Mortgage

[mike1thinks]

We are thinking of buying a house...I am very tempted by the 'Intelligent Finance/Virgin one/Barclays open plan' model where your mortgage is reduced by any monies in your other accounts. However I currently bank with an ethically groovy bank and I am not convinvced these other three are such, so might stick with a traditional repayment mortgage...

Comments

[girfan]

Our mortgage is with Intelligent Finance. J says it's "mostly harmless." Since it was our first mortgage, we have no comparison, really. We've had it for almost 6 years with no problems/complaints.

House hunting recommendations: We had to do it long distance (we were still in London and had to buy in Bristol) and most agents weren't online at that time. We had them post information to us in the areas we were interested in and then spent our weekends in Bristol looking at the ones that looked likely. We did look at a few self-sellers who were online as well.

My advice: select areas you want to live in and are convenient for your workplaces/commute. Look around and note houses you like and contact the agencies from the for sale boards. Look online at houses in those areas as well. Go in and speak to the agents directly. Sometimes new stuff is available before it's online or in print. Look at the local newspapers (of the areas you are interested in) on their real estate day (ours here is Friday).

Good luck!

You did hear about Jo and

[mike1thinks]

...least worst option like democracy is supposed to be?
the reduction of evