You'll not get a Mortgage for a property that needs renovation (short version).
To get a mortgage go to a broker he'll tell you what else you need to achive one. Really it's down to credit history, they like to see money borrowed and paid back. Get some credit cards, and a personal loan and pay them back.
I feel your pain so much so I'm thinking of joining the forces just to get my own place! 0.o
Hmmmmmmm - to be honest if I could find the owner of the house opposite me I'd see what he wanted for it and make him an offer... I wouldn't get a mortgage but if it was below (30k) which the last time it sold in 05 it was 28,000 and that was in good condition - now it's derelict it'll be less! I'd get a loan and pay that back!
cpjitservices (24th July 2012)
If the building companies consentrated on building houses and not having to do the 107 money etc then houses would be a lot cheaper.
well maybe one day..... !
I both agree and disagree here. Owning your own property isn't just about 'achievement' - it is also about security. When landlords encourage obnoxious neighbours to force their tennants to break contract (I read something shocking about a landlord that made a habit of doing this in order to make a profit) and where renting a property is so costly, owning is sometimes the CHEAPER option. It is also nice to know that you aren't going to get home and find an 'I'm selling the house, you have 3 weeks to move' letter on the door mat (I've lost count of the number of friends that have had this done to them). I don't need that sort of uncertainty and stress in my life. I also want to be able to do what I like, how I like in my own home. If I accidently put a hole in the wall LeBoyfriend and I giggle about it, sort out a fix and get on with it. Or live with it. In the case of our house: Old 1950's houses have a tendancy to have rubbish upstairs interior walls and a previous owner decided it was easier to dot-and-dab stick thin plasterboard everywhere than to fix or level them off but the 'dot-and-dab' is too thick creating 'danger zones' in the walls where an accidental impact can leave a large hole that needs filling and plastering over...Originally Posted by cpltd
That being said, home ownership is not for the fiscally irresponsible. My grandfather always says that a roof over your head is more important than anything else. You can live without Sky, you can live without the internet and you can get a pay-as-you-go SIM card - but to have your own roof over your head is a security like no other. But if you are frivilous with money renting is the best option as owning a home is a huge responsibility and commitment on your finances. You also cannot move as easily if you hate your neighbours - at least if you rent and your neighbours are a nightmare you can report them to the landlord and then start looking. It's just a lot of upheaval.
Also, why SHOULDN'T we own our own homes? Why should we work hard to line the pockets of some greedy grasping property-hogging landlord? We work hard for our money and why shouldn't we reach the end of 30 years of paying £800 a month with something to show for it? When you rent you have nothing to show for it. No equity to fall back on in your twilight years.
Lets look at this in a mercenary way. When I get to the end of my 30 year mortgage term, I will have a 3 bedroom semi-detached house (or better, depending on if we move, but for the purposes of this illustration let us assume I don't). I will OWN this house outright, so whatever it is worth (regardless of whether that is more or less than what I paid for it in relative terms) is MINE. If I need nursing care in my dottage or need to downsize to a smaller place, I can sell my big old family home and use that equity to support myself. When a renter has worked 30 years and paid out the same or MORE than I paid for my mortgage, what do they have to show for it? Do they have any savings? Investments? All things being equal, let us assume that me and renter are in the same situation. We don't earn enough to have sufficient disposable income to properly save and invest. But in my case, my payments ARE investments - I get to own a house. What does renter have? Nothing. Nothing to show for that big ol' chunk of money paid out every month. THAT is why there is so much 'drive' to own a house. Not because of 'achievement' or some other obnoxious reason, but because ultimately, mortgages and rents are more or less equal, except if you're paying a mortgage you at least get some of that back in equity. Renters get nothing but a cheeful F-off you old fart - can't pay the rent, can't live here.
DrCheese (25th July 2012)
The answer is to provide enough social housing with affordable rents and secure tenancies for those who need it, and allow those who can actually afford to buy if they wish.
Something else that'll never happen undera Tory government (or labour if the previous 13yrs are anything to go by).
Besides now is the exact wrong time for first time buyers on a low income. Houses prices are high and interest rates are low - talk about setting yourself up for a fall. Spend the next 5-10years saving for your deposit. Over the next 10 years interests are going to go up, when they do negative equity and repossessions will kick in, house prices will go down and you'll be in the best position to buy. Or atleast that's my theory...
Personally, I'd take the year in a bedsit and forget about interest rates, Insurances, maintenance and repair bills, legal fees, etc, etc, etc.
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