First Time Buyer's Guide To Mortgages

MiltonASpencer

I remember when my wife and I purchased our first home. When we even procured a land executor, we might get in our auto, and basically drive the neighborhoods where we needed to live.we had four diverse area that we have chosen.you know the signs load up are searching front of house For deal it was land contact number parcel of time we attempt not answer then i choose .I put my programmer to finish up building me the highest point of the line portable website for real estate brokers make Real Estate Website for simple to inquiry in which area need you property.

Skaboo

Hi there!
Stupid Q alert:eek::
Is there a cut off age for applying for a mortgage, I'm in my mid/late forties and looking to apply for one soon Thanks
Apologies if I've posted this in the wrong place too!

kingstreet

Skaboo wrote: »

Is there a cut off age for applying for a mortgage, I'm in my mid/late forties and looking to apply for one soon

Most lenders will not accept an application from someone over 75.

Most lenders want a mortgage to be repaid by retirement age and to go beyond that, you would have to provide evidence of income in retirement. Even then, it normally needs to end by 75.

The mortgage term has to produce an affordable level of monthly payment, so if you want more than you can appear to be able to afford over the shorter term available, you will not be able to borrow as much.

I suggest trying different lenders' online calculators, perhaps using a term which will expire before you reach 70 as your maximum.

For example, if you are 48 next birthday, use a 22 year term.

Shaqu

Hi

My Annual income is 41000 and I spent 1000 a month on Rent, I want to Buy a house 275000 and looking for mortgage. Dont have much deposits any idea how to get into property ladder without much of deposit. I am on first buyer scheme and cant afford even 5%.

chigady

Hi, All -

As you can see I'm new to the forum but I've been mulling over the questions below for a little while and I'm really desperate for some help so thanks in advance to anyone who can offer even the most basic of advice.

The short version of the proposition I have on the table is that my girlfriend and I are struggling to save a deposit for a house in London whilst my girlfriend's aunt, whilst also wanting to buy a property in London has a reasonably large amount of capital but no regular source of income and is of an age where she might find it hard to get a mortgage - we were hoping to undertake in joint venture.

The details:

Party 1: Single Female over 60 - sporadic income enough to get by - money in the bank c. 200k.

Party 2: Couple under 30 - joint income of £75k - money in the bank <£10k



The Property

Value - up to £400k

Location: One of the cheaper areas of London e.g. Tottenham/Wood Green/Clapton/Leyton/Walthamstow/South-East region Peckham etc

Deposit - £100k coming solely from Party 1

Size - full house upwards of three bedrooms basically big enough to accommodate the work needed to create the below

Accommodation of both parties: planning permission to be sought to split the property into two self-contained separate properties (perhaps with the addition of an extension to the property) - this part of the arrangement would be financially handled solely by Party 1 up to the value of the remaining £100k in her possession.

Mortgage: Party 2 will have taken out a mortgage of £300k based on a 25% deposit paid by party 1 and would be solely responsible for the payments on the mortgage.


The Result

The resulting property would be worth £500k (original value + money used to convert into two properties)

Party 1's flat would be worth at least £200k on account of her having put that amount into the property

Party 2's flat would be worth at least £300k on account of them paying a mortgage of that value

Mutual Benefits

Party 1 could well take her £200k and buy a property somewhere in London but this arrangement opens her up to a much wider selection of locations and types of property whilst having a more input on the look and feel of her eventual home

Party 2 could scrimp and save for another year to get up to what it would require to get a 5% mortgage on a similar property to what they would get under this arrangement but whilst also gaining the same flexibility advantages as party 1, would also benefit from the vastly reduced monthly repayments brought about by the large deposit put down by Party 1.


The questions

First and foremost - where do we go to start talking to someone about undertaking this project? Even if that person tells us to just knock the whole thing on the head! We just want to know if it's worth pursuing. Obviously, the less we spend before reaching that conclusion, the better.

Furthermore:

1. Would we be able to guarantee that we would get planning permission before the purchase of the property?

2. Would the splitting of the property cause us any trouble in terms of mortgage repayment?

3. Would we be opening ourselves up to a world of pain if one of us wanted to move and one didn't?

4. Is the whole project just a really complicated procedure which wouldn't be worth the hassle in the long-run?


Thanks so much to anyone who even just got this far. If I left anything, was unclear or can provide any other details that can help with your giving advice please shout and I'll respond ASAP

kingstreet

Those to be named on the deeds/ownership have to be party to the mortgage. The Aunt can't be an owner with a mortgage in your names alone.

You would be better off posting a thread of your own, instead of a help post in a Guide thread. As you can see, many help requests go unanswered in here.

Ignore - I now see you already did.

Jonhubb

I am looking for any purchase who has had a valuation done by a valuer call Robin Handley formerly if Colleys part if Lloyd's. Could be any Lloyd's, Halifax or Birmingham Midshires mortgage, who has had any trouble with the valuation or property.

Sam1984

Maybe a daft question but do lenders give you a mortgage up to the valuation of the house or up to what you have offered? Xx

kingstreet

Sam1984 wrote: »

Maybe a daft question but do lenders give you a mortgage up to the valuation of the house or up to what you have offered? Xx

The lower of purchase price, or valuation.

It'll be based on purchase price until it's valued. When the valuation is back, it will then be based on the lower of the two figures.

QuinnCM

Hi, Im hoping someone can help me with an issue that is causing me to have a few restless nights. My husband & I have been renting our home for almost 3 years & our landlords have told us that they intend to sell & are hoping that we will buy the property from them. As we would be first time buyers we don't have much knowledge about the process. We want to buy our home as our kids are settled & so are we however there are a number of faults within our home that our landlords had promised to fix but haven't gotten round to doing (e.g. extreme damp in the kitchen, botched ceiling light fixtures, non-insulated attic bedroom, dilapidated shower cubicle...etc.), how can I make sure that these costly repairs are reflected in the proposed house price? I am so worried that our inexperience will have us paying much more than we should do...are we entitled to contest overpricing on the grounds that we've lived here and are aware of the flaws?