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large deposit not enough income
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Hmm, thats what I was thinking
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poppysarah wrote: »If it's so expensive why do people live there?
Because that's where all the jobs are, especially in the financial and media sectors.
The OP could arrange a long-term fixed rate which would provide the security of fixed mortgage payments over 10,15 or 25 years.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Until the bbc moves to manchester that is...0
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Your only solution is to save another £20k, or get a higher paying job.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Is the maintenance a regular agreed amount for a fixed period of time? If you get this confirmed in writing from whoever pays it would this not count towards your income?Indecision is the key to flexibility0
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sorry to say i live in west london and i have 5 children so need at least a 3 bedroom house
Depends on where in West London you are looking. Middlesex is now being forced to become part of West London. But you can get 3/4 bed homes for less than £250,000. So look at HA or UB postcodes rather than the normal overlypriced W codes.0 -
OP just wait another 6 to 12 months, prices will probably have dropped another 20K by then and so you will be able to buy then for what the banks will lend you.
I'd also point out the banks are lending you 4 x your wage so you really don't want to be borrowing more than that or you will run into money trouble.
But I have to agree the other posters have a point, £125k could buy your something mortgage free in a different part of the country and then you give up work and spend time with your 5 kids.0 -
How do you work that one out?OP just wait another 6 to 12 months, prices will probably have dropped another 20K by then and so you will be able to buy then for what the banks will lend you...
OP has said they have deposit of 50% and require £125k loan, so property is currently valued at £250k
If value falls by suggested £20k, that means property will be £230k, still requiring a loan of £105k
Still almost £10k short assuming loan will still be available then ... and house is not sold in meantime."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
But I have to agree the other posters have a point, £125k could buy your something mortgage free in a different part of the country and then you give up work and spend time with your 5 kids.
How would she afford to buy food, clothing, pay for utilities (water, electric, gas), insurance (home, life, building & contents), school activities, holidays, council tax, maintenance on her home & car, personal care products, birthday and christmas presents, etc, etc. ?
Not to mention how she would fund her retirement with no occupational or personal pension contributions.
Why would she want to consign herself to a lifetime of poverty? We're talking £125k of savings here, it hardly makes her Bill Gates!Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730
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