First time buyer, want a mortgage

cleopatra4485

Ian_Griffiths_Halifax wrote: »

With respect, Martin knows diddly squat about mortgages. He just likes the sound of his own voice and the fawning gaze and schoolgirl giggles of Lorraine Kelly.

ohhh jealous

haven't you been dropped from the ads?:p

neas

i think peoples point is that..

owning a house is more expensive than renting... things crop up like building insurance, plumbing breaks down, roof blows off, subsidence, needs furnishing.

Would you deal with these problems with a loan?

Saving a deposit in a way is a test if you can save extra income to deal with these 'things that pop up'... if you cant get positvie then its a HUGE warning sign.. that you shouldn't ignore.

Houses are falling now anyways... loosing 1% a month which is alot you'd admit.... so your paying someone 500 rent a month (or less) but every month your future house is becoming cheaper by 1000 pound (so your gaining 500 pound).... not taking into account the mortgage is more expensive than renting generally.

Dont be so quick to get into debt agasin... try being cash positive ... it feels great to not have worries... trust me

Jvic28

Ian_Griffiths_Halifax wrote: »

With respect, Martin knows diddly squat about mortgages. He just likes the sound of his own voice and the fawning gaze and schoolgirl giggles of Lorraine Kelly.

i think thats a bit harsh. All Martin has said has been reconfirmed by every news channel in the Uk and by everyone on here who is trying to get a mortgage for the 1st time. No deposit, No mortgage. Simple as.

cleopatra4485

At the end of the day Martin Lewis has set up this site, interviews, tv shows etc for his own career.....

but what is wrong with that? why would he advice others on Money and not make more for him???

Brilliant business/PR sense

Ian_Griffiths_Halifax

cleopatra4485 wrote: »

ohhh jealous

haven't you been dropped from the ads?:p

What ads?

Jvic28

cleopatra4485 wrote: »

At the end of the day Martin Lewis has set up this site, interviews, tv shows etc for his own career.....

but what is wrong with that? why would he advice others on Money and not make more for him???

Brilliant business/PR sense

I agree, this site, tv etc gets him publicity and pays his bills (via newspaper columns etc) but wouldn't we all do the same. I'm grateful to him anyway, even if it's just for setting up this site. It's become so useful to me, and I get loads of useful info of you lot (some of you anyway!)

Ian_Griffiths_Halifax

Jvic28 wrote: »

i think thats a bit harsh. All Martin has said has been reconfirmed by every news channel in the Uk and by everyone on here who is trying to get a mortgage for the 1st time. No deposit, No mortgage. Simple as.

Ah so Martin was right that a Fees Free Mortgage means that you don't pay a Brokers Fee. Wrong! Going to a broker who doesn't charge a fee means you don't pay a Brokers Fee. A Fees Free Mortgage would be a deal available via a lender where you don't pay THEM any fees. Even these you may find you have to pay Legal Fees, though most Fees Free Mortgages would include standard Legal Conveyancing or provide cash towards you getting your own Solicitors.

And Martin was right that any body who has taken Northern Rocks 125% mortgage (the Together Mortgage) is in negative equity from the start. Wrong! Northern Rock never did any 125% mortgages. The maximum was 95% with a maximum £30,000 up to 30% Unsecured loan facility.

He knows SOMETHING about mortgages, but I must say that half the time it appears to be no more than your half cut mate at the bar who is now a 'Mortgage Expert'.

dmg24

Jvic28 wrote: »

I agree, this site, tv etc gets him publicity and pays his bills (via newspaper columns etc) but wouldn't we all do the same. I'm grateful to him anyway, even if it's just for setting up this site. It's become so useful to me, and I get loads of useful info of you lot (some of you anyway!)

Yes, we would all do the same (well I would!) ... but most of us would not also put across the holier than thou all for the good of the MSE community spiel, when anyone with any sense knows the true motivation behind his work.

Sorry, this is a BIG bugbear of mine!

Ian_Griffiths_Halifax

Jvic28 wrote: »

I agree, this site, tv etc gets him publicity and pays his bills (via newspaper columns etc) but wouldn't we all do the same. I'm grateful to him anyway, even if it's just for setting up this site. It's become so useful to me, and I get loads of useful info of you lot (some of you anyway!)

I would applaud Martin for setting up this web site as people can get a lot of information from it by sharing their experiences and from getting information from real experts, not self appointed ones.

Daz1

Don't rush into anything....

Good things come to those who wait. I spent nearly 4 years building up my deposit though admittedly I really only started saving in earnest in the last one and a half years of that period. Took a 95% mortgage and am managing repayments OK. The thing is, payments aside, owning a house is expensive. In the past year of ownership, I have spent

£400 on roof repairs
£230 on a washing machine
£300 on a bed
£600 on decorating (thats only one room-5 more to go)
£2800 on a new boiler and CH system(old one broke down already 15 years old so non-economical to repair)

The only cost of the above that was non-essential was the decoration, though the room REALLY needed it. If I was renting, all else would have been covered with maybe a bit of to and fro about the bed but have gotten new mattresses from landlords before, had a washing machine replaced etc and the roof and boiler would be the L/L's responsibility, no question. The expense is never-ending.....please consider carefully, don't just think if you can meet the repayments you can afford a house....if you're just meeting the repayments, you can afford the mortgage, but certainly not the whole package that comes with home ownership