+ Post New Thread
Page 2 of 6 FirstFirst 123456 LastLast
Results 16 to 30 of 90
General Chat Thread, Owning your own home..... in General; You'll not get a Mortgage for a property that needs renovation (short version). To get a mortgage go to a ...
  1. #16
    chazzy2501's Avatar
    Join Date
    Jan 2008
    Location
    South West
    Posts
    1,779
    Thank Post
    213
    Thanked 263 Times in 213 Posts
    Rep Power
    67
    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.

  2. #17

    tmcd35's Avatar
    Join Date
    Jul 2005
    Location
    Norfolk
    Posts
    5,612
    Thank Post
    845
    Thanked 880 Times in 730 Posts
    Blog Entries
    9
    Rep Power
    326
    Quote Originally Posted by glennda View Post
    Not really the right way to go about things personally people that do this kind of thing do my nut...
    While in principle I agree, unfortunately this is the post-Thatcher world we live in. Unless the government make amends on social housing and puts in a properly funding building plan we have no choice but to play these silly games. Personally I'd love a council house to rent, but wouldn't want to buy if I ever got one.

  3. #18
    Robz's Avatar
    Join Date
    Aug 2009
    Posts
    197
    Thank Post
    143
    Thanked 36 Times in 28 Posts
    Rep Power
    28
    I feel your pain so much so I'm thinking of joining the forces just to get my own place! 0.o

  4. #19
    cpjitservices's Avatar
    Join Date
    Jul 2010
    Location
    Hessle
    Posts
    2,421
    Thank Post
    508
    Thanked 282 Times in 258 Posts
    Rep Power
    81
    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!

  5. #20

    Andrew_C's Avatar
    Join Date
    Sep 2005
    Location
    Winchester
    Posts
    2,957
    Thank Post
    64
    Thanked 374 Times in 284 Posts
    Rep Power
    158
    Quote Originally Posted by chazzy2501 View Post
    You'll not get a Mortgage for a property that needs renovation (short version).
    Depends a lot on the level of borrowing, the current value, the work that needs doing, and the final value. Payments may also be staged.

  6. #21

    glennda's Avatar
    Join Date
    Jun 2009
    Location
    Sussex
    Posts
    7,799
    Thank Post
    272
    Thanked 1,134 Times in 1,030 Posts
    Rep Power
    349
    Quote Originally Posted by cpjitservices View Post
    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!
    I would love for a house to cost 30k!

    An Allotment down here costs about that much (ok maybe not but similar!)

  7. Thanks to glennda from:

    cpjitservices (24th July 2012)

  8. #22

    glennda's Avatar
    Join Date
    Jun 2009
    Location
    Sussex
    Posts
    7,799
    Thank Post
    272
    Thanked 1,134 Times in 1,030 Posts
    Rep Power
    349
    Quote Originally Posted by tmcd35 View Post
    While in principle I agree, unfortunately this is the post-Thatcher world we live in. Unless the government make amends on social housing and puts in a properly funding building plan we have no choice but to play these silly games. Personally I'd love a council house to rent, but wouldn't want to buy if I ever got one.
    Why should the government build the houses? What we need is for the government to scrap half the rubbish that goes along with building lots of houses.

    If the building companies consentrated on building houses and not having to do the 107 money etc then houses would be a lot cheaper.

  9. #23
    cpjitservices's Avatar
    Join Date
    Jul 2010
    Location
    Hessle
    Posts
    2,421
    Thank Post
    508
    Thanked 282 Times in 258 Posts
    Rep Power
    81
    well maybe one day..... !

  10. #24


    tom_newton's Avatar
    Join Date
    Sep 2006
    Location
    Leeds
    Posts
    4,461
    Thank Post
    866
    Thanked 845 Times in 667 Posts
    Rep Power
    195
    Quote Originally Posted by chazzy2501 View Post
    You'll not get a Mortgage for a property that needs renovation (short version).
    Yes - according to my sources the key thing is a serviceable kitchen...

  11. #25


    AMLightfoot's Avatar
    Join Date
    Feb 2011
    Location
    Hampshire, England
    Posts
    2,121
    Thank Post
    367
    Thanked 608 Times in 390 Posts
    Rep Power
    248
    Quote Originally Posted by chazzy2501 View Post
    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.
    Funnily enough this is spot on - It sounds counterintuitive but it's true! I have always prided myself on never being in debt. Never had a loan, paid my credit card bill on time. LeBoyfriend has a long string of car and motorbike loans in his past and now another fresh one for his current car, plenty of overdraft action and credit cards and the mortgage broker said to us that he was concerned about my rating! Luckily I came in just inside the threshold (*Phew*).

    Quote Originally Posted by cpltd
    I rent as well - 10% deposit is okay but the repayments are normally a killer. It is more like 20% around where I live just to make the repayments more manageable.

    At the moment I am happy to rent.

