first time buyers

[WhereSeagullsFly]

Don't think the above is generally of muchuse to you really. Stay away from mortgage and financial advisors - how do you think they make money! You will pay their salary in the end.

Don't go near Northern Rock either, I'm fortunate to have just pais off my mortgage but they seriously tried to rip me off for paying it off early.

Try the Nationwide Building Society - best rates around and you know where you stand with them.

Have you thought of Joint Ownership? Basilcally you only purchase a majority share for you property from a developer. Ok so youhave to pay them a percentage when you sell it but it's the way lot of young people are buying. Friends got a lovely flat in Hasting for 90k own 70%. Look in the paper for new development sites and ask them if they do this - they don't usually advertise it! You could also ask local housing associations as they do this sort of scheme also.

 

[Simster]

Can I just say that I almost hope the market does crash, that interest rates climb through the roof and that people like starry end up with an unsaleable 'asset' they are desperately trying to unload whilst those who've been ripped off for years by people who want to inflate prices for their own ends weep into their coffee.

What a load of bitter horseshit. Not everyone who is mortgaged to the hilt is happy about it. In fact, I'd say that hardly anyone is.

 

[Lokki 7]

Why does anyone have to be "blamed" for the house price rises? The economy is booming, the population is rising rapidly and people have more money than ever before. Is this a bad thing? House price increases are a sympton of this country doing very well. I appreciate it makes it harder to get on the ladder, but there are ways. Buy a place abroard (for as little as 15k), as a buy to let and live and rent here. This gets you on the ladder and you can trade up as and when you can afford, hopefully buying up to your own place one day. You think prices here have risen quickly but take a look at Croatia, Southern Spain and Portugal, Bulgaria and coastal Turkey. I think people have to accept that they don't have the god given right to own their own property in the area they want to live in. It is still possible but you may have to be creative in order to achieve your goal.

 

[Curious Orange]

I remember someone on here who moaned that he couldn't afford a 2 bed flat in Guildford when this subject last came up. FFS, Guildford is one of the most expensive towns in the country - try buying in Godalming!

I wonder who that was , and Godalming and Woking aren't much better btw!!!

 

[readingstockport]

What a load of bitter horseshit. Not everyone who is mortgaged to the hilt is happy about it. In fact, I'd say that hardly anyone is.

Not at all. I have a house i am almost finished paying for.

Starry has a house that she rents out in order to make money from those who are unable to buy a house because people buy houses as speculative investments.

Not bitter at all, merely being honest if you want to know.

 

[Uncle Spielberg]

" Don't think the above is generally of muchuse to you really. Stay away from mortgage and financial advisors - how do you think they make money! You will pay their salary in the end. "

We make our money by giving a superb service to our clients and searching the whole market place from over 15000 different rates and 300 lenders who all have different criteria and fees to get the best possible deal for the client based on their circumstances and have to have passed a tough professional qualification. I have been doing this for 15 years and learn somethign new every day and the rates and criteria constantly change.

We do all the paperwork and make the calls to the lender and get the case through to offer and field any problems or calls from estate agents, solicitors, vendors and lenders to get a successful conclusion.

That takes hours and hours and a lot of stress. If we charge a fee and earn a living we damn well work for it.

 

[Uncle Spielberg]

" Don't go near Northern Rock either, I'm fortunate to have just pais off my mortgage but they seriously tried to rip me off for paying it off early. "

This is called an early redemption penalty and is clearly stated in the original mortgage offer letter you and your solicitors would have received.

 

[Uncle Spielberg]

" Try the Nationwide Building Society - best rates around and you know where you stand with them. "

A good lender with constantly good rates.

 

[Simster]

Not at all. I have a house i am almost finished paying for.

Starry has a house that she rents out in order to make money from those who are unable to buy a house because people buy houses as speculative investments.

Not bitter at all, merely being honest if you want to know.

She makes from those who need or want to rent - only some of whom are unable to BUY. If there is a problem with that, it is caused by a people's government which time and time again shys away from bucking or at least regulating the market when it needs to do exactly that. It is not the fault of the individual that a tax free pension is still a less attractive option that buying to let. That's what needs to be addressed, IMO.

BTW, I don't have a buy to let but am seriously considering doing so. And I don't give a toss if you think it's wrong - I'd do it to look after my family.

 

[Hiney]

" Don't think the above is generally of muchuse to you really. Stay away from mortgage and financial advisors - how do you think they make money! You will pay their salary in the end. "

We make our money by giving a superb service to our clients and searching the whole market place from over 15000 different rates and 300 lenders who all have different criteria and fees to get the best possible deal for the client based on their circumstances and have to have passed a tough professional qualification. I have been doing this for 15 years and learn somethign new every day and the rates and criteria constantly change.

