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Mic Man

The Official House Hunters / Owners thread

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Use this thread for housing advice as some of us are reaching that age to take the next step in life.

Last few months I've been seriously looking to get on the ladder. Can't afford to buy outright so looking at a Shared Ownership scheme through First Steps. Looking at somewhere close to home (Croydon) or around Docklands as its up & coming.

Is anyone currently in a Shared Ownership thing? Advice?

Links to good Mortgage brokers?

Thanks in advance

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are u in FT work? and are u currently renting or home wid mammy

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Selling 2 1 Bed houses in Austrian countryside near Nassfeld for skiing, holiday lets also available, halla

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Shared ownership you will ever own the property.

Can you sell your share that you have purchased ? If you can then of course could use that for a deposit on next place.

Would imagine Docklands is pretty expensive

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are u in FT work? and are u currently renting or home wid mammy

Yep been in my civil service job over 3 yrs, no word on redundancies in my department so shld be pretty secure.

Living at home and it's abt time i had my independence and hate the thought of paying sum1 else's mortgage

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Reached 5 figures end of last year, hopefully 2013 will see me with enough for a deposit. Not in any rush to move out though, when I do it's likely to be with my Mrs of (currently) two years, so the longer the better.

I'm clued up when it comes to the mortgage, did my research. If anyone can advise on the legal side of sharing one with a spouse though...

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Shared ownership you will ever own the property.

Can you sell your share that you have purchased ? If you can then of course could use that for a deposit on next place.

Would imagine Docklands is pretty expensive

Docklands nearer beckon sides is only a bit more xpensive than Surrey and within my budget, the only thing is transport is a bitch round there. It's DLR or nothing.

With shared ownership u can sell yr share after a couple yrs I think

Also as a first time buyer u only need a 5% min depisit

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Also as a first time buyer u only need a 5% min depisit

To get raped for interest for the next 45 years, bun it. Save up.

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I also dont understand why it would be advantageous for anyone to have an interest only mortgage. Must be for equity gains?

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Also as a first time buyer u only need a 5% min depisit

To get raped for interest for the next 45 years, bun it. Save up.

On a £80k share, how much deposit would u recommend putting down?

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Id recommend against a share. Most people won't want to buy a share off you when you eventually want to move. And with a share you pay rent on top of the "mortgage" so a proportion of your money is dead anyway. Not to mention they inflate the value of the property to make it seem worth more than it actually is.

Also you don't own the place do you won't be able to make any changes to the property that could increase to value.

/

Save up a 10-15% depo and try get yourself somewhere on the cheap if your lucky.

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minimum 35%

fuck anything else ill carry on renting

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That's the thing unless you go interest only. You're life is gonna be a struggle with only 10-15% depo. But if your salary picks up or you're willing to make the sacrifices so you can own yor own place. It's worth it.

/

You've got a look at your 1st place as a business investment more than a home. Because if you can't find a way to get some more value out of it. You might be stuck there for a long time in this climate.

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Does anyone know how a Prescribed Mortgage Level is calculated? Cant find definitive answer on google

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it depends on the help you get from the lender or house builder, or if you use homebuy. does that govt scheme even still exist?

i think i got it on the last round of the yr and the money ran out

its the prescribed level of mortgage your financial standing should afford.

u get a financial assessment and its advised what you can apply for..

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Also as a first time buyer u only need a 5% min depisit

To get raped for interest for the next 45 years, bun it. Save up.

Especially as you are still at home.

Just save up as much as you can.

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would appreciate any links to websites whihc wil edumakate me on this sh*t

my parents can help me luckily dnt hate.

wna buy a property to let somewhere in east london tbh

which areas are best ?!

bun the rat race

need to get on thsi property ladder

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Been handed a £325k house through inheritence - I will sell it and give half to the mother who has never had her own property in her life and we bother get accmoodation.

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looking to buy a yard outright tomorrow

f*ck it might aswell y.o.l.o

weres the best place to look

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would appreciate any links to websites whihc wil edumakate me on this sh*t

my parents can help me luckily dnt hate.

wna buy a property to let somewhere in east london tbh

which areas are best ?!

bun the rat race

need to get on thsi property ladder

had to be bait east innit..so you can play snooker and eat dahl with ur gujirat folk.there are no best areas...well best would be most accessible to tube/busy bus routespersonally, the whole East of london is a large sh*t hole and should be turned into a megatesco and bowling alleybut as thats not gonna happen.. look at areas around stratford and along the DLR for growth now and after the olympics.no one person is gonna educate you..ur gonna have to listen to a lot of different advice from different agents and people.just know ur budget and what you can afford and what you're looking for. start talking with the agents that are developing or selling the flat/hse u wanna cop

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