Apartments in Manchester

Riq

Hello,

I am wanting to move out to get my own space, I am single, 24 and have a healthy deposit if needs be (£20k ish).

I have no idea how much a mortgage would be on say a £90k property, is there anyway to find out what the approx repayments would be on a £70k mortgage (£90k - deposit)?

Yes, I know this is a very vague question, but just interested to know as I am looking at a house tonight to rent and wondering how much more it would be on a mortgage. Since the "renting = bad" scenario is how I have been brought up.

Cheers
Riq

ysatiss

I find the mortgage calculator on the co-op bank's website quite usefull as you can mess about with different figures really easily. All you need is to know what interest rate you'd be getting.
By the way, renting around here might not be so bad for the foreseable future (estate agent told me yesterday that he expects prices to keep going down for the next 2 years, I am in Manchester too!)

pinkshoes

Just google "mortgage calculator" and it'll bring up quite a few!

Manchester is over run with apartments, so you should be able to rent an apartment very cheaply. If there's lots up for rent in the same building, try negotiating on rent, as a landlord would rather have a tenant on less rent than no tenant!

SouthCoast

Manchester + Apartment + Cash =

Name your own price.

Riq

Why didn't I think of googling it! It's usually the first thing I do.

Cheers for the hints, will have a better look tonight.

lynnexxxo

Heres my reasons for thinking you'd be mad to buy and sensible to rent.

1. Its your first time away from home. You're likely to find that money doesn't stretech as far as you'd thought it did. ( i don't mean to sound condascending)
2. Many of these new builds have a high service charge, which some tenants and empty flats might not pay - hence communal things (lifts) might not get fixed, stairwells might not get cleaned, grafitti won't get removed..
3. You can't be sure that next door won't rent their flat out to the ASBO family from hell.
4. If these happen and your renting, you move. If these happen and you've bought, your stuffed.

rocky_robin

Or if you're a first time buyer go for one of the many "affordable" housing projects that are springing up in Manchester, run by Plumlife (www.plumlife.co.uk) on behalf of some local authorities.

Basically buying a 50% share and renting the rest. There's one being built near us in Timperley, nice canalside location and near to public transport such as the Metrolink and amenities, although it's going to cause plenty of traffic problems.

I would also say that many of these supposedly affordable flats would still be beyond most people's means and you can also view some of the different appartments on www.rightmove.co.uk

Might be best to start out renting and then get on the housing ladder once/if the housing market starts to pick up again and you know what sort of property you want and where you want it

geoffky

ITS A FLAT......only they fool you into paying more for a apartment...Manchester flats = biggest falls this crash will see ie 270k down to 80k

real1314

For £90k you could get a decent sized 2 bed terraced on a single bus journey route into manchester.
And it'd hold it's price (or increase) far better than the thousands of box-flats in the city centre.

North of the city is cheaper than south, I'd recommend Droylsden and Failsworth, maybe Denton.
South is probably too expensive for £90k as it's popular with students lets and that pushes the price up (bar the areas you really wouldn't want to live in).

gerturdeanna

You can buy my house - in Bury - 20 mins on Met to manchester city centre!! Yours for 87k!!

wildmark

I was stupid enouth to buy a flat in central manchester I like the city centre but I have lost about 30k in 3 years and expect to loose another in the next few years renting i reccomend in the short term but a home is a home