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Captain Planet

Buying your own property in London

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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'

 

 

low me bro I am still learning, sorry that my terminology does not match your high standards.

 

/

 
One things for sure this market cannot sustain this kind of growth forever, I have a feeling it will crash sometime in this generation. Not sure where that leaves us though...
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Guest 90210

trust me im not well versed in this whole housing thing so yes i may of got the LTV wrong... ok thats not important right now its just trying to get on this fukin ladder

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it aint confusing

 

Loan To Value

 

if u had 50k deposit on a 200k house then ur loaning 150k on a 200k purchase, ur ltv is 75%

 

if u had that money, like u said u would in another fred, then u could just pop it down in ur mums name if u have such bad credit

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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?

 

First things first, get yourself on the electoral roll if you havent done so already 

 

A credit card is a useful tool to build up a credit history as well as a current account and other utility bills such as phone bills etc

 

The things that are frowned upon are missed payments within the last year and any defaults/ccj's as that shows the lender you are likely to miss payments or be irresponsible

 

One thing I was told as well is that lenders dont have visibility to your 'credit score' just your credit report so having a high credit score doesnt mean much in the greater scheme of things. Its all about showing them that you are unlikely to miss any payments. 

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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

This might be funny and might get poses but:

 

1) Willesden Green's prices are more expensive than you will ever be able to afford

2) I've got much more cash and prospect than you will ever have. YOU ARE f*ckED IN LIFE ROFL

3) I swear you're always following my troll posts and possing them, then when you see your little chance you try and strike at me...top fag.

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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?

 

First things first, get yourself on the electoral roll if you havent done so already 

 

A credit card is a useful tool to build up a credit history as well as a current account and other utility bills such as phone bills etc

 

The things that are frowned upon are missed payments within the last year and any defaults/ccj's as that shows the lender you are likely to miss payments or be irresponsible

 

One thing I was told as well is that lenders dont have visibility to your 'credit score' just your credit report so having a high credit score doesnt mean much in the greater scheme of things. Its all about showing them that you are unlikely to miss any payments. 

 

thanks for the reply mate but you didnt actually answer any of my questions

 

i plan to jump on the electoral roll, get a phone contract, get a couple store cards, get an overdraft, a couple small credit cards, and keep building and paying off until my limits increase.. all whilst paying tax & earning a salary into my bank account

 

would i be considered for a mortgage after 2 years of this practice though? i heard talk about now they wanna see that you've been paying tax for the last 5 years or something

 

are these things flexible depending on your deposit or are they rigid as fuck?

 

but there must be a foolproof guide on paper by now of the quickest way to build your credit to mortgage standard

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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?

 

No minimum on working, just more favourable if your on a permanent contract. Self-employed two years of tax returns, you can slightly get away with this if you have one year and a projection of the next year.

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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.

 

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

 

 

Your brokers are shit then.

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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)

 

You know your 50k down has to be out of the house cost right.

 

So if you looking at 200k-300k, they are lending you 150-250k.

 

So on a 300k home, off the top of my head LTV would be 85-84%

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Is there anyone here that has had actual first hand experience of getting a mortgage?

 

First time buyers of course and no inheritance b/s 

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Would say yes, was in the final stages searches/survey being prepared when the people selling dropped out

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Would say yes, was in the final stages searches/survey being prepared when the people selling dropped out

 

So I assume you have had a mortgage approved then?

 

was it really that hard

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Nah, know a guy who knows a guy who basically found the mortgage, sent the application etc.

Would normally charge a fee but that was waived.

Got an approved Decision In Principle that allowed me to offer on the house, then the survey would be carried out.

Once that's done we would have looked to exchange soon after

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However I don't think it's hard getting the decision in principle, I just preferred going through this guy, he didn't mind as he'd get commission.

Went with Halifax

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Guest 90210

it aint confusing

 

Loan To Value

 

if u had 50k deposit on a 200k house then ur loaning 150k on a 200k purchase, ur ltv is 75%

 

if u had that money, like u said u would in another fred, then u could just pop it down in ur mums name if u have such bad credit

and then whos going to pay the mortgage?

 

ive thought about asking my parents to have the mortgage in their name... i dont really wanna do that... i want it in my name to build my credit now and for the future... i cant afford £1,500 repayments right now... so i would have to get someone else involved... which i dont wanna do...

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Is there anyone here that has had actual first hand experience of getting a mortgage?

