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Motgage + VR6 = what?


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Well, I'm starting shopping for a mortgage tomorrow!

First:

Where's good for a first time buyer?

Second:

For example I earned 26k a year, how much could I get.... I'm planning to keep the VR6 also!

Are there any people who's recently bought houses and are on a similar wage as the one in my example. how do u find your money situation?

cheers

Pete

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Hi mate, I'm on a similar wage and have a VR.

I pay out about £540 a month on a 95k morgage. Found Britannia really helpful, took there time to explain everything to me etc.

Money is TIGHT, the car doesn;t get used very much, and I've had to beg money from my parents now and again, but I'm managing!!!!

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pete, try the northen rock, we're with them and we have a fixed rate for a few years.

if you earn 26k and its just you on the mortgage then they will give you around 2.5 times your salary. If you had another salary (from your wife, say) then they would give you 3 times the combined total of your salaries.

I know a few people that have lied about their salaries, and then a few months/years down the line they've lost their house cos they cant afford to pay the monthly bill.

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they ask for wage slips now so cant lie' date=' plus id want to keep my house :) im single, probably gonna take in a lodger to hlep out :) [/quote']

Britannia offered me up to 4 times my salary, egg (i think) will offer you 6 times, which is silly.

with 2.5-3 times my salary i couldn;t get anything where I live.

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they ask for wage slips now so cant lie' date=' plus id want to keep my house :) im single, probably gonna take in a lodger to hlep out :) [/quote']

a lot of people say they earn more in overtime though

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you'd need 5/6 times your salary to get a house down here' date=' houses start at £200k, so you'd jave to earn at least £40k per annum. which is crazy.

hence why i live at home still. [/quote']

thats a bit less than what i've been earning over the last few years and my house aint worth 200k. and i'm still only driving a 10 yr old vr6 to boot, but then i do spend a lot of money on cars and parts. maybe i should save more money and get a really nice car! nah, be no fun in that now would there? %-6

[ Edited Thu Oct 21 2004, 07:53AM ]

[ Edited Thu Oct 21 2004, 07:56AM ]

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I'm not a qualified mortgage adviser or anything, but Northern Rock did me some very good quotes when I attempted to buy a place earlier this year.

The biggest barrier to 1st time buyers is the up-front costs.

A 5% deposit on the property will help massively with the interest rate you're offered.

Add this to the 1% stamp duty, £400 Mortgage survey fee and £500-ish for conveyancing & sundries and you really need at least £10k in cold, hard cash to buy any property valued at about £140k (this is "entry level" for a 1-bed flat down South).

For people like me who don't have the benefit of having rich Parents, this means selling practically everything you own to raise the capital. :-(

One word of advice though, don't get drawn into worrying about this "will there or won't there be a property crash" rubbish. Lots of people will try to draw you into this. It will drive you nuts. If you really want your own place, then just go for it!!

[ Edited Thu Oct 21 2004, 10:18AM ]

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Go and see a mortgage broker or financial adviser because there's so many deals out there now.

We deal with a good firm at work:

Matthew Douglas Independent Financial Advisers.

Tel: 01255 242246

Email: matthew@matthewdouglas.co.uk

Ask for Matthew Prescott-Frost and tell him Mark from David La Ronde & Co Accountants sent you.

He's a top bloke and does all the mortgage business for out clients ;)

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Pete, all depends if your getting a 100% mortgage or not. If yes then this will limit you to certain lenders but if you have a deposit it will open the door to more lenders, 10% is a good start for a deposit.

Charges to bear in mind

Stamp duty:

1% 60,000 to 249,000

3% 250,000 to 399,000

4% 400,000+

Land Registry Fee 220 per property (came in last year)

Surveyor Fees 250 approx

Solictors cost depends on type of property

freehold cheaper, leasehold more expensive

1000 approx

I'd wait until next year as market confidence isan't great but where abouts are you in the uk?

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stoke. http://212.50.188.106/cgi-win/vebra.cgi?details1?src=vebra&PropertyCode=1186005/OSPRE/30997/5 im going to look at this property tomorrow' date=' just to see what I can get for how much. garage. drive. conservitry. 2 bedrooms for 100k... [/quote']

Thats a bargain, i paid 135k for my 1 bed flat with no garden, no garage and a parki space!!!!

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Northern Rock all the way Pete, excellent for ftb. I went to see an advisor today about remortging (I'm with Northern Rock) she couldn't touch the deal I've got with them and that was completely independant advice searching over a thousand mortgages.

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Best of luck with your search Pete, sounds like prices in your area are still on planet Earth, unlike here in High Wycombe!!

Straying from the topic a bit, I was wondering the other day how much it would cost to rent a small unit on an industrial park for club use? Was reading an article in VWm today about another owner's club that's done this. It's of huge value to members that don't have access to a workshop area for doing work on their cars...

[ Edited Fri Oct 22 2004, 12:54AM ]

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