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Mortgages..who's got one?

 
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Mortgages..who's got one? - 23/11/2006 11:19:05 AM   
Newander


Posts: 2172
Joined: 30/9/2005
From: Spain
Who else here has got a mortgage? We signed last month for our apartment and now will be forking out for the next gazillion years to pay for it.
The costs you pay over here when you buy something are astronimical. Yesterday, in the bank we had 19000 and in one swoop, it's gone, to pay for the 'costs'. Thats like 13000 pounds , for paperwork and solicitors fee etc...thats a lot isn't it?

Just feeling like we have nothing now....well we do have a home...

Who else has felt like this or feels like this?

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RE: Mortgages..who's got one? - 23/11/2006 11:39:01 AM   
kennedy


Posts: 262
Joined: 9/12/2005
From: under a gooseberry bush!!
quote:

ORIGINAL: Newander

Who else here has got a mortgage? We signed last month for our apartment and now will be forking out for the next gazillion years to pay for it.
The costs you pay over here when you buy something are astronimical. Yesterday, in the bank we had 19000 and in one swoop, it's gone, to pay for the 'costs'. Thats like 13000 pounds , for paperwork and solicitors fee etc...thats a lot isn't it?

Just feeling like we have nothing now....well we do have a home...

Who else has felt like this or feels like this?

That's just ridiculous!! We have just bought our 2nd house and we paid about 3000 in fees etc. It is better to get abit more on your mortgage, not just for fees but for decorating etc.
Home buying is expensvie but in the end you have an investment that COULD give
a good return should you need financial stability in the future.Apparently.

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RE: Mortgages..who's got one? - 23/11/2006 11:52:06 AM   
Newander


Posts: 2172
Joined: 30/9/2005
From: Spain
The 'fees'  for buying property over here is different to the UK, the apartment we bought has gone up since we moved in four months ago, it's just scary the whole mortgage thing and saving for years to get the money to pay for all the costs and then it's all gone in one day.

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RE: Mortgages..who's got one? - 23/11/2006 11:58:33 AM   
Base


Posts: 4377
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From: Surrey, UK
The fees are still pretty insane over here, but it's the prices themselves that are really f&*ked up!!!!  Bought a small house at the beginning of the year and it'll be something around half a million by the time we finish paying, including all of the interest...!  I love the place, but I still shudder at the thought of owing that much!!!!

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RE: Mortgages..who's got one? - 23/11/2006 12:01:29 PM   
Your Funny Uncle


Posts: 11962
Joined: 14/11/2005
From: The Deepest Depths Of Joypad.....
13000 for fees?

I'd have moved to the UK if I had to pay that much! When me and the girlfriend bought our house we only paid about 3500 in fees.

It is quite a scary experience if doing it for the first time as I found but you'll get used to it. We took a mortgage out for 140,000 to get this house but it's worth it, we've been here nearly two years now and the value of the property has risen about 20,000. Just glad I didn't opt for a variable mortgage otherwise I'd be paying out a lot more than I am now each month with the higher interest rates!

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RE: Mortgages..who's got one? - 23/11/2006 12:08:38 PM   
AndyT


Posts: 1159
Joined: 22/10/2005
From: Herts
I'm a student til June. Then final year over.........and welcome real world.

Should I be terrified?

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RE: Mortgages..who's got one? - 23/11/2006 12:11:03 PM   
Newander


Posts: 2172
Joined: 30/9/2005
From: Spain
quote:

ORIGINAL: AndyT

I'm a student til June. Then final year over.........and welcome real world.

Should I be terrified?


Not unless you get a top paying job, have rich parents or suddenly come into loads of money.

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RE: Mortgages..who's got one? - 23/11/2006 12:39:31 PM   
mad_looney


Posts: 1620
Joined: 6/10/2005
From: The Fridge
i have a very unwanted understanding of how they work. Depending on the amount you borrow, the fees to get one can be small or large. Plus therer are limits on what you can borrow depending on how much you earn a year.

< Message edited by mad_looney -- 23/11/2006 12:40:28 PM >


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RE: Mortgages..who's got one? - 23/11/2006 12:41:30 PM   
MuckyMuckMan

 

Posts: 2368
Joined: 1/10/2005
I bought at the right time about 8 years ago just before the prices went up! I bought my house for 29950 and now its worth approx. 90,000.
My fees weren't all that much either. So for the bringer of bad news, its just I was lucky buying in a climate when house prices weren't that high.

