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Thread: Odd one this? Buying my first House...

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    Default Odd one this? Buying my first House...

    Right, me and the other half have been talking for a bit about buying our first house together.

    Where do i start?

    I know i want a 3 bed house with drive way but im unsure of the mortgage ammount we can get? Can i put my Dad down as a garuntor (sp?) on the mortgage due to adverse credit on my part?

    Anyone in the know of this subject?
    Any Help or comments gratefully received

    Happy Christmas Everyone

    Ta Muchly
    Jon

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    Regular Member John35's Avatar
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    work out how much you can afford to repay every month. Then check how much you can borrow on that repayment.

    remember all the other payments as well. council tax, gas, electricity, house insurance, gas boiler insurance, mortgage repayment insurance etc.

    depends if you are repayment or interest only. you will need a plan to repay the mortgage at the end of the term. Usually retirement.......

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    ta John

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    The best advice I can give is go find an indipendent financial advisor.

    Terran

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    As Terran says.

    Work out carefully what you can afford each month and work back from there.

    Also check carefully with your father that he's happy to act as a guarantor - if anything adverse happens it will affect him as well.

    What are the house prices like in the areas you are looking at for a 3 bed with driveway? What deposit do you have?

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    Regular Member mhvcbv's Avatar
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    Quote Originally Posted by John35 View Post
    work out how much you can afford to repay every month. Then check how much you can borrow on that repayment.

    remember all the other payments as well. council tax, gas, electricity, house insurance, gas boiler insurance, mortgage repayment insurance etc.

    depends if you are repayment or interest only. you will need a plan to repay the mortgage at the end of the term. Usually retirement.......


    Perfect advice
    and read and understand all they tell you when borrowing that kind of money
    if you dont understand anything get them to explaine it so you know all that is going on.
    pay for all extras up front dont put them on your morgage ,it will be a very expencive way to pay if you have them on the morgage

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    I use these people...

    http://www.warren4mortgages.co.uk/

    They are great. They deal with the Police force as we are a bit of a captive audience, but they advise and arrange mortgages for anyone.
    There service is free, whole of market (ie. they search all mortgage lenders not just 1or2) and I have found them to be very good.

    Well worth a call in my opinion.

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    Regular Member John35's Avatar
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    http://www.voa.gov.uk/cti/InitS.asp?lcn=0

    useful tool to find what council tax band your house is in.

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    the houses that we are lookng at are around 160k in my area

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    Default

    Don't get drawn into a sub-prime mortgage m8. Read HERE. They will lend to people with poor credit history or people needing more than 3.5 times joint income. You could end up in a negative equity situation if house prices fall or not being able to make the repayments if interest rates go up.
    Speak to a reputable mortgage advisor or read http://www.moneysavingexpert.com/?gc...FQmHMAod3xwnPA thoroughly.

    Good luck

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