FabSwingers.com forum: first time mortgage advice

By *riskygaz OP Man
over a year ago

birmingham

I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?

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By *yrdwomanWoman
over a year ago

Putting the 'cum' in Eboracum

[Removed by poster at 19/09/17 22:24:30]

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By *yrdwomanWoman
over a year ago

Putting the 'cum' in Eboracum

Make sure you have a deposit. And get a fixed rate mortgage while interests rates are low.

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By *crumdiddlyumptiousMan
over a year ago

Speak to a financial mortgage advisor as they sometimes have access to better mortgage rates

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By (user no longer on site)
over a year ago

My advice would be...not to ask for mortgage advice on a swingers site lol

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By *ingle Beds LassWoman
over a year ago

Bedfordshire

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?"

Buying a house for £47,400 is a steal. Get fixed rate for 5 years, but this will be means tested on affordability based on interest rates rising by about 2% if I remember rightly.

Congrats on a fantastic investment.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?"

What do you mean by advantages? If I was offered a house for £47,400 I'd be snatching their hand off.

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By *ingle Beds LassWoman
over a year ago

Bedfordshire

Oh and only a few companies do right to buy mortgages without the need for a deposit. I went with Santander... not the cheapest but limited choices

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By (user no longer on site)
over a year ago

Is it a traditional build? As if it's a defective build it can be unmortgagable so check that out first.

There's usually lots of first time buyer discounts about.

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By (user no longer on site)
over a year ago

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?"
.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

The government were offering deposits for first time buyers but there was conditions and I'm not even sure the scheme is still operating

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By (user no longer on site)
over a year ago

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?

What do you mean by advantages? If I was offered a house for £47,400 I'd be snatching their hand off."
.

You can still buy houses for 50k in the UK.

Depends on where the house is

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By (user no longer on site)
over a year ago

Massive deposit and your repayments',will be less than rent.

Check how long you have to own it before selling.

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By (user no longer on site)
over a year ago

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?

What do you mean by advantages? If I was offered a house for £47,400 I'd be snatching their hand off..

You can still buy houses for 50k in the UK.

Depends on where the house is"
bought two bed semi,freshly decorated,ready to move into,large corner garden n large garage £51 k last year good deal for cash helps

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?

What do you mean by advantages? If I was offered a house for £47,400 I'd be snatching their hand off..

You can still buy houses for 50k in the UK.

Depends on where the house is"

Exactly. In the south east you'd be lucky to get a house for less than £200k although I'm not sure about the price to tenants buying council houses.

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By (user no longer on site)
over a year ago

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?

Buying a house for £47,400 is a steal. Get fixed rate for 5 years, but this will be means tested on affordability based on interest rates rising by about 2% if I remember rightly.

Congrats on a fantastic investment. "

Or another of thinking about it is why are the rest of us subsidising people to but cut price housing!

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By *ust Us TogetherCouple
over a year ago

Newport

Don't get talked into taking a larger mortgage to spend on improvements or holidays or a new car!!

Try and find a mortgage where you can overpay, you will be surprised how a little extra each month will make a big difference to the amount and time it takes to clear it...

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By *ocks99Man
over a year ago

Reading

"Make sure you have a deposit. And get a fixed rate mortgage while interests rates are low."

^^^^ this, but be wary of huge setup fees to do so....

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By *riskygaz OP Man
over a year ago

birmingham

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

The government were offering deposits for first time buyers but there was conditions and I'm not even sure the scheme is still operating"
got a 56% rebate for 26 years in this house, my rent is £390 a month, job secure I think been doing it 17 years.

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By *opsy RogersWoman
over a year ago

London

When you finally get the mortgage, plough every spare bit of money you have back into it to pay it off as quickly as possible.

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By *ady LickWoman
over a year ago

Northampton Somewhere

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

The government were offering deposits for first time buyers but there was conditions and I'm not even sure the scheme is still operatinggot a 56% rebate for 26 years in this house, my rent is £390 a month, job secure I think been doing it 17 years."

Does that mean you'll be paying it off into your 70's?

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By (user no longer on site)
over a year ago

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

At that rate I think your mortgage will be cheaper than your rent and if your jobs secure it's a no brainer

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By (user no longer on site)
over a year ago

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

Does that mean you'll be paying it off into your 70's?"
.

No they won't give you a mortgage past your official retirement age which for him I think is 70

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By (user no longer on site)
over a year ago

Only thing better than getting a good deal on a mortgage, is getting the last payment done and not having a mortgage anymore.

There is a cost of ownership that you will need to meet, e,g. Getting the boiler fixed or repairing the gathering etc. So don't go setting repayments to the max and not have any spare. But being allowd a couple of over payments at no cost each year will be a good way of putting unused contingency funds into clearing the debt quicker.

Personally as a private landlord amongst other trades, I disagree with the policy of selling social housing. But it's the policy, and will benefit you personally so jump at it, it's a great opportunity.

Good luck, be brave and get into debt. It will be worth it much quicker than it first appears.

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By (user no longer on site)
over a year ago

Wish I could buy a house for next to 50k in Bristol lol. Lucky man

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By *ady LickWoman
over a year ago

Northampton Somewhere

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

Does that mean you'll be paying it off into your 70's?.

No they won't give you a mortgage past your official retirement age which for him I think is 70"

I'm not sure how these schemes work but it seems like a bargain

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By (user no longer on site)
over a year ago

Be careful brexit could fuck the house prices. I'm going to wait a while before I put my money down

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By *riskygaz OP Man
over a year ago

birmingham

"Be careful brexit could fuck the house prices. I'm going to wait a while before I put my money down "
that thought had crossed my mind,

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By *riskygaz OP Man
over a year ago

birmingham

"I have just had the price to buy my council house, £47,400 what advantage's are their for a first time buyer ?.

