Looking to buy a house, with the new government scheme. 5% deposit, 4.99% zero fees. Looking at the very bottom end of the market in not so nice places. 100-110k so £555-610 a month I make it using calculators with those figures, Currently pay £400 in rent.
But wondering the other costs are and how much they are.
Obviusly you have:
Solicitor fees
Surveying fees? Theres several different ones.
Then once moved in things like:
House insurance
Boiler insurance, worth bothering with?
Rented for over a decade, so I know the usual bills, just anyone give figures for the others, and what I need to look out for.
The other worry is how do they view overtime/higher grade duty. As my basic is 10k lower than my actual amount i take home. Almost 5 years of consistent yearly earnings though, other than one year, where i was injured, even that was 5k more than basic.
The other thing, am I right in saying that once you apply and get accepted they'll give you that offer for three months, then you have to reapply once that expires?
As i'm not in any rush and looking for somewhere which is structurally fine but hasn't been decorated since the 60s. So may take a while to find somewhere.
If they reject me, I assume that will affect credit rating? Are we talking like 6months before you can realistically reapply, or can you just go ahead and try a different bank? Is it worth seeing a mortgage advisor, although there's only three banks offering it at the moment, and at least another two banks starting up in Jan.
If I wanted to rent the spare bedroom out, would this cause issues for the mortgage? And would I have to pay tax on it.
I don't want to miss the boat, last time they had a scheme like this, they ran out of funds in months and got a letter saying sorry all funds gone. It doesn't look like they will with this scheme, they saying it runs till jan 2017.
As it would be better for me to leave it till march, will of paid of student loan, which means I'll be £120+ a month better off and hoping to pay one of my credit cards off by jan/feb time, which will mean another £130 a month. And sky contract runs out in march iirc. Which I wouldn't renew so another £110, minus what ever broadband on its own costs. Easily making up the extra in mortgage.
So yeah any help appreciated, or a good newbie guide. As the guides I've found are extremely basic and not particularly helpful.
But wondering the other costs are and how much they are.
Obviusly you have:
Solicitor fees
Surveying fees? Theres several different ones.
Then once moved in things like:
House insurance
Boiler insurance, worth bothering with?
Rented for over a decade, so I know the usual bills, just anyone give figures for the others, and what I need to look out for.
The other worry is how do they view overtime/higher grade duty. As my basic is 10k lower than my actual amount i take home. Almost 5 years of consistent yearly earnings though, other than one year, where i was injured, even that was 5k more than basic.
The other thing, am I right in saying that once you apply and get accepted they'll give you that offer for three months, then you have to reapply once that expires?
As i'm not in any rush and looking for somewhere which is structurally fine but hasn't been decorated since the 60s. So may take a while to find somewhere.
If they reject me, I assume that will affect credit rating? Are we talking like 6months before you can realistically reapply, or can you just go ahead and try a different bank? Is it worth seeing a mortgage advisor, although there's only three banks offering it at the moment, and at least another two banks starting up in Jan.
If I wanted to rent the spare bedroom out, would this cause issues for the mortgage? And would I have to pay tax on it.
I don't want to miss the boat, last time they had a scheme like this, they ran out of funds in months and got a letter saying sorry all funds gone. It doesn't look like they will with this scheme, they saying it runs till jan 2017.
As it would be better for me to leave it till march, will of paid of student loan, which means I'll be £120+ a month better off and hoping to pay one of my credit cards off by jan/feb time, which will mean another £130 a month. And sky contract runs out in march iirc. Which I wouldn't renew so another £110, minus what ever broadband on its own costs. Easily making up the extra in mortgage.
So yeah any help appreciated, or a good newbie guide. As the guides I've found are extremely basic and not particularly helpful.
Last edited:
