Buying A New Build House

[buzz15afc]

just went to look at a new house today...

 

muir homes are offering incentives of either... they pay 5% deposit or you buy 85% and get 15% no interest loan for the rest

 

has anyone any knowledge of shared equity when buying a house

 

the house would be

[Simplistic]

We went shared equity with miller. We bought 80% of the property and miller have the rest. We have 10 years with this then need to pay it back.

 

No way we will be here 10 years so basically miller get 20% of what we sell it for. Even if we make a loss they will get less than they put in.

 

I'm happy enough with that as the market isn't going anywhere fast and in the 3 or 4 years we will be here I doubt it'll change much. Also the lower Mortgage payments means we are able to put savings away for the next deposit we have to pay as it is likely to be bigger.

 

Been happy so far.

[Jones]

exact same with me, apart from with barratts and mine being 90 - 10 in my favour

 

cant really lose as i didnt have the 10% to put in when i moved in!

 

Any other companies in Aberdeen do this?

[Lang Bar]

Good luck whatever you do. The whole housing industry is corrupt and will bleed you dry.

But what can you do, you need a roof over yer head.

So you let them bleed you dry and then in 6 or 7 years time you'll do it all again.

Mugs, every one of us.

 

At least Stewartie Milne puts the personal wealth he has made off thousands of Aberdonians back into the club we all love.

[hopeisimportant]

Some mortgage advise for dummies required again. I'm going to be selling my flat soon and buying somewhere new with the gf. What is the first step?

 

Do I got to a few high street places and talk about my current flat, they come and value it, put it on the market etc? Then, do I use the same people to help arrange a mortgage for a new place or do I go to a few banks instead to do it? I assume I then need a solicitor to deal with putting in offers on new places?

 

It seems some people here have gone directly to the banks and some have used a 'mortage shop',

[diamondsr4ever]

exact same with me, apart from with barratts and mine being 90 - 10 in my favour

 

cant really lose as i didnt have the 10% to put in when i moved in!

 

[diamondsr4ever]

just went to look at a new house today...

 

muir homes are offering incentives of either... they pay 5% deposit or you buy 85% and get 15% no interest loan for the rest

 

has anyone any knowledge of shared equity when buying a house

 

the house would be

[StandFree1982]

Bett homes do this as well I believe.

 

There is the FirstBuy scheme which some of you might be talking about, they will help you reach 25% deposit if you can put in at least 5% of your own money. I applied for more information etc and they say that you have to pay

[DD1903]

Some mortgage advise for dummies required again. I'm going to be selling my flat soon and buying somewhere new with the gf. What is the first step?

 

Do I got to a few high street places and talk about my current flat, they come and value it, put it on the market etc? Then, do I use the same people to help arrange a mortgage for a new place or do I go to a few banks instead to do it? I assume I then need a solicitor to deal with putting in offers on new places?

 

It seems some people here have gone directly to the banks and some have used a 'mortage shop',

 

I would go to see a few different estate agents to get an idea of who you prefer. they may offer a financial advisor service, but might not - some of them wont even charge you a fee for doing it, some will though. i would give the banks a look at well. the mrs and I were considering moving again just before the summer and it was santander who offered us the best deal at the time.

 

and aye, you will need a solicitor for placing bids/doing the paperwork etc.

[zanderno5]

Bett homes do this as well I believe.

 

There is the FirstBuy scheme which some of you might be talking about, they will help you reach 25% deposit if you can put in at least 5% of your own money. I applied for more information etc and they say that you have to pay

[hopeisimportant]

I would go to see a few different estate agents to get an idea of who you prefer. they may offer a financial advisor service, but might not - some of them wont even charge you a fee for doing it, some will though. i would give the banks a look at well. the mrs and I were considering moving again just before the summer and it was santander who offered us the best deal at the time.

 

and aye, you will need a solicitor for placing bids/doing the paperwork etc.

 

Ok cheers. Think I will try that - don't want to have too many fingers in the pie though so will go and see a select few.

[StandFree1982]

I have just finished the mortgage process and it is only in multiples of 5. Even if you have 14% you will still only have to put down 10% if you have the 15% then it becomes cheaper.

 

Thats what we got told anyway.

thats pretty shit! I figured that was the case when I was checking out mortgage interest rates and having 86% LVT would give you like 4.5% and 85% would give you 3.99%!

 

I'm a tad confused by the whole thing...think i'll need to sit down with a solicitor and go through all the shit that needs done etc

[Nelly]

I have just finished the mortgage process and it is only in multiples of 5. Even if you have 14% you will still only have to put down 10% if you have the 15% then it becomes cheaper.

 

Thats what we got told anyway.

 

That sounds a bit odd. Whatever deposit you put down the mortgage will be the difference between the purchase price and your deposit. Never heard of a building society or bank saying no, its either 10%, 15% or 20% nothing in between. Surely they can't force you to take out a bigger mortgage than you need.

[StandFree1982]

That sounds a bit odd. Whatever deposit you put down the mortgage will be the difference between the purchase price and your deposit. Never heard of a building society or bank saying no, its either 10%, 15% or 20% nothing in between. Surely they can't force you to take out a bigger mortgage than you need.

They wouldn't say no, but the interest rate you get on the mortgage only goes up or down based on 5% increments. So having a 10% deposit will have the same interest as having a 14.9% deposit...but hitting 15% makes it go down. Annoying, but this looks to be the case from most of the places i've checked out.

[tup]

New builds are built from the cheapest shite cowboy tradesmen can lay their stubby fingers on.

 

They are not built to last.

[StandFree1982]

New builds are built from the cheapest shite cowboy tradesmen can lay their stubby fingers on.

 

They are not built to last.

They are also too small:

 

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