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General Chat Thread, Worry setting in... in General; The thing is with "credit"/loans/credit cards/contract mobile phones etc, they can be bad if you let them get out of ...
  1. #16
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    The thing is with "credit"/loans/credit cards/contract mobile phones etc, they can be bad if you let them get out of hand or miss payments.

    However, have only a small number of them and make regular payments etc and they can actually play in your favour, showing your reliably with your money.

  2. #17
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    Quote Originally Posted by DJ-Jonesy View Post
    WOW, me and my misses earn close to 40k a year at 21 & 23 tried to get credit on a laptop and was refused :S not had anything on credit before so im squeaky clean same as the misses. was lookg at mortages the other month but couldnt work out how much deposit ect... all confused me and then when got knocked back for the laptop thought there deff not gonna give me a mortgage.
    Not having a credit history at all can be worse than having a poor one. Reason being lenders have no idea how much of a risk you are. If you're good with money I'd suggest getting a credit card with a nominal credit limit, using it for your regular shopping and then paying it off in full every month. This will start to give you a good credit history which will help when applying for credit.

  3. Thanks to gybe78 from:

    Rawns (9th May 2011)

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    Quote Originally Posted by DJ-Jonesy View Post
    WOW, me and my misses earn close to 40k a year at 21 & 23 tried to get credit on a laptop and was refused :S not had anything on credit before so im squeaky clean same as the misses. was lookg at mortages the other month but couldnt work out how much deposit ect... all confused me and then when got knocked back for the laptop thought there deff not gonna give me a mortgage.
    Your problem might be precisely the fact that you have no "Credit History", And check you are on the electoral role. I had problems with credit for ages because the electoral role had a misspelling of my address. Now all is fine from what I can tell. I got a mortgage at the end of last year without too much hassle.

  5. #19

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    Apparently I can get a mortgage of 108k (made up to 113k with my deposit) & was told I could get a flat for that in my area. I'd love to know where as I haven't seen anything under 120k. No idea about that offer though, it was just to get a rough idea of what I was able to get.

  6. #20

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    Quote Originally Posted by gybe78 View Post
    Not having a credit history at all can be worse than having a poor one. Reason being lenders have no idea how much of a risk you are. If you're good with money I'd suggest getting a credit card with a nominal credit limit, using it for your regular shopping and then paying it off in full every month. This will start to give you a good credit history which will help when applying for credit.
    This is actually what i have done - also its then easier to break down what i have spent where there has only been one month when i paid of 90% of it as i need a little extra cash the following month for bills then i paid it off the next month. But it just gets it in there saying you have a credit history.

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    Quote Originally Posted by TechMonkey View Post
    Apparently I can get a mortgage of 108k (made up to 113k with my deposit) & was told I could get a flat for that in my area. I'd love to know where as I haven't seen anything under 120k. No idea about that offer though, it was just to get a rough idea of what I was able to get.
    Bear in mind that for any house advertised at X, in the current market the sellers are likely to accept an offer of substantially less. For a120K advertised price I'd plan two or three offers with an opening of maybe 90-95K and a final around 105-110K.

    That might sounds a bit depressing for Rawns. Sorry about that :-(.

  8. #22

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    I have 25k in savings with the Mrs (mainly through inheritance) so would love to know why banks won't touch us for a 135k mortgage.

  9. #23

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    Quote Originally Posted by pcstru View Post
    Bear in mind that for any house advertised at X, in the current market the sellers are likely to accept an offer of substantially less. For a120K advertised price I'd plan two or three offers with an opening of maybe 90-95K and a final around 105-110K.
    just because the current market is like that, doesn't mean offering less will be a magic cure. person X selling at 120k may need to sell at 120k to cover their current mortgage so will be very doubtful to accept anything sub 100.
    our last place was on at 114, then dropped to 109, then 106. our eventual buyer tried offering 96 and was told not to be stupid (in so many words) and then upped his offer to 101.
    had we got an existing mortgage over 101 we wouldn't have accepted as it would have put us at a loss, so just offering less doesn't mean the buyer will snap your hand off

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    I was always told about the credit card, little purchase, pay off thing....I mentioned that to the IFA too, and said that the natural cynic in me said we'd never be able to get a mortgage etc, so I'd never bothered. I also said I was raised with the attitude of "If you can't afford it, go without", by a trained accountant. He grinned and said "good rule to live by".

