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Thread: mortgage advise

  1. #1
    Senior Member baz_main's Avatar
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    Default mortgage advise

    looking for a bit of advise guys.

    if i want to buy a house that is valued at 60000 but getting sold at 50000. can i get a mortgage for the house value or the sale price, reason been i have a small loan which i would like to include in this, also i am a first time buyer.

    cheers
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  2. #2

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    It probably depends on your income & how much down payment you have.

    You normally need ~20% of the house cost up front, so 10k cash with 40k mortgage.

    I could be wrong, but that's how it seemed to work when I looked.

  3. #3

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    first mortgage? over the last two years (unsurprisingly) they have got really strict with mortgages. I work in the industry and have seen how hard its got for people to get them. You need to be squeaky clean on a credit check point of view and they will take any outstanding debts into account when looking at affordability.

    As for your question it is possible if the money will be used for improvements on the house you can get a further advance on a mortgage.

    It all depends of the company and your salary multiples most lenders will do 3 x salary sometimes 3.5x joint for you and your partner you will struggle to get 4x anymore and gone are the days of 100% mortgages.

  4. #4

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    Honestly id keep the loan and the mortgage separate. I have learned from personal experience that putting a loan over longer repay period with your mortgage to save money (25/30 years) in the short term is false economy. the extra interest over that period will mount up to be pretty huge. Its up to ur bank how much they lend you. Talk to them and ask about the best deal. If it was me, I would try and keep mortgage as small as possible and try to think long term rather than what I can save now.

  5. #5

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    Quote Originally Posted by graham cooke View Post
    Honestly id keep the loan and the mortgage separate. I have learned from personal experience that putting a loan over longer repay period with your mortgage to save money (25/30 years) in the short term is false economy. the extra interest over that period will mount up to be pretty huge. Its up to ur bank how much they lend you. Talk to them and ask about the best deal. If it was me, I would try and keep mortgage as small as possible and try to think long term rather than what I can save now.
    Personally I agree, but then for a 10k loan over 5 years your looking at about 300 pm repayments so it depends what you can afford.

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