Heyup people of trucknet! I’m at the tender age of 25 and looking at buying a house , what wise words of wisdom have you “oldies” got 
, obviously be my first time so still a bit clueless !!
It’s not yours till the contracts have been exchanged. Up to that point do not buy curtains to please your other half or a beer fridge for yourself. You can be outbid right up to then. Have the solicitor tell them that if they change their minds about selling to you they pay you £2000 (for example) to cover the solicitors bill up to that point.
If you are in a chain where everyone has a house to sell apart from you (you’ll be the start of the chain), be patient. Or tell (ask!) the people who own the house you’re buying to move out and rent for a while.
That’s a start, there’s loads to come from the Fraternity.
Don’t use mortgage advisors. Find best deal yourself. Compare mortgages online. Don’t forget about the fees…
Everything you need to know about mortgages you will find online.
No need for greedy advisors.
Save, save, save & when you think you’ve saved enough, save more.
The more you can put down at the start, the less the Parasites will make from you.
I feel sorry for the younger generation now, house prices are ridiculous, my daughter is in the middle of buying one at the minute, she’s managed to accumulate a few grand from savings & family (generous Daddy) but she’s still having to get a poxy mortgage around 180k that’ll take until she retires to pay off. Grrrr.
If you are able, try to overpay each year, don’t go on exotic holidays that take a year to pay off, don’t buy everything on tick & don’t buy brand new cars.
I managed to pay my mortgage off by 50, by doing all the above & by offsetting the mortgage with 0% interest credit cards & savings, but it will be a lot harder with £200,000 debt.
Just remember that a £200,000 mortgage will cost £500,000 or £600,00 over the long term, the quicker you pay it, the cheaper it is.
Good Luck.
Oh & don’t forget solicitors (spit) fees, estate agency (spit) fees, searches & every other poxy fee that I’ve forgotten. (It’s never ending)
martinviking:
Save, save, save & when you think you’ve saved enough, save more.The more you can put down at the start, the less the Parasites will make from you.
I feel sorry for the younger generation now, house prices are ridiculous, my daughter is in the middle of buying one at the minute, she’s managed to accumulate a few grand from savings & family (generous Daddy) but she’s still having to get a poxy mortgage around 180k that’ll take until she retires to pay off. Grrrr.
If you are able, try to overpay each year, don’t go on exotic holidays that take a year to pay off, don’t buy everything on tick & don’t buy brand new cars.
I managed to pay my mortgage off by 50, by doing all the above & by offsetting the mortgage with 0% interest credit cards & savings, but it will be a lot harder with £200,000 debt.
Just remember that a £200,000 mortgage will cost £500,000 or £600,00 over the long term, the quicker you pay it, the cheaper it is.
Good Luck.
Oh & don’t forget solicitors (spit) fees, estate agency (spit) fees, searches & every other poxy fee that I’ve forgotten. (It’s never ending)
Which mortgage lender would that be with?
I think the best thing I can say is that you do not need everything NOW. Forget the ‘never-never’ which is what my parents - the WW2 generation - called hire purchase, and save up for what you want. Even then it does not have to be brand-new top of the range items which you buy to begin with. Nor do you simply have to spend a week’s wages on every room in the house redecorating as soon as you move in, simply because one of you doesn’t like the colour. Give yourselves time to build up some savings again so that the rainy day does not come as a complete disaster.
This is not meant to be a Monty Python tale of how we licked the gutter, however we only had one (7 year old) car - my wife walking a mile to the bus stop to get to work (my work was 12 miles away), clothes were washed by hand or at the launderette and we did not have a television for the first year. IIRC our coffee table was an old wooden packing case with a table cloth covering it up!
The point being that none of these items were absolutely essential; their lack allowed us to get on our feet, pay the mortgage, save in case I lost my job - I was made redundant the day after my first child was born - and slowly acquire those items which made life easier or more enjoyable. No 1: 2nd hand twin tub washing machine.
Can you ask your old parents to divvi up in a tactful way as has been said you have it hard enough without feeding those fat parasitical bankers.Property is most likely to be the best investment that you can make.
Basically there is someone I know who will be selling a house , it’s not up yet the tenant s have just moved out and he is in the middle of fitting a new kitchen, me and our lass will have to go for it togeer because I can’t borrow enough on my own wages. I was going to see if he would be kind enough to pay off the 10% deposit and I’ll borrow it back from the bank and give him it with the sale , long shot I know but nothing to lose really, it would get me on the ladder a few years earlier that’s all , and a nice house too!! all these fees and ■■■■■■■■ is head frying but I suppose in the long run it will be worth it eh? Lol cheers
cav551:
I think the best thing I can say is that you do not need everything NOW. Forget the ‘never-never’ which is what my parents - the WW2 generation - called hire purchase, and save up for what you want. Even then it does not have to be brand-new top of the range items which you buy to begin with. Nor do you simply have to spend a week’s wages on every room in the house redecorating as soon as you move in, simply because one of you doesn’t like the colour. Give yourselves time to build up some savings again so that the rainy day does not come as a complete disaster.This is not meant to be a Monty Python tale of how we licked the gutter, however we only had one (7 year old) car - my wife walking a mile to the bus stop to get to work (my work was 12 miles away), clothes were washed by hand or at the launderette and we did not have a television for the first year. IIRC our coffee table was an old wooden packing case with a table cloth covering it up!
The point being that none of these items were absolutely essential; their lack allowed us to get on our feet, pay the mortgage, save in case I lost my job - I was made redundant the day after my first child was born - and slowly acquire those items which made life easier or more enjoyable. No 1: 2nd hand twin tub washing machine.
Very nice of your employer, name and shame! Wise words about saving for stuff rather than feeling the need to have everything now, you will save a fortune by saving up for stuff and not paying interest on loans. That’s the problem with the younger generation, they feel they must have everything yesterday and will rack up huge credit card debts to fulfil this need. As soon as I bought my last car I started putting a few hundred quid away every month because I know that it’s not going to last forever (although with it being a fine bit of Japanese engineering in the form of a Mazda it will hopefully give me at least ten years service!) and when the time comes to get a new one I refuse to pay interest on a loan.
When considering mortgage affordability also bear in mind that interest rates are as low as they’re ever going to be, so work out whether you could afford it if interest rates went back up to 6% for example. And whilst rates are low, try and over-pay as much as you can to reduce the term of the mortgage, and ultimately the amount of interest you’ll end up paying.
Smoggie89:
Heyup people of trucknet! I’m at the tender age of 25 and looking at buying a house , what wise words of wisdom have you “oldies” got
go for it mate i did it 30 years a go at 25 me and mrs were all ways skint for years but now just turned old enugh to be your dad …55… house paid off happy days good look smoggie… 25 he.s onley a pup you old enugh to drive that big thing 
wirksworth rod:
Smoggie89:
Heyup people of trucknet! I’m at the tender age of 25 and looking at buying a house , what wise words of wisdom have you “oldies” gotgo for it mate i did it 30 years a go at 25 me and mrs were all ways skint for years but now just turned old enugh to be your dad …55… house paid off happy days good look smoggie… 25 he.s onley a pup you old enugh to drive that big thing
I say go for it. Better investing in something that will be yours rather than loosing cash renting. On the other hand maintenance costs will be down to you but you can do what you like with the place. Best of luck with it mate.
Markk80:
Don’t use mortgage advisors. Find best deal yourself. Compare mortgages online. Don’t forget about the fees…
Everything you need to know about mortgages you will find online.
No need for greedy advisors.
Not quite how it works anymore, you can no longer pick a mortgage and ask for it, you have to go through an advised sale process with a mortgage advisor and be offered a suitable product. The only way you can choose a product yourself and ignore advice now is if you meet certain criteria (high net worth, qualified financial or mortgage advisor yourself etc). Mortgage advisors don’t take money from you, they will gain commission from the lender or the broker they work for and they have to be up front and honest about this now. So i’m afraid your advise is out of date. P.S yes i’m a mortgage advisor (as well as a trucker).
D-ya not?:
martinviking:
Save, save, save & when you think you’ve saved enough, save more.The more you can put down at the start, the less the Parasites will make from you.
I feel sorry for the younger generation now, house prices are ridiculous, my daughter is in the middle of buying one at the minute, she’s managed to accumulate a few grand from savings & family (generous Daddy) but she’s still having to get a poxy mortgage around 180k that’ll take until she retires to pay off. Grrrr.
If you are able, try to overpay each year, don’t go on exotic holidays that take a year to pay off, don’t buy everything on tick & don’t buy brand new cars.
I managed to pay my mortgage off by 50, by doing all the above & by offsetting the mortgage with 0% interest credit cards & savings, but it will be a lot harder with £200,000 debt.
Just remember that a £200,000 mortgage will cost £500,000 or £600,00 over the long term, the quicker you pay it, the cheaper it is.
Good Luck.
Oh & don’t forget solicitors (spit) fees, estate agency (spit) fees, searches & every other poxy fee that I’ve forgotten. (It’s never ending)
Which mortgage lender would that be with?
All of 'em.
At the minute 200k will cost around 1k per month, over 25 years that’s 300k.
Borrow 200k over 40 years @ £760 per month & it will be around 370k to repay.
