House Buying / Selling Thread

[denislawsbackheel]

Re missed cc payment - check out your credit rating. It could affect it.

Re direct debit - keep regular outgoings as low as possible. The building societies are becoming utter bastards when it comes to affordability checks.

 

[mcfc_ms]

How much of an impact will direct debits have on getting a mortgage? I am hoping to apply for a mortgage later in the year (not 1st time buyers) and wondering whether to pay season ticket off in one go so I have less money being paid out each month so have better chance of getting mortgage at the value we want. Will £40 a month for season ticket make much difference to mortgage offer?

Also, my wife missed a credit card payment in May last year - is that going to fuck us up?

Will be looking for a 90% mortgage.

Depends on a lot of factors but we have just bought a house on a 95% mortgage last year and no issues with my £480 direct debt for the season tickets coming out. Plus the Mrs missed a payment on her card about 10 months before and that didn't matter. We were both on good wages too though and borrowing about half of what we could have borrowed.

We went with a mortgage broker too. Only cost us £200 but she did nearly everything for us plus you get access to different deals. They offer some great advice if you're first time buyers. Thought it was well worth the money

Also different credit agencies have different ways of doing your scores. I always had a shit one with the free ones, but signed up to the free trials of Expedia and equifax and had either excellent or just below scores.

Just look into it. Martin Lewis has a good section on his website too with lots of advice

Buying is the best thing I have ever done and should have done it years ago without wasting our money renting! Even though our mortgage is 95% we are paying less per month than what we used to when renting.

 

[117 M34]

Depends on a lot of factors but we have just bought a house on a 95% mortgage last year and no issues with my £480 direct debt for the season tickets coming out. Plus the Mrs missed a payment on her card about 10 months before and that didn't matter. We were both on good wages too though and borrowing about half of what we could have borrowed.

We went with a mortgage broker too. Only cost us £200 but she did nearly everything for us plus you get access to different deals. They offer some great advice if you're first time buyers. Thought it was well worth the money

Also different credit agencies have different ways of doing your scores. I always had a shit one with the free ones, but signed up to the free trials of Expedia and equifax and had either excellent or just below scores.

Just look into it. Martin Lewis has a good section on his website too with lots of advice

Buying is the best thing I have ever done and should have done it years ago without wasting our money renting! Even though our mortgage is 95% we are paying less per month than what we used to when renting.

Thanks.
I didn't even know you could do 95% mortgage anymore - I thought 90% was the minimum since the 'financial crash'

We have a decent income but also both have historic debts that we are paying off from wedding, child and spending too much when younger!
When we buy a new house we will probably be a lot better off even with higher mortgage payments because we will free up equity in the house to pay off some/most of the debts. However, I'm concerned they will just say you are paying out x amount so you can only have a mortgage for... even though we will have more money with a higher mortgage payment.

 

[117 M34]

Re missed cc payment - check out your credit rating. It could affect it.

Re direct debit - keep regular outgoings as low as possible. The building societies are becoming utter bastards when it comes to affordability checks.

Thanks.
I think I will go with the direct debit and then pay it off when I am ready to apply for mortgage if it is going to affect.

 

[jacko74]

Depends on a lot of factors but we have just bought a house on a 95% mortgage last year and no issues with my £480 direct debt for the season tickets coming out. Plus the Mrs missed a payment on her card about 10 months before and that didn't matter. We were both on good wages too though and borrowing about half of what we could have borrowed.

We went with a mortgage broker too. Only cost us £200 but she did nearly everything for us plus you get access to different deals. They offer some great advice if you're first time buyers. Thought it was well worth the money

Also different credit agencies have different ways of doing your scores. I always had a shit one with the free ones, but signed up to the free trials of Expedia and equifax and had either excellent or just below scores.

Just look into it. Martin Lewis has a good section on his website too with lots of advice

Buying is the best thing I have ever done and should have done it years ago without wasting our money renting! Even though our mortgage is 95% we are paying less per month than what we used to when renting.

You sound remarkably chipper for someone who will be paying an unprecedentedly high proportion of their income for an unprecedentedly long period of time servicing a mortgage... you're virtually just renting off the bank for the rest of your working life.


On the bright side at least you'll have a nice fat juicy asset for the state to take off you and use to pay your care home fees, when (if) you ever get to actually retire.

 

[117 M34]

You sound remarkably chipper for someone who will be paying an unprecedentedly high proportion of their income for an unprecedentedly long period of time servicing a mortgage... you're virtually just renting off the bank for the rest of your working life.


On the bright side at least you'll have a nice fat juicy asset for the state to take off you and use to pay your care home fees, when (if) you ever get to actually retire.

Can't win with you and houses. Buy a house to live in and you criticise. Buy a house to rent out and you criticise. Where do you want people to live?

 

[BimboBob]

You sound remarkably chipper for someone who will be paying an unprecedentedly high proportion of their income for an unprecedentedly long period of time servicing a mortgage... you're virtually just renting off the bank for the rest of your working life.


On the bright side at least you'll have a nice fat juicy asset for the state to take off you and use to pay your care home fees, when (if) you ever get to actually retire.

Or he can pay it off early and enjoy the fruits of his labour.

 

[DenisLawBackHeel74]

Can't win with you and houses. Buy a house to live in and you criticise. Buy a house to rent out and you criticise. Where do you want people to live?

Don't worry about it, probably jealousy. Getting on the property ladder is imo usually a good investment.

 

[TCIB]

Don't worry about it, probably jealousy. Getting on the property ladder is imo usually a good investment.

I fell off twice due to having ants in my pants and chasing tail. Gonna dive in again this summer i think, need my own gaff, had enough of a house share now.

Gonna look along the caldervale line and the towns there, i remember some good deals a couple of years back but i was not in the market.

 

[sir baconface]

You sound remarkably chipper for someone who will be paying an unprecedentedly high proportion of their income for an unprecedentedly long period of time servicing a mortgage... you're virtually just renting off the bank for the rest of your working life.

On the bright side at least you'll have a nice fat juicy asset for the state to take off you and use to pay your care home fees, when (if) you ever get to actually retire.

Do you have a master financial strategy you'd like to share with us?