    I think in our country we have a fascination with owning property whereas a lot of others do just rent. I think this is why a lot of people (including some of my closest friends) end up in negative equity due to the misguided pressure to own said property. Personally although the rent is a killer sometimes I do not have to worry about the house price being at a certain level in order sell the property at a profit or potentially defaulting on my mortgage and with a months notice I am free to move. Too many jump in and over exert themselves and all the end up doing is getting in a mess financially which then takes years to get out of. There will come the time when I am ready to buy and when I do it will be somewhere small, affordable and after 2 years (to avoid paying charges) I will sell it for a profit and try and get a larger place. During those two years I will save more and then and then make the leap to a larger property that I plan to stay in for a while. Well, that is the master plan anyway.

    The shared ownership schemes are okay but you are still paying your rent plus the payments for the mortgaged share also. I have heard of people getting themselves into financial difficulty with this kind of scheme also so you need to be sure.

    Gone are the days when your parents paid next to nothing as a deposit and the repayments were easy to manage. We may as well face it and not hold owning a property as some sort of mark to whether you have achieved or not. When I tell people I rent they look at me gone out, like I am stupid. If you don't want to live at home with the parents and you don't want to use their money for a deposit, then other than saving constantly for the next 10 years you aren't left with many options these days.

    Having said that.............good luck in your endeavors @cpjitservices
    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...

    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.

  12. 2 Thanks to AMLightfoot:

    cpjitservices (24th July 2012), denzal2k4 (27th July 2012)

  13. #26


    AMLightfoot's Avatar
    Join Date
    Feb 2011
    Location
    Hampshire, England
    Posts
    2,121
    Thank Post
    367
    Thanked 608 Times in 390 Posts
    Rep Power
    248
    Quote Originally Posted by glennda View Post
    Why should the government build the houses? What we need is for the government to scrap half the rubbish that goes along with building lots of houses.

    If the building companies consentrated on building houses and not having to do the 107 money etc then houses would be a lot cheaper.
    No they wouldn't. The developers profit margin would be greater. You don't REALLY think they'd pass the savings onto the consumer do you?

  14. #27

    glennda's Avatar
    Join Date
    Jun 2009
    Location
    Sussex
    Posts
    7,799
    Thank Post
    272
    Thanked 1,134 Times in 1,030 Posts
    Rep Power
    349
    Quote Originally Posted by AMLightfoot View Post
    No they wouldn't. The developers profit margin would be greater. You don't REALLY think they'd pass the savings onto the consumer do you?
    Well thats when in planning restrictions they put max pricing on what they can sell the houses for.

    you can build 40 x 2/3 bed houses but the max you can sell them for is X which will then drive it down.

  15. #28

    Andrew_C's Avatar
    Join Date
    Sep 2005
    Location
    Winchester
    Posts
    2,957
    Thank Post
    64
    Thanked 374 Times in 284 Posts
    Rep Power
    158
    Quote Originally Posted by glennda View Post
    Well thats when in planning restrictions they put max pricing on what they can sell the houses for.

    you can build 40 x 2/3 bed houses but the max you can sell them for is X which will then drive it down.
    Under the Torries? Never!

  16. #29

    glennda's Avatar
    Join Date
    Jun 2009
    Location
    Sussex
    Posts
    7,799
    Thank Post
    272
    Thanked 1,134 Times in 1,030 Posts
    Rep Power
    349
    Quote Originally Posted by Andrew_C View Post
    Under the Torries? Never!
    labour would get us all in PFI houses paying back 5 times the value....

  17. Thanks to glennda from:

    DrCheese (25th July 2012)

  18. #30

    tmcd35's Avatar
    Join Date
    Jul 2005
    Location
    Norfolk
    Posts
    5,612
    Thank Post
    845
    Thanked 880 Times in 730 Posts
    Blog Entries
    9
    Rep Power
    326
    Quote Originally Posted by glennda View Post
    Why should the government build the houses? What we need is for the government to scrap half the rubbish that goes along with building lots of houses.

    If the building companies consentrated on building houses and not having to do the 107 money etc then houses would be a lot cheaper.
    The answer to a mass housing shortage isn't to change the regs so private companies build more houses that those who need can't afford, and end up renting at extorshonant rates through private landlords.

    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.

SHARE:
+ Post New Thread
Page 2 of 6 FirstFirst 123456 LastLast

Similar Threads

  1. If you host your own VLE, what's your setup?
    By beeswax in forum Virtual Learning Platforms
    Replies: 5
    Last Post: 13th January 2007, 07:22 PM
  2. Make your own games!
    By Dos_Box in forum Downloads
    Replies: 2
    Last Post: 13th December 2006, 08:17 AM
  3. your own whitepaper
    By russdev in forum General Chat
    Replies: 13
    Last Post: 17th February 2006, 08:11 PM
  4. create your own it song
    By russdev in forum Other Stuff
    Replies: 7
    Last Post: 23rd November 2005, 04:57 PM
  5. Get your own Cyborg name.
    By ninjabeaver in forum Jokes/Interweb Things
    Replies: 13
    Last Post: 22nd September 2005, 09:14 AM

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •