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over 100% mortgage

Hi,

I am looking at borrowing 350,000 to buy a house. But I don't have any money for the deposit, nor for legal fees etc... I currently pay 1,600 per month in rent and would like to stop wasting money. I am a french national married with 2 children and we have lived in London for nearly 5 years and we intend to stay here... I earn 74K per year and have no repayment at the moment. Any suggesstion / help would be much appreciated as I could not find lender beyong 90% of the property value.

Cheers Jag

Reply to
Jag
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thats because received wisdom is that prices are falling so they wont have any security at all. FWIW what sort of mortgage would 1,600 buy?

Reply to
Tumbleweed

Wrong question, perhaps. With a 74k income, it's likely he can easily afford much more than 1k6 a month on rent or mortgage, but with the attitude that rent=waste, perhaps he would be prepared to pay much more on ownership than on rent. Now how are we going to convince him that doing *that* would be a waste?

Reply to
Ronald Raygun

Ideally would like to repay around the same as current rent (i.e 1,600) but really we would like to own our place. it is a pain not to be able to do what we like in this rented property!!

"R>

Reply to
Jag

In message , Jag writes

Save.

Reply to
JF

what do you do to earn 74k? :)

Reply to
mo

Northern Rock or Mortgage Express.

Reply to
Matt Robertson

dont't think the issue but am managing an IT team for a financial company.

"mo" a crit dans le message de news: K snipped-for-privacy@giganews.com...

Reply to
Jag

Coventry and Northern Rock do over 100%, although God help you if you have to use Northern Rock.

Rob Graham

Reply to
Rob graham

just search for 105% mortgage, there are many, but bear in mind that interest is much higher. A realistic monthly for 350000 would be 3000 .

mrcheerful

Reply to
mrcheerful

Depending on the repayment method. Interest only, even at a 6% rate, would be circa 1750 monthly.

There's still legal fees and stamp duty to be found though....

Reply to
Matt Robertson

"Matt Robertson" wrote in message news:6v0He.80066$ snipped-for-privacy@text.news.blueyonder.co.uk...

And instant Negative Equity - and depending on area/property chosen, this could last quite a few years.

Reply to
Doug Ramage

I would say go back to France where property is cheaper. Eric

Reply to
Eric Jones

He hasn't saved any beans because he heard how expensive bean counters were.

Reply to
Ronald Raygun

LOL LOL

Reply to
Eric Jones

any more ideas on this?... "Jag" a crit dans le message de news:

42ebf690$0$15029$ snipped-for-privacy@news.free.fr...
Reply to
Jag

Says it all really. Eric

Reply to
Eric Jones

Mortgage interest is also a waste of money, and it is likely that the interest on a £350,000 loan would be more than £1,600 per month. You also have things like buildings insurance to worry about.

Reply to
Jonathan Bryce

At 6% almost exactly twice that.

Rob Graham

Reply to
Rob graham

In message , Rob graham writes

350000 *.06/12 = 1750.
Reply to
john boyle

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