that the hold-ups were caused by the first time buyer at the bottom of the chain not checking first to see if he would get enough cash. Your Move estate agent didn't check that his mortgage was in place, the buyer didn't know what was required of him and the agents were bloody hopeless at chasing him. Our buyers, who sold with YM have complained to their head office. Then at almost the last minute Halifax decided he had to provide a larger deposit.
    An estate agents job is to market a house and introduce a buyer to a seller. That is all they do.

    They have nothing to do with checking financial details of the buyer.

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