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 ...
10th May 2011, 11:47 AM #31
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?
Originally Posted by DJ-Jonesy
10th May 2011, 11:53 AM #32
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.
Originally Posted by SpuffMonkey
10th May 2011, 11:57 AM #33
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)
10th May 2011, 12:29 PM #34
You got a 35 year fixed rate mortgage deal?
Originally Posted by maniac
10th May 2011, 12:33 PM #35
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.
Originally Posted by sted
10th May 2011, 12:36 PM #36
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
Originally Posted by jcollings
10th May 2011, 01:12 PM #37
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.
Originally Posted by plexer
10th May 2011, 01:46 PM #38
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.
10th May 2011, 02:13 PM #39
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!!
10th May 2011, 02:27 PM #40
Thanks for the advice, i may just have to have a sit down with the misses and work out whats best ect.. thank you
10th May 2011, 06:55 PM #41
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)
Originally Posted by zag
or the case of our new school being in the way of a bunch of houses that had nice open field views.
10th May 2011, 08:54 PM #42
Originally Posted by zag
10th May 2011, 10:19 PM #43
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
10th May 2011, 10:31 PM #44
you don't happen to have a link/any more info for that do you?
Originally Posted by witch
10th May 2011, 11:37 PM #45
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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