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• #1277
Yep, it's more about who earns the most. My GF earns more and she was told it would be 3 times her salary. I guess they assume one of you will eventually pack up work to have kids? Not that we've bought anywhere yet...
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• #1278
Can I have a rummage down the back of your sofa? Sounds like there's a lot down there if you can find £10k in an hour or two.
Sure, it's mostly coppers and jizz
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• #1279
Police Officers?
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• #1280
So depressing looking at what you can get for 200k in Brighton (our dream location) compared to up here
Where abouts are you looking? If your willing to look a bit further out of London (Plaistow/Tottenham/Leyton etc) there are a few nice places around. Obviously the areas won't be a nice as Stoke Newington (I assume you live near me because i see you all the time) but I think for your first home you have to make some sort of sacrifice especially leaving in such a ridiculously expensive city.
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• #1281
I've been looking at Forest Gate, Leyton, Leytonstone and Wanstead. Getting a freehold house for the price of a 2 bed flat in hackney is totally doable. What isn't however is pursuading the missus to move. Fucking impossible in fact. They just can't see the potential or the long term investment. She's got a point though, leaving an area you love just for a slightly bigger place with a garden and fuck all else to do isn't always the best lifestyle option.
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• #1282
She's got a point though, leaving an area you love just for a slightly bigger place with a garden and fuck all else to do isn't always the best lifestyle option.
Knock her up.
She will soon change her tune. -
• #1283
OK, had a bit of a kick up the bum with the house-hunt today, thanks to some stuff with my rented flat. Upshot is, had a long chat with my dad and my other half on the phone, and I need to start looking again. Had pretty much stopped as of a few weeks ago because of work etc.
Had a think about the mortgage broker thing and I'm not willing to pay £600-£700 for a deal, but have been reliably informed that there are some good ones out there that take a fee from the lender. Can anyone recommend one? I need to get an agreement in principle sorted ASAP.
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• #1284
Just spent 45 minutes on the phone with N&P to be told I can borrow bugger all. Bum.
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• #1285
I've been looking at Forest Gate, Leyton, Leytonstone and Wanstead. Getting a freehold house for the price of a 2 bed flat in hackney is totally doable. What isn't however is pursuading the missus to move. Fucking impossible in fact. They just can't see the potential or the long term investment. She's got a point though, leaving an area you love just for a slightly bigger place with a garden and fuck all else to do isn't always the best lifestyle option.
This was exactly the debate we were having last year when we decided to buy a place. We've always lived East so it was down to a 1 bed flat in Hackney/Dalston or a 2 bed freehold terrace in Leyton (i had already discounted most of the surrounding suburbs for various reasons). We looked at heaps of ordinary, overpriced properties over about 2 months and finally came across one that met our requirements.
We went for the larger property in Leyton and are really enjoying it. The area is generally residential, 5min walk to the tube (central line), good transport links from Stratford (1 stop) 10 min cycle to Hackney, vic park. I think there are signs that Leyton is already slowley improving even over the 1.5 years we've been there (mind you theres still a long way to go). Its interesting discovering stuff about the area, and theres even some decent pubs near by King William IV or Red Lion E11.
We went for a mix of longer term investment and larger freehold property whilst slightly compromising on the lifestyle element although its turned out better than initially expected. Im not sure that i could go back to living in a tiny apartment again.
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• #1286
This thread is a great read.
Sparky how much LTV are you looking at chap? I find it strange that N&P will lend you F all.
Look with Cheslea - they have a good 7 year mortgage - we're looking around 80-83% LTV.
We put in an offer around a month ago on a house that needed some work (nothing structural) and went well over the asking price. We didn't get the house so It's back to the drawing board.
Also like the look of this one-
http://www.zoopla.co.uk/for-sale/details/16752243?search_identifier=b6f0dcbb43e42841c1def32c7c8e1cf4
Very close to the city (around 5 miles)
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• #1287
Similar LTV here. Find it daft that N&P tell me that what's "affordable" for me as a mortgage payment is about 55% to 60% of what I currently pay in rent plus saving towards deposit.
Woman on phone didn't really believe me when I told her I have no travel costs (it's called a bike, Google it) and didn't spend a fortune on Sky TV, phones, clothes, booze etc.
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• #1288
Really? How can they quantify what is affordable to you so long as it's under your monthly income? Surely only you can say what that is. One person with a lavish lifestyle and lots of outgoings every month shouldn't have as much to spend on a house as a person who doesn't go out at all all things being equal.
