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OH MY, The Most Stunning Beautiful Property
Comments
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Captain_Mainwaring wrote: »That is quite the most ridiculous comment I have read for at least 10 minutes.
Lilly was talking about my income, not the OP's....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »Lilly was talking about my income, not the OP's.
Why? have you teamed up with the OP to buy the bloody place?
If it wasn't confusing enough to start with, it has now turned into a total shambles.
Can't you go and do the housework or something useful and leave this to people with reasonable considered opinions like me?0 -
Captain_Mainwaring wrote: »45K will give him around £2,440.51 a month, our man wants to spend around £1200 of that on a mortgage and wonders if it is wise.
What on earth is the point in him borrowing 300K to eat out of a dustbin for the rest of his natural life?
We currently get £3000 a month after tax. Would probably get a mortgage at £1100 a month on 6.39% 2 year fixed, rising to £2000 on 12% (worst case scenario).
Does anyone have any thoughts on this?0 -
Captain_Mainwaring wrote: »Why? have you teamed up with the OP to buy the bloody place?
If it wasn't confusing enough to start with, it has now turned into a total shambles.
Can't you go and do the housework or something useful and leave this to people with reasonable considered opinions like me?
I am so sorry you are confused, but the thread is pretty easy to follow if you ask me.
I gave my opinion on the affordability, I don't think I would be comfortable with the payments, but then that's just my "considered opinion".0 -
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Matt I'd bump up your worst case scenario to about 15% I can't remember the exact figure, but in the last recession, I'm sure that it went to at least 14% (I'll eat my hat if somebody here can't quote the figures LOL) It was pretty hairy. We were FTB then and we certainly got a crash course in black belt frugality - as my mate pointed out the other day LAST time we were in recession the BANKS weren't struggling!!!
If all else fails - switch over to Money Saving Old Style forum, and you'll be able to stretch whats left
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Thanks LillyJ, thinking about it I don't think I'd be comfortable with the payments. How did you manage to get such a cheap mortgage?
Our house is costing £135k with 10% deposit so we are borrowing less than you would be. (We don't live in the South East anymore and that is a major factor!).
We also applied before Halifax increased their rates (twice) in April.
We currently rent at £750 a month so I know I can afford that much, and have some left over for a rainy day.
I wouldn't want to be on a knife edge in terms of repayments the way things are at the moment.0 -
Matt I'd bump up your worst case scenario to about 15% I can't remember the exact figure, but in the last recession, I'm sure that it went to at least 14% (I'll eat my hat if somebody here can't quote the figures LOL) It was pretty hairy. We were FTB then and we certainly got a crash course in black belt frugality - as my mate pointed out the other day LAST time we were in recession the BANKS weren't struggling!!!
If all else fails - switch over to Money Saving Old Style forum, and you'll be able to stretch whats left
We did our calculations on 15%, just to check. I doubt greatly that they will go that high this time (totally different mechanisms behind each downturn) but it is nice to know that you could afford it worse case scenario.0 -
www.landregistry.gov.uk will give you the name and contact details of the owner of the land I think.
Majority of properties are leasehold. In fact, I've never had a house that has been freehold to be honest. Ive just extended mine - twice without contacting them. I don't think they care unless you don't pay the ground rent. Mine is peanuts.
Good luck with your purchase though. You should just go with your heart.0 -
I also think the land owner can charge what they want to sell you the land its on so may not be worth it. You could ask for the lease to be extended as part of the contract though perhaps0
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