how_supra Posted January 11, 2006 Share Posted January 11, 2006 Actually I don't think you can get studio flats for £80k [well not south of england anyways] and I certainly haven't come across any, and I've been looking for 9 months now. You can get for 80k or less............ Retirement flats [ageist ] Shared ownership schemes [which favours those who work in the Public sector. Anyone who works in the private sector "tough titty" Which p!sses me off quite frankly] Mobile homes Link to comment Share on other sites More sharing options...
toyotasuprauk Posted January 11, 2006 Share Posted January 11, 2006 I'm on the south coast and like how Supra said you cant even get a studio flat for that around here, just the options the lovely young lady listed, and the price of mobile homes has to be a joke! People that want to live on their own and are only just getting on the property ladder have very little chance. Link to comment Share on other sites More sharing options...
how_supra Posted January 11, 2006 Share Posted January 11, 2006 I'm on the south coast and like how Supra said you cant even get a studio flat for that around here, just the options he listed, and the price of mobile homes has to be a joke! People that want to live on their own and are only just getting on the property ladder have very little chance. How_supra is a young lady you know........... Link to comment Share on other sites More sharing options...
toyotasuprauk Posted January 11, 2006 Share Posted January 11, 2006 Opps! Maybe I should edit that then. Link to comment Share on other sites More sharing options...
tbourner Posted January 11, 2006 Share Posted January 11, 2006 Me and the lady earn between us about 32k a year, and we've just been offered a mortgage through Northern Rock for 120k. This is pretty good as I owe Northern Rock about 30k on an old loan!!!! Also they do a good scheme (the only people that do I believe) that gives you 100%+ mortgage without increasing the interest rate. Basically they give you a 95% secured loan on the property, and then an unsecured loan on top to pay the rest + any fees etc. that need paying! We were offered 120k secured plus a further unsecured ammount of 30k!!! On top of the 30k I already owe them!!!!! 180k possible debt!!!!! Anyhoo, we're looking for a place up to 120k, and we've found a few small places (1 bed) but at least they're houses. A few bigger houses but in Paulsgrove or Botley Drive!!! And one or two run down ex-reposessions that need A LOT of work! People who can't afford it really need to get someone else for a joint mortgage. Link to comment Share on other sites More sharing options...
how_supra Posted January 11, 2006 Share Posted January 11, 2006 Opps! Maybe I should edit that then. Thats okay easy mistake to make. Also they do a good scheme (the only people that do I believe) that gives you 100%+ mortgage without increasing the interest rate. Basically they give you a 95% secured loan on the property, and then an unsecured loan on top to pay the rest + any fees etc. that need paying! We were offered 120k secured plus a further unsecured ammount of 30k!!! On top of the 30k I already owe them!!!!! 180k possible debt!!!!! I've not tried northern rock, looking at the details now.............. Link to comment Share on other sites More sharing options...
toyotasuprauk Posted January 11, 2006 Share Posted January 11, 2006 Thats good they dont charge more for 100% most places do. Some companies dont even do 100% mortgages. Are they charging any arrangement or other fees? Link to comment Share on other sites More sharing options...
how_supra Posted January 11, 2006 Share Posted January 11, 2006 HSBC are really good as well. Link to comment Share on other sites More sharing options...
tbourner Posted January 11, 2006 Share Posted January 11, 2006 Thats good they dont charge more for 100% most places do. Some companies dont even do 100% mortgages. Are they charging any arrangement or other fees? Not sure on fees as we've got a financial advisor to do it all for us - he's pretty good as well, he sorts everything out - mortgage/surveys/solicitors/fees etc. and you don't pay anything until it's all done and signed and you're moving in - then it's only £250. Link to comment Share on other sites More sharing options...
Supragal Posted January 11, 2006 Share Posted January 11, 2006 I hate them too because it means there aren't a lot of investment properties available The only ones are where old ears have shuffled off and it's still as it was in 1960 when they bought it Link to comment Share on other sites More sharing options...
terribleturner Posted January 11, 2006 Author Share Posted January 11, 2006 Maybe we could get a table up of what a 2 bed flat and a 2 bed house would cost in various areas of the country form members on here. Would be interesting what the ares are like with price. Link to comment Share on other sites More sharing options...
Charlotte Posted January 11, 2006 Share Posted January 11, 2006 Me and the lady earn between us about 32k a year, and we've just been offered a mortgage through Northern Rock for 120k. This is pretty good as I owe Northern Rock about 30k on an old loan!!!! Also they do a good scheme (the only people that do I believe) that gives you 100%+ mortgage without increasing the interest rate. Basically they give you a 95% secured loan on the property, and then an unsecured loan on top to pay the rest + any fees etc. that need paying! We were offered 120k secured plus a further unsecured ammount of 30k!!! On top of the 30k I already owe them!!!!! 180k possible debt!!!!! Anyhoo, we're looking for a place up to 120k, and we've found a few small places (1 bed) but at least they're houses. A few bigger houses but in Paulsgrove or Botley Drive!!! And one or two run down ex-reposessions that need A LOT of work! People who can't afford it really need to get someone else for a joint mortgage. Are you not a teacher? Can you not do the Key Worker scheme thingy? Link to comment Share on other sites More sharing options...
black cat Posted January 11, 2006 Share Posted January 11, 2006 direct line....... no hastle and no upfront fee. all over phone Link to comment Share on other sites More sharing options...
tbourner Posted January 11, 2006 Share Posted January 11, 2006 Are you not a teacher? Can you not do the Key Worker scheme thingy? Nope, Engineer. And the missus is a secretary for the NHS. Link to comment Share on other sites More sharing options...
