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Captain Planet

Buying your own property in London

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Guest 90210

ur talking waffle now fella. 

 

cba arguing with a bot created by adebola/swifty

 

have a pleasant day.

lol aite fair enuf

 

but anyone else who knows what im talking about will read our back n forths and cosign wot im saying

 

tbh ill wait another year for it to be removed and then start  applying for mortgages

 

have a nice evening salamander matey

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Guest Chelsea Jack

:lmao:

 

@ the exchange

 

/

 

after i graduate looking to stack money whilst living at home, then move abroad

 

30 year mortgage is modern day indentured servitude ttkk

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Tbf Imhim is right about your credit report showing your history wether u paid it or not

Bank wants to see if u have ever had defaults they don't care if u paid it tbh

kinda like with a crb they don't care if u served the time it's that u committed the crime in the first place.

Anyway I really feel for u man with di poor kraydit

but can i get a...

bang bang inherited property gang!

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90210 is correct.

Bit weary of buying right now with these right to buy scheme has the potential to leave people with negative equity in not so distant future. More likely to be a sellers market soon if not already.

On another note, ur average guy would need more than 10% deposit of buying in London, just due to the fact you're only gonna get 4-5 times your salary lent to you buy, which in allot of cases won't make up for the other 90%

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Yeah I think I'll give it a year or 2 before I think about buying a house.

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If idiots could fly this place would be an airport.

 

Swear every post you make here has hate in it. Are you okay?

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I have basically written off my chance in getting a mortgage in 2014. Gonna have to try again next year

 

Realistically if you want a yard in London you are looking at 25/30k cash deposit and a CLEAN credit history.

 

I have one but not the other

bruv.... THIS!!!

 

 

i have 3 defaults but i have 50k deposit... do you think i can get anywhere in life... no

 

 

If you got 50k trust me those defaults ain't no problem.

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tbh

 

In some cases it is actually cheaper to rent than to buy outright.

 

Imagine your dream property costs 400k, you get a mortgage with 90% LTV at 2.5% apr to pay off over 30 years. 

 

0.025/12 to get monthly interest x 360,000 our face value = £750 of interest per monthly repayment.

 

for the rest

 

1 - 1/(1+i/12)^360 (360 monthly payments in 30 years)

 

£750 divided by above

 

£1422.44 a month  

 

So basically you pay £515995.20 in total.

 

vs a fixed rent of lets say 1250 a month is 450,000 over the same period.

 

But and the end of the day, you want home ownership security.

 

Rent rises... Mortgage repayments reduce...

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TBH.

 

This is England, and while things are harder the old statement remains - anybody can get a mortgage.

 

It's all about money.

 

If you got some things that you know are going to make the bank look less favourable on you, then you have to get to the 75% or lower LTV. The government have basically told everyone what the banks are looking for.

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lol at renting in willsden green

 

would rather jam at my mums for a couple more years

 

rush there is not

 

no wonder my mans always salty

 

probably got chucked out like marly mar

 

unloax

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generally speaking,

 

how quick can somebody with no credit history build one up to a mortgage worthy standard?

 

is there a minimum amount of time you have to be working/paying tax before being considered for a mortgage? if so how long?

 

i appreciate different lenders/schemes will have different qualifying criteria

 

but are there any general answers?

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Guest 90210

Tbf Imhim is right about your credit report showing your history wether u paid it or not

Bank wants to see if u have ever had defaults they don't care if u paid it tbh

kinda like with a crb they don't care if u served the time it's that u committed the crime in the first place.

Anyway I really feel for u man with di poor kraydit

but can i get a...

bang bang inherited property gang!

exactly my point

 

and ive spoken to guys and they said companies do not remove defaults... so you just need to pay it off and wait the 6 years... luckily my 6 year mark is in about 8-12 months

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Guest 90210

 

 

I have basically written off my chance in getting a mortgage in 2014. Gonna have to try again next year

 

Realistically if you want a yard in London you are looking at 25/30k cash deposit and a CLEAN credit history.

 

I have one but not the other

bruv.... THIS!!!

 

 

i have 3 defaults but i have 50k deposit... do you think i can get anywhere in life... no

 

 

If you got 50k trust me those defaults ain't no problem.

 

tf ive tried trust me applying for mortgages... theres no way im going to a high street bank fuk that they will say no straight away

 

ive been to about 4 mortgage brokers given them my credit file, told them how much i have received as a deposit... they all said to me na the lenders will say no due to my defaults...

 

i was like fuuuuk

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Im pretty sure as long as the defaults have been settled you dont have to wait the maximum 6 years before you will be accepted for a mortgage?

 

Thats what I have been told anyway???

 

what % LTV you applying for imhim?

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Guest 90210

50k down

 

looking at properties between 200-300k

 

but also my salary is neglible as i get commisison also

 

approx 90-98% LTV

 

 

(but realistically i might have to swing it down to about 180k-200k and move out to the areas i mentioned before like sutton/kent and them areas deh)

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50k down

 

looking at properties between 200-300k

 

but also my salary is neglible as i get commisison also

 

approx 90-98% LTV

 

 

(but realistically i might have to swing it down to about 180k-200k and move out to the areas i mentioned before like sutton/kent and them areas deh)

 

yeah the LTV is quite high 

 

however unless I am mistaken if you have 50k thats LTV of 80% on a 250k yard no?

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This whole thing s a headache to be honest.

Everyday I'm browsing rightmove and whilst its a great site it doesn't really tell you whether the properties have been sold or not. You have to go to each estate agents individual site to see if they really are available etc.

Also so many estate agents hardly have anything to sell. That's why in their windows/websites most of the slots are filled with properties that have already sold or else they would have no content to display. Definitely a sellers market at the moment.

/

Had one guy on my FB moaning how one of his mortgages went up by a bit. This fucker got a fat yard inherited that he rents out and also inherited a lump sum that he used to buy another flat that he rents out too whilst he goes and buggers off to Sweden.

Boo hoo c*nt

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yh ur right my mum brought her 3 bedroom in North London for £74k in '87 ffs

U could have brought 10 houses on her road for the price of one now smh

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50k down

looking at properties between 200-300k

but also my salary is neglible as i get commisison also

approx 90-98% LTV

(but realistically i might have to swing it down to about 180k-200k and move out to the areas i mentioned before like sutton/kent and them areas deh)

If u are putting 50k down on a 200 or 300k house then how is the ltv gona be 90%

Why are u bothering with this charade?

How is badman meant to be this old bloke seriously in the market n he ain't aware of the concept of an ltv ratio

Lol 'ah yes that is a high ltv'

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good thread

 

our generation have missed out on bargins but you can still find good deals

 

my sis got a 3 bed house near shooters hill for 200 and something last year

 

aunt bought a 3 bed flat in east for 350k, the showroom flat at that, she then rented it back to them for 2k a month - that property is now worth 400k

 

fortunately we have inheritance property and rent from our parents - when i do buy i will get a repossession or buy at auction with cash

 

if your parents are getting on a bit and have property, get them to put the yard in your name - because that 7yr tax rule will kill you if they die prematurely

 

Service charge on flats are the worst, so i'm only on houses

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