We do all the paperwork and make the calls to the lender and get the case through to offer and field any problems or calls from estate agents, solicitors, vendors and lenders to get a successful conclusion.

That takes hours and hours and a lot of stress. If we charge a fee and earn a living we damn well work for it.

Same as everyone else involved in the process who lend their expertise to make sure that becoming a homeowner isn't the minefield it could be.

 

[chip]

We make our money by giving a superb service to our clients and searching the whole market place from over 15000 different rates and 300 lenders who all have different criteria and fees to get the best possible deal for the client based on their circumstances and have to have passed a tough professional qualification. I have been doing this for 15 years and learn somethign new every day and the rates and criteria constantly change.

We do all the paperwork and make the calls to the lender and get the case through to offer and field any problems or calls from estate agents, solicitors, vendors and lenders to get a successful conclusion.

That takes hours and hours and a lot of stress. If we charge a fee and earn a living we damn well work for it.

If you say that often enough you'll believe it too. Seriously, mortgage advisors are only for the stupid who are incapable of locating a suitable product for themselves. If you have a decent credit rating you should have no need of them - just go to the building societies (e.g., YBS, Britannia, Nationwide, Portman, Coventry) and you will find as good a product as they can. Alternatively, get the broker to find the deal and arrange it yourself.

 

[readingstockport]

Originally posted by Simster
BTW, I don't have a buy to let but am seriously considering doing so. And I don't give a toss if you think it's wrong - I'd do it to look after my family.

And equally I couldn't give a flying f*** if you end up losing thousand of pounds in a housing market crash. If and when it happens please don't start bleating about how unfair the world is to you.

 

[Bozza]

If you say that often enough you'll believe it too. Seriously, mortgage advisors are only for the stupid who are incapable of locating a suitable product for themselves. If you have a decent credit rating you should have no need of them - just go to the building societies (e.g., YBS, Britannia, Nationwide, Portman, Coventry) and you will find as good a product as they can. Alternatively, get the broker to find the deal and arrange it yourself.

I'm not sure all of that is true. My last mortgage was arranged by London & Country who are one of the biggest (if not the biggest) mortgage brokers out there. They got me a deal with the Co-op Bank that the Co-op themselves were not publicly offering. I could not have obtained the deal myself. Subsequently, I will be taking my business to L&C again next time.

It's worth pointing out that, like most, they do not charge the borrower a penny. Unlike most (or most that I have come across) they are completely transparent with regard to the fee they will earn from the lender for introducing me and it was all documented in black and white for me.

 

[Uncle Spielberg]

Ok ,tell me the best re mortgage 2 year fixed rate at 95% loan to value with no mortgage indemnity premium and a free survey and free legals and no arrangement fee with no extended early redemption penalties with a lender who will consider it based on affordability and not income multiples and the clients want up to 4 x joint incomes

You have 45 seconds ( how long it will take me to tell you ?.

 

[Uncle Spielberg]

Come on Chip I am waiting

 

[Uncle Spielberg]

Come on or are you " stupid "

 

[Uncle Spielberg]

Also can you get me a lender who will lend on a freehold flat and its also above commercial premises.

 

[Bozza]

Ok ,tell me the best re mortgage 2 year fixed rate at 95% loan to value with no mortgage indemnity premium and a free survey and free legals and no arrangement fee with no extended early redemption penalties with a lender who will consider it based on affordability and not income multiples and the clients want up to 4 x joint incomes

You have 45 seconds ( how long it will take me to tell you ?.

Trick question, presumably since why would someone want both of these 'features' :

- based on affordability and not income multiples

- and the clients want up to 4 x joint incomes

 

[Muzzman]

" ...and have to have passed a tough professional qualification."

Is that the CMAP qualification? It's just recently changed where when you pass a module you don't have to retake it again if you fail the other two...

 

[bhafc99]

She makes from those who need or want to rent - only some of whom are unable to BUY. If there is a problem with that, it is caused by a people's government which time and time again shys away from bucking or at least regulating the market when it needs to do exactly that. It is not the fault of the individual that a tax free pension is still a less attractive option that buying to let. That's what needs to be addressed, IMO.

Agree.

In the past decade, buy-to-let has gone from being a sensible option for some people that provides a useful service to others, to an out-of-control juggernaut.

The govt does need to look at the link between the massive boom in private landlords using buy-to-let as an investment/income vehicle, and the cost of housing sprialling beyond the means of many.

But it won't.