Buying a house

[blewuporstuffed]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

you make it sound like 10k is not alot of money!!

[mayogodhelpus@gmail.com]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

you make it sound like 10k is not alot of money!!

It is alot, I think thats his point, if you cannot save €10,000 or £10,000 you might be out of your depth servicing a mortgage, I know I would be.

[mayogodhelpus@gmail.com]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

Obviously it would take him time to save the 10 grand needed which is probably something he doesn't have if he wants to make a move on an available property.

Banks will take a look at what other commitments you have before giving you a mortgage therefore if at all possible secure the mortgage before going to get a credit union loan.

At present I have around £10K from Credit Union (£65 a week repayment over 5 years) and went for a mortgage. They said they would give me £100K (at £426 a month plus insurance) but I would have to pay off this other loan first in order to ensure I only have this one commitment. This leaves me £90K to build a bungalow of 2200 square feet, is this do-able?

All amounts above are GBP. I'm British.

Do the Credit Unions appear on the Credit Bureau checks in Northern Ireland/UK?

[blewuporstuffed]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

you make it sound like 10k is not alot of money!!

It is alot, I think thats his point, if you cannot save €10,000 or £10,000 you might be out of your depth servicing a mortgage, I know I would be.

think the problem is but, its not even just 10k, there are still very few houses about for 100k even with the fall in the market and with most banks needing at least 15% deposit, you ar talking more along the lines 18-20k for a deposit which is a hell of alot of money to save if you are looking somewre in the near future

[mayogodhelpus@gmail.com]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

you make it sound like 10k is not alot of money!!

It is alot, I think thats his point, if you cannot save €10,000 or £10,000 you might be out of your depth servicing a mortgage, I know I would be.

think the problem is but, its not even just 10k, there are still very few houses about for 100k even with the fall in the market and with most banks needing at least 15% deposit, you ar talking more along the lines 18-20k for a deposit which is a hell of alot of money to save if you are looking somewre in the near future

Ya its much harder now too. 2 years ago there was the option of a loan from a family member (but everyone is skint now), selling the second car (nobody buying now, and they valueless anyways), working overtime (your lucky to have a job never mind getting overtime).

[long sleves]

Currently I have the foundations done and slabs on. Was honest when looking for a mortgage cause didn't want to be taking money that I couldn't afford to pay back. Don't think the credit union loans show up, however If you have a weekly/monthly amount coming out of your account like I had with the £65 a week the bank ask whats that for.

So £90,000 would it be enough to build and furnish a bungalow of 2200sq ft.

[Caid]

http://www.diydoctor.org.uk/projects/estimate.htm# states that during 2008 the average build cost of a house was in the region of £90 - £95 per square foot, for a reasonable standard specification and suggests a figure of £100 per square foot for a reasonable standard specification rising to £130-£140 per square foot for a high specification house this figure

Obviously costs depending on where you live - are you talking 90k just for the building i.e. excluding the cost of land and the footings you have in place?  Its do-able - with builders being so quiet you should price around and you may get a good quote.  That's a fairly big house your building then so

[blewuporstuffed]

Currently I have the foundations done and slabs on. Was honest when looking for a mortgage cause didn't want to be taking money that I couldn't afford to pay back. Don't think the credit union loans show up, however If you have a weekly/monthly amount coming out of your account like I had with the £65 a week the bank ask whats that for.

So £90,000 would it be enough to build and furnish a bungalow of 2200sq ft.

thats a big house LS, you must be planning plenty of weins!
wouldnt be an expert LS but i'd say would prob get the house up and maybe alot of it finished to a standard were you could at least move in, but would prob be stretching it to have the house completely decorated & furnished.
Unless everyone is very generous with their wedding presents 
gonna depend alot on the finish, woodenfloors, tiles etc you want and if you have extras like under floor heating and every thing.

[long sleves]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

you make it sound like 10k is not alot of money!!