    He was recommended to us by the missus' boss, and fair play, he was excellent. 2 evenings of sitting in the living room going over income/expenditure, tracker vs fixed, option after option on his laptop with the software playing with the figures/length of terms, discussing possibilities, worries and all the stuff that occurs at these times.

    Cost to us? Zero. He gets paid by whichever provider we finally go with.

    Before him we went to HSBC and had a meeting with the adviser there (I've been with the Highly Silly Banking Company since it was Midland)..she was willing to offer us a slightly bigger mortgage. However, I'm a cynical sod and insisted on a non-prejudiced, impartial advisor. As it turned out, HSBC has the second best deal anyway!

    And agreed with above - our property was on at 119950, I was advised to offer 110k. Estate agent (lovely guy, ace service, can't recommend Harwoods enough) said "not a hope, they need at least 115k to release themselves from the mortgage they're in."

    SO, Offered 115k, hands shaken, job done. Notice put in on current place last night, contracts in theory aiming to be completed by month end (say solicitors)..and yet it still feels unreal.
    Last edited by Sirbendy; 10th May 2011 at 09:26 AM.

  11. #25
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    Quote Originally Posted by nephilim View Post
    I have 25k in savings with the Mrs (mainly through inheritance) so would love to know why banks won't touch us for a 135k mortgage.
    Wait a year or two and you will be over the moon that the bank wouldn't give you that mortgage.

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    Quote Originally Posted by MK-2 View Post
    just because the current market is like that, doesn't mean offering less will be a magic cure. person X selling at 120k may need to sell at 120k to cover their current mortgage so will be very doubtful to accept anything sub 100.
    our last place was on at 114, then dropped to 109, then 106. our eventual buyer tried offering 96 and was told not to be stupid (in so many words) and then upped his offer to 101.
    had we got an existing mortgage over 101 we wouldn't have accepted as it would have put us at a loss, so just offering less doesn't mean the buyer will snap your hand off
    Of course not - but someone who is looking at the market and only seeing prices of 120K should realise that many (not all) will sell for substantially less. If you are selling one house you are stuck with what you can afford to sell it for. If you are buying a house, you have a wide choice of properties and it is extraordinarily unlikely that you can't find someone who will accept substantially less than the asking price.

  13. #27
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    The first place we looked at was a 3 bed. Very nice, conservatory etc. Asking price of 128k. We offered full price, only to be told "not selling it, it's going into auction". Their loss (still gutting though). Had to chuckle yesterday as I drove past our new place (30 seconds away)..they still had their "For Sale" sign up, so the owner has put it back on the market again, same price.

    Doorknobs to 'em.

  14. #28
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    The "value" of a house has no relevence to you unless you are stepping off the housing ladder and going back into rented accommodation.

    If your house value goes down then it stands to reason that all the other houses will go down as well.

    Personally I bought a shared ownership property at the height of the boom but luckily I can staircase the outstanding 60% at the current market rate so its win/win for me!

  15. #29

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    Can't tell you how glad I am to be out of this - the one benefit of getting old - a paid off mortgage! If you can - do try and overpay - it saves an absolute fortune in the long term and remember - its unlikely that rates will be this low for the whole length of your term - I was paying 17% in the early 90s and that doesnarf make you squeak - lentil soup or beans on toast for tea everyday and no holidays or treats...

  16. #30
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    I overpay my mortgage by 500 a month so it should be paid off in 3 years instead of 25.

    Saves me 72,000 over the term apparently lol



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