Who is on sockie watch? You are sacked....
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Want to buy a broom cupboard in London, how to borrow the £££
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Originally posted by BrilloPad View PostWho is on sockie watch? You are sacked....
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Of course if the market dipped 20% from its current high then obviously that would be massively helpful but property price movement is a bit beside the point with reference to my question.
Alright I retract that about mitigating risk once you've got the mortgage. So I won't do this unless the market comes off it's high.
The main risk I see here is interest rate risk.
For £1,000,000 this is how it looks for a 30-yr mortgage pcm against interest rate:
2% £3,600
3% £4,200
4% £4,775
5% £5,375
7.5% £7,000
10% £8,775Comment
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Originally posted by adam42 View PostOf course if the market dipped 20% from its current highComment
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Originally posted by TykeMerc View PostIf the obvious illegal approaches are eliminated, then you're stuck with:-
Get a contract at double your rate.
Have a wealthy relative die and leave you £500k.
Get a lottery ticket with the right numbers.
Hope that the housing market crashes dramatically."You’re just a bad memory who doesn’t know when to go away" JRComment
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I'm in a slightly similar situation, the government scheme "Help to buy" will help you buy a property up to £600k but only for a new build.Comment
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Originally posted by TykeMerc View PostIf the obvious illegal approaches are eliminated, then you're stuck with:-
Get a contract at double your rate.
Have a wealthy relative die and leave you £500k.
Get a lottery ticket with the right numbers.
Hope that the housing market crashes dramatically.Comment
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Originally posted by TykeMerc View PostIf the obvious illegal approaches are eliminated, then you're stuck with:-
Get a contract at double your rate.
Have a wealthy relative die and leave you £500k.
Get a lottery ticket with the right numbers.
Hope that the housing market crashes dramatically."Israel, Palestine, Cats." He Said
"See?"Comment
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Originally posted by adam42 View PostPlease can I get some advice what possibilities there are out there above and beyond the straight contractor mortgage?
After talking to a mortgage broker at Contractor Financials, it sounds like I could borrow £500K for a house on my current rate, putting down £100K myself.
However London house prices being what they are, it looks like that would only be enough to buy me the place that I'm currently renting.
What strategies or tactics can I employ to finance the purchase of somewhere for a million?
Any advice would be gladly received (I assume it would all be legit, and preferably not insanely risky - I dont think I qualify for govt bail-outs).What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by VillageContractor View PostI'm in a slightly similar situation, the government scheme "Help to buy" will help you buy a property up to £600k but only for a new build.
There are two 'Help to Buy' schemes, one aimed at New Build property, and the other aimed at existing property. The shared ownership/shared equity schemes can only be used with New Build however.
Regards,
Mark McBurneyComment
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