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Thread: Money, money, money!

  1. #1
    Senior Member Mrs_R_to_be's Avatar
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    Default Money, money, money!

    Hi Ladies

    Feeling a bit stressed just now!

    H2B was in the Navy and left in October and started new job in November working offshore. Due to him previously being in the navy we didnt live together as he was away too much however we are now starting to house hunt. I am getting seriously stressed/worried about money!

    We have done really well with our wedding savings however we have no deposit for a house saved up! :-s We are meeting with a few banks re mortgages however the way its looking we will need to use to the wedding fund as a deposit but then we'll be back to square one with our savings!

    H2B is desperate for his own house whereas i would quite happily wait a few more months to get some more money behind us.

    H2B reckons we just use the wedding fund as a deposit then get a loan for the wedding - its all so much!! I just don't know what to do and i am seriously stressing over the cost of everything!

    Have spoken to H2B but he keeps telling me it will all be fine!!

    Just wanted a wee rant and any opinions welcome xx

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    Member Mhairi641's Avatar
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    Hi
    Tricky one, the only thing is you don't buy a house in an instant it can take a few months so maybe in that time you can get the money squared up? H2B and me are at house hunting stage now too you are looking at 10% deposit as the best scenario. Im nervous about buying the house too quickly as then you stop saving so to speak.
    Hope it works out
    x

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    Platinum Member gigglebert's Avatar
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    I can totally understand where your H2B is coming from... we are bizarely in a similar situation despite already having a house! My H2B is desperate to move as he hates being based in KDY and would rather be in Dunfermline or Edinburgh to cut our commute and improve our quality of life but all of our savings are already allocated to wedding and honeymoon costs. We only have 6 months to go so have decided to stick it out and look at selling up and moving immediately post wedding as we want to start a family and want to move to a baby making house...

    If you were to move house in the next few months and use your saving would you still have time to save up again for the wedding? I would hate to not be living with my H2B so if it is manageable to move now then I would personally go for it. Though I would say that you should give really careful consideration to where you move to, esp. if your H2B is going to be away for long periods of time off shore as you want to make sure that you feel secure with wherever you move to and as the housing market isn't great at the moment you really need to move into somewhere that you are planning on staying in for a good while rather than expecting to move on again in a year or two..
    ~ m xx

    6th July 2012

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    What about renting for a wee while?

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    There are quite a few 95% mortgages available now. Would looking at one of them help? It would certainly reduce ur deposit. There are also a few builders advertising that you can move in without a deposit, not sure of the t & c's but worth a look. It's a really good time to buy. We moved a few months ago and managed to get 15k off the asking price. Also if ur a first time buyer there are incentives and lower interest rates available. Good luck x

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    Senior Member Mrs_R_to_be's Avatar
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    Hi ladies,

    Thanks for all your words of wisdom!

    Missf - a 95% deposit would be ideal! I think Nationwide are doing them so we have an appointment with them on Wednesday so hopefully the 95% is the route we can go down as the finances would be more manageable!

    With regards to renting, we don't want to go down that route as I feel its throwing money away. I appreciate that a lot of people rent and its whats best for them but when speaking to a mortgage advisor, the mortgage works out about the same per month as rent and the house is ours.

    Hopefully with the appointments coming up this week we'll have a better idea!

    Sometimes wish H2B had a "normal" job as we would have had a house long before now!! lol xx

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    Please be wary when considering a 95% mortgage- I worked in mortgages a few years ago when house prices were constantly climbing, then saw the impact it had on people when they started to plummet. That 5% can quickly disappear and you can soon end up with a mortgage that's considerably more than the value of your house, especially if you're looking at new builds. Needless to say I'm no longer in that job, but it was heartbreaking to speak to families who started out with a decent deposit then ended up owing 130% of the value of their house.

  8. #8
    Super Senior Member loobieb2b's Avatar
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    Quote Originally Posted by Pretty_Wrong View Post
    Please be wary when considering a 95% mortgage- I worked in mortgages a few years ago when house prices were constantly climbing, then saw the impact it had on people when they started to plummet. That 5% can quickly disappear and you can soon end up with a mortgage that's considerably more than the value of your house, especially if you're looking at new builds. Needless to say I'm no longer in that job, but it was heartbreaking to speak to families who started out with a decent deposit then ended up owing 130% of the value of their house.
    Ohh my god!! no wonder the 95% mortgage is too good to be true, My h2b has the mortgage in his name the now but once we are married I am going to pay to get my name on mortgage. We are looking to sell this house to get a bigger one after we are married but won't be for a long time. This was one of the options I was thinking we could do get a new build but h2b is adamant he wants an older house lol.

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    i totally agree with you that it is stressfull! im currently in the process of trying to save for a house and for a wedding and its a nitemare!! stayin with his mum and step dad just now but want to be out of there by the end of the year and i dont see it happening, def dont want to be living there when we get married!

    good luck!

  10. #10
    Senior Member carols_corner's Avatar
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    Buyers would be very lucky to find a mortgage that would give you 95% for a new build. The loan to value rate tends to drop to 75-80% at the highest for new builds.

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    Have you spoken to a financial advisor? Im in the process of trying to get a remortgage or sell the flat im in and get a new mortgage to buy a house and we've done everything through a financial advisor. The charge is minimal, or at least ours is, but they will tell you everything you can do to maximise your chances of getting the mortgage that covers what you need, where your best bet for getting a decision is and know the tricks to get you what your looking for. And best of all they explain it all for you so you know exactly what you're getting into. I really cant recomend speaking to one enough. Go to an independant one if you can though, ones that work for banks etc are going to try and sell you one of their products regardless of whether or not it's best for you.

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    Senior Member Mrs_R_to_be's Avatar
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    Well had our first viewing last night and the flat was gorgeous! Nothing would need done and all modern decor! They're leaving loads as well; fridge freezer, washing machine, oven, bed frame, wardrobes and a futon!

    Worked through all our finances last night and it doesnt look as tight as I originally thought! I will actually be better off living with H2B and having a joint account!! lol.

    Have a few appointments this week with various banks so hopefully we can get a mortgage! :-s xx

  13. #13
    Senior Member LesleyMerritt's Avatar
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    Hi Ladies,

    H2B and I put down the deposit for a new home on Saturday........looks like we are moving in May!

    We are having to put down a 15% deposit in order to get a decent interest rate for the monthly payments. I know 95% mortgages are available however the interest rates are round about the 6% mark whereas, we are looking at an interest rate of just under 4% which makes a huge difference (about 50/month).

    L xx

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    Thats great news Mrs R to be. Have you also thought about seeing an independant financial advisor? They should be able to have a look at all the banks and see what the best deals are.

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    We are having the same problems.... Having a very tight budget wedding and keeping the savings to buy a house as that is more important to us....a wedding is just one day and a bit of paper, a house is a home for a long time

  16. #16
    nearlymrsT
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    Wow all this talk about owning your own home. I don't think that's going to happen for us for another 10 years or something silly! Getting a bit fed up of useless letting agencies!

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