Mortgage/buying advice

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becky over the moon 09 Aug 17 12.32pm
Originally posted by Part Time James Hence my self-correction. Did it take you 4 minutes to type that or did you just not read it? Got distracted in the middle of typing - hence the delay, by which time you had posted your correction undetected by me....... Oh ok - you can smack my bum next time you see me if it'll make you feel better..... A stairway to Heaven and a Highway to Hell give some indication of expected traffic numbers
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becky

over the moon 09 Aug 17 12.32pm

Originally posted by Part Time James

Hence my self-correction. Did it take you 4 minutes to type that or did you just not read it?

Got distracted in the middle of typing - hence the delay, by which time you had posted your correction undetected by me.......

Oh ok - you can smack my bum next time you see me if it'll make you feel better.....

A stairway to Heaven and a Highway to Hell give some indication of expected traffic numbers

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SullivannnCPFC Romford, Essex 09 Aug 17 12.34pm
Sorry all at work and a bit hectic. Yes, I plan on buying a place and then letting it out. Didn't realise there was a different mortgage requirement for this. What would happen if I was to get a normal mortgage with 10% deposit and then rent it out? Also, with a part ownership, if I was to buy 50% of a 200k property. When it comes to buying the second part do I only pay another 200k or half of current market value? Scoring goals for fun, and I know why.. Yohan Cabaye, Yohan Cabaye, Yohan Cabaaaaye PSN: Essex-Eagle
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SullivannnCPFC

Romford, Essex 09 Aug 17 12.34pm

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Sorry all at work and a bit hectic.

Yes, I plan on buying a place and then letting it out. Didn't realise there was a different mortgage requirement for this. What would happen if I was to get a normal mortgage with 10% deposit and then rent it out?

Also, with a part ownership, if I was to buy 50% of a 200k property. When it comes to buying the second part do I only pay another 200k or half of current market value?

Scoring goals for fun, and I know why..
Yohan Cabaye, Yohan Cabaye, Yohan Cabaaaaye

PSN: Essex-Eagle

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Part Time James 09 Aug 17 12.36pm
Originally posted by becky Got distracted in the middle of typing - hence the delay, by which time you had posted your correction undetected by me....... Oh ok - you can smack my bum next time you see me if it'll make you feel better..... That's a whole other thread
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Part Time James

09 Aug 17 12.36pm

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Originally posted by becky

Got distracted in the middle of typing - hence the delay, by which time you had posted your correction undetected by me.......

Oh ok - you can smack my bum next time you see me if it'll make you feel better.....

That's a whole other thread

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PaddyMcPaddy 09 Aug 17 12.53pm
Originally posted by SullivannnCPFC Sorry all at work and a bit hectic. Yes, I plan on buying a place and then letting it out. Didn't realise there was a different mortgage requirement for this. What would happen if I was to get a normal mortgage with 10% deposit and then rent it out? Also, with a part ownership, if I was to buy 50% of a 200k property. When it comes to buying the second part do I only pay another 200k or half of current market value? I don't know for sure but i think it would make your mortgage void. Obviously people do go down that route but it not 100% legal. I don't have the answer to the 2nd question. I stayed away from part buy part rent agreements. Couldn't help feel i was being stitched up somehow.
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PaddyMcPaddy

09 Aug 17 12.53pm

Originally posted by SullivannnCPFC

Sorry all at work and a bit hectic.

Also, with a part ownership, if I was to buy 50% of a 200k property. When it comes to buying the second part do I only pay another 200k or half of current market value?

I don't know for sure but i think it would make your mortgage void. Obviously people do go down that route but it not 100% legal.

I don't have the answer to the 2nd question. I stayed away from part buy part rent agreements. Couldn't help feel i was being stitched up somehow.

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budapest cpfc Wien 09 Aug 17 1.14pm
you can't do part ownership and buy to let because the builder as the 2nd charge over the property and they will not allow it.i don't live in the uk anymore but was a mortgage broker for 30+ yrs used to own the old mortgage shop in Thornton Heath so please go and see a broker they will give you every detail you need and it should be free just looked this up for you it will give you most of want you need [Link] Originally posted by SullivannnCPFC Sorry all at work and a bit hectic. Yes, I plan on buying a place and then letting it out. Didn't realise there was a different mortgage requirement for this. What would happen if I was to get a normal mortgage with 10% deposit and then rent it out? Also, with a part ownership, if I was to buy 50% of a 200k property. When it comes to buying the second part do I only pay another 200k or half of current market value? Edited by budapest cpfc (09 Aug 2017 1.19pm) Edited by budapest cpfc (09 Aug 2017 1.20pm) Edited by budapest cpfc (09 Aug 2017 1.20pm)
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budapest cpfc