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RE: Mortgages..who's got one? - 23/11/2006 12:49:03 PM   
Twizzle


Posts: 1684
Joined: 30/9/2005
From: London
*edited*

< Message edited by Twizzle -- 23/11/2006 1:10:16 PM >

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RE: Mortgages..who's got one? - 23/11/2006 1:01:21 PM   
rikkie


Posts: 4661
Joined: 30/9/2005
From: Ego Tripping At The Gates Of Hell
Since we're bragging, I bought my house for 59K, and it's now worth 220,000.  Go me.

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RE: Mortgages..who's got one? - 23/11/2006 1:09:34 PM   
Twizzle


Posts: 1684
Joined: 30/9/2005
From: London
Sorry. It was not my intention to brag.

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Post #: 12
RE: Mortgages..who's got one? - 23/11/2006 1:11:05 PM   
rikkie


Posts: 4661
Joined: 30/9/2005
From: Ego Tripping At The Gates Of Hell
No, not at all - sorry, I omitted a smiley:

Damn though, I really feel sorry for people who don't have houses these days.  It's somewhat sobering to think that I couldn't afford to buy my own house...

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RE: Mortgages..who's got one? - 23/11/2006 1:22:38 PM   
great_badir


Posts: 4662
Joined: 6/10/2005
From: A breaking rope bridge in the middle of the jungle
We bought our first house about 5 years ago, when the market was still on the up but before it got REALLY silly and the average house price hit over 200K.

We've got a just under 100K mortgage, which is about average these days I think.  Fortunately we've got quite a lot of capital in the house so we shouldn't need to stretch too far with future purchases, but it's a horrible feeling knowing that you've got this enormous debt hanging over you which will take about a third of your life to pay off.

These days, unless you've been saving for ages and have a massive deposit (or, as Newander says, have rich parents or a top paying job.............don't exepct one of them straight from uni, though) then getting on the first step of the ladder in the UK is near impossible.  More and more people are renting these days, which is just wasted money, really.  It's going to get to a point where buying abroad and commuting by plane will be much cheaper than living here.

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RE: Mortgages..who's got one? - 23/11/2006 1:41:57 PM   
zombiemaster


Posts: 3495
Joined: 7/6/2006
From: Norwich
I don't.

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RE: Mortgages..who's got one? - 23/11/2006 1:55:37 PM   
WilliamMunny


Posts: 6767
Joined: 23/8/2006
From: McAnally's
I'm looking into getting one at the moment. Left uni 2 years ago, work in the city and earn higher than the "average wage" stated by the government, and yet i still can't afford to buy even a one bed flat anywhere near town, and if i move further out then i'll be able to buy a house, but won't be able to afford the commute.....hmmm

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RE: Mortgages..who's got one? - 23/11/2006 4:10:10 PM   
pettsy

 

Posts: 5969
Joined: 30/9/2005
quote:

ORIGINAL: rikkie

No, not at all - sorry, I omitted a smiley:

Damn though, I really feel sorry for people who don't have houses these days.  It's somewhat sobering to think that I couldn't afford to buy my own house...


I can't afford to buy my own house.   Not on my own anyway.

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Post #: 17
RE: Mortgages..who's got one? - 23/11/2006 4:21:51 PM   
LiliBee


Posts: 1154
Joined: 10/10/2005
From: The nearest bar.
Don't have a mortgage, because I can't afford to buy a house. I earn a pretty good salary, but the only way I can afford to buy a house in Oxford is to do part rent part buy schemes, or a one bedroom flat in a craphole of a council housing estate with no facilities.... and even those are probably out of my budget. Mobile homes sell for more than 100,000 round here. I could move out of the city, but this is where my friends and family are and I don't want to live in the sticks on my own. So I rent. Which annoys me because it's money thrown away and I'm gaining nothing. Bloody housing market. Bloody developers buying up all the properties to do up and sell on at profit. Grrrr.

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Post #: 18
RE: Mortgages..who's got one? - 23/11/2006 5:33:32 PM   
clownfoot


Posts: 7919
Joined: 26/9/2005
From: The ickle town of Fuck, Austria
quote:

ORIGINAL: rikkie

Since we're bragging, I bought my house for 59K, and it's now worth 220,000.  Go me.


