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Want to buy a broom cupboard in London, how to borrow the £££

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    #11
    Who is on sockie watch? You are sacked....

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      #12
      Originally posted by BrilloPad View Post
      Who is on sockie watch? You are sacked....
      Or should that be socked?

      Comment


        #13
        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% £8,775

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          #14
          Originally posted by adam42 View Post
          Of course if the market dipped 20% from its current high
          Suity! The market is only going up.

          Comment


            #15
            Originally posted by TykeMerc View Post
            If 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 forgot marry a rich lady or rich gent ( depending on your sexual persuasion/greed)
            "You’re just a bad memory who doesn’t know when to go away" JR

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              #16
              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


                #17
                Originally posted by TykeMerc View Post
                If 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 missed off marry money.
                Best Forum Advisor 2014
                Work in the public sector? You can read my FAQ here
                Click here to get 15% off your first year's IPSE membership

                Comment


                  #18
                  Originally posted by TykeMerc View Post
                  If 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.
                  Or move out of London so that you can get the same house but for less cash.
                  "Israel, Palestine, Cats." He Said
                  "See?"

                  Comment


                    #19
                    Originally posted by adam42 View Post
                    Please 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).
                    Have you tried earning more money?
                    What happens in General, stays in General.
                    You know what they say about assumptions!

                    Comment


                      #20
                      Originally posted by VillageContractor View Post
                      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.
                      Hi,

                      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 McBurney

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