ive been offered my council house for 50,000 and they say its worth 75 so they giving me a 25.000 discount-can anyone tell me. 1. will i be able to get the mortgage for more say 65000 to spend on improvements-would i need to pay a deposit - and how much would the monthly repayments be approx-please help if u can x
2007-01-27 02:18:34 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
p.s and what is the cheapest/best kind of mortgage i should be looking at x am 40
2007-01-27 02:24:47 · update #1
We bought our council house few years ago, we didn't have to pay a deposit cos i think they take all the rent you have payed into account. Getting extra for home improvements depends on your mortgage lender and how much you earn etc... As with the amount per month, it depends on the rate you get and that depends on the lender and you credit rating etc.... Its well worth it tho, it got us on the property ladder and now we have moved to a bigger house.
2007-01-27 02:29:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
yes you can get a morgage for double the house price
you probable need a deposit of £5000 as the house is so cheap in price
but catch 22 is you must not sell the house in less than 3 years or you are bound over to pay your council the £2500 your getting off the market price
the woolwich bank are doing some great deals at the moment with morgages
2007-01-27 02:29:42 · answer #2 · answered by needanswers 3 · 0⤊ 0⤋
I'm probably being a total grinch here cos I'm hungover but it drives me absolutely mad how council houses are sold off to people at discounted rates who then go on to sell then at market prices pocketing a large profit. These houses are paid for by the government as affordable housing for people on lower incomes but the more they sell off the less there are for people who need them not to mention the fact that as a higher rate tax payer I begrudge people getting houses at discounted rates when the rest of us fools need to buy our own at over-inflated prices.
2007-01-27 02:35:27 · answer #3 · answered by Cher R 3 · 2⤊ 2⤋
a 65.000 mortgage over 25 years at 5% intrest rate would be £384.32.
2007-01-27 02:28:07 · answer #4 · answered by slashdog2003 3 · 0⤊ 0⤋
Yes, stay clear of endowment policies.
A fixed rate policy at the present interest rate would be OK.
Interest rates go up as well as down.........lol
Go see an estate agent.
2007-01-27 02:28:37 · answer #5 · answered by tattie_herbert 6 · 0⤊ 0⤋
speak to an adviser, lots of different ways of doing it you will be more successfully if you have a 10% deposit
2007-01-27 02:22:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