Mortgages Now then. Whats the crack with these bad boys? How much, including all the usual bumf, water, leccy, gas etc etc...is it likely to cost per month for say, 100-120k mortgage? Not bothered how long its over to start with! Also, whats the initial setup costs like? How much up front etc? As little as possible would be preffered Natalie...i expect at least an answer from u!!
I just got one for £110k. Its costing me £410 a month for the first 3 months. Then £570 a month thereafter. But mines quite a high rate. You could get much lower than that. Its only cos of the type of mortgage i took. Mine has a very small Early Redemption Penalty of £30. This suits me cos im doing the place up and not planning on holding on to it for more that 6 months. Best thing to do is go see an INDEPENDENT mortgage advisor. They sort the best mortgage for your situation, and dont charge you owt. They get their fee from the mortgage lender you end up going with. Suppose you could argue they are only gonna shove you towards the one that nets the biggest fee for them. But i think my one got me a good deal. Do not go to Northern Rock (i know you wouldnt anyway, seeing as which football team they sponsor).
Good stuff - cheers mate Haha - no worries about Northern Rock - I couldnt go with them even if they were half the cost of any other and provided the best service :laugh: That monthly cost u mentioned is just the mortgage cost yeah? Then there's the standard bills on top of that? Leccy, Gas etc...
And initial set-up costs. I think i was about £700 solicitors fees, £400 for a valuation and survey, and approx £1000 deposit. Luckily ther is now no Stamp Duty on residential properties under £150,000. It would have been another £1100 that.
Nah, i just meant dont go to one specific lender. Just used them as an example. Go see an independent, then they can search hunderds of diff companies for you. If you go see NR, all they can adivise you on is a NR mortgage.
Right....... it all depends on your circumstances as to how much you're gunna end up paying because your interest depends on your credit history etc. Where I work we are independent and can go to anyone but my boss prefers going to Northern Rock cos they get things through fast and efficiently but there are better rates than Northern Rock. If you do have adverse credit, missed payments etc then it's generally very hard to get a 100% mortgage and you will be looking to put down a 5% deposit. Set up costs wise it depends on where you go. If you came to where I work, we're a broker and we charge a £120 administration fee, then you have to pay a survey fee for a valuer of the lender to go out and make sure that the property is worth the amount they are giving you to lend. This depends on theproperty price and is about £300-£400. then once you have your survey done youre offer comes out and you have to pay for searches to your solictor, and including your solicitors fee and all their charges such as disbursements and money transfer etc this is roughly about £600-£700. You generally tend to have an arrangement fee paid to the lender as well but this is if you go on a fixed rate which is what I would recommend and is around £595. Then if you go to a broker you'd pay them a fee (we charge 2% if you take life cover with us or 3% if you dont). It might seem like a lot of costs but depending on which mortgage you go for you cna get a lot of costs added on to your mortgage, however this means that you're paying for them for a lot longer and paying interest on them for 25 years. Eg I think it's Natwest you get £1000 for legal fees and 1% cashback or Northern Rock you get £1000 cashback. But it all depends on your circumstances really, if you have no credit problems there ae interest rates out there of 2.99% but you are stuck to them for about 7 years, or realistically for a 3 year fixed mortgage ayou can get rates of about 4.59 ish. If you PM me with your details, your DOB, salary, house price, if youre gunna put a deposit down, whether you want repayment or interest only, whether you have had any creidt problems, missed payments, CCJs, defaults then Ill have a look on the system for you tomorrow and let you know what I can get you
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml Av Monthly bills: Water rates £20 Council Tax £80 Gas & Electric £40?? Mortgage of 98000 (2k deposit) for a 100k prop at 5% rate 579.44 a month + say £20 property insurance (required)
Having worked alongside Northern Rock for a few years I wouldn't go anywhere near them. But if you get a NR mortgage and get into arrears, I'll repossess your house.
Worse. Unfortunately I think I have the delights of the Northern Rock Collections Department quiz night to look forward to in the near future. Tragic.
Sleepy are you planning on buying? Well done for waiting until the worst possible time ever seen on planet earth!
as of payday i'm starting to save for one, sick of paying some skanky landlord when i could be buying my own house... would be nice to think me n michael could buy somewhere in a year or two n with prices the way they are at the mo its best we both get saving!! xxx