BUT (& it’s a big Kim Kardashian size BUT) when (not if) interest rates go up to say 6% Base Rate, Mortgage rates will go up to 8-9 or 10% & that Hurts [emoji22]
Top of my head example-
200k at 4% is £8000 interest per year, so pay £1000 per month, that’s £12,000, you’ve only paid off £4000.
So now you owe 196k @ 4%=£7840 interest, keep paying £1000 per month, that’s another £12,000 & you’ve paid off £4160, so now you owe £191,840.
So over 2 years you’ve paid £24,000, but only reduced the debt by £8160, no wonder the Bankers are Laughing all the way to the Bank. [emoji57]
When the rates go up, so will those figures & Yacht Sales will go up as well. [emoji6]
Kiowan:
Markk80:
Don’t use mortgage advisors. Find best deal yourself. Compare mortgages online. Don’t forget about the fees…
Everything you need to know about mortgages you will find online.
No need for greedy advisors.Not quite how it works anymore, you can no longer pick a mortgage and ask for it, you have to go through an advised sale process with a mortgage advisor and be offered a suitable product. The only way you can choose a product yourself and ignore advice now is if you meet certain criteria (high net worth, qualified financial or mortgage advisor yourself etc). Mortgage advisors don’t take money from you, they will gain commission from the lender or the broker they work for and they have to be up front and honest about this now. So i’m afraid your advise is out of date. P.S yes i’m a mortgage advisor (as well as a trucker).
Everything this lad says…
martinviking:
D-ya not?:
martinviking:
Save, save, save & when you think you’ve saved enough, save more.The more you can put down at the start, the less the Parasites will make from you.
I feel sorry for the younger generation now, house prices are ridiculous, my daughter is in the middle of buying one at the minute, she’s managed to accumulate a few grand from savings & family (generous Daddy) but she’s still having to get a poxy mortgage around 180k that’ll take until she retires to pay off. Grrrr.
If you are able, try to overpay each year, don’t go on exotic holidays that take a year to pay off, don’t buy everything on tick & don’t buy brand new cars.
I managed to pay my mortgage off by 50, by doing all the above & by offsetting the mortgage with 0% interest credit cards & savings, but it will be a lot harder with £200,000 debt.
Just remember that a £200,000 mortgage will cost £500,000 or £600,00 over the long term, the quicker you pay it, the cheaper it is.
Good Luck.
Oh & don’t forget solicitors (spit) fees, estate agency (spit) fees, searches & every other poxy fee that I’ve forgotten. (It’s never ending)
Which mortgage lender would that be with?
All of 'em.
At the minute 200k will cost around 1k per month, over 25 years that’s 300k.
Borrow 200k over 40 years @ £760 per month & it will be around 370k to repay.BUT (& it’s a big Kim Kardashian size BUT) when (not if) interest rates go up to say 6% Base Rate, Mortgage rates will go up to 8-9 or 10% & that Hurts [emoji22]
Top of my head example-
200k at 4% is £8000 interest per year, so pay £1000 per month, that’s £12,000, you’ve only paid off £4000.
So now you owe 196k @ 4%=£7840 interest, keep paying £1000 per month, that’s another £12,000 & you’ve paid off £4160, so now you owe £191,840.So over 2 years you’ve paid £24,000, but only reduced the debt by £8160, no wonder the Bankers are Laughing all the way to the Bank. [emoji57]
When the rates go up, so will those figures & Yacht Sales will go up as well. [emoji6]
Bit of a difference between your 2 quoted figures there…
ckm1981:
martinviking:
D-ya not?:
martinviking:
Save, save, save & when you think you’ve saved enough, save more.The more you can put down at the start, the less the Parasites will make from you.
I feel sorry for the younger generation now, house prices are ridiculous, my daughter is in the middle of buying one at the minute, she’s managed to accumulate a few grand from savings & family (generous Daddy) but she’s still having to get a poxy mortgage around 180k that’ll take until she retires to pay off. Grrrr.
If you are able, try to overpay each year, don’t go on exotic holidays that take a year to pay off, don’t buy everything on tick & don’t buy brand new cars.
I managed to pay my mortgage off by 50, by doing all the above & by offsetting the mortgage with 0% interest credit cards & savings, but it will be a lot harder with £200,000 debt.
Just remember that a £200,000 mortgage will cost £500,000 or £600,00 over the long term, the quicker you pay it, the cheaper it is.
Good Luck.
Oh & don’t forget solicitors (spit) fees, estate agency (spit) fees, searches & every other poxy fee that I’ve forgotten. (It’s never ending)
Which mortgage lender would that be with?
All of 'em.
At the minute 200k will cost around 1k per month, over 25 years that’s 300k.
