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FTB - Mortgage repayment declaration help

24

Comments

  • QTPie
    QTPie Posts: 1,373 Forumite
    poppysarah wrote: »
    * a little luck and a lot of wishes

    :rotfl: :rotfl: :rotfl:
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    sneakyg wrote: »
    thanks Joe

    what sort of things are expected to be put down though?

    The truth, the whole truth and nothing but the truth.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    It seems to be increasingly unfashionable on the MSE forums for people to tell the truth on loan/mortgage/credit applications.
    Fraud seems to be the 'in thing' at the moment.
  • fogma
    fogma Posts: 41 Forumite
    sneakyg wrote: »
    Hello

    Ive got a form that i need to fill in regarding a mortagage. Ive got repayment declaration form asking me how i intend to repay the loan (interest only).

    what sort of things do people put here?


    Regards

    Hi,

    I'm getting a phone call for an interview next week for the ownhome scheme. Is the form you are struggling to fill in for ownhome or the cooperative mortgage? I thought ownhome told you there and then on the phone whether you'd been successful or not?

    cheers, J
  • QTPie
    QTPie Posts: 1,373 Forumite
    I think it is insane... THE most important thing about a mortgage (or any loan) is affordability: if you cannot comofrtably afford it, then don't do it. What is the point in lying? If you can't really afford it now (i.e. including SOME FORM of repayment vehicle), then what chances you will be able to afford it in the future?

    Irresponsible lending (and borrowing!) is one of the reasons why we are in this recession at the moment... So many people say "I didn't know any better AND the banks were happy to lend me all the money, so I took it. It is the bank's fault that I am now in HUGE debt"... Yet even now people what to take out bigger loans that they can comfortably afford... :confused:

    QT
  • fogma
    fogma Posts: 41 Forumite
    QTPie wrote: »
    I think it is insane... THE most important thing about a mortgage (or any loan) is affordability: if you cannot comofrtably afford it, then don't do it. What is the point in lying? If you can't really afford it now (i.e. including SOME FORM of repayment vehicle), then what chances you will be able to afford it in the future?

    Irresponsible lending (and borrowing!) is one of the reasons why we are in this recession at the moment... So many people say "I didn't know any better AND the banks were happy to lend me all the money, so I took it. It is the bank's fault that I am now in HUGE debt"... Yet even now people what to take out bigger loans that they can comfortably afford... :confused:

    QT

    I think the main reason people like me want to try and use the ownhome scheme is so that we can gradually pay the equity loan (which is essentially used as a deposit) over a period of time. This means we can live in our home home, as opposed to saving up the deposit over a long period of time whilst renting. If the worst comes to the worst, then the loan can be paid off from the sale of the house (obviously dependent on whether you can sell the house) and you are back at square one.
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think the main reason people like me want to try and use the ownhome scheme is so that we can gradually pay the equity loan (which is essentially used as a deposit) over a period of time.

    I assume here that OP is getting an interest only mortgage and also has one of these 25% interest free loans from someone else. If he wants to pay off the 25% gradually, then what hope is thereof that happening if he can't afford a repayment mortgage in the first place?
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • sneakyg
    sneakyg Posts: 54 Forumite
    fogma wrote: »
    Hi,

    I'm getting a phone call for an interview next week for the ownhome scheme. Is the form you are struggling to fill in for ownhome or the cooperative mortgage? I thought ownhome told you there and then on the phone whether you'd been successful or not?

    cheers, J
    yes ive been successful, the form is for the ownhome.
  • sneakyg
    sneakyg Posts: 54 Forumite
    Richard_Webster wrote: »
    I assume here that OP is getting an interest only mortgage and also has one of these 25% interest free loans from someone else. If he wants to pay off the 25% gradually, then what hope is thereof that happening if he can't afford a repayment mortgage in the first place?

    70% of the mortgage is repayment (which i can afford), the other 30% is the part that ownhome are putting up - and thats the part that the original question applies to.
  • before_hollywood
    before_hollywood Posts: 20,686 Forumite
    i dont like the sound of any mortgage where i dont pay it back with wages from my job, no questions asked about future value, i'd be thinking i've paid for 25 years the house is mine now sling your hook :eek:
    things arent the way they were before, you wouldnt even recognise me anymore- not that you knew me back then ;)
    MercilessKiller wrote: »
    BH is my best mate too, its ok :)

    I trust BH even if he's from Manchester.. ;)

    all your base are belong to us :eek:
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