Wien 09 Aug 17 1.14pm

you can't do part ownership and buy to let because the builder as the 2nd charge over the property and they will not allow it.i don't live in the uk anymore but was a mortgage broker for 30+ yrs used to own the old mortgage shop in Thornton Heath so please go and see a broker they will give you every detail you need and it should be free
just looked this up for you it will give you most of want you need [Link]

Originally posted by SullivannnCPFC

Sorry all at work and a bit hectic.

Also, with a part ownership, if I was to buy 50% of a 200k property. When it comes to buying the second part do I only pay another 200k or half of current market value?

Edited by budapest cpfc (09 Aug 2017 1.19pm)

Edited by budapest cpfc (09 Aug 2017 1.20pm)

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Lyons550 Shirley 10 Aug 17 8.29pm
Originally posted by SullivannnCPFC All I'm 24 years of age and looking to buy a property around August of next year. A two bed flat in my area is looking around 220-270k. I have quite a good family life so not actually in a rush to leave home, however I am in a rush to get on the property ladder before prices go through the roof any further. Realistically, how easy is it to 'buy-to-let'. What are the costs involved, and is it possible to do it through an agent for the first year , whilst building a relationship with the tenants and if all is well cut out the middle man from the second year onwards? What predictions are there at the moment for houses prices (going up or down) with regards to Brexit. At the moment I'm a single man, earning £26k basic but with overtime, bonuses and premiums, my annual salary is about £40k, who's best to go to with regards of being offered a mortgage that takes overtime into consideration? If all goes to plan, I'd expect to have around 25k in the bank when I go to buy. Thanks in advance for any help, and see you all Saturday! I actually went to a property seminar a couple of weeks back which was very enlightening... There is a method where you can get on the B2L ladder without using ANY of your own money (the model is called the OPM -Other People's Money)... But it comes with all the usual risks you'd expect. My advice would be to research research research.. Attend a couple of these seminars as well as taking the internet. The bottom line is, if you know and understand the risks then you're better prepared to succeed The Voice of Reason In An Otherwise Mediocre World
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Lyons550

Shirley 10 Aug 17 8.29pm

Originally posted by SullivannnCPFC

All

I'm 24 years of age and looking to buy a property around August of next year. A two bed flat in my area is looking around 220-270k.

I have quite a good family life so not actually in a rush to leave home, however I am in a rush to get on the property ladder before prices go through the roof any further.

Realistically, how easy is it to 'buy-to-let'. What are the costs involved, and is it possible to do it through an agent for the first year , whilst building a relationship with the tenants and if all is well cut out the middle man from the second year onwards?

What predictions are there at the moment for houses prices (going up or down) with regards to Brexit.

At the moment I'm a single man, earning £26k basic but with overtime, bonuses and premiums, my annual salary is about £40k, who's best to go to with regards of being offered a mortgage that takes overtime into consideration?

If all goes to plan, I'd expect to have around 25k in the bank when I go to buy.

Thanks in advance for any help, and see you all Saturday!

I actually went to a property seminar a couple of weeks back which was very enlightening... There is a method where you can get on the B2L ladder without using ANY of your own money (the model is called the OPM -Other People's Money)... But it comes with all the usual risks you'd expect.

My advice would be to research research research.. Attend a couple of these seminars as well as taking the internet. The bottom line is, if you know and understand the risks then you're better prepared to succeed

The Voice of Reason In An Otherwise Mediocre World

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crystal balls The Garden of Earthly Delights 10 Aug 17 11.12pm
Originally posted by Lyons550 I actually went to a property seminar a couple of weeks back which was very enlightening... There is a method where you can get on the B2L ladder without using ANY of your own money (the model is called the OPM -Other People's Money)... But it comes with all the usual risks you'd expect. My advice would be to research research research.. Attend a couple of these seminars as well as taking the internet. The bottom line is, if you know and understand the risks then you're better prepared to succeed People who host property seminars (or currency trading or any other "get rich quick scheme" have to be taken with a very large pinch of salt; if they were so great at what they are proposing, why would they be sharing it, rather than doing it? It's much more lucrative to make money in any market if you know what you are doing, rather than trying to fleece the rubes! I know of many, many people who have been asked to pay money for knowledge of a market and have ended up poorer but no wiser. Buy-to-let used to be a way of investing money to produce income/capital growth, but now it's (quite rightly in my view) probably a way of tying up capital with little chance of making any real dosh. Buy a home as a place to live. It's not an "investment" any more, it's a place to lay your head at the end of the working day. You may be able to move on to a bigger and better place over time, but don't count on property as your main investment as it ain't gonna be the case long term. I used to be immortal
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crystal balls

