the vaule is £125,000 but i have a discount of £10,000 as i have lived in it since 1998
2006-12-08 05:06:31 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
you most probably will as even tho you get it reduced price you dont have any equity in it as if you sell within a certain time you have to repay the full value back to the housing association. Also to get a mortgage of 115.000 you would have to earn about 29.000 a year
2006-12-08 05:11:52 · answer #1 · answered by abutterfly2k2 2 · 0⤊ 0⤋
Why do you want to buy the house you live in now?. The discount is only 10k, add on stamp duty, legal fees, mortgage fees and costs and then you are responsible for the repairs etc. I wouldn't do it those terms. If you lose your job, your home is at risk because mortgage payments cannot be met, interest only for 9 months. If renting you will get Housing Benefit. I see auction catalogues full of re-possesed houses from housing associations and local authorities. Why bother?
2006-12-10 15:42:06 · answer #2 · answered by charterman 6 · 0⤊ 0⤋
I am taking it you are planning on getting a mortgage. In which case the mortgage lender will pay off the housing association in full. You will have to find a mortgage broker who does a 100% mortgage if you don't want to pay any upfront, but beware these usually come with higher interest rates. You need to call and see an independent mortgage advisor who can advise you on what amount you will be able to borrow based on your wage and what is the best deal.
2006-12-08 07:42:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I didnt when I brought mine you need good mortgage advise. Talk to an independent mortgage broker try www.thepremiergroup they have consultants all over the uk
2006-12-08 08:18:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Probably not, but contact the HA and they will give you details.
2006-12-08 05:09:20 · answer #5 · answered by Pendragon 2 · 0⤊ 0⤋