Minimum house price quandary

Gorgeous_George

M.S.E_Most_Wanted wrote: »

I am a big fan of yours but 2 things here.
1 you are telling lies.
2 Quandary.

1. No I am not. Why would I? Which bit?

2. Stupid French word probably.

I'll leave it to a local mortgage broker to find me a deal. I had intended to buy with cash but the bulk of it is tied up in a Building Society bond. I was going to take a mortgage once it was ready to let.

Thanks all.

Just seems odd that when prices were daft lenders were falling over themselves to lend you loads of money. Now that prices have fallen by 47% (in this instance) I can't easily borrow £25K.

GG

Gorgeous_George

silvercar wrote: »

Try a building society with low local house prices.

Or buy for 50k with a cash back on completion to the vendor:)

It was more than £50K when I set off to view. Natwest said that if I pay £50K and they value at less than £50K, no mortgage. So I asked, if I buy it for £46K and they value at £50K could we do business and they said they'd use the lower of the purchase price and their valuation.

I'm sure the broker will sort it out for me. If not, I'll wait until my bond matures.

GG

PasturesNew

Just did one quick google, first result shows me that Progressive Building Society do a minimum of £30k ... but you'll have to move the house to Northern Ireland to borrow.

PasturesNew

Natwest/RBS minimum seems to be £30k. Anyway, you have a broker on it now, not me and a google window.

Gorgeous_George

PasturesNew wrote: »

Natwest/RBS minimum seems to be £30k. Anyway, you have a broker on it now, not me and a google window.

Is that the loan amount or the house price? The lady at Natwest went away to ask (a man I guess;)) and was adamant that the minimum house value was £50K with a minimum mortgage of £25K and an LTV of 60% max. I wrote it down as she told me.

Do you have a link? Is it still valid?

GG

dopester

Gorgeous_George wrote: »

It was more than £50K when I set off to view. Natwest said that if I pay £50K and they value at less than £50K, no mortgage. So I asked, if I buy it for £46K and they value at £50K could we do business and they said they'd use the lower of the purchase price and their valuation.

I'm sure the broker will sort it out for me. If not, I'll wait until my bond matures.

GG

Can you remind me again what sort of money you'd be expecting to get in monthly rent, on this £46K house?

From another thread I think you said you already had a tenant lined up, wanting to move in.

I feel really good today. These type of threads just make it even better.
http://www.youtube.com/watch?v=A_sY2rjxq6M&feature=related

Gorgeous_George

I may well provide a link after the deal is done.

dopester wrote: »

Can you remind me again what sort of money you'd be expecting to get in monthly rent, on this £46K house?

I prefer Sterling but Euros would be ok too.

dopester wrote: »

From another thread I think you said you already had a tenant lined up, wanting to move in.

Similar properties are on RM for £475 per month. I'd be charging £400-ish, maybe £425 with no Letting Agent.

GG

fc123

dopester wrote: »

Can you remind me again what sort of money you'd be expecting to get in monthly rent, on this £46K house?

From another thread I think you said you already had a tenant lined up, wanting to move in.

I feel really good today. These type of threads just make it even better.
http://www.youtube.com/watch?v=A_sY2rjxq6M&feature=related

Are you grooving in front of the mirror? I clicked on it and am now dancing all on my own too.:o

dopester

fc123 wrote: »

Are you grooving in front of the mirror? I clicked on it and am now dancing all on my own too.:o

A little on the chair fc. It's impossible not to get into that song and spirits to soar, whilst reading of a house which has already fallen a touch off 50% from peak, but the credit situation has proved to really changed how BTLers go about buying these sorts of houses.

fc123

Just out of interest where can you get a whole house for 46k?