Mortgage Advice

[Andyw]

and do you know how much the stamp duty is on 195k ?

[Diestl]

i have found a nice property.

new build/barn conversion, in the country, own private grounds, stables the lot....

as part of the development they have released a large 1 bed conversion for 195k

i have the deposit no problem, but do u think taking on a mortgage with montly repayments over 1k as a single guy is tooo much to ask?

also, anyone had any experience getting a mortgage without a 'real' full-time job?

You ask for mortgage advice, yet you done give us any details of the deposit/type you are looking for?

[boredsenseless]

and do you know how much the stamp duty is on 195k ?

About a day's fees

[Andyw]

About a day's fees

I think it's a little more than 200 quid !

[tim123]

1. i need a place to live.

So rent. With rental yields equalling the motgage rate in most locations, it will cost you the same in mortgage interest payments as rent. But with buying, you will have to pay out for all maintence bills, and when you need to move location it will take you longer to sell than to give notice on a rental, plus you will have to pay 1% of the value to the Estate Agent. (Yes there are minus points to renting)

2. i need a place to live.

See 1.

3. its a good buy for the money. (well for uk property prices).

Really. Why are you getting such a good deal?

4. i reckon in 2 years i could prb make 25k on it easy.

It could also go down 25K, easy! If it's such a good deal as you say, there must be a reason. That reason doesn't go away when it's your turn to sell.

At 10-12% rental yield (or potential yield) property used to be a great investment, at 4-5% rental yield, it's crap.

tim

[wendigo100]

You ask for mortgage advice, yet you done give us any details of the deposit/type you are looking for?

I assumed the deposit would be 10%. He only has 30K stashed away so it can't be any more than 15%.

As for the type of mortgage, he wants advice and has come to the best place for it, the CUK bulletin board.

[Andyw]

I know renting is 'dead' money but if your new business plans go tits up you may not want equity and then get creditors taking your newly acquired residence !

[Francko]

i have found a nice property.

new build/barn conversion, in the country, own private grounds, stables the lot....

as part of the development they have released a large 1 bed conversion for 195k

i have the deposit no problem, but do u think taking on a mortgage with montly repayments over 1k as a single guy is tooo much to ask?

also, anyone had any experience getting a mortgage without a 'real' full-time job?

Where is that? I would be careful to buy now. Make sure it's in an area with potential. I can't believe people keep buying 3-bed houses in nice areas in London for 600-700k. How can't they see there is something wrong with that? However, there are lots of place, in London too, that I think have potential to go up and should a crash/adjustment come they will suffer less.

[Andyw]

El Duder's gone quiet....must be changing the backup tapes !

[el duder]

El Duder's gone quiet....must be changing the backup tapes !

nah just bored.

well this place is set in the quintessintial british countryside.