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First Time Buyer
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What prices would you or your son be looking at?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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The one he's just looked at that he rather likes is £122,000. I know what your all saying is true about him doing things for himself, but I like to know stuff when he asks the questions.Coffee is not my cup of tea
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If he goes for that house get him to offer either £120k or below. At £122k the house will fall into the stamp duty territory where he would have to pay an extra 1% to our wonderful government.Baby Year 1: Oh dear...on the move
Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
Love to my two angels that I will never forget.0 -
Based on that loan amount at 100% mortgage there are various rates that he could apply for.
Over 25 years on a repayment mortgage they can vary from aound £680pm to as much as £860 pm
However you would have to see if this is afforadable with his lifestyle, and whether he would be eligible for the schemesI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The actual selling price listed is £121,995 so will he have include the extra stamp duty. We're in scotland by the way if that makes in difference. On new bilds can u haggle on the asking price? The properties wont be ready till DecemberCoffee is not my cup of tea
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If it's a new build then you must insist that the builder pays stamp duty. I'd be amazed if they aren't already offering this deal, plus other benefits.
The property, to be honest, is well within his current reach. But then, it all depends on what his outgoings are.
If he has significant debts, then that will again narrow down the number of lenders.0 -
Thanks for that. I'm slipping - it never crossed my mind to ask what was on offer. My excuse is it's new territory. Any other things I shoukd be considering. Will the price fixed do you think or do you thuink they can be moved to gain a deal?Coffee is not my cup of tea
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