The Garden of Earthly Delights 10 Aug 17 11.12pm

Originally posted by Lyons550

People who host property seminars (or currency trading or any other "get rich quick scheme" have to be taken with a very large pinch of salt; if they were so great at what they are proposing, why would they be sharing it, rather than doing it? It's much more lucrative to make money in any market if you know what you are doing, rather than trying to fleece the rubes!
I know of many, many people who have been asked to pay money for knowledge of a market and have ended up poorer but no wiser.
Buy-to-let used to be a way of investing money to produce income/capital growth, but now it's (quite rightly in my view) probably a way of tying up capital with little chance of making any real dosh.
Buy a home as a place to live. It's not an "investment" any more, it's a place to lay your head at the end of the working day. You may be able to move on to a bigger and better place over time, but don't count on property as your main investment as it ain't gonna be the case long term.

I used to be immortal

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.TUX. 11 Aug 17 6.43am
Originally posted by SullivannnCPFC All I'm 24 years of age and looking to buy a property around August of next year. A two bed flat in my area is looking around 220-270k. I have quite a good family life so not actually in a rush to leave home, however I am in a rush to get on the property ladder before prices go through the roof any further. Realistically, how easy is it to 'buy-to-let'. What are the costs involved, and is it possible to do it through an agent for the first year , whilst building a relationship with the tenants and if all is well cut out the middle man from the second year onwards? What predictions are there at the moment for houses prices (going up or down) with regards to Brexit. At the moment I'm a single man, earning £26k basic but with overtime, bonuses and premiums, my annual salary is about £40k, who's best to go to with regards of being offered a mortgage that takes overtime into consideration? If all goes to plan, I'd expect to have around 25k in the bank when I go to buy. Thanks in advance for any help, and see you all Saturday! There's far more chance of property tanking than rising (regardless of Brexit) and loading yourself with debt at this time of uncertainty is probably not the best way to go imo. There are many other ways of making money than property. You just have to look for them. Buy Litecoin.
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.TUX.

11 Aug 17 6.43am

Originally posted by SullivannnCPFC

All

I'm 24 years of age and looking to buy a property around August of next year. A two bed flat in my area is looking around 220-270k.

I have quite a good family life so not actually in a rush to leave home, however I am in a rush to get on the property ladder before prices go through the roof any further.

What predictions are there at the moment for houses prices (going up or down) with regards to Brexit.

If all goes to plan, I'd expect to have around 25k in the bank when I go to buy.

Thanks in advance for any help, and see you all Saturday!

There's far more chance of property tanking than rising (regardless of Brexit) and loading yourself with debt at this time of uncertainty is probably not the best way to go imo.
There are many other ways of making money than property. You just have to look for them.

Buy Litecoin.

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SullivannnCPFC Romford, Essex 11 Aug 17 11.14am
All, thanks for the advice, some really helpful stuff here. Should probably reiterate my intention isn't to make money, my intention is to secure a semi decent (in today's market anyway!) price before houses go further through the roof. As a single guy, I probably could just about to afford to live with a mortgage and all the other bills that come with life, hence buying to let, so I don't end up paying £300k for a flat in five years time or living payday to payday on my salary. Scoring goals for fun, and I know why.. Yohan Cabaye, Yohan Cabaye, Yohan Cabaaaaye PSN: Essex-Eagle
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SullivannnCPFC

Romford, Essex 11 Aug 17 11.14am

All, thanks for the advice, some really helpful stuff here. Should probably reiterate my intention isn't to make money, my intention is to secure a semi decent (in today's market anyway!) price before houses go further through the roof.

As a single guy, I probably could just about to afford to live with a mortgage and all the other bills that come with life, hence buying to let, so I don't end up paying £300k for a flat in five years time or living payday to payday on my salary.

Scoring goals for fun, and I know why..
Yohan Cabaye, Yohan Cabaye, Yohan Cabaaaaye

PSN: Essex-Eagle

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