alcregular
Posts: 2139
Joined: Fri Sep 26, 2003 5:53 am

Help On Mortgage!

Thu Apr 29, 2004 6:10 am

Im thinking on getting a mortgage and just want any help or advice on getting one. Im after a 100% (I know, bad) but I need to move out of home and fly the nest (again), any comments greatly appreciated,

Sharron
Why drive when you can fly?
 
MYT332
Posts: 7283
Joined: Mon Sep 08, 2003 7:31 pm

RE: Help On Mortgage!

Thu Apr 29, 2004 6:40 am

Goto a mortgage advisor?
One Life, Live it.
 
alcregular
Posts: 2139
Joined: Fri Sep 26, 2003 5:53 am

RE: Help On Mortgage!

Thu Apr 29, 2004 6:43 am

MYT332,

Just thought I might be able to get some advice from personal experiences
Why drive when you can fly?
 
MYT332
Posts: 7283
Joined: Mon Sep 08, 2003 7:31 pm

RE: Help On Mortgage!

Thu Apr 29, 2004 6:47 am

Soz im mean, your right, someone will give their advise, ignore my sarcky remarks.

I think we (parents) got our mortgage from the chelsea n we have real issues with credit, so try there if ya stumped! hehe

One Life, Live it.
 
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Cadmus
Posts: 173
Joined: Thu Jan 22, 2004 6:47 am

RE: Help On Mortgage!

Thu Apr 29, 2004 7:01 am

The Working Lunch website will take you through the basics.

http://news.bbc.co.uk/1/hi/programmes/working_lunch/default.stm

As for a specific lender, I used my local building society (Saffron Walden Herts & Essex) and they were very friendly and helpful, so it may be worth your while to look to the ones in your area before going to the big banks.
Understanding is a three-edged sword
 
pacificjourney
Posts: 2659
Joined: Wed Jul 04, 2001 9:12 pm

RE: Help On Mortgage!

Thu Apr 29, 2004 8:37 am

A 100% mortgage is pure evil, don't do it.

That's my advise.
" Help, help ... I'm being oppressed ... "
 
ryanb741
Posts: 5058
Joined: Thu Mar 28, 2002 6:36 pm

RE: Help On Mortgage!

Fri Apr 30, 2004 12:07 am

Scottish Widows do a 102% mortgage for graduates - I think interest is 5.04% up to 5.84% in year 5.

I'm about to get one. I would rather use the bank's money to get a home, not my own thank you. Also, do interest only - it makes it cheaper at the start.
I used to think the brain is the most fascinating part of my body. But, hey, who is telling me that?
 
Alert3
Posts: 108
Joined: Mon Feb 16, 2004 1:43 pm

RE: Help On Mortgage!

Fri Apr 30, 2004 1:37 pm

100% is not so bad.... just if you can make an extra payment every year makes a huge difference. Or put down an extra $100/month... something like that. If you can put 20% down.... that is great because you won't have to pay for the PMI (for us about $60/month wasted). But if they offer you 0, 3, 5, 10% down etc., go for the low one.... it makes a very nominal difference in your monthly payments. For example: ours is a $150,000 loan. We put down 3%.... if we had put down 10% it only made a difference of $15 dollars per month over the 30 year loan.... so we pay a little extra.... it all makes a difference.

 
Banco
Posts: 14343
Joined: Mon Oct 29, 2001 11:56 pm

RE: Help On Mortgage!

Sat May 01, 2004 12:41 am

The truth of the matter is that the first, albeit sarcastic, comment was the right one. People's circumstances differ hugely, and you need professional advice, not from a group of people on a site like this.

Check out some of the publications such as Which as well.

Buying a house is the biggest purchase of your life, and moving a mortgage is the second biggest. Get some proper help.
She's as nervous as a very small nun at a penguin shoot.

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