Personal Finance - September 2007

I would like to look into buying a property at auction as I am a first time buyer, unable to get a foot on the housing ladder. After looking into various Goverment schemes, my only other option is shared ownership.

I would like to know the process of raising a mortgage for a property bought at auction.
I know that a 10% deposit is required on the day of the auction.
Is it a case of obtaining a mortgage in principle, purchasing the property and then applying for the mortgage after the sale?

I am assuming that no mortgage lender will lend money without there being a property in place to secure the loan on.

Any information on this would be appreciated

Many thanks

2007-09-30 20:19:01 · 6 answers · asked by Panoulis 1

2007-09-30 19:21:55 · 12 answers · asked by person 4

2007-09-30 18:45:59 · 3 answers · asked by Anonymous

2007-09-30 17:43:58 · 2 answers · asked by Anonymous

2007-09-30 17:20:37 · 5 answers · asked by Anonymous

If someone could explain the bank CD savings account to me I would apprecite it. How much money do you have to have to open an account? Are there certain years you have to leave the money in there? Or take it out whenever? About how much interest would you gain? Thanks in advance.

2007-09-30 16:54:42 · 4 answers · asked by marie76444 3

Do banks and the like keep them stored in a huge warehouse for years on end?

2007-09-30 16:40:47 · 5 answers · asked by Narky 5

I am 17 and I have been saving money since I was 15. All-inall all have $1800 saved up. Afterhigh school I will take a year off to make more money. I am doing this because I plan to move to New York City after University. I know it seems far away but I have thought about it forever. My sister is moving with me and she has some money saved up too. How much further do I have to go? Also, how much is the average 2 bedroom apartment a month? Any tips for saving up money and more thouroughly planning my move?

2007-09-30 16:19:11 · 4 answers · asked by Anonymous

Economist still think that contributing to a 401k will help you retire. In a voltile economy you'd be better off putting moeny in your own pocket. Think of this most companies only hire workers part time and flip them once they are elegabe for benifits. All that time you pay into a 401k legally if you don't stay with that company for a certain period of time you loose that benifit and the company pockets all that moeny that you put in. So do you really think that 401k's are a good idea when a company has total control over the accounts. What are you thoughts on this?

2007-09-30 16:17:18 · 3 answers · asked by Vivianna 4

They expect people to save for retirement when they do not make enough currently to even meet their bills. How can these economic morons think people really make enough to even plan for the long term?

2007-09-30 16:08:28 · 10 answers · asked by Vivianna 4

2007-09-30 15:45:46 · 15 answers · asked by hiccus 1

It's been years and finally we are not carrying debt. I know the next step is to learn how to budget better and save for big things like a house. Right now, our credit is good, we use one credit card which is paid every month, but my husband and I seem to charge a lot. This is money I know we could use to save for a house. I'd say most of the time we buy stuff we really don't need. How do we learn how to cut the fat out of our lives and save for the things we really do want? How can I get my husband on the same page? Thanks.

2007-09-30 15:21:36 · 3 answers · asked by Sje 3

If it is not risked in the stock market, but put into banking Certificates of Deposit? If he is already retired, in an area where the cost of living is not very high - average, with very small retirement income, and, if he has virtually no debt other than food, utilities, property taxes, etc.? Thoughts? Suggestions?

2007-09-30 15:20:12 · 4 answers · asked by sheek Txn 5

2007-09-30 15:00:34 · 4 answers · asked by hotbutteredpancakes 3

I already have an IRA and I am looking for more ways to plan for retirement.

2007-09-30 14:59:17 · 3 answers · asked by Annabella R 1

2007-09-30 14:58:56 · 4 answers · asked by hotbutteredpancakes 3

Help i forgot what is on a resamay?

2007-09-30 14:39:33 · 6 answers · asked by i_rockfursure1203 1

2007-09-30 14:30:41 · 5 answers · asked by jc 1

is there a place that will loan u money to pay off debt and then pay the company that loaned u money monthly?

2007-09-30 14:13:28 · 11 answers · asked by no name 1

I'm going to open a savings account, but all of them seem to say that the stated interest rate may change after you open the account. How then do I know which account will give me the best interest rate, if they all change at any time for any reason?

2007-09-30 13:58:07 · 4 answers · asked by psyPhD 2

I don't usually check my savings acct. but now while browsing online I happen to notice that they've been deducting a monthly service charge of $3.00. I never heard of any bank that charges on savings , not to mention that I have a decent amount of money from them. I need to hear your opinion on this since today is Sunday and their customer service is closed. I'll talk to them tomorrow. Thanks.

2007-09-30 13:40:36 · 7 answers · asked by junex 2

I want to make a budget thing on the computer that says how much I have, how much I'll be getting, helping me set aside money for fun stuff, but ultimately saving for an iPod nano. Does that make sense?

2007-09-30 13:36:15 · 6 answers · asked by eC 2

ed onto my account before I can deposit my paycheck? It would be about 8:00 am and the bank opens at 9.

2007-09-30 13:24:24 · 10 answers · asked by BingoBanggoBongo 1

my credit score is in low 600's I would probably have only a few thousand for a downpayment, first time home buyer in this even possible to get financing for a home with my situation--in about a year. My apt is too small, neighbors are a problem--always feuding with us. so house is needed sooner rather than later. What can we do? with the market the way it is--could i be approved for a home loan. we just paid off some old debt. so i assume my credit score will go up some from what it is now 615...average.

what chance do i have of obtaining a home loan in 1year in my situation.... thanks..

2007-09-30 13:22:45 · 5 answers · asked by nikkylyn 5

2007-09-30 13:22:09 · 1 answers · asked by Anonymous

I need $5000.00 pretty quick for a family emergency.I've tried all of the conventional methods that I know of but these places are telling me that I have to much credit or to many loans out already.I'm paying the payments on all of these loans now and I have a good job and can afford another payment. There must be be some kind of alternative lending recourses out there.Does anyone know where I can find one or more of these
lenders.

2007-09-30 12:59:59 · 3 answers · asked by pepperten5 1

there's this trip at school to england and i want to go but i have to pay $1,946 and i REALLY want to go. what are the best ways to earn money? and im below 16 years so i can't get a job obviously. and the money is due on nov.30!!

2007-09-30 12:59:20 · 7 answers · asked by claudia 2

Is it possible to transfer bank or checking accounts when changing from one bank to another?

2007-09-30 12:32:02 · 3 answers · asked by JuJu Beanz 1

I have already secured employement at a good job it just doesn't include relocation expenses, we are moving from where we are because money is so tight so I am running out of resources.

2007-09-30 12:28:20 · 0 answers · asked by Spence 1

I paid off all my credit-cards, now what should be my next goal: Pay off my car or start a rainy day fund?

The way I put miles on cars by the time pay it off Ill have to turn around and get another one so Ill never be without a car payment.

Or I can create a savings account (I have a 401K but its not liquid & neither is a paid-off car). But, of course, it won't earn enough money as I would save on the interest I pay on my car note.

Just curious: What do you think?

2007-09-30 12:17:08 · 11 answers · asked by Esmeralda 4