FTB - Mortgage repayment declaration help

sneakyg

i dont intend to be their in 25 years, this is just a step in the right direction

Wickedkitten

sneakyg wrote: »

i dont intend to be their in 25 years, this is just a step in the right direction

How are you meant to move up the ladder when you have to give away 25% of whatever when you sell it?

fogma

sneakyg wrote: »

yes ive been successful, the form is for the ownhome.

so the loan isn't dependent on you filling this form in to their satisfaction - the form is just to outline your plans to them for their records?

have you had a meeting with the co-op regarding the mortgage you can get? Do you know if you have to take the maximum mortgage they offer you and then top it up to the required amount - or can you take a smaller mortgage than is offered?

what questions did ownhome ask you about your employment situation?

fogma

Wickedkitten wrote: »

How are you meant to move up the ladder when you have to give away 25% of whatever when you sell it?

because the equity that has been paid off the mortgage can help towards a deposit on the next property along with 75% of any profit made on the property.

skap7309

QTPie wrote: »

Isn't this the wrong time to buy, for you, now then... I think it is hugely risky to buy now with the hope that you MIGHT (possibly) be able to afford to start repayign the mortgage in the future?

Sounds like a bad time to buy for you...

QT

I agree, in 2007 they would have thrown that mortgage at you. Nowadays with you saying you hope to FIND a partner who MIGHT be interested in buying? No way my friend.

sneakyg

fogma wrote: »

so the loan isn't dependent on you filling this form in to their satisfaction - the form is just to outline your plans to them for their records?

have you had a meeting with the co-op regarding the mortgage you can get? Do you know if you have to take the maximum mortgage they offer you and then top it up to the required amount - or can you take a smaller mortgage than is offered?

what questions did ownhome ask you about your employment situation?

Yes i belive that it is to outline my plans for their records

i had verbal discussions with the co-op and you dont have to take the maximum mortgage

I just said that i was a keyworker (which i am)

poppysarah

fogma wrote: »

because the equity that has been paid off the mortgage can help towards a deposit on the next property along with 75% of any profit made on the property.

But if the price of the bit they've been paying IO on has gone up so will the bit they don't own...

LillyJ

sneakyg wrote: »

Yes i belive that it is to outline my plans for their records

i had verbal discussions with the co-op and you dont have to take the maximum mortgage

I just said that i was a keyworker (which i am)

Why would you get a loan where you don't have means to repay it? "I want to meet a nice partner in a nightclub, then get them to chip in" does not count.
What a very bizzare thing to do.
What sort of keyworker are you?

fogma

poppysarah wrote: »

But if the price of the bit they've been paying IO on has gone up so will the bit they don't own...

no it won't

the mortgage is fixed - the loan isn't

fogma

LillyJ wrote: »

Why would you get a loan where you don't have means to repay it? "I want to meet a nice partner in a nightclub, then get them to chip in" does not count.
What a very bizzare thing to do.
What sort of keyworker are you?

the 25 year loan is interest free for the first five years

then it is 1.75% for 5 - 10 years

then 3.75% for 10-25 years

I don't see it as unreasonable to expect yourself to be on a higher wage, hopefully with some help from someone else to pay the mortgage

and if the worse comes to the worse, you would have to sell the house