Getting a large mortgage

iolanthe07

now want to start paying a mortgage and not making someone else rich.

You'll be making the bank very rich indeed!

mjdh1957

I agree, paying an interest-only mortgage, especially in a period of slow or zero property price increases, is dead money. And it would be even worse if there was a price crash.

Your overall rate of return is much, much higher by paying off the debts more quickly.

No doubt you would be able to get the money, but no-one here is going to recommend any particular mortgage broker. Ask around for recommendations from family, friends and co-workers. Or look in the locl Yellow Pages.

roswell

Im going to play devils advicate a bit here,

You cureently pay £500 a month rent, this covers the property you live in, building insuarence, repairs and no risk to your money regarding interest rates / market changes.

Your looking to spend £1250 to rent off the bank (no hiding it this is what interest only mortgages are) for this you get .... the roof over your head, if you want repairs you pay, if you want building insurance you pay. if that roof is old leaking and damaged you have to buy a new one, if the interest rates go up you pay more, if the market slumps you loose money and end up in debt.

Given the choice of these 2 situations id take the differance and pay off the debts, id then look to save 10% deposit minimum.

BTman

gaz2373 wrote:

It may be possible to get this mortgage PM me

How many finger's interest is it if they miss a payment... chop chop.;)

Snow_Dog

Did you say that due to poor sales your partner isn't going to get a bonus this year?

Given that with rising interest rates/inflation etc it is widely predicted that the consumer is going to spend less in the near future. Does this bode well for future bonuses and job security?

I do sometimes wonder how many posts on MSE are troll/journos laying the bait. Im waiting for the revelations in the Sun (not that I read the rag) about how someone on benefits was advised by the users of the MSE site to get a 125% mortgage to fund a drug enhanced lifestyle.

Cmon guys, you obviously cannot control your lifestyle spending with those kind of debts. Why should any lender believe you've suddenly had a total change of heart and really will reign in a lifestyle so far built on credit such that they will lend you a quarter or a million pounds, with a significant part of your calculations based on how much overtime you can do and not a penny of risk (equity) on your part.

Clear the debts, save a deposit there aren't any sensible shortcuts.