Login   |   Register   |   

Mortgages

Started by: brian (838)

Is anyone on here buying a house?

Just curious, house prices are so high now and the average wage in Wigan is probably around £10k.

How can first timers buy? What are the mortage deals like? Are they 40yrs, part ownership...?

Started: 18th Sep 2006 at 14:15

Posted by: neverstill (inactive)

we.ve tried to buy one, but not a chance with house prices as they are now.
And the houses that did fall into our price bracket...well....i wouldnt let the rats off a tip live in them!

Replied: 18th Sep 2006 at 14:48

Posted by: getwom (inactive)

.

Replied: 18th Sep 2006 at 16:25
Last edited by getwom: 19th Jul 2010 at 19:16:57

Posted by: brian (838)

I suppose the 10k was a rash assumption, based on the job ads I see in the local rag. I bet it isn't much more though. The last time I was employed by a local company was 15 years ago.

Replied: 18th Sep 2006 at 17:12

Posted by: neverstill (inactive)

im on 11,000 before tax and insurance. thats cos i work nights, if i was on days it would be about 9 1/2.
most mortgage companies give u about 2 1/2 times your wages so....obviously i wont be buying a house soon! lol

Replied: 18th Sep 2006 at 19:27

Posted by: getwom (inactive)

.

Replied: 18th Sep 2006 at 21:26
Last edited by getwom: 19th Jul 2010 at 19:17:26

Posted by: harold (inactive)

Most folk would be better off just renting a house like the rest of the europeans do, and have some spare money to enjoy them selve with.

A lot of young couples who are taking out these big mortgages will never be able to pay them off.

Replied: 18th Sep 2006 at 21:34

Posted by: brian (838)

I think the rental market is pushing prices even higher. More and more folk are buying to let. I might have a go myself.

Replied: 18th Sep 2006 at 21:37

Posted by: dave© (3507)

Call me cynical, but I always thought there was an ulterior motive for the right to buy a council house, it's often perceived that most inhabitants of them are manual workers, if they were to have a mortgage, they'd be less inclined to go on strike.

Replied: 18th Sep 2006 at 21:37

Posted by: getwom (inactive)

.

Replied: 19th Sep 2006 at 08:19
Last edited by getwom: 19th Jul 2010 at 19:18:02

Posted by: neverstill (inactive)

i rent council, and it is cheap in the grand scheme of things, but i do want to move to better our lives.
Ive grown up on council estates and im probably being a snob saying this but....the estate where i live now i know my kids will end up on drugs or robbin cars or something!
and from my own experiences i want my kids have more on offer for them.
Private rent is an option but the amout you have put down and then pay each month gets me down because if i can pay that i could pay a mortgage, but i cant get a mortgage because i dont earn enough.
And as the right to buy scheme goes my mum bought hers...now she in a bungalow, she rents the house to my sister....in a way its good because my sis in same boat as me but in another its wrong because if the council sold her a house they should have bought it back if they were giving her a bungalow...or something like that.

Replied: 19th Sep 2006 at 09:25

Posted by: getwom (inactive)

Private rent is an option but the amout you have put down and then pay each month gets me down because if i can pay that i could pay a mortgage,

I think this is one of the reasons why buy-to-let could now fall over. Rental prices could become so high that the cost of renting is comparable to the cost of buying. The average price of a house in the North West is now about £150k. If someone who buys such a house decides to let it intending to make 5% per annum, the person who rents it would have to pay about £145 per week. This could be viable if the cost of housing were to continue to increase over the next few years because then, the cost of buying would move well ahead of the cost of renting. It all depends on what is going to happen to house prices in the future - and, of course, on interest rates.

Replied: 19th Sep 2006 at 09:37
Last edited by getwom: 19th Sep 2006 at 10:18:56

Posted by: empress (9667) 

I had a nightmare of a time getting a mortgage to buy out my ex hubby.I ended up working a 58 hour week to get the payslips so I could get one.Yet I was already paying the joint one alone which was more than the remortgage payment!!
Was worth every minute though, the alternative from the council was a hostel for me and my kids, after I had made myself homeless.........no thanks. Oh and thanks for nothing wigan council, nice of you to put us locals first.

