First time mortgage

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Profpointy

Legendary Member
oldfatfool said:
Worst thing they ever did giving the bankers power to set base rate. Base rate of 0 means they pay sweet fa on savings but charge 4% on mortgages and its still seen as low and affordable.
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Umm, bankers don't set interest rates as such. And why do you think low rates are necessarily good for bankers, and by implication bad for the rest of us?
 
Rustybucket

Rustybucket

Veteran
Location
South Coast
My mortgage is around £400k I think I only have another 28 years to pay it off!

Probably more if I keep on buying new bikes!
 
gbb

gbb

Squire
Location
Peterborough
Cycleops said:
There are advantages of course, you can just move in and be up and running with no additional fixing costs. I have seen some horror stories about new builds so research the builder very well.
Older houses can often be high maintainence and you don't want to forking out for a new roof when most of your money is going into the mortgage. I once had a 250 yr old cottage and it was always needing work.
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This can be true. An old colleague of mine showed me his very late Victorian, maybe early edwardian house. It's a bloody money pit he explained, I've never stopped working on and spending on it.
 
Cycleops

Cycleops

Legendary Member
Location
Accra, Ghana
Just wondering, do house builders include carpets with their builds? I used to work for a manufacturer and we made a cheap polypropylene carpet that used to sell by the mile to developers etc. This would save you money and the extra wouldn't affect your mortgage by much.
 
Slick

Slick

Guru
Cycleops said:
Just wondering, do house builders include carpets with their builds? I used to work for a manufacturer and we made a cheap polypropylene carpet that used to sell by the mile to developers etc. This would save you money and the extra wouldn't affect your mortgage by much.
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Some do and some don't, if it's been used as a show home you'll definitely get all floor coverings, if it's a slow seller you may get it as part of an incentive along with the usual turf instead of seed and things of that nature. I think you may find that the modern clientele may have changed over the years, as cheap polypropylene carpet wouldn't cover it (pardon the pun) in the developments that I know.
 
gbb

gbb

Squire
Location
Peterborough
Does anyone have any rough figures for the monthly repayments on say a £250k mortgage over 30 years say ?.
It'd be interesting to know....
 
Rustybucket

Rustybucket

Veteran
Location
South Coast
IMG_0462.PNG


Assuming a 10% deposit so £25k
There will also be better rates out there. I think mine was about 4% but have now reduced it to 2.5%. Which saved me £300 per month!
 
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screenman

Squire
Racing roadkill said:
There is no way on god's green earth I would mortgage myself up, my circumstances dictate that I don't have to. 250 grand is a lot of debt, and in today's money, won't get much ( except where there's nothing much going on ). If my circumstances dictated that I needed the 'security' of a mortgaged property, there's no way I'd go new build. The proportion of these places that are farmed out to 'social housing' effectively means that you end up on a council estate, full of people who are self entitled muppets. That means you are mortgaged up to the hilt, probably stuck next to arsey mc arse face, who doesn't give a crap, and doesn't have to work. Nightmare upon nightmare.
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£250,000 debt would be great if it was earning you twice what you were paying for it.
 
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