First Time Buyer's Guide To Mortgages

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Chickabiddybex wrote: »

I wonder if anyone can help me with this...
I live with my long term partner and we pay about £400 per month in rent.
We want to buy a house but we don't have any money saved for a deposit yet.
As we don't earn a lot it would take us a long time to save up for a deposit. But in the mean time, we're wasting money renting when we could be paying off a mortgage! So... would it be better for us to save up for a deposit while renting or would it be better to get a 100% or 95% mortgage and have to pay extra in interest?

(I've seen a few people advise others to move home so they don't have to pay rent but this isn't an option for us... plus my mum would charge me rent anyway!)

They don't do 100% mortgages anymore and 95% mortgages are very hard to come by and if you get it the interest rate will be high and you will have to have a clean credit history. Also remember you need money for fees and moving expenses.

alisadu

how can i buy a house from a foreign country, what kind of documents do i need to submit

kingstreet

Presumably you wish to buy a property elsewhere in the world?

The rules and conventions on property purchase vary widely, so you'll have to seek advice in that country, or on a forum similar to this one in that part of the world.

Vincent.waldorf

Hi all

Just wanted to know peoples thoughts on having a 30yr term vs. a 25 yr term. I am a 24 years old and about to buy my first house that I will probably live in for a few years then I will buy another house and put the smaller one on a Buy-to-Let mortgage.
My current thinking is that I buy a house and rent out one of the rooms and I save for house #2 (which will be the one I raise the family in and extend). I am hoping that the smaller house will be my pension when I retire. I will only buy my second house when I get married.
With a 30 year term I will be able to save up and live quite freely. The only thing that is holding me back is that the repayment is not very much but the interest is high!
Thanks for any input; I just wanted to see some people’s thoughts!

kingstreet

Choose the longer term as it will assist with affordability in the early years. If you have residual funds left over after paying your other outgoings make voluntary overpayments upto the maximum allowed by your lender/product.

In addition, when you remortgage in the future, you are not limited to the remaining term. You can always reduce the term to pay the mortgage back quicker, although this will tie you to those higher monthly payments, where the voluntary overpayment route is more flexible.

kynastonlaird

Well, firstly greetings to everyone. I am a newbie here and sorry I couldn't found any introduction thread. Well, regarding the the topic of the mortgage, I would like to say that already a lot of useful tips have been given over here. Mortgage is the field which always keeps a new person in slight confusion, regarding the rate, insurance and necessary tips and steps to be taken for this thing. Other than that nowadays it has become one of the major source of income for the people. I would also like to say that a person before investing in this field should be aware of all of its aspects.

bsisonu

alisadu wrote: »

how can i buy a house from a foreign country, what kind of documents do i need to submit

each country has its own rules and regulations regarding property. You should get information from that country from where you want to buy.:rotfl:

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ana8

Hi,

I'm just wondering if I am yet in a position to start looking for a house to buy. I'm 26, ust starting a 3 year long NHS job with university training earning 25500 in my first year. I currently have £15k saved and would like to buy a decent sized property in Stoke on Trent area (preferably Wolstanton/Basford/Newcastle under lyme). Houses that meet my requirements are round £160k . Would that be doable?

Thanks in advance

thegirlintheattic

Is any of this different if buying a new home?

marcssteve

The tips and techniques posted here are too much useful and worthy. I guess this is the right place to ask that if the person is a migrant in the country, and wants to own a home through mortgage finance. Its sure that he will not get any sorts of help for this purpose, so what is the other option to get the finance ?