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Just how DO you get a mortgage??

Discussion in 'General Chat' started by sarybeagle, May 1, 2011.


  1. sarybeagle

    sarybeagle PetForums VIP

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    I may sound totally thick here but how do you really go about getting a mortgage?

    Where are the best places to go for one? How much deposit is an average % needed?

    Both myself and DH have full time, average paid jobs. We totally hate where we live and so I have been looking for rental properties local to us (needs to be local for sons school-hes going into year 9 of secondary and dont want to move him. I dont drive and my work is local based)

    However to rent we are looking at 1000-1200 PCM for a 2 bed house with garden. This is our minimum needs. Which is TOTALLY out of our price range. Our current house is Housing Association and just over 500 a month.

    We have no deposit behind us. So just how do people get a house?? :cryin: Ive fallen in love with a property round the corner and its been on for several monmths and I just keep looking at it but its way out of our range (349.950)
     
  2. harley bear

    harley bear PetForums VIP

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    You will be VERY lucky if anyone will give you a mortgage with no deposit. I know lloyds are asking for a security deposit of 20% of the property value for first time buyers:eek:
     
  3. alyssa_liss

    alyssa_liss PetForums VIP

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    ive been told its not even worth thinking about unless you have 10%-20% deposit, hense why we are saving what we can
     
  4. sarybeagle

    sarybeagle PetForums VIP

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    We have about 2000 between us in ISA's Ive just been rminded lol!!

    But in all honesty we just cant save enough each month to put away enough to be of any use.

    20% is like 70.000 isnt it :blink: how the **** does anyone have that kind of money behind them to put down????
     
  5. tinamary

    tinamary PetForums VIP

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    If your in local authority don't you get a deposit from them to help you. Or is that just council
     
  6. Savahl

    Savahl Guest

    deposit is a must.. the more u have the better.. u just need to start on the bottom of thru ladder i guess... i have about 40k deposit for when i buy but waiting a few yrs yet til Im earning more so i can get more on the mortgage. you can borrow about 4 times i think about may be diff fir a couple.

    start lower on the house price range and the deposit will be lower...
     
  7. CharleyRogan

    CharleyRogan PetForums VIP

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    One of my friends has just got a mortgage and she needed a 30% deposit :/

    How does anyone save up that much? I mean an £100,000 house and you need 30% of that is £30,000. Where do people get enough money to actually save with rent being so high?
     
  8. sazjf

    sazjf PetForums Member

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    Hi,

    I know how you feel, we are renting a 3 bed semi detached at the moment and pay just over £600 per month. After a first few months we went and looked at getting a mortgage and were told that unless we had a 10-20% deposit for mortgage then not to even bother!!

    Have you looked at the part buy/part rent scheme? I dont know whether or not its the same amount for deposit or not, Sorry cant be anymore help.

    :)
     
  9. CharleyRogan

    CharleyRogan PetForums VIP

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    Round my area though there are some chavvy parts that a company offers a mortgage without a deposit at only £200 a month... but although it seems good, you probably couldn't sell the house afterwards as its such a bad area.
     
  10. sarybeagle

    sarybeagle PetForums VIP

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    The nearest part buy/rent schemes are more local to london than where we live. So they are a no no.

    Our HA wont help in any way shape or form. Unsure about the council but will go check.

    The cheapest I can find with 2 beds ( no gardens which is a huge no no) is 200,000 and its a top floor flat :(
     
  11. sazjf

    sazjf PetForums Member

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    Its a shame coz most of my friends are still renting as they too cant afford a deopsit. And the few that do own their own house bought them when they were very young.

    I think we will have to clear off a few debts and then look at our situation again, see if we can start saving, but i will prob be about 50 when we finally can afford it!!

    :eek:
     
  12. sarybeagle

    sarybeagle PetForums VIP

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    This is what we say. We will be 60 before we have enough money behind us :(

    Unless some rich relative dies and leaves me a small fortune......Im more likely to win the lottery lol!!

    The friends that have houses have all been bought for by parents or were parents who moved out to new partners etc and rent back to the kids.
     
  13. Pointermum

    Pointermum PetForums VIP

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    Without moving to a cheaper area i don't think you stand a chance :( Do the HA offer a house swap ?
     
  14. H0lly

    H0lly PetForums VIP

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    Me and the OH have just done this and we needed a 10% deposit, without it you cannot get a mortgage, the banks used to offer 100% mortgages but stopped doing this when the bad times hit.

    Best advise i can offer is go and see a financial adviser they can look in to everything for you and let you now if it is possible.

    Good luck
     
  15. sarybeagle

    sarybeagle PetForums VIP

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    Problem being there isnt much in the way of cheaper in the local area. I live on the cheapest (nastiest) estate in the area. Biggest problem is london commuters buy here and its pushed the price up 10 fold.

    Moving to a cheaper town means relocating jobs and schools :( something I dont want to do.

    Ive been on the HA transfer list 6 years on the 20th may :cryin: No one wants to move here (quite rightly so!!) and there are no available properties in the village. The council only has a few hundred properties left after selling them all off :mad:
     
  16. CharleyRogan

    CharleyRogan PetForums VIP

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    Also, make sure you do the math yourself. My mate was offered a mortgage about 5 years ago and although he still needed a deposit, the amount they said he could afford to pay back monthly was very different to what he worked it out to be and he couldn't afford what they were offering him even though the bank was saying he could.
     
  17. shibby

    shibby PetForums VIP

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    Good luck with your search for a mortgage, or should that be good luck saving for a deposit! People shouldn't be penalised and forced to pay high rents in less than favourable areas for not being able to provide a £40k or so deposit. We're forced to rent flats with no GCH, no double glazing, mould issues etc. as it's all we can afford yet people are living in houses and paying less for their mortgages per month. Council house? You can forget about it unless you have kids in tow. I don't know how on earth I'm going to be able to buy a house if I need a 20% deposit, so looks like I'll be putting up with rented accommodation for some time to come :rolleyes:
     
  18. CharleyRogan

    CharleyRogan PetForums VIP

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    Yep I'm in one of those flats: 2 bed w/ garage no GCH, damp, windows nailed shut cos the landlord won't fix em (but we can't call him out as we have animals, which wasn't allowed!) economy 7 heating which is crap £440 a month and £113 council tax a month.
     
  19. Houseofpets

    Houseofpets PetForums Member

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    Unfortunately my OH lost his Mum to terminal cancer on the 1st November, his Dad had passed away some years before so the house has been left to the 2 sons. This still hasn't helped out though the house has been on the market since September last year and just isn't selling due to people not being able to purchase property lower down the chain!

    The house is selling at £295,000 but no takers and it's in a village location with great train links into London - may have to resort to wearing a sandwich board around the local area to try and shift it!

    It is a real shame people are struggling to get mortgages, I very much doubt my teenagers will be able to buy their own house without the help of 'Mum & Stepdads bank'!
     
  20. Gratch

    Gratch PetForums VIP

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    I'm in the exact same situation as you. My flat is truly awful and we're not allowed to decorate! The bathroom has no window and the walls are wallpaper and the floor is carpet so it stinks of damp and I can't wash the mold off the wallpaper. Sooooo frustrating. I do feel the only way we'll get a council house aswell is if we have kids which may not be in our future unfortunately! Been on the housing list for 4 years now and we keep getting bumped!
     
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