I would imagine that it would be of 50% (or whatever % you take). As the value to the mortgage company will only be what you are buying.
Shared ownership - Worth it?
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I would imagine that it would be of 50% (or whatever % you take). As the value to the mortgage company will only be what you are buying.
you have to apply for special mortgages. however they don't seem to bad.
No you dont need 100% deposit, on the full property value, you just need a deposit say 10% of the shared value.
btw dont be a fool and buy one, its much harder to shift later on, if it looks good then theres something wrong, and dont forget rate rises on mortgages are due.
If you buy a property now you are a fool.
Really?
I would say if you can afford it then now would be a great time to start looking, some fantastic properties out there at great prices.
and low fixed interest mortgages.
The prices will be better once mortgage rates rise, hold on a min banks are starting to rise mortage risk rates.
The problem with that people tend to get out a bigger mortgage, and once rates rise they moan about how unfair it is etc...
ok mr economy. how much more are prices going to drop?
at what point do you buy the property that you want if you can afford it?
should someone wait until the house is so cheap that it becomes more wanted by other people, pushing the value back up?
at what point do you buy the property that you want if you can afford it?
should someone wait until the house is so cheap that it becomes more wanted by other people, pushing the value back up?
what's that goto to do with buying a property now? it's silly people.
And fixed rate means it doesn't mater what happens untill the fixed rate ends.
lol havent you learn about why this all started? ever heard about arm mortgages etc... christ do peopel only think of now.
Example you get a fix rate for 2 years, you say "well rates are low we can afford to extend ourselves a bit more", then once the fix term stops and a new mortgage is required the rates are much higher what happens?
When you buy a property or take out any large loan you really need to fix in 7% -10% interests not teh curret low interest, inorder to get you past the peak rate periods and not be shafted.
Why do you need to account for rates at 10%? At what point in the next 5 - 10 years do you expect us to hit that sort of height?
You are making a blanket statement that people buying now are fools. This is not true. Anyone buying at any time and not thinking are fools. Anyone buying now and thinking about things have the chance to bag a great property at a great price. Yet to you, these are still fools.
You are making a blanket statement that people buying now are fools. This is not true. Anyone buying at any time and not thinking are fools. Anyone buying now and thinking about things have the chance to bag a great property at a great price. Yet to you, these are still fools.
Bad American loans. the repossession rate in the uk is still low.
Ridiculous! Why on earth would you fix at 3-5% above the market rate? Fixed rates are high enough (compared to SVR) as it is, without treating banks as charities. Throw your money at the banks if you must, but believe me they're getting more than enough charity out of my taxes already, thankyou very much.
There is a point hidden in your post though. You certainly should budget for 7-10%, and - if the mortgage will allow - even pay that much now. Overpaying now while rates are low will pay down the loan faster and soften the blow of any future rate rises.
There is a point hidden in your post though. You certainly should budget for 7-10%, and - if the mortgage will allow - even pay that much now. Overpaying now while rates are low will pay down the loan faster and soften the blow of any future rate rises.
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because prices are about to take another dip. you need to account for 10% rates as backup doing this gives you great control, allows you to keep leading a good life, you can use the difference between bank rates and your 10% rates, the spread can be used to pay off your mortgage early etc.. and never go for a IO mortgage.
again why not ever go for a IO mortgage? saving the equivalent of difference between IO and repayment each month should give you plenty of savings for when you need to pay up.
just like renting. its not all bad if you think about it.
just like renting. its not all bad if you think about it.
IO = mortgage for people that are thick.
repayment = for people that are smart= interest rates payment reduce and your be making a bigger payment towards the mortgage, thus reducing your mortgage, lots of other reasons.
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Interest rates are going to go up from now on in, and certainly some economists are predicting double digit interest rates in the near future (5-10years). To not consider it a possibility is at best nieve and at worst, reckless when your home is at risk.
Don't know why anyone would think that buying now is a mad idea, lower prices on property (and maybe even at the bottom of the market now) combined with low interest rates makes this a great time to buy, but don't lose sight of the potential changes to the interest rate in the future.
Don't know why anyone would think that buying now is a mad idea, lower prices on property (and maybe even at the bottom of the market now) combined with low interest rates makes this a great time to buy, but don't lose sight of the potential changes to the interest rate in the future.
combine this with increasing in tax next year.