One thing to bear in mind is that you probably have to declare all your debts as part of your mortgage application. So, if you're gonna be racking up another few grand on a CC then your lender probably ought to be informed of this, technically speaking.
Can You Pay Mortgage Deposit With A Credit Card?
- Thread starter Renatukasza
- Start date
- Joined
- 4 Mar 2007
- Posts
- 400
Do you think it will really crash that much though? this is a really nice house and is at 74k, i can't see myself house being 40k and being hell of a lot nicer 
Please don't say you actually believe that? Either this thread is a wind up or Renatukasza's getting himself and his family into a right pickle.
Soldato
- Joined
- 19 Oct 2002
- Posts
- 18,122
- Location
- Shakespeare’s County
No not really, its not as simple as that. Conversely if you have a large deposit it doesnt always mean you can afford what you're buying
So, if it's valued at well over £80K how come there aren't other people willing and able to pay well over £80K?
Surely if you're prepared to pay £74K, no-one else is prepared to pay any more and this is what the house sells for then this is the market value of the house?
OMFGWTFBBQ!!!!111 YES!!!! IT WAS SERIOUS!!!! BECAUSE HE ISNT SPENDING £5m ON A HOUSE WHERE A 10% DROP WILL REALLY LEAVE HIM IN THE ****!!!!!111111
whatever. each case should be taken on its own. even a 10% drop isnt going to leave him that much out of pocket in terms of NE.
rates going up? so what, its only £74k, 3% rise wont add that much at all in the grand scheme of things.
40%+ drop in 2 years? get over yourself will you, this house is so bloody cheap already that it has next to nowhere to go in terms of going down!
possibly it needs work doing to it which other people do not want to pay out for immediately, but the OP can afford to over a longer period of time.
maybe its being bought off a family member who hasn't actually put it on the market.
maybe many things!
- Joined
- 4 Mar 2007
- Posts
- 400
Correct, and at this moment in time barely needs anything doing to it except a few cupboards need new hinges.
- Joined
- 4 Mar 2007
- Posts
- 400
Rather than starting a new thread could some one tell me the cost of buying a house.
Have I included everything?
* Deposit £5000
* Mortgage arrangement fee £0
* Survey £350 -Homebuyers report. Can this be done cheaper or does it depend what the mortgage place says?
* Solicitor £900 - is it really this much?
* Searches £300 (Local, Environmental and Water Search - never heard of this before)
* Bankruptcy Search £5
* Stamp duty £0
* Transfer fee £25
I remember someone saying they got a solicitor over the internet and it was a lot cheaper?
Have I forgotten anything?
Have I included everything?
* Deposit £5000
* Mortgage arrangement fee £0
* Survey £350 -Homebuyers report. Can this be done cheaper or does it depend what the mortgage place says?
* Solicitor £900 - is it really this much?
* Searches £300 (Local, Environmental and Water Search - never heard of this before)
* Bankruptcy Search £5
* Stamp duty £0
* Transfer fee £25
I remember someone saying they got a solicitor over the internet and it was a lot cheaper?
Have I forgotten anything?
* Deposit £5000
Assuming you're looking at a £100,000 property and only have a 5% deposit, yes.
Mortgage arrangement fee £0
Potentially, although you may find that the 95% mortgages have fees attached to them.
* Survey £350 -Homebuyers report. Can this be done cheaper or does it depend what the mortgage place says?
Depends on the type of survey. A quick search will obviously be a lot cheaper than a full survey.
* Solicitor £900 - is it really this much?
Mine cost £575 inc. VAT.
* Searches £300 (Local, Environmental and Water Search - never heard of this before)
Local authority search cost me £150. I would assume this varies from area to area.
* Bankruptcy Search £5
Mine was only £2. Bargain.
* Stamp duty £0
Again, assuming a £100,000 property, yes.
* Transfer fee £25
Mine cost £50, plus there was another £50 of "incidentals".
I also had a £220 Land Registry fee to pay. For my £226,000 property, I paid around £3,500 in total for stamp duty + fees + solicitor bill. £2,260 of that was the stamp duty though.
Assuming you're looking at a £100,000 property and only have a 5% deposit, yes.
Mortgage arrangement fee £0
Potentially, although you may find that the 95% mortgages have fees attached to them.
* Survey £350 -Homebuyers report. Can this be done cheaper or does it depend what the mortgage place says?
Depends on the type of survey. A quick search will obviously be a lot cheaper than a full survey.
* Solicitor £900 - is it really this much?
Mine cost £575 inc. VAT.
* Searches £300 (Local, Environmental and Water Search - never heard of this before)
Local authority search cost me £150. I would assume this varies from area to area.
* Bankruptcy Search £5
Mine was only £2. Bargain.
* Stamp duty £0
Again, assuming a £100,000 property, yes.
* Transfer fee £25
Mine cost £50, plus there was another £50 of "incidentals".
I also had a £220 Land Registry fee to pay. For my £226,000 property, I paid around £3,500 in total for stamp duty + fees + solicitor bill. £2,260 of that was the stamp duty though.
Soldato
- Joined
- 7 Aug 2004
- Posts
- 11,279
Yeah sounds really stupid to me, DO NOT buy a house right now, daft idea, rent my friend and save some more
We went with a 100% mortage 3 years ago and have no regrets. Whilst I appreciate that the house prices on average are declining if you can easily afford all other expensives + mortage + creditcard then £2,300 on a 0% interest free isn't really that bad.
I used to be one of those people that couldnt save for anything. We were looking to buy in 6-12mths after we did but the landlord wanted to sell where we were renting and as such we couldn't really take the hassle of moving somewhere else for at least a 6-12mths.
hmm a 40% decrease in 2 years.
IF you can find a property that is less per month than the equivalent cost to purchase a place, then great. However, this is apparently becoming harder to do, I am sure I read recently that rental prices are going up. I know that the house we are in (and leave in a month) the price will be going up either £25 or £50 a month (not much, but it makes a difference where we are).
We've just taken out another years tenancy due to the state of the market (after we were originally going to buy in September). Our rents going up to £795 a month, but a 90% mortgage on the same house would be approx £1200 a month.
I realise its different economics in different areas though.
I realise its different economics in different areas though.