Replied: 23rd Sep 2006 at 00:46

Posted by: cab75 (96) 

neverstill, why do you think your kids will be better off if their not on a council estate? kids will do what kids do its how you educate them what makes the difference, you can move to the poshest estate in England and be rich but you don't forget your roots, anyone who blames "where they was brought up" as an excuse for thieving, vandalism or drug addiction is living in a dream world. RESPECT. If all kids were taught that then unless there's something else wrong they would have more of it.

Replied: 23rd Sep 2006 at 01:29

Posted by: neverstill (inactive)

i do teach my kids respect, but i cant keep them locked up, and the people round here dont know what respect means unless u are in their 'clan'.i know people who drink tea out of jams jars cos they cant afford cups, i also know people that rich they have their initials woven into their extremely large hallway carpet....and i know if my kids were not on a council estate like this, more would be on offer to them.

example 1: i have been a barmaid for 9 years when i go for a job all is well until i say i live in Plattbridge!!

example 2: we saw a house for rent so i enquired...had to give my name and address...was told sorry its just been took!...so i got my sis to phone 20 mins later...she give her address which is shevington, can you make a 3 o'clock appointment was the reply!!!!

I was in care with people from all backgrounds so i know drug users and theives dont just come from council estates but i also know u can get ahead better if you dont come off a council estate.

Replied: 23rd Sep 2006 at 06:47
Last edited by neverstill: 23rd Sep 2006 at 06:52:20

Posted by: empress (9667) 

Hiya Never, When I was looking to private rent during my divorce, rather than face being homeless I had a similar prejudice cos I was a single mum of 2 kids.I saw the perfect house, in Ashton.Popped into the estate agents as soon as they knew I was on my own, they said the owner only wanted a 'professional', I said I am a professional mum and I want to see that house.
The appointment was made and I didn't turn up, had decided to try buy ex out.
The guy showing me the house was the estate agent manager and he foned me,so I told him why I hadn't turned up, and that I was disgusted at his staffs attitude. I also pointed out that if my marital home was sold, I could've paid rent up front for the next 20 years!
He said he'd review the situation, bet he didn't though.
By the way I was raised all my life on a council estate.It did me no harm at all, and the one I was raised on certainly made me street wise.Yet I travelled, lived abroad, own my own house, work hard etc etc. My brother is a managing director of a huge company , he went to uni got a degree or two, yet he was raised there.
If kids want to get ahead they will, no matter where they are raised.Beauty of me being raised where I was is this>>I take no crap from anyone.I made my own way in life. I did ok too.

Replied: 23rd Sep 2006 at 18:09

Posted by: billy (26053) 

you should enquire about the posibility of an islam mortgage. i aint kidding you. i read some where that some residents here in the UK were looking into it.its aparently, cheaper than the western mortgages.

Replied: 9th Oct 2006 at 16:26

Posted by: mollie m (7076) 

Bought ours from the Council in 1983 and still got another 5 years to pay on the blasted thing. Talk about a millstone. I earn over £10K a year and my mortgage repayments are now probably much lower than Council rent but because everything else has gone up its starting to become a bit of a struggle. Don't forget, once you buy, a Council house in particular, you have all the plumbing, electrics, pointing, roofing etc to pay for as well. However, if you rent the onus is upon the owners to carry out necessary repairs. I think, on reflection, I'm glad I bought because at some stage if I wanted to downsize, my house would be worth summat. Not a grand fortune, but I'd get something back on it which you wouldn't get if you rent. The first step is the hardest but I would always recommend buying freehold instead of leasehold. If you buy freehold then you also buy the land on which your house stands.

Replied: 9th Oct 2006 at 16:51

Posted by: mick5813374 (201)

its hard enough for young couples to get a mortgage But what about trying to raise a family as well. were both bringing home a good wage live in our own home bringing up 2 kids and its bloody hard work..