You sound like my Dad...



Somehow me and Miss Clowny managed to get a mortgage in Greater London. Been in our flat for two years now and hoping it's increased slightly in price. No doubt doing up the bathroom and kitchen will help. I think we paid 2,500 for the assorted fees (solictors, survey, stamp duty, etc) but come the purchase of our next out Miss Clowny's little sister should have finished her Law Practice course - meaning I'll get her to do all the solictors stuff for a cup of tea and a biscuit helping me to save a grand or so! Woo-hoo!!

quote:

I can't afford to buy my own house.   Not on my own anyway.


Indeed, having two of you contribute to a mortgage (and stumping up the money for a deposit) makes it a whole lot easier. Without Miss Clowny I'd probably be renting still (or worse, living at home until I was forty...eek!)

< Message edited by clownfoot -- 23/11/2006 5:35:07 PM >


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RE: Mortgages..who's got one? - 23/11/2006 6:31:16 PM   
pete c


Posts: 292
Joined: 23/7/2006
Just before the house prices went crazy me and the Girlfriend got ourselves a home for 52,000,she dumped me 6 months later for a guy she worked with and we decided to sell the house...big mistake.I moved back with my old man and now the house is now worth a crazy 120,000!!! I'm still looking for a very rich woman or the only chance i have is to wack my parents and i get half of their 400,000 house.....Im joking by the way

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Post #: 20
RE: Mortgages..who's got one? - 23/11/2006 9:37:45 PM   
pettsy

 

Posts: 5969
Joined: 30/9/2005
quote:

ORIGINAL: clownfoot

Indeed, having two of you contribute to a mortgage (and stumping up the money for a deposit) makes it a whole lot easier. Without Miss Clowny I'd probably be renting still (or worse, living at home until I was forty...eek!)


It's a real, and scary, prospect.

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Post #: 21
RE: Mortgages..who's got one? - 14/6/2007 1:18:52 PM   
Timon


Posts: 14588
Joined: 30/9/2005
From: Bristol
I'm currently looking into getting one and I'm fucking terrified.

Firstly, my dad is in to property development and wants to invest with me (2/3 for him, 1/3 for me) so that helps but we're looking at properties ranging from 150-220,000?!! It'll just be me living there and I'm wondering how in God's name I'm meant to afford the mortgage.

I'm trying to get my head round it all works. I have about 6K all saved up and earn 13K (?!?!) before tax which is just depressing. Am i insane to think I should be getting on the property ladder because I'm just trying to figure out how I even begin to afford it.

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Post #: 22
RE: Mortgages..who's got one? - 14/6/2007 1:26:37 PM   
jonson


Posts: 9117
Joined: 30/9/2005
Have I got a mortgage?
You'll have to ask the wife, she deals with that and she's not in at the moment.
Let me take your number and I can call you back when you're eating your dinner.
Twat.


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RE: Mortgages..who's got one? - 14/6/2007 1:29:36 PM   
Woger


Posts: 3815
Joined: 30/9/2005
quote:

ORIGINAL: Timon

I'm currently looking into getting one and I'm fucking terrified.

Firstly, my dad is in to property development and wants to invest with me (2/3 for him, 1/3 for me) so that helps but we're looking at properties ranging from 150-220,000?!! It'll just be me living there and I'm wondering how in God's name I'm meant to afford the mortgage.

I'm trying to get my head round it all works. I have about 6K all saved up and earn 13K (?!?!) before tax which is just depressing. Am i insane to think I should be getting on the property ladder because I'm just trying to figure out how I even begin to afford it.


I know alot of people buying places around Dublin and the prices are horrendous, personally I think some of the people are taking a gamble, with Interest rates rising in the Euro Zone. Usually its young couples who buy and they have to depend on both incomes, with very little disposable afterwards, if anyone of their jobs go they are up a creek. Plus when you look into the future they both will be working while their children are young and childcare costs are sky high in Ireland. I
think a big problem is that alot of people view their home as an investment property that will make them rich. I suppose it depends on individual circumstances, do you see yourself earning more in the future, how much is rented accomodation, can you save much after you pay your rent etc

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RE: Mortgages..who's got one? - 14/6/2007 1:32:10 PM   
Felix

 

Posts: 15692
Joined: 29/9/2005
From: Brighton
Yes we do, though only because both myself and Mrs F earn. I dont know how people are meant to afford a place on their own.