 

First time buyers of course and no inheritance b/s 

 

Yes.

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it aint confusing

 

Loan To Value

 

if u had 50k deposit on a 200k house then ur loaning 150k on a 200k purchase, ur ltv is 75%

 

if u had that money, like u said u would in another fred, then u could just pop it down in ur mums name if u have such bad credit

and then whos going to pay the mortgage?

 

ive thought about asking my parents to have the mortgage in their name... i dont really wanna do that... i want it in my name to build my credit now and for the future... i cant afford £1,500 repayments right now... so i would have to get someone else involved... which i dont wanna do...

 

 

You pay it obviously, but the responsibility in the eyes of the bank is on them, as they took out the loan.

 

They may not even be able to do it due to their age anyway.

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Anybody that lives in council/ social housing should consider exercising their Right To Buy. At the moment discounts as high as £100k. just purchased my property from the council, No deposit at 50% of the valuation price.

 

Just to add your credit does not have to be impeccable for you to get a mortgage. I had 2 defaults and my mortgage went through swiftly with no real drama. a Mortgage advisor  will tell you they are so many different factors to consider when trying to mortgage a house i.e Deposit, Loan to Value Rate, Affordability , Dependants etc etc . End of the day banks make a lot of profit from mortgages so turning everybody down for every little things makes no sense at all. As long as they feel you can afford it they will sell it to you.

 

http://mortgageadvisers.which.co.uk/ Are good. Give you free advice find you a mortgage they feel you can get. Only get charged when your ready to make the application for the mortgage which they do on your behalf cost me £99 but I think its £200 now.

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Anybody that lives in council/ social housing should consider exercising their Right To Buy. At the moment discounts as high as £100k. just purchased my property from the council, No deposit at 50% of the valuation price.

 

Just to add your credit does not have to be impeccable for you to get a mortgage. I had 2 defaults and my mortgage went through swiftly with no real drama. a Mortgage advisor  will tell you they are so many different factors to consider when trying to mortgage a house i.e Deposit, Loan to Value Rate, Affordability , Dependants etc etc . End of the day banks make a lot of profit from mortgages so turning everybody down for every little things makes no sense at all. As long as they feel you can afford it they will sell it to you.

 

http://mortgageadvisers.which.co.uk/ Are good. Give you free advice find you a mortgage they feel you can get. Only get charged when your ready to make the application for the mortgage which they do on your behalf cost me £99 but I think its £200 now.

 

How much deposit did you put down?

 

I am guessing it was quite high for your defaults to not be a factor

 

I basically have the same and a mortgage advisor told me to go away, clear it off then wait a year before trying....

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Look when your credentials are entered into the screen, unless your credit history is absolutely dire or information made up/missing like you not being on the electoral roll where you say you live, you should sail through, as its merely a PC programme.

 

The issue is when the bank actually go to cut the cheque when your whole shit get a more in depth look by a person/s who wants answers.

 

Realistically if you know thats going to be a SERIOUS problem, then honestly you can't be lending more than 75% of the property value. As nowadays banks don't like lending more than that. They will of course lend up to 90% but for every percentage your getting closer to 90 from 75 its gets harder...

 

Honestly if you know your gonna have problems don't bother going until you have 15% deposit, as even with a dodgy broker, your struggle at the latter examination.

 

Also you have to remember its not just about you details, bare in mind banks can refuse to lend at a latter stage if they don't think the house is worth what you've offered and agreed to pay.

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Look when your credentials are entered into the screen, unless your credit history is absolutely dire or information made up/missing like you not being on the electoral roll where you say you live, you should sail through, as its merely a PC programme.

 

The issue is when the bank actually go to cut the cheque when your whole sh*t get a more in depth look by a person/s who wants answers.

 

Realistically if you know thats going to be a SERIOUS problem, then honestly you can't be lending more than 75% of the property value. As nowadays banks don't like lending more than that. They will of course lend up to 90% but for every percentage your getting closer to 90 from 75 its gets harder...

 

Honestly if you know your gonna have problems don't bother going until you have 15% deposit, as even with a dodgy broker, your struggle at the latter examination.

 

Also you have to remember its not just about you details, bare in mind banks can refuse to lend at a latter stage if they don't think the house is worth what you've offered and agreed to pay.

 

What do you constitute as an absolute dire credit history?  

 

I get what your saying about the 15% minimum though. 

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