It is alot, I think thats his point, if you cannot save €10,000 or £10,000 you might be out of your depth servicing a mortgage, I know I would be.

think the problem is but, its not even just 10k, there are still very few houses about for 100k even with the fall in the market and with most banks needing at least 15% deposit, you ar talking more along the lines 18-20k for a deposit which is a hell of alot of money to save if you are looking somewre in the near future

Ya its much harder now too. 2 years ago there was the option of a loan from a family member (but everyone is skint now), selling the second car (nobody buying now, and they valueless anyways), working overtime (your lucky to have a job never mind getting overtime).

What you need to do it......................................................... get married.

Cost of hotel reception £35 per person by 250 guests (not inc children)= £8,750. Band= £1,000. Other misc expenses; £3,000. Total costs: £12,750

Cash presents: 250 guests say 200 give you £100= £20,000.

Theres a profit of £7,250 so its a right start to the deposit.

Anyone else any money making schemes?

Caid I have around £20,000 of the work (estimated) done.  With the way things are at the minute I would be confident enough of getting it done within my budget.

What about DD12's problem though?

[DirtyDozen12]

If you have no significant savings how can one come up with the 10-20 grand required to actually complete the purchase of the property?

If you have no significant savings then you should not take on the commitment to buy a house, especially if you cannot manage 10 grand! if you have the income to service a mortgage with something to spare for eventualities then you can save 10 grand.

you make it sound like 10k is not alot of money!!

It is alot, I think thats his point, if you cannot save €10,000 or £10,000 you might be out of your depth servicing a mortgage, I know I would be.

think the problem is but, its not even just 10k, there are still very few houses about for 100k even with the fall in the market and with most banks needing at least 15% deposit, you ar talking more along the lines 18-20k for a deposit which is a hell of alot of money to save if you are looking somewre in the near future

Ya its much harder now too. 2 years ago there was the option of a loan from a family member (but everyone is skint now), selling the second car (nobody buying now, and they valueless anyways), working overtime (your lucky to have a job never mind getting overtime).

What you need to do it......................................................... get married.

Cost of hotel reception £35 per person by 250 guests (not inc children)= £8,750. Band= £1,000. Other misc expenses; £3,000. Total costs: £12,750

Cash presents: 250 guests say 200 give you £100= £20,000.

Theres a profit of £7,250 so its a right start to the deposit.

Anyone else any money making schemes?

Caid I have around £20,000 of the work (estimated) done.  With the way things are at the minute I would be confident enough of getting it done within my budget.

What about DD12's problem though?

Dont worry about me, some of the lads on here have just made me think about which cardboard box i should go for rather than a mortagage!  There are plenty of good lay down places near the spare shot on Botanic Avenue, belfast, i reckon i could get right and comfortable there!!

Ill show you all!!!!!!!!

[long sleves]

If I want anything fancy like underfloor heating Prime Exhibit better come in on the 16.20 at Salisbury.

[mayogodhelpus@gmail.com]

Move into an empty ones in the empty housing estates in every City, town, village and townland around the country, sure the devoper might be glad that you kept the place heated and aired, stop the roof and windows falling in.

[Caid]

Has anyone any idea on how much value banks are currently giving on sites used as collateral in raising a mortgage.  IF you have an owned site worth maybe 30k would the bank give you a mortgage at say 4 times that amount?  Would you be required to put down some cash alongside that?

[Maguire01]

Has anyone any idea on how much value banks are currently giving on sites used as collateral in raising a mortgage.  IF you have an owned site worth maybe 30k would the bank give you a mortgage at say 4 times that amount?  Would you be required to put down some cash alongside that?

If you're saying you already own the site worth 30k, then I reckon the bank would take that as sufficient equity. Wouldn't be 100% sure, but as they'd effectively be holding the deeds to the property (land and buildings), i'd imagine the land would be a good 'deposit'.



Another question - with regard to making offers on new builds, say as part of a development, is there still the same room to negotiate / is it normal practice to haggle, or are the prices generally regarded as 'fixed' moreso than for single property sales?

[Caid]

Bump - for all the fellas on the other thread