If houses are £100 000 how do you pay for them?
2006-10-19 09:27:11 · 21 answers · asked by megz_4eva100 1 in Home & Garden ➔ Other - Home & Garden
rob a bank
2006-10-19 09:35:42 · answer #1 · answered by timone 5 · 0⤊ 0⤋
Let's assume you're young and don't get it. A mortgage is a large loan given to you by a bank, secured on your property. This means that the bank technically owns the house until you've finished paying the loan (typically 25yrs down the line). It also means that if you don't keep up the repayments on the loan, the bank has the right to repossess the house, ie kick you out and sell the house.
You normally get a solicitor to sort out the purchase of the house and he/she will handle transferring the money from your bank to the person you're buying the house from
2006-10-19 09:32:56 · answer #2 · answered by Andy B 2 · 0⤊ 0⤋
You SAVE, a deposit. You get a MORTGAGE, like 99% of homeowners. It has NEVER been easy, it has probably for most, seemed impossible, on paper at least. But it's better than renting. 25/30 year mortgage seems forever, but inflation, wage rises, promotion etc will probably enable you to pay off earlier. Then, maybe in your fifties, you have house paid for,.........no more mortgage, or RENT! Once you save your deposit, mortgage probably cheaper than renting anyway. Some of us poor boogers were paying 15% interest at one time! so don't feel so bad at current interest rates. :-)
2006-10-19 09:51:04 · answer #3 · answered by Dick s 5 · 0⤊ 0⤋
Most people would take out a mortgage.
But what is it in the UK where everyone wants to get into 30 years worth of debt in order to buy property.
Renting is good and frequently you can rent a property of a quality and in a neighbourhood which you would never be able to afford.
2006-10-19 09:37:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hi you will need to get a mortgage, or rent a house but that would be just similar to getting a mortgage. So i suggest you go and see about one.
2006-10-19 09:34:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You definately need a job, first of all. Then try and get a mortgage. It's better than paying rent all your life! Good luck!
2006-10-19 09:53:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You get a mortgage. You can borrow around 3 times your annual income, to buy a house, so you can work out how much you can borrow.
2006-10-19 09:32:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
By getting a mortgage.
Which is a loan from the bank.
Monthly payments.
Ask in an estate agents and they will sort everthing out for you.
2006-10-19 09:30:39 · answer #8 · answered by Fantom Doughnut Eater 2 · 0⤊ 0⤋
Marry a millionaire then you wouldnt have to pay for a house!
2006-10-19 09:31:30 · answer #9 · answered by mistickle17 5 · 0⤊ 0⤋
i don't know where u live but get a good job with a future and grab that cheep house or some one else will and rent it to u and why buy it for them
2006-10-19 09:44:50 · answer #10 · answered by zion 3 · 0⤊ 0⤋