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General Chat Thread, Worry setting in... in General; Originally Posted by DJ-Jonesy WOW, me and my misses earn close to 40k a year at 21 & 23 tried ...
  1. #31
    IanT's Avatar
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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.
    Reason you most likely got a knock back was because you have no credit history, how does the lender know your a good customer to pay there money back?

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    Quote Originally Posted by SpuffMonkey View Post
    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...
    Was recommended to us as well...put a bit aside every month or so, as much as poss really without causing issue, then every few months or so pay that in, lop off a chunk of mortgage/interest. Also maintain a buffer zone of cash "just in case" etc.

  3. #33


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    you can overpay by that much im sure im only allowed to overpay by 10% (havnt got the house yet and never having paid mortgages etc i thought id start off with low payments then after ive been in a whil work out how much more i can afford to pay as i have to renogotiate in 2 years anyway)

  4. #34

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    Quote Originally Posted by maniac View Post
    I brought my first place in October last year. 115,000 was the accepted offer, 10% deposit and 5.5% fixed rate mortgage over 35 years,
    You got a 35 year fixed rate mortgage deal?

    Ben

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    Quote Originally Posted by sted View Post
    you can overpay by that much im sure im only allowed to overpay by 10% (havnt got the house yet and never having paid mortgages etc i thought id start off with low payments then after ive been in a whil work out how much more i can afford to pay as i have to renogotiate in 2 years anyway)
    It tends to vary lender to lender and deal to deal how much you can overpay by. It does make a big difference though. My mortgage has 17 years on it and by paying just 100 a month more it reduces to 12 years. Hopefully when my son actually starts a regular job I can put a bit more than that in.

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    Quote Originally Posted by jcollings View Post
    It tends to vary lender to lender and deal to deal how much you can overpay by. It does make a big difference though. My mortgage has 17 years on it and by paying just 100 a month more it reduces to 12 years. Hopefully when my son actually starts a regular job I can put a bit more than that in.
    that is the plan i just need to be in a few months to work out how much i can afford to overpay i dont still want to be paying it off when im 65 which if i just leave it i will be lol

  7. #37

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    Quote Originally Posted by plexer View Post
    You got a 35 year fixed rate mortgage deal?

    Ben
    No it's fixed for 5 years, it's a 35 year mortgage. I'll re-mortgage at the end of the 5 years and probably reduce the term.

  8. #38

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    Better to overpay if possible. Easier said than done, I grant you, but it makes no sense to have both a debt and savings with these pitiful interest rates. You see the adverts on telly for savings accounts which offer interest at less than inflation; this is hilarious, it just means that the real value of your cash evaporates at a slightly slower rate than if you left it under the mattress.

    As mentioned earlier, overpayment rules depend on who you're with and your mortgage product. I'm with Nationwide on the standard rate, which by sheer good fortune is one of the lowest rates around. With this mortgage, I can pay any amount off with no penalty. On a fixed rate, you're limited to 500 per month overpayment.

  9. #39
    zag
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    I always thought it was crazy for people to have the latest cars on monthly credit plans when they could put that money towards overpaying the mortgage and save 15 years off it!!

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    Thanks for the advice, i may just have to have a sit down with the misses and work out whats best ect.. thank you

  11. #41
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    Quote Originally Posted by zag View Post
    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!
    not true, there can be local infleunces on house prices. New Road being planned in your back garden kills the value of your house (extreme example)
    or the case of our new school being in the way of a bunch of houses that had nice open field views.

  12. #42
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    Quote Originally Posted by zag View Post
    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!
    Exquese me?

  13. #43

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    I just saw an ad for Nationwide that mentioned their "Save to Buy" campaign. You hold your Save to Buy account for 6 months at least and save at least 50 a month, then yoiu can apply for a 5% deposit mortgage. Sounds good to me. Hope it helps someone

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    Quote Originally Posted by witch View Post
    I just saw an ad for Nationwide that mentioned their "Save to Buy" campaign. You hold your Save to Buy account for 6 months at least and save at least 50 a month, then yoiu can apply for a 5% deposit mortgage. Sounds good to me. Hope it helps someone
    you don't happen to have a link/any more info for that do you?

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    I paid my mortgage off years ago and saved all my money in various ways looking forward to early retirement..

    Now I'm constantly shuffling money around to try and keep inflation at bay watching my nest egg shrink daily.

    It's all relative, you loose your equity I loose my savings but banker gets his bonus regardless.....

    So what if your house has lost a few k if you were a banker you would have much more to worry about, such as wether to have red or beige leather in the Ferrari...

    If I had my way they would all be in irons repairing the roads.

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