Possible help for first time buyers?

F

Francis

Well-Known Forumite
I work in conveyancing and I can say anything shared equity is difficult.

You would be better off going to an independent mortgage advisor and having them look at your financial situation and what you want from a house.

I do know as well most banks are requiring 15% deposit. One big change is I think Nationwide is offering a 15 year fixed rate mortgage but the penalty if you get out early is pretty steep.

It's still a good market to buy in, the financing is the sticky part.

~Francis
 
John Marwood

John Marwood

I ♥ cryptic crosswords
I would suggest that house prices are directly related to the availability of credit

As banks have yet the confidence to lend to anywhere near the levels of two years ago I would not expect to see any rise at all in house prices for at least 12- 18 months. In fact I see house prices continuing to drop, with a few exceptional areas and types

Given this, I might suggest that when you do not know what to do. Do nothing


Central Borders HA may be able to offer shared ownship, which can if circumstances allow, result in 100 per cent ownership over time

PS

I am not a financial adviser, nor do I work for CBHA but I can play the trumpet and once ran 100 yards in 12.9 seconds
 
tek-monkey

tek-monkey

wanna see my snake?
Francis said:
I work in conveyancing and I can say anything shared equity is difficult.

You would be better off going to an independent mortgage advisor and having them look at your financial situation and what you want from a house.

I do know as well most banks are requiring 15% deposit. One big change is I think Nationwide is offering a 15 year fixed rate mortgage but the penalty if you get out early is pretty steep.

It's still a good market to buy in, the financing is the sticky part.

~Francis
Click to expand...
I agree that shred equity is not preferrable, but how long should I spunk my money away on rent? With deposits as high as they are I'd need to save for at least 5 years to realistically be able to buy, would 5 years on a shared equity plan not be preferable? Yes they own up to 40% of my house, but I own 60%. In 5 years, when they start asking for money for their share, its still only £75 a week or so. I can get a fixed rate for that 5 years at a price I can afford, and see what happens from there.

Worst case scenario, I'd need to lose 20k off my share of the house in 5 years to make a loss over what I pay renting (so the house would have to lose £33k or so). Thats a risk I think I'm willing to take.
 
Rikki

Rikki

Well-Known Forumite
Anyone know of any good websites that explain mortgages and all the different options available. Think were going to look into buying our first place quite soon, but Ive honestly no idea where to start.
 
John Marwood

John Marwood

I ♥ cryptic crosswords
This is one persons opinions and links to other persons opinions

If you take a year to fathom it out I might suggest it will do you little harm

http://www.moneysavingexpert.com/mortgages/
 
tek-monkey

tek-monkey

wanna see my snake?
rikki, essentially most offer fairly similar options. Right now, despite interest rates at an all time low, they still want 5% for a fixed term capped in most places. They also want a 10% deposit minimum, which is a lot higher than over the last 8 years. Financially now is not really the best time to buy if you have no deposit, as banks are being VERY cautious.

I agree with the Rt. Hon. J Marwood, MSE will give you access to a lot of people more able to answer these questions. There is actually a forum post in the home buying section detailing this ownhome scheme that I am currently reading through.
 
Rikki

Rikki

Well-Known Forumite
Mse was going to be my first point of call. Don't think deposits going to be a problem, at least I hope not (got about 15k maybe a bit more).
 
J

jim-my

James Myatt
Not sure on the ethics / legalities of this. I work for a high street lender, so I'm not independent or anything. But if anyone wants a chat re: mortgages, you can call 0800 056 0567 (RBS) or 0800 400 999 (Natwest) and ask for James on extension 20486.

I'm off today but I'm back in the office tomorrow from 9:30 to 6:30
 
tek-monkey

tek-monkey

wanna see my snake?
Is anyone TRULY independent? Surely everyone has some form of bias? Cheers for the number, you may well hear from me soon.
 
J

jim-my

James Myatt
tek-monkey said:
Is anyone TRULY independent? Surely everyone has some form of bias? Cheers for the number, you may well hear from me soon.
Click to expand...
Well exactly, having dealt with IFAs in the past before working where I do now, and from job interviews, etc... the broker would usually have to balance your needs with which company is going to give him the biggest kick back. But then if you're self employed you've got to do whatever you can to maximise your income. Me, I'm on a nice basic salary, so all I care about is doing the best job I can, tbh.
 
tek-monkey

tek-monkey

wanna see my snake?
Think thats the only impartial way to do it really, not gain anything regardless of what you sell.
 
tek-monkey

tek-monkey

wanna see my snake?
Yes, and also ensuring a 40% deposit to get the lower rate fixed deals. Depends on if you get accepted though, and what terms they apply. Will report back when I know more, as I don't have the 10-15% minimum deposit that most places want. I don't even have 1%!
 
tek-monkey

tek-monkey

wanna see my snake?
Weren't the houses to the right of that pic pulled down because they became unstable? Its sort of opposite the Tap & Spile, they built big brick pillars to hold up the ones remaining....
 
Rikki

Rikki

Well-Known Forumite
tek-monkey said:
Weren't the houses to the right of that pic pulled down because they became unstable? Its sort of opposite the Tap & Spile, they built big brick pillars to hold up the ones remaining....
Click to expand...
Yes. I remember the end terrace had a big crack in it and it was eventually torn down.
 
Gramaisc

Gramaisc

Forum O. G.
The end one was Hayward's plumbing shop and the floods of 2000ish saw it off. Florence will remember the exact year, due to being marooned by the rising tide.
 
You must log in or register to reply here.
Top