Phantom mortgages being offered.

beingjdc

My friend got a Natwest mortgage with a 5% deposit a fortnight ago. I told her she was mad, and the interest rate is painful, but it definitely exists!

ad9898_3

beingjdc wrote: »

My friend got a Natwest mortgage with a 5% deposit a fortnight ago. I told her she was mad, and the interest rate is painful, but it definitely exists!

Good god, still some women like to nest, and there is precious little you can do about it, her 5% will be gone by June probably at the latest, all that plus the huge interest rate she must be paying. You just can't fathom some folk I guess.

beingjdc

ad9898 wrote: »

Good god, still some women like to nest, and there is precious little you can do about it, her 5% will be gone by June probably at the latest, all that plus the huge interest rate she must be paying. You just can't fathom some folk I guess.

I think her job's fairly safe, and it was a repo that had failed to sell at auction so well off the peak. Still mad though!

carole1705

Yes my daughter had trouble getting a mortgage. She had a 10% deposit, her dad was willing to be guarantor for her. She had an in principle mortgage offer from bristol and west. Then at the last minute they declined her. Then she went to C&G and they declined her. She eventually managed to get a mortgage from Nat West, she had her mortgage offer on friday. The rate is fixed for 5 years at 7.25%, which is quite alarming, but the house was a bit of a bargain. It will work out the same to pay mortgage as it would have to rent, thats the only reason she decided to get on the property ladder in this uncertain time. So the best of luck to all the FTB who are trying to look for mortgages

pandamonia

carole1705 wrote: »

Yes my daughter had trouble getting a mortgage. She had a 10% deposit, her dad was willing to be guarantor for her. She had an in principle mortgage offer from bristol and west. Then at the last minute they declined her. Then she went to C&G and they declined her. She eventually managed to get a mortgage from Nat West, she had her mortgage offer on friday. The rate is fixed for 5 years at 7.25%, which is quite alarming, but the house was a bit of a bargain. It will work out the same to pay mortgage as it would have to rent, thats the only reason she decided to get on the property ladder in this uncertain time. So the best of luck to all the FTB who are trying to look for mortgages

what do you class a bargain? 7.25% fixed lol? she must be insane.

a bargain today can be a average deal within 2 months

why you let your daughter get into a mess like this?

After Amt. Owed Int. Paid
5 Years £91,451 £34,819
10 Years £79,180 £65,917
15 Years £61,566 £91,672
20 Years £36,285 £109,759
25 Years £0 £116,840

after 5 years she will still owe 91.5k!!!!! if she borrowed 100k....

dear oh dear

liebe911

From experience they won't work, they only give results in words.

Thrugelmir

chambta wrote: »

From experience the 90%ers tend to be being turned down at the valuation stage when properties are down valued.

Particularly on new builds where the fixtures and fittings are not included in the property valuation.