How much discount have they given you?.

What's your monthly rent at the moment?.

How secure is your job?.

Does that mean you'll be paying it off into your 70's?"
paying up till I am 70

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By (user no longer on site)
over a year ago

In Birmingham that's a steal. Can't get anything below 160k In my area. Don't hold off the high speed rail link will push the prices up even more

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By (user no longer on site)
over a year ago

"When you finally get the mortgage, plough every spare bit of money you have back into it to pay it off as quickly as possible.

"
remember it's not yours till the mortgage is paid off. I saw somewhere that mortgage actually means mort=death and gage=grip. So deathgrip.

Paid my mortgage off 21 years ago, biggest relief of my life, mind you got to keep up with those council taxes otherwise those buggers will grab it.

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By *alandNitaCouple
over a year ago

Scunthorpe

"Be careful brexit could fuck the house prices. I'm going to wait a while before I put my money down "

Unless you're buying or selling, the house prices are not important. I would personally get buying as quickly as possible.

Cal

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By (user no longer on site)
over a year ago

"Speak to a financial mortgage advisor as they sometimes have access to better mortgage rates "

Beware that some mortgage advisers are not independent and will be getting incentives from certain lenders to push their products.

I caught a cold from a mortgage adviser who charged me £1000 to manage my mortgage for life. Got me a mortgage from Northern Rock that I could have done myself, screwed up on the admin by doing it early, costing me another £1000 in redemption fees, then when the fixed rate ended wanted to charge me again. Told them where to go.

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By (user no longer on site)
over a year ago

"Be careful brexit could fuck the house prices. I'm going to wait a while before I put my money down

Unless you're buying or selling, the house prices are not important. I would personally get buying as quickly as possible.

Cal"

This, whatever the outcome of Brexit buying a house for 47k is never going to be a mistake.

The right to buy doesn't sit well with some people but sometimes you just have to look out for yourself. Besides the rules have changed now and your £47k can be used for new housing not just disappear back into central government.

Good luck

Ginger

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By (user no longer on site)
over a year ago

"Be careful brexit could fuck the house prices. I'm going to wait a while before I put my money down "

I have a friend who's parents died back in the mid 90's left him a good deposit. He has held off buying a house for one reason or another expecting a price crash like in the 80's. Meanwhile prices have risen by over 100% in the time he has waited.

It's never a bad time to buy. Though very occasionally it may be a bad time to sell.

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By (user no longer on site)
over a year ago

"Only thing better than getting a good deal on a mortgage, is getting the last payment done and not having a mortgage anymore.

Good luck, be brave and get into debt. It will be worth it much quicker than it first appears.

Private landlords hiking up rents artificially because of the short supply of rented, has cost the taxpayer loads in paying housing benefit. That's as bad as the social housing being sold.

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By (user no longer on site)
over a year ago

"Be careful brexit could fuck the house prices. I'm going to wait a while before I put my money down "

Highly unlikely...thete is a housing shortage acrosd the UK. Only real drag on the market is mortgage lending restrictions.

We need to build approx 200000 homes a year just to deal with current demand and are building only around 150000.

Basic supply and demand theory dictates that brexit has to all to do with internal housing demand

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By (user no longer on site)
over a year ago

"Only thing better than getting a good deal on a mortgage, is getting the last payment done and not having a mortgage anymore.

Good luck, be brave and get into debt. It will be worth it much quicker than it first appears.

Private landlords hiking up rents artificially because of the short supply of rented, has cost the taxpayer loads in paying housing benefit. That's as bad as the social housing being sold. "

Bollucks. Housing benefit is called by criteria on numbers in a home. It has fk all to do with private landlords rents...many if whom are selling up because of changed to personal tax on buy to rent

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By (user no longer on site)
over a year ago

"Private landlords hiking up rents artificially because of the short supply of rented, has cost the taxpayer loads in paying housing benefit. That's as bad as the social housing being sold. "

Rubbish, private landlords spend £150,000, £200,000 often more to buy a house and rent it out for a fraction of the expenditure. One of my houses will take 15 years to start making a profit, yet the tax man wants me paying tax on it from day 1.

Almost all other businesses either get tax breaks on investments or get a return to profit in a year or so.

And still some people think they can live rent free in my houses because they cant afford it. Costing me thousands to get them out and then thousands more to clear up after them to make the house rentable.

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By (user no longer on site)
over a year ago

Not just mortgage payments you have to think of, building insurance, contents, insurance if you lose your job or become ill etc, you will be responsible for all maintenance to the building.

Renting is cheaper when you take all that into consideration I think.

Renting council property is more secure than private as in it won't be sold from under you.

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By (user no longer on site)
over a year ago

"Renting council property is more secure than private as in it won't be sold from under you."

Semi true. I personally believe most people should rent from the government via the council, those council houses should be maintained and even built by council employees. Further more I believe rent discounts should be given for keeping the house and garden tidy. Plus Xmas bonus discounts for good community behaviour.

However we live in the real world. Government mainly privatise things so they can give tax money to their friends, and get it back with directorships and other backhanded reward systems.

So renting from the council is good and safe up until some cabinet minister figures out a way of stuffing it up.

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By (user no longer on site)
over a year ago

Fixed mortgages arent always the best. When rates are so low. Why tie yourself in? Get on a standard variable rate and when there is talk of rates going up then fix. Rates wont go up massively anyway as the economy cant cope as it is. Go to your main bank they may to loyalty mortgages. Look on morthage calculators online. Barclays has a good one.

Id stay away from brokers and independant advisors they are commisioned.

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By (user no longer on site)
over a year ago

I'm a mortgage consultant... give me a shout.

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