is this a good deal

shellnapier

Just ben to bank of scotland
is this a good deal, stick with it or should i keep looking
House value 140 mortagage 90k share equtiy
no deposit

£483a motnh over 40 years including house insurance, life insurance, mortagage insruance.. i pleasd but neev rbeen for mortgage before adive pease

opinions4u

shellnapier wrote: »

Just ben to bank of scotland
is this a good deal, stick with it or should i keep looking
House value 140 mortagage 90k share equtiy
no deposit

£483a motnh over 40 years including house insurance, life insurance, mortagage insruance.. i pleasd but neev rbeen for mortgage before adive pease

If you have no deposit they will not lend to you.

Please clarify:
1) The full value of the house.
2) The value of the bit you are buying.
3) The amount you are planning to borrow.

TEDDYRUKSPIN

Above correct. You will still need a deposit!

40 years? BOS? They crazy? LOL.

shellnapier

I DO NOT NEED A DEPOSIT
i wastold this today by the bank mortage advisor- do you think shes wrong
its the local athrortiy share equity scheme
40 years bcause we are just tryin to get on the property ladder and we are only 21. paid off by 61- most people pa off moartages about that time no#?

shellnapier

Value - 140k
borrowing 90k
65 %

opinions4u

shellnapier wrote: »

I DO NOT NEED A DEPOSIT
i wastold this today by the bank mortage advisor- do you think shes wrong

Yes. She's not told her processing system that the bit you're buying is worth £90k.

Hope I'm wrong.

shellnapier

so ur right and the bank wrongs
even thogh i asked her 3times i defiantly do not need a deposit
she said no
its how this scheme works- because you cannot apply and be enetitled if you have savings

ecgirl07

Shellnapier

what is the terms of the deal? the interest rate? is it a fixed term or is it a tracker? what are the tie-ins to the deal? You have to consider things like this to judge if its a good deal for you or not.

opinions4u

so ur right and the bank wrongs

It has been known.

Is it this scheme?

http://www.communities.gov.uk/news/corporate/1178576

Still prepared to be proved wrong!

Or possibly this one?

http://www.scotland.gov.uk/Resource/Doc/265151/0079443.pdf

beecher

If you can only afford a mortgage over 40 years I'd wait and save up a deposit. You'd be paying an insane amount of interest over the term. If you're only 21 then saving up for a few years shouldn't really be an issue.

shellnapier

the propertys are avable now , and where we live these are rare, thes are the first kind in our area... we are just tryn t get on the property ladder
so what are you tellin me the bank is wrong, when im i gona fined out this, ecause bascilyl today if we said yes g for it, we woukd be going ahead, so when am i gona find out "oops wev made a mistake" i would have thought the banks would know what thery are doing

the deal is fixed rate 3 years 4.1 %
the fees are 995
and the price includes all insurances too