Once we move my wife will be the only one using the car. But even that's only something like 15 miles every day.
I'll still beat her home in rush hour traffic though!
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• #1289
Really? How can they quantify what is affordable to you so long as it's under your monthly income? Surely only you can say what that is. One person with a lavish lifestyle and lots of outgoings every month shouldn't have as much to spend on a house as a person who doesn't go out at all all things being equal.
Once we move my wife will be the only one using the car. But even that's only something like 15 miles every day.
I'll still beat her home in rush hour traffic though!
It's their money, they can choose to lend it to whomever they see fit. Or not.
If I don't get something sorted this year then I'm going to have to consider leaving London. I know that sounds overly dramatic, but I think you need to feel as though you're working towards something. Getting up for work every morning knowing that half of that money is going to a landlord is wearing thin.
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• #1290
Similar LTV here. Find it daft that N&P tell me that what's "affordable" for me as a mortgage payment is about 55% to 60% of what I currently pay in rent plus saving towards deposit.
Woman on phone didn't really believe me when I told her I have no travel costs (it's called a bike, Google it) and didn't spend a fortune on Sky TV, phones, clothes, booze etc.
Rent isn't going to increase like mortgage repayments will if the interest rates rise.
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• #1291
Getting up for work every morning knowing that half of that money is going to a landlord is wearing thin.
Knowing half your money is going to a bank isn't great either.
An IFA might be able to get you through some of the hoops that lenders put up. Might be able to make you appear more appealing to the lenders, financially.
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• #1292
Also like the look of this one-
http://www.zoopla.co.uk/for-sale/details/16752243?search_identifier=b6f0dcbb43e42841c1def32c7c8e1cf4
Very close to the city (around 5 miles)
Small world - My brother lives up the end of that road in High Green.
Sparky. Did you get my pm?
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• #1293
Ha ha - really is a small world.
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• #1294
Hippy, I was after a five-year fixed for that very reason. And rent is always going up in London... Plus, half my money would be going to the bank, but at the end of 25 years I'll have a flat.
WVM, I did get it. Thanks very much. But I was hoping to get away without paying for a broker.
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• #1295
It's their money, they can choose to lend it to whomever they see fit. Or not.
If I don't get something sorted this year then I'm going to have to consider leaving London. I know that sounds overly dramatic, but I think you need to feel as though you're working towards something. Getting up for work every morning knowing that half of that money is going to a landlord is wearing thin.
Strong words Sparkes. I can see where your coming from though. Would you be prepared for the commute to London everyday though for work? Other alternative would be to live near a train station?
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• #1296
Strong words Sparkes. I can see where your coming from though. Would you be prepared for the commute to London everyday though for work? Other alternative would be to live near a train station?
Nah, I'd be settling somewhere else, not commuting. My sister's off to Oz soon, incidentally, not that I'd go that far!
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• #1297
Hippy, I was after a five-year fixed for that very reason. And rent is always going up in London... Plus, half my money would be going to the bank, but at the end of 25 years I'll have a flat.
WVM, I did get it. Thanks very much. But I was hoping to get away without paying for a broker.
5 years != 25 year mortgage. They're linking the long game.
My rent has never increased in London. Well, when I was dossing first year they were going to put it up but we all moved out.
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• #1298
I'm not going to get into a debate, Hippy.
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• #1299
I was hoping to get away without paying for a broker.
I've managed to do that in the past when there were more mortgages than borrowers. Times have changed now and it 'could' be money well spent. Worth a phone call at the very least.
I have no allegiance to the broker who I passed to you other than as a satisfied customer BTW. -
• #1300
Rent isn't going to increase like mortgage repayments will if the interest rates rise.
That's assuming they will rise. Many forecasters are seeing them stay the same now until possibly 2017 with even a decreas by the end of the year on the cards.
When I took my variable rate mortgage out three years ago, I read all the doom and gloom about how rates will go up. Well there has been no change since then and I have been paying 3% less than what I would have been long term fixed. I wouldn't hesitate to tkae out a variable interest today.
You got to take risks to get what you want in life I reckon
If one of you earns significantly more than the other, that could be in your favour.
The lender has two options: -
a) e.g. 3 times your joint income or
b) e.g. 3.5 times the larger salary, plus 1 times the smaller salary
It's been a while since I had a joint mortgage, mind