Not really been paying that much attention to apartments as I wouldn't really want one. Inner city terraced houses could be about 100k, a bit further out and you could have a nice three bed semi for about 150k and you could have an absolute mansion for 300k+. Those are in reasonably nice areas but not the most expensive ones. There's worse places that'd be cheaper and nicer places that are way more expensive.
My advice to you, if you're thinking of buying as an investment though would be: fuck off.
You'd get a nice TTH discount on rent.
My uncle has somehow acquired seven buy-to-let houses in Hull, having never spent more than seventy grand on any of them, and he reckons that when they are paid off in eight years they will provide him with an income of four grand a month. Now, he never said whether that was before or after all the costs associated with having them, but that is still pretty decent for basically doing fuck all. It can't actually be that simple can it? Why isn't everybody with some spare cash doing it?
There's a whole lot of risk with it.
It's also being basically wiped out in Scotland as an opportunity. Second property stamp duty is horrific and they are changing the rules such that rental income (all of it) is taxable. So it'll be really difficult, for the most part, to make profit when covering a mortgage.
He is hardly 'rich'. He works in a prison. They are all just secured against each other, and probably began with less than twenty grand.
It still seems odd that a mini property empire is within reach for anybody doing half-alright then, since his three twat kids presumably eat into his above average prison wage.
You need at least a 25% deposit for a buy to let mortgage.
He must secretly be ballin' then.
Nah, not as far as I'm aware but it's all supply and demand. There's absolutely loads of vacant properties up here at the moment. So if you wanted to buy a bunch and set the rent massive, nobody will take it.
Unfortunately I bought in a bubble and that bubble has burst a bit.
Be interesting down in Glasgow or Edinburgh though, where I think the demand is eating into the supply.
Lloyds are offering a 100% mortgage if you'd like some debt.
https://www.theguardian.com/money/20...box=1548658752
That wouldn't help him at all. He's got 50k saved for a deposit - it's the fact that lenders won't give him a mortgage big enough to buy anything.
I'm bad at math but a 5% deposit as described in the article would be enough for a million pound house, no? I know he's posh but I think a million should be just about enough for a single childless man?
My parents sold their 3 bedroom house in roundabout the same area as Jim for 2-300k in like 2008. I presume the market hasn't tripled since then?
Ok, so let's say I'm buying a million pound house and put up my princely 50,000 deposit, I then need someone to lend me 950,000 to pay for the rest. Who is going to do that? If you know anyone do let me know.
Come and live in St. Helens.
My mortgage is under £400 a month.
I'm a twit
Move an hour away and become one of them absolute cunts who you get on the news whining about their train ticket going up.
To get a £950,000 mortgage, you would have to be earning circa £200,000 a year as a salary.
Banks will lend you on average 4.5 x your annual income. 5 If you're lucky and have a good loan to value ratio. It's even worse when you're self employed as they'll give you 4.5x your net income rather than gross.
It's not about servicing the debt, it's about being given it in the first place.
I'm in a similar situation where I have a £60,000 deposit but can only get a mortgage of £270,000 which combined gives me a one bedroom/studio flat in my area..
If you're on your own, you're fucked basically - unless you live "up north" where you can get a mansion for a few hundred quid.
But I mean the one above seems to be offering 500k mortgages with zero deposit. I'm asking this more out of interest, as I'm never going to be in the position of owning one until my parents die off and one side of the family seems to last into their late 90s so that'll be when I'm about 70.
Up to £500k. The appeal with that link is the lack of deposit, not the amount they're willing to lend you.
But surely if you're coming to them with 20% of 250k that Jimmy is looking for, they can work something out? If someone who's liquid without a bad credit rating can't sort this out, can we just bankrupt these people next time and get prices down to something they will lend him money for?
It's just not that simple. Banks won't lend someone more than they think they can afford to pay back in a reasonable time frame.
I'm offering solutions while everyone else seems to be saying, "Eat the rich." and I'm glad we've reached consensus on a plan of action.
Kiko and Jim probably live in the poshest urban/suburban neighbourhoods so if they could start just ISIS stabbing anyone that makes over 60k a year it should get the campaign off to a flyer.
Jimmy's only real option is to buy a house with someone else or move. But places within an hour of London are dramatically increasing in price too. A friend of mine made a 40% profit on his house in Winchester in 4 years.
Will be posting in this thread in a few months boys. Sept seemed like an age away yet here we are, almost in Feb.
Not sure what it's like over there but I presume there's something similar in place to here that you can only borrow 3 x your annual salary (basic, before things like shift allowances, company cars, etc). The main difference here is that you won't be entertained at all without having 20% up front though.
Nah mate, he should just INSIST they lend him the money. What are they gonna do, say no?
Sounds like the only option available is to eat the rich.
I've just sent off a mortgage application on a 50% share. No real idea whether I'll get it.
I hope I do, though, as I would rather walk through a field of glass shards than fill out another mortgage application.
Get a mortgage advisor Jimmy. Ours was £600 (I think) but we only had to pay upon completion and he made it so much easier and ended up saving us money. He had an excel spreadsheet he could stick all of our details in that told him who was the cheapest, who would give us the most and our %age chance of being accepted. He then ran through the mortgage side of things for us right the way through.
In other news, we had some decking put down at the back of our garden yesterday. I'm going to have a little barbecue area.
I've also stuck a shit tonne of grass seed down because it's like a bog out there. Any bird going near them will put the lotion in the basket and get the fuck out of my garden or it gets the hose again.
We've decided to look to move by November. We've got a few valuations booked at our current house - we're hoping we can get £280k, but £270k would be fine. Anything below that would make things difficult.
Anyone ever laid concrete slabs (or wet concrete?) for a shed foundation? My shed is on the verge of collapse and I’m pretty sure that when it goes I’ll find a mass of uneven stone under it, and if I’m going to go to the expense of putting up a new shed I want to get the foundation right first.
Sound the Andy alarm.
Although, you know, do you really want to be laying concrete in the light of recent allegations?
Found this website for help with colour schemes.
What does everyone think of that green btw? Does it remind anyone else of pubs?
I'm a twit