Is now the right time to buy??

trush09

grogdog wrote: »

a couple of things for you to consider re buy to let mortgage.

1 minimum deposit will be 25% of purchase price.
2 alot of companies will not allow you to have a buy to let as your first house purchase.
3 most companies will only give you a buy to let mortgage if your income is 25k irrelevant of what the rental of the property would be.

Thanks I realise that, that's why I wouldn't declare it would be a rental, however might live in it, just an option I would consider down the line,:)

trush09

GlynD wrote: »

Houses are selling very very slowly in Norn Irn. That house you fancy up the Falls - offer them about £35,000 and see where you go. I've seen some amazing prices over the last year or so. Last week somebody bought one in Tennant Street for about £15,000 although it needed a lot of work doing.

Go in low and take all the advice you can get and you will finish up with a bargain which will increase in value quite quickly when the market picks up.

lol you sure they wouldn't laugh their asses off :rotfl:I wish I had the b**ls to offer that! Maybe I'd offer £55000

GlynD

trush09 wrote: »

lol you sure they wouldn't laugh their asses off :rotfl:I wish I had the b**ls to offer that! Maybe I'd offer £55000

They might but hey, what skin off your nose is it? Have you seen any of the adverts in the paper recently where similar ridiculous amounts are advertisied by solicitors as the best price on a property and inviting interested parties to beat them?

Honestly, I wouldn't put you wrong. This is the world of house buying at the moment. I did it myself and saved £40,000 off the price of the house I'm sat in.

trush09

Thanks for the advice GlynD what have I got to lose anyway:j Cheers

GlynD

trush09 wrote: »

Thanks for the advice GlynD what have I got to lose anyway:j Cheers

Exactly. Forget about the other person's opinions and feelings. Think of number one and be as cheeky as you want.

saverbuyer

trush09 wrote: »

Thanks I realise that, that's why I wouldn't declare it would be a rental, however might live in it, just an option I would consider down the line,:)

You do realise this could/would be seen as mortgage fraud?

trush09

Wel basically I'd be buying a house and along the line i MIGHT decide to rent it out or rent a room, at that stage its my house and I would do what I want with it. I haven't decided yet so mortgage fraud is a very serious term to throw about :eek:

BigAl94

"at that stage its my house and I would do what I want with it."

No it isn't, the mortgagor has a substantial interest in the property and would have to be made aware and consent.

saverbuyer

trush09 wrote: »

Wel basically I'd be buying a house and along the line i MIGHT decide to rent it out or rent a room, at that stage its my house and I would do what I want with it. I haven't decided yet so mortgage fraud is a very serious term to throw about :eek:

The house isn't actually yours until that final mortgage payment. I'm surprised you're not aware of this working in a bank.

Rent a room but all means, this is usually acceptable but to rent the whole house without informing you mortgage provider is going to a breach of your mortgage conditions. Obtaining a residential mortgage with the intent of renting it out would be mortgage fraud. It’s not accusation, simply a statement of fact.

chunter

http://news.bbc.co.uk/1/hi/northern_ireland/6546955.stm

..those were the days..