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By *hocmanx OP Man
over a year ago
Birmingham |
Unitl recently I was against the idea of getting a mortgage. The main reason being that I would be tied to one house and have no freedom.
However, I've heard that there's a government incentive for first time buyers which makes the buying a house more attractive. Additionally I could also put a tenant in the house if I to move to a different location.
Is this government incentive worth it? Will getting a mortgage be just one more thing for me to worry about? |
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By (user no longer on site)
over a year ago
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Omg so many questions x
We all have to live somewhere so with a mortgage odds on you'll get some equity and be able to get a bigger house
I did it age 25  |
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By *hocmanx OP Man
over a year ago
Birmingham |
"Omg so many questions x
We all have to live somewhere so with a mortgage odds on you'll get some equity and be able to get a bigger house
I did it age 25 "
Thanks Lusty. I just don't want to rush into something that I might regret. |
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By (user no longer on site)
over a year ago
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A government backed mortgage might not allow you to have a "Buy-to-let" mortgage, which means you can't rent it out. You have to read into it, as a lot of these incentives for first time buyers can be strict.
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"Omg so many questions x
We all have to live somewhere so with a mortgage odds on you'll get some equity and be able to get a bigger house
I did it age 25
Thanks Lusty. I just don't want to rush into something that I might regret."
And we're in a position to give you financial advice? |
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By (user no longer on site)
over a year ago
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Mortgage all day long for me as if your renting your paying someone's mortgage and if your in the position to by why not.. Like lusty started when I was 25 but my mate did his at 19 and now rents that out which pay's for his new house mortgage.. Good luck with what ever you choose to do. |
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By (user no longer on site)
over a year ago
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"Omg so many questions x
We all have to live somewhere so with a mortgage odds on you'll get some equity and be able to get a bigger house
I did it age 25
Thanks Lusty. I just don't want to rush into something that I might regret.
And we're in a position to give you financial advice?"
Some of us... Xxxxx
At your age, if you can afford it... Do it.
The government incentive fir first time mortgage owners is definitely worth a look.
Start checking out properties in the area you want to be.
Talk with a PDA, they know all the ins and outs of financing, and will only need paying IF you gget a mortgage from their direct input.
The government are making stricter demands on mortgage lenders, recently, which may have a temporary effect in dropping house prices.
Mark Carney is announcing that bank rates will go up to 2.5% shortly, and from there over the term of a 25 year repayment cycle, it will only go up.
Do you want to be paying rent when you retire, or squeeze yourself a little now and own your own property at 50...?
There is a .gov site for calculating borrowing to repayment at varying percentages, check it out....
Good luck, hope it works out for you... |
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By *umpkinMan
over a year ago
near the sounds of the wimborne quarter jack! |
Best thing I ever did 24 and a bit years ago. I`m going to own up that I bought my place under the Local Authority Right To Buy scheme. I was born in the house and my family have been the only tennants since it was built in 1952. Until I bought it, the rent was always paid on time and never been in arrears so I reckon I was entitled to buy it! I`ll also admit that I got the full 60% discount on the purchase price, again an entitlement.
My mortgage is now around £120 a month and will cease at the beginning of next year. Can`t say what the neighbours who`re still paying rent as they`re both OAP households but you can bet your bottom dollar it`s still more than my mortgage!
So, short term it`ll be a struggle, long term and you`ll see the benefits. Think you can always make larger repayments than neccessary to reduce the repayments at a later date. |
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By *inaTitzTV/TS
over a year ago
Titz Towers, North Notts |
I'd advise buying, with a mortgage, unless you plan to win the lottery. Making overpayments as and when and if you can and getting it paid off as quick as you can. Once you've got your own place and it is paid off, it's a big overhead out of the way. |
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By *vsnikkiTV/TS
over a year ago
Limavady |
"Unitl recently I was against the idea of getting a mortgage. The main reason being that I would be tied to one house and have no freedom.
However, I've heard that there's a government incentive for first time buyers which makes the buying a house more attractive. Additionally I could also put a tenant in the house if I to move to a different location.
Is this government incentive worth it? Will getting a mortgage be just one more thing for me to worry about?"
Does this mean you'll be able to accommodate? |
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By *hocmanx OP Man
over a year ago
Birmingham |
"Unitl recently I was against the idea of getting a mortgage. The main reason being that I would be tied to one house and have no freedom.
However, I've heard that there's a government incentive for first time buyers which makes the buying a house more attractive. Additionally I could also put a tenant in the house if I to move to a different location.
Is this government incentive worth it? Will getting a mortgage be just one more thing for me to worry about?
Does this mean you'll be able to accommodate?"
Yes I would be able to |
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By *hocmanx OP Man
over a year ago
Birmingham |
I appreciate all the advice and it seems like the general consensus is to go for the mortgage.
My only reservation is that my job might require me to relocate to a different part of the country after 5 years. |
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By (user no longer on site)
over a year ago
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Have a look into getting an "Offset" mortgage where any savings/unspent salary is kept in a seperate account yet the lender only charges interest on the net balance, potentially saving thousands in interest whilst also having cash for a rainy day.
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By (user no longer on site)
over a year ago
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If your in a position to then do it! I had the opportunity to buy when I was 19 but I was scared by tge big scary commitment.
Now we are stuck in local authority housing, struggling to raise the £20,000 we'd need for a deposit and wondering if we'll ever get onto the propes to ladder  |
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Most of us will not have used such a deal and so wont have the full details. Many lenders wont lend and allow you to then lease it, unless on a buy to let mortgage. Borrowing and where we live is all so personal. Job security, ambitions income levels etc. Property is expensive and likely a long term investment but its value can go down as well as up. Consider that you have borrowed more than a house is worth and lose your job - that is worst case scenario. Seek specialist advice and research the scheme. |
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By (user no longer on site)
over a year ago
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"Also... You're looking at paying it off on your own.... Who knows what might happen in your life in a year or ten..."
Only a cynic would mention consideration of a pre-nuptial agreement. |
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By (user no longer on site)
over a year ago
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Go for it why 300-500 on rent when you could be paying 250 towards the owning of your own house, not many people are lucky enough to get a mortgage, those of us that are I'd say simply go for it, even tho people say oh in 10 years who knows what will happen, their only saying that cause they haven't a hope in he'll in getting a mortgage, go for it mate |
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