First time buyer's

PROLIANT

My rent is £300 pcm, my council tax is £85 pcm my insurance is £14.98 pcm, I currently have a two bed house built in 1991 and is quite modern, it is rented from the Housing Association, if I can get a mortgage for around this every month then I will be happy, until then I will continue renting my properties.

LillyJ

PROLIANT wrote: »

My rent is £300 pcm, my council tax is £85 pcm my insurance is £14.98 pcm, I currently have a two bed house built in 1991 and is quite modern, it is rented from the Housing Association, if I can get a mortgage for around this every month then I will be happy, until then I will continue renting my properties.

I would be happy too. Unfortunately as a young couple on higher than average salary with no kids we would probably be looking at a 25 year wait for a HA house!

Our mortgage will be £760 a month, whereas our rent is currently £750 a month. The interest part of our mortgage is about £560 a month, which is the part that is equivelent to rent.

kunekune

Proliant, a HA property is not a fair comparison. You have much more security than the average renter. LillyJ, I realise that this varies from location to location, but around here there is no competition. Doesn't stop me though ...

kunekune

Proliant, while I'm not the kind to call someone a troll, it seems that you never really meant to take a mortgage anyway. If you are going to ask for comments, perhaps a bit of honesty might be in order?

Dan_Collins_2

PROLIANT wrote: »

Hello, this is the first time that I have posted in this part of the MSE forum's, basically my partner and I are looking at a mortgage and got an offer from Lloyds TSB (C&G) but had to cancel the offer because of the repayments, why do people bang on about the fact you can get a mortgage foe the same amount of money that you pay in rent? Not true, the mortgage was going to cost more than double what we pay in rent, at £634 per month less insurance etc no way, this was for £120K, £75k @ £435 per month, you cant buy a 1 bed shanty around my area for that, any advice please?

This is even more so now as rates have gone up, Although I think in truth what moist people mean is for an extra say £100 you can the property.

I think as a nation we worry to much about owner propert, thanks Mrs Thatcher!

PROLIANT

kunekune wrote: »

Proliant, while I'm not the kind to call someone a troll, it seems that you never really meant to take a mortgage anyway. If you are going to ask for comments, perhaps a bit of honesty might be in order?

What? I applied for a mortgage going on advice from people who already own their own homes, oh yes much better off with a mortgage, eh my mortgage is the same as your rent! Ok off down to the mortgage shop, LTSB in Gateshead, the "Mortgage Advisor" runs through the script then I ask is this just a quotation search on my file and not a full credit search, oh yes sir bla bla bla, I ask what is the typical repayments on a mortgage then (during the fictitious quotation search) "oh I cant say sir, let me finish the quote, ok sir I need to speak to our underwriters", comes off the phone and "am pleased to tell you that our underwriting dept has agreed your mortgage and bla bla bla", how much then per month? £634 to be precise, what! I cant afford that, gets home checks my Experian report and what do you know they done a full credit search, stupid basta*ds, so no I was enquiring into a genuine mortgage and I am not a troll so please do not jump to conclusions without the facts, no matter how nice you try and put it.

minimike2

kunekune wrote: »

No need to be rude, minimike. But I will modify what I said about interest only - only an idiot would take one out without a safe repayment vehicle. Otherwise it's no different from rent, but with more risk - relying on prices to rise and nothing more is just gambling in my opinion. And without knowing how long ago you had your old house, it's not a very helpful example.

I was not being rude. I was merely pointing out the flaw in your post where you rudely called everyone with an I/O mortgage stupid.

But I am glad you have changed your wording. There are STILL other cases where I/O is the right way to go too, but I will leave those for another day

kunekune

If you have internet access, why didn't you just use one of the millions of calculators that are out there? There was no need to go into the bank ...

PROLIANT

kunekune wrote: »

If you have internet access, why didn't you just use one of the millions of calculators that are out there? There was no need to go into the bank ...

No there is not, maybe for guess work only, their is no bank who will do a quotation search adhoc on the web, you have to go into branch or do it over the phone, I should know I spoke to an advisor at Lloyds. Please dont try an be clever I only asked for helpful advice not lip!