Mortgage advice

[Brighton1]

If you need any help my number is 01273 612200 NJL Mortgage Solutions Ltd. I am a broker.

Nick

 

[beorhthelm]

i would add a word of caution about interest only... unless you do it properly and save a suitable amount in an investment your not doing much more than renting, with your bank as the landlord. I looked at it but the sums just dont add up, only saving about 25-30% in payments to own nothing.

Question is, do you want a property/equity or just a really big loan.

 

[Uncle Spielberg]

It is best to do repayment as you say even if you extend the term to 30 or 35 years as at least you are eating into the mortgage debt.

If you have a 95% interest only mortgage and property prices fall by 6% you are in negative equity and that is not nice.

 

[Strike]

Intresting thread, maybe 4 5 years time if I get a FULL time job, I could get somewhere this route, any advice anyone? Just bouncing as intresting thread. How are you getting on Morris going this route.

 

[SK1NT]

good bounce! yea hows it going morris?

2 weeks ago i had my offer accepted, i've had the survey, solicitors, valuation etc all sorted, costs an absolute fortune.

Solitors £1200
Stamp duty £1700
Valuation £400

Thats not including my deposit.

but if i can buy a 1 bed flat in one of the most expensive areas in the country on my shitty wages, anyone can.

heres to the completion

 

[Chicken Run]

It is best to do repayment as you say even if you extend the term to 30 or 35 years as at least you are eating into the mortgage debt.

If you have a 95% interest only mortgage and property prices fall by 6% you are in negative equity and that is not nice.

Ur still in NE if it were repayment please explain

 

[Big Rob]

Dont worry about mortages, i got big lovely double room you can rent, were all Brighton daft here too, in hove actually

 

[Uncle Spielberg]

Read the whole context of the reply CR

 

[Chicken Run]

Read the whole context of the reply CR

No need to use Of course your eating into the mortgage debt, I guess around year 20 of a 30 year term is when that starts! NE IS NE at the end of the day

 

[Uncle Spielberg]

CR

The 2 sentances are unrelated to each other they do not follow on from each other

Now don;t you have some ringfencing to do

 

[WATFORD zero]

Richie, see if you can get an evening job sweeping chimneys - don't bother with a mortgage, pay cash - sorted

 

[Chicken Run]

CR

The 2 sentances are unrelated to each other they do not follow on from each other

Now don;t you have some ringfencing to do

No that's ilegal, what I do have to do is chase a few survey's though, dont you just hate those mortgage advisors that to this day believe that 3 weeks after mortgage application us EA's think that all must be well with the application anyway will probably speak to you soon no doubt