Replied: 9th Oct 2006 at 17:12

Posted by: billy (26053) 

i could be wrong but, a good deposit will determin your monthly outgoings. a good insurance policy will take care of all the repairs. the best thing i ever did was to buy my house.this is my fourth one. i bought on a mortgage the first one. with the help of the family, we did the property up and put it back on the market the following year. the profits went back to one i bought in mawdsley. it was run down and i begged it. two years later after a bit of hard graft, i sold that with a substantial profit. the present bungalow i live in now is bought and paid for through the other properties ive sold. the moral of all this is, start with a decent deposit...go for a house that needs some renovation, do it up and get it back on the market. it works, and you only have to watch that TV prog, seems a lot of people have cottoned on to the idea i worked out many years ago.go for it.

Replied: 9th Oct 2006 at 17:31

Posted by: mandie (inactive)

i have lived on a council estate for 12 years i have 2 kids aged 11 and 9 and a step son who is almost 18. my husband was born in a council house on a council estate .My husband is in a good job he has never done drugs or robbed cars.
My kids are growing up to have respect for their elders,all my husbands family have been brought up on the same council estate and none of the family or its siblings have ever been in trouble with the police..

Replied: 9th Oct 2006 at 19:12

Posted by: reddi8 (1107)

The children are living at home longer as they can`t afford mortgages. One poor bloke was telling me his 2 sons both working and their girlfriends stay in all the time saving for a house. He was moaning the house was never empty and his food bill are sky high.

Replied: 9th Oct 2006 at 23:32

Posted by: empress (9667) 

You really have to shop around now, theres plenty mortgages out there, also its not well known but if you don't meet the eranings required a bank manager can refer your case and an underwriter can re asses it. My banks refused to let me show child maintenance as earnings, but I got a fantastic financial advisor and he found a bank that would.He looked at everything, earnings, child benefit, maintenance and also the tax credits I was on back then.

Replied: 10th Oct 2006 at 18:30

Posted by: billy (26053) 

your dead right empress. shopm around is the key word here, not just for mortgages, but anything in general;i know of a couple of old age(senior citizens)getting a mortgage.

Replied: 11th Oct 2006 at 10:44

Posted by: empress (9667) 

Tell you something though, these new properties they are building are rubbish, they look like ghettos!They are throwing them up all over the place, I wouldn't have one given to me.I sold a new house last year, it had thin walls, no privacy and a nightmare living next door. I bought an old house/ shop and its far better built, its solid.
New houses are expensive and guarantee they won't be standing in a hundred years like the lovely old terraced ones are.

Replied: 11th Oct 2006 at 11:05

Posted by: billy (26053) 

dont forget, we live in a throw away society, and that goes for the "cut back and save on materials"mentality in just about anything. these mod day structures will not be around in thirty years...compare that to the older type property built to last, before greed crept in, not to mention personal pride in the workmanship that seems to have bitten the dust these days.

Replied: 11th Oct 2006 at 14:55

Posted by: billy (26053) 

anybody noticed the con on "we have kept our prices stable"we have not increased our product for two years???
yeah...but the b****y product has shrunk beyond recognition.

Replied: 11th Oct 2006 at 14:59

Posted by: billy (26053) 

ah well...time for another nap.dont slam the door when you go out.

Replied: 11th Oct 2006 at 15:01

Posted by: krakers (19)

Just a note for anyone looking for a mortgage. If you don't fancy paying IFA's fees for finding you one, then have a look here Which? Mortgage ?

There's a comprehensive set of reports from the Consumers' Association - the guys who publish Which? Magazine. Whats more the info is free on-line

Krakers.

Replied: 11th Oct 2006 at 17:01

Posted by: empress (9667) 

Might be free but sometimes an IFA can get you in the 'back door' so to speak and pull a few strings.

Replied: 11th Oct 2006 at 17:11

 

Note: You must login to use this feature.

If you haven't registered, why not join now?. Registration is free.