The Bounty Bar Kid Posted June 28, 2017 Share Posted June 28, 2017 How has no one picked up that he can get a house for 157k!!! Can't even get a one bed flat down here for that. 180k minimum down here. Quote Link to comment Share on other sites More sharing options...
TomBorehamUK Posted June 28, 2017 Share Posted June 28, 2017 Why would you consider getting HTB when you've got enough for a 20% mortgage? I would absolutely be putting the biggest deposit i could into the purchase, and getting it over the shortest number of years possible... i.e. if you can get your mortgage over 20 years rather than 25 then you'll be saving 10's of thousands in the long run. I third this. No idea why you'd want to entertain the HTB scheme or a 95% mortgage at all when you have 30k deposit, the rates Will be so much better at 80% LTV Quote Link to comment Share on other sites More sharing options...
Jay M1988 Posted June 28, 2017 Author Share Posted June 28, 2017 Learning all the time lads, thanks. Ill look into getting this up to the 20% marker definitely Quote Link to comment Share on other sites More sharing options...
Ekona Posted June 28, 2017 Share Posted June 28, 2017 We did, and it made a huge difference to our mortgage. Meant I had less spare cash to spend on huge TVs and big stereos... I mean, carpets and dishwashers, but long term it was the right move. Quote Link to comment Share on other sites More sharing options...
gangzoom Posted June 28, 2017 Share Posted June 28, 2017 (edited) Interest rates are also crazy cheap at moment, even 5 year fixed are now under 2%. As someone mentioned above get a 20 year rather than 25 years, add in overpayments and by the end of the 5 year term you will have cleared a massive part of the mortgage. Unless you can guarantee a better return else where putting your money into property isn't a bad idea. Edited June 28, 2017 by gangzoom Quote Link to comment Share on other sites More sharing options...
Jay M1988 Posted June 29, 2017 Author Share Posted June 29, 2017 80% looks achievable, the meeting went very well with the bank last night and we are well within budget. Happy days guys can now go do some more digging on this property and take it from their. All going well the deposit will be down next month when the plots released. She mentioned to hit the 3400 marker to get it over the 20% for the int rate and based it off the 80% and we couldn't have been happier it allowed us to shave 5 year off it 2 Quote Link to comment Share on other sites More sharing options...
GreenLandy Posted June 29, 2017 Share Posted June 29, 2017 As has been mentioned, avoid HTB and get as big a deposit as you can. I'm also always amazed with the house prices up north. Regarding new builds - TW are a 4 star builder, so should be pretty good. Not like Persimmon or any of those shocking ones. As for what you can get, it does vary massively - if there is a stock plot that they can't shift, there will be flooring, grass, appliances, stamp duty, legal fees, £5k John Lewis vouchers, moving costs and all sorts thrown in. As you're buying off plan, with a long wait, I suspect you'll be lucky to get much of that at all - can't hurt to ask for something extra though. Quote Link to comment Share on other sites More sharing options...
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