Born Hunter 17,787 Posted May 27, 2014 Report Share Posted May 27, 2014 10% is a safe amount at the minute, but the more you have the better rate you'll be able to get. 2 Quote Link to post Share on other sites
dare 1,103 Posted May 27, 2014 Report Share Posted May 27, 2014 f**k me that was funny as f**k giro. Buying your place from the council work out alot cheaper than non council house? My aunt brought her council house years ago didnt know if they still done that. Not that ill ever get a council place haven't got any kids or drug problems. Was told before I'd have to do a year in a hostel. Only been inside 2 hostels and its not for me. Was full of junkies and the type of people you'd hope never say hello to you if they see you out. Quote Link to post Share on other sites
nothernlite 18,089 Posted May 27, 2014 Report Share Posted May 27, 2014 my nephew just bought a house and there paying it up for 37 years think the banks are doing that now ripping people of more interest out of the young ones now Quote Link to post Share on other sites
smithie 2,443 Posted May 27, 2014 Author Report Share Posted May 27, 2014 my nephew just bought a house and there paying it up for 37 years think the banks are doing that now ripping people of more interest out of the young ones now ill be dead then..lol Quote Link to post Share on other sites
The one 8,493 Posted May 27, 2014 Report Share Posted May 27, 2014 There big signs on all the new builds 5 percent despotic secures this house ,and a lot of folk seem keen on buying into a 70/30 percent deal as they don't have the money to get a mortgage and don't want to be in debt the rest f there life but there never going to totally own it so I don't see the point Quote Link to post Share on other sites
antg 1,783 Posted May 27, 2014 Report Share Posted May 27, 2014 councils used to have the right to buy scheme. im not sure if it still is on but i suspect it is. im may be wrong but if you go in to buy your council house you need to be a tenant for at least two years. after the two years you get 20% and an additional 1 % discount for every year over and to a max of 33%. its a good few years back i bought my house this way and had the max discount. with the house being worth allot more than the price the council offered it to me it was very easy to get the mortgage because the banks couldn't loose if things went txts up. the council also had a clause that if i sold the house before 3 years i would have a % of the discount to pay back to them. as i say this was a long time back now and i dont know if the councils have changed their policy or not, plus its much harder to get a mortgage these days, so a 10% or higher deposit will go in your favour. hope this helps and good luck Quote Link to post Share on other sites
sussex 5,777 Posted May 27, 2014 Report Share Posted May 27, 2014 councils used to have the right to buy scheme. im not sure if it still is on but i suspect it is. im may be wrong but if you go in to buy your council house you need to be a tenant for at least two years. after the two years you get 20% and an additional 1 % discount for every year over and to a max of 33%. its a good few years back i bought my house this way and had the max discount. with the house being worth allot more than the price the council offered it to me it was very easy to get the mortgage because the banks couldn't loose if things went txts up. the council also had a clause that if i sold the house before 3 years i would have a % of the discount to pay back to them. as i say this was a long time back now and i dont know if the councils have changed their policy or not, plus its much harder to get a mortgage these days, so a 10% or higher deposit will go in your favour. hope this helps and good luck My 1st house was bought as above , but at the time the council gave you a mortgage as well ..£13000 was the price which tells you how long ago it was , but even this was a struggle for a few years ..Worth buying if you can . Quote Link to post Share on other sites
deanflute 550 Posted May 27, 2014 Report Share Posted May 27, 2014 We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really Quote Link to post Share on other sites
dare 1,103 Posted May 27, 2014 Report Share Posted May 27, 2014 Bloody hell 600 a month here gets you a shared room in a house lol Quote Link to post Share on other sites
Ideation 8,216 Posted May 27, 2014 Report Share Posted May 27, 2014 I went to the bank recently "for a chat" lol. Anyway, while I was there I asked about a mortgage, In a hypothetical situation where I managed to get a 22 grand a year job and could stump up 50 grand , deposit, they would lend me about 90 grand. Oh joy . . . . In my current situation they wouldn't lend me a pen 1 Quote Link to post Share on other sites
scothunter 12,609 Posted May 27, 2014 Report Share Posted May 27, 2014 Like to buy a canal boat and live it on 24/7 but I'm concerned about ice bergs on the winter lol Quote Link to post Share on other sites
Ideation 8,216 Posted May 27, 2014 Report Share Posted May 27, 2014 I'm going to build a hut on on a hill on my field Or bury a container or two and create an underground lair The Jesus Cave Quote Link to post Share on other sites
dare 1,103 Posted May 28, 2014 Report Share Posted May 28, 2014 Like to buy a canal boat and live it on 24/7 but I'm concerned about ice bergs on the winter lol Family friend is planning on doing this as it happens. Think he mentioned putting it near camden. Don't appeal to me n can't understand why either. His got a lovely house and mortgage has been paid on it. Quote Link to post Share on other sites
blackdug 90 Posted May 28, 2014 Report Share Posted May 28, 2014 We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer reallyI wish you the best but Are you going to be saying the same thing when interest rates rise and house prices fall ..... Quote Link to post Share on other sites
Malt 379 Posted May 28, 2014 Report Share Posted May 28, 2014 yes. it council. it would rent off one day and somebody could give me 100 quid a weekIf you're a council Tennant any discount you've earned over the years can be used as a deposit so you might not need to save for one. Quote Link to post Share on other sites
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