Borrow 200k over 40 years @ £760 per month & it will be around 370k to repay.BUT (& it’s a big Kim Kardashian size BUT) when (not if) interest rates go up to say 6% Base Rate, Mortgage rates will go up to 8-9 or 10% & that Hurts [emoji22]
Top of my head example-
200k at 4% is £8000 interest per year, so pay £1000 per month, that’s £12,000, you’ve only paid off £4000.
So now you owe 196k @ 4%=£7840 interest, keep paying £1000 per month, that’s another £12,000 & you’ve paid off £4160, so now you owe £191,840.So over 2 years you’ve paid £24,000, but only reduced the debt by £8160, no wonder the Bankers are Laughing all the way to the Bank. [emoji57]
When the rates go up, so will those figures & Yacht Sales will go up as well. [emoji6]
Bit of a difference between your 2 quoted figures there…
■■?
Thanks for advice people ! If I got someone to pay the deposit for me and borrowed it back from the bank say for instance the house was being sold for £130K a 10% would be £13K , I would need to borrow £143K to pay back the deposit. Would I only need £13K because that would be the price of the house or would I need a £14K deposit because I am wanting to borrow £143K ? Cheers
Smoggie89:
Thanks for advice people ! If I got someone to pay the deposit for me and borrowed it back from the bank say for instance the house was being sold for £130K a 10% would be £13K , I would need to borrow £143K to pay back the deposit. Would I only need £13K because that would be the price of the house or would I need a £14K deposit because I am wanting to borrow £143K ? Cheers
The bank won’t borrow you the deposit as part of the morg,to borrow the 13k for the deposit as a separate loan would cost you around £240 pm from a bank over say 5 years,you need to bear this in mind too.
If the house is worth 130k the max the bank will lend as a morg is 90% of that =117k,which will cost you roughly £550 a month depending on interest rates,add the loan to this and your looking around £800 a month if that’s the route you take.
Also if the guy who owns the house says it’s worth 130k then you’ll be wanting to offer him 120k not the full 130k because that is what he would like,or at least have it valued by 2 estate agents first as the morg company will send someone to value it at your expense anyway and if you’ve agreed a price of 130k with the seller between yourselves and the morg company decide it’s not worth that then they will not lend you the full amount you have agreed to pay anyway,they will borrow you 90% of what THEY value the house at,which will obviously mean there’s a shortfall if you have agreed to give him 130k you need to make up.
No offence fella but you should book in to see a morg advisor at whichever bank you use and let them explain everything to you rather than seeking answers on here.
ckm1981:
Smoggie89:
Thanks for advice people ! If I got someone to pay the deposit for me and borrowed it back from the bank say for instance the house was being sold for £130K a 10% would be £13K , I would need to borrow £143K to pay back the deposit. Would I only need £13K because that would be the price of the house or would I need a £14K deposit because I am wanting to borrow £143K ? CheersThe bank won’t borrow you the deposit as part of the morg,to borrow the 13k for the deposit as a separate loan would cost you around £240 pm from a bank over say 5 years,you need to bear this in mind too.
If the house is worth 130k the max the bank will lend as a morg is 90% of that =117k,which will cost you roughly £550 a month depending on interest rates,add the loan to this and your looking around £800 a month if that’s the route you take.
Also if the guy who owns the house says it’s worth 130k then you’ll be wanting to offer him 120k not the full 130k because that is what he would like,or at least have it valued by 2 estate agents first as the morg company will send someone to value it at your expense anyway and if you’ve agreed a price of 130k with the seller between yourselves and the morg company decide it’s not worth that then they will not lend you the full amount you have agreed to pay anyway,they will borrow you 90% of what THEY value the house at,which will obviously mean there’s a shortfall if you have agreed to give him 130k you need to make up.
No offence fella but you should book in to see a morg advisor at whichever bank you use and let them explain everything to you rather than seeking answers on here.
Cheers mate, I’ve only phoned the bank and just got some rough advice for now as never dealt with anything like it before that’s all, it’s my girlfriends boss who is selling the house he has had it valued at 145K but would sell us it for 130K , the person I spoke to at the bank said basically I would need to borrow 13K off him nothing to do with the bank , and then borrow whatever from the bank and pay him back (obviously if they value the house at a price want I’m wanting to borrow). They done 5% deposit only a few month back and now they have stopped it (th government apparently) , I’ve only spoke to my bank for now (RBS) just some basic advice etc
Speak the RBS about the “help to buy” scheme that the government are running,they are a part of that.
With the scheme you only have to pay a 5% deposit as the government act as a guarantor to the bank on the rest,the banks are not allowed to “sell” the help to buy scheme to you,you have to ask them about it.
Personally I’d book an appointment with a RBS morg advisor in branch which will be free and let them explain it all to you.
Btw,some people advised to avoid morg advisors by this they mean independent financial advisors not morg advisors who work for the bank,they are two completely different things.