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RE: Mortgages..who's got one? - 14/6/2007 1:34:49 PM   
Timon


Posts: 14588
Joined: 30/9/2005
From: Bristol

quote:

ORIGINAL: Woger

quote:

ORIGINAL: Timon

I'm currently looking into getting one and I'm fucking terrified.

Firstly, my dad is in to property development and wants to invest with me (2/3 for him, 1/3 for me) so that helps but we're looking at properties ranging from 150-220,000?!! It'll just be me living there and I'm wondering how in God's name I'm meant to afford the mortgage.

I'm trying to get my head round it all works. I have about 6K all saved up and earn 13K (?!?!) before tax which is just depressing. Am i insane to think I should be getting on the property ladder because I'm just trying to figure out how I even begin to afford it.



think a big problem is that alot of people view their home as an investment property that will make them rich. I suppose it depends on individual circumstances, do you see yourself earning more in the future


I bloody better do! Shouldn't be a problem.

quote:


, how much is rented accomodation,


A lot. Around the same as mortgage repayments in some areas.

quote:


can you save much after you pay your rent etc


Not really especially with management fees and such. The problem will still be there with the house with council tax, bills and such but it's swings and roundabouts.


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Post #: 26
RE: Mortgages..who's got one? - 14/6/2007 1:54:35 PM   
Base


Posts: 4377
Joined: 30/3/2006
From: Surrey, UK
quote:

ORIGINAL: Timon


quote:

ORIGINAL: Woger

quote:

ORIGINAL: Timon

I'm currently looking into getting one and I'm fucking terrified.

Firstly, my dad is in to property development and wants to invest with me (2/3 for him, 1/3 for me) so that helps but we're looking at properties ranging from 150-220,000?!! It'll just be me living there and I'm wondering how in God's name I'm meant to afford the mortgage.

I'm trying to get my head round it all works. I have about 6K all saved up and earn 13K (?!?!) before tax which is just depressing. Am i insane to think I should be getting on the property ladder because I'm just trying to figure out how I even begin to afford it.



think a big problem is that alot of people view their home as an investment property that will make them rich. I suppose it depends on individual circumstances, do you see yourself earning more in the future


I bloody better do! Shouldn't be a problem.

quote:


, how much is rented accomodation,


A lot. Around the same as mortgage repayments in some areas.

quote:


can you save much after you pay your rent etc


Not really especially with management fees and such. The problem will still be there with the house with council tax, bills and such but it's swings and roundabouts.



You're going to have to sit down and work out a budget and see how much you can afford to spend on mortgage payments each month, that'll affect how long a mortgage you will have to take (can't be long before we are like China and you have to sign up descendents to carry on the mortgage payments ).  You'll need to make sure you either have excellent insurance or can save each month too for when the boiler blows up or the roof falls off...

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Post #: 27
RE: Mortgages..who's got one? - 14/6/2007 1:58:51 PM   
captain jack harknes


Posts: 1271
Joined: 21/2/2007
From: South Wales
I got a mortgage with my boyf last year - our flat was 120,000 and we got our 1 year mortgage statement through recently - we now owe 124,000 (didn't realsise it would go up - must have been the fees we added on!!) and we still have 39 years left to go!!!! So i'll be 62 when its paid for!

We were lucky that a lot of the furniture was free with the flat (Redrow gave us new sofas etc. as an incentive) so our initial set up costs weren't as bad as they would have been if we had to buy furniture, carpets etc. as well.  Although we're broke I'm glad we did it as I can only see it getting more expensive in the future.



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Post #: 28
RE: Mortgages..who's got one? - 14/6/2007 3:35:10 PM   
Chief


Posts: 7778
Joined: 30/9/2005
From: Banshee
I shacked up with my Mrs. almost two years ago now. We got a mortgage for 95k and although not crippling, you definately feel the pinch.

Mind you, I was still skint when I stayed with my parents and had no overheads. Maybe it has something to do with how I handle money!

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Post #: 29
RE: Mortgages..who's got one? - 14/6/2007 4:08:41 PM   
ilovebeerme


Posts: 4531
Joined: 30/9/2005
From: Magic Beans

Just never, ever look at how much you are paying back in total because it'll make you collapse to the floor and cry like a tiny baby.


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