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"Help to buy" Scheme. Mortgage rules - we don't need one.
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Fiance financial advisor spent all day trying to get him a mortgage.
All we could get was £100,000 over 14 years at £1500 per month
or
£50,000 over 7 years at £800!
We wouldn't have any money to live on with that high price.
Before anyone suggests it, he cannot go back to work in a manual jobs as in chronic pain and no-one is going to employ him now as a high flying executive! :rotfl:
You said earlier in the thread that you have an income of £1800 a month. £1000 after mortgage should be plenty to live on.0 -
If you only need a small amount of mortgage why can't you take it and then pay it back?
Surely that is the best way to do it or am I missing something.
I must admit I am amazed they are even allowing you onto the scheme if you have that much deposit.
Also if you are in a council flat why can't you purchase that with your discount?0 -
carefullycautious wrote: »If you only need a small amount of mortgage why can't you take it and then pay it back?
Surely that is the best way to do it or am I missing something.
I must admit I am amazed they are even allowing you onto the scheme if you have that much deposit.
Also if you are in a council flat why can't you purchase that with your discount?
Council flat is too small, though lovely area.
If we take a mortgage, if we can get it, paying it back incurs penalities, which can be very expensive, £1000,s
They have not LET us onto a scheme, those accepted are assessed on their income and deposit.
People who are old and recently divorced may have a deposit, accrued from 40 years employment but its not enough to buy a house outright. There is no way we can buy a house without help, or without clearing a considerable amount from the pension pot, on which we have to live on.
£1000 may seem like enough to live on to you, but we consider that to be very limiting.0 -
£12,000 per annum is a pittance!0
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Mortgage_Mark wrote: »Would it not be more cost effective to get rid of the dog?
[/sarcasm]
Would you like her, very lively JRT aged 4. Needs lots of walks attention and play!
Unfortunately a dog is for life not just for.................0 -
£12,000 per annum is a pittance!
AFTER mortgage, it's perfectly doable. £400 for bills inc food, £100 for the dog if necessary, £200 for emergencies, leaves £150 each spending money. May not be riches but it would get you the house you want.
"If we take a mortgage, if we can get it, paying it back incurs penalities, which can be very expensive, £1000,s" Are you talking about ERCs? Easy enough to avoid by choosing the right deal.
You can't seem to decide what your problem is. Is it that you want a mortgage but can't get one? Or that you can (through a broker) but it isn't the deal you want? Or it is just 'not fair'?0 -
Its not that we don't want the mortgage, we don't need a mortgage if we have capital, but its not enough to buy a house, where we currently live and wish to stay.
So you don't need a mortgage, because you have money, but you can't buy the place because you don't have enough money. Sounds like you need some kind of loan to bridge the gap...
You might think that a slightly sarcastic answer, but think outside the box. Maybe there's another source of secured loan you can get that isn't a "mortgage"...? The interest rate might be higher, of course, but if it's all that's available...
Yes, a short-term mortgage is going to be expensive to repay. Of course it will - you're repaying a large amount of money over a short term... Once you retire, how will you be covering the mortgage payments? You're already dipping deep into your pension pot to release the equity.
One thing's for sure, the various schemes intended to help people get onto the otherwise unattainable lower rungs of the housing ladder are not intended for people who can almost-but-not-quite buy outright.
Have you looked at shared ownership properties?(cheapest property in the UK)
Not even close, but that's another thread.0 -
£12,000 per annum is a pittance!
So what it boils down to is you can afford to purchase the house, either with a mortgage or by drawing down on pensions, but are unwilling to as you are not prepared to make sacrifices to your lifestyle
I don't know why you think that the state is there to fund your lifestyle.My fiance a is middle class ex Managing Director who has up until last year enjoyed a very good lifestyle and income
Perhaps if your partner had not chosen to fund such a lifestyle and banked a bit more cash for a rainy day you wouldn't be in this predicament, after all we all have choices in life don't we :cool:0
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