Charlotte Posted January 11, 2006 Share Posted January 11, 2006 Nope, Engineer. And the missus is a secretary for the NHS. damn....me being dinny...oh well nevermind. We did the Northern Rock thing too great way for people to afford property in this area (that's not in paulsgrove!)....bad for solicitors tho cause it means you have to exchange and complete on the same day ie 120% mortgage = minimal deposit... Link to comment Share on other sites More sharing options...
JonW Posted January 11, 2006 Share Posted January 11, 2006 You can do the shared ownership deal even if you are not a key worker, I know because I did it in May. 2 double bedroom flat with secure parking in a nice central location worth £170K. Got a 100% £85,000 mortgage from Newbury BS, no fees. Didn't have to pay stamp duty either. Pay £150/mth rent to the Housing Association for the 50% they own. If you want to do this you need to contact the local council and ask to be put on the shared ownership list. Fill out some forms and they will send you details of all the properties that come up for sale. It only took me 6 months from going on the list to buying the flat. Some people turn their noses up at only owning 50% but it's better than paying a landlord and not to different sharing ownership with a partner or mate. Link to comment Share on other sites More sharing options...
how_supra Posted January 11, 2006 Share Posted January 11, 2006 You can do the shared ownership deal even if you are not a key worker, I know because I did it in May. 2 double bedroom flat with secure parking in a nice central location worth £170K. Got a 100% £85,000 mortgage from Newbury BS, no fees. Didn't have to pay stamp duty either. Pay £150/mth rent to the Housing Association for the 50% they own. If you want to do this you need to contact the local council and ask to be put on the shared ownership list. Fill out some forms and they will send you details of all the properties that come up for sale. It only took me 6 months from going on the list to buying the flat. Some people turn their noses up at only owning 50% but it's better than paying a landlord and not to different sharing ownership with a partner or mate. I've tried that and have had nothing in return. Preference goes to Public sector workers, that's the only answer I ever get. There was a nice 2 bed flat near me, up for £60,000 but someone beat me to the post and put in an offer which was accepted. 4 months later the agent rings me up and states "the council rejected him because he was earning too much". What rule is there that suggests that Public sector workers are less likely to be able to afford to buy a property than I would [as a 24 year old, only recently out of university, with student debt left right and centre and on a starter wage??] Or have I missed something? Link to comment Share on other sites More sharing options...
JonW Posted January 11, 2006 Share Posted January 11, 2006 Find out who the local Housing Associations are (Sovereign are the main one in Reading) and as well as making sure you are on the councils list apply to the Associations directly. They will then also send you information about properties. Link to comment Share on other sites More sharing options...
how_supra Posted January 11, 2006 Share Posted January 11, 2006 Find out who the local Housing Associations are (Sovereign are the main one in Reading) and as well as making sure you are on the councils list apply to the Associations directly. They will then also send you information about properties. Okay I will give it a try again. All my other attempts have led to "Public sector workers only" nonesense. Link to comment Share on other sites More sharing options...
JonW Posted January 11, 2006 Share Posted January 11, 2006 Okay I will give it a try again. All my other attempts have led to "Public sector workers only" nonesense. Also the association will tell you about developments that have Shared Ownership properties as opposed to Key Worker properties. There is an association called Key Start http://www.chg.org.uk/homes/sharedownership.html. They mainly deal with key workers but generally they allocate 10% of each developement to shared ownership i.e not Key Workers. They do have rules such as, you must currently live & work within the Local Authority area in which the property is located. Check out the link above. Link to comment Share on other sites More sharing options...
how_supra Posted January 11, 2006 Share Posted January 11, 2006 Thanks mate, it is appreciated. When I do eventually get to buy somewhere, house warming party round mine. Link to comment Share on other sites More sharing options...
China Man Posted January 11, 2006 Share Posted January 11, 2006 James, I mean there will be a price bracket for any area. Lets say a three bedroom house in East london cost around 200k to 250k, no matter what you do to turn it around it will not sell for more than 250k unless you add a second bath room or a garage to the property. I think the problem is just house prices are crazy in the city and I don't mean only central london. Anywhere with direct access to city workers are being snapped up. the same equation to what you get for what you pay, I think the area or street have more influence that what it looks like inside. Just across the street from where i live have a 50k difference because of the location and off street parking. I got 100% morgage from HSBC and that is after 2 months into my first job. We can show to the bank that we have stable income for the next so many years and they give us what we ask We have been house hunting for 6 months and must have visited 30+ sites all over london....... Good luck with yours China Link to comment Share on other sites More sharing options...
terawua Posted January 11, 2006 Share Posted January 11, 2006 Blimey- I just bought 3 weeks ago, I thought I had it bad! My heart goes out to everyone who just cant get their leg onto the property ladder its such a nightmare as I sat and waited thinking that everything would top out and it just hasn't and in the meantime friends of mine now reside in half million pound properties!!! I suppose all the time and none of the time are both a good time to buy..... Link to comment Share on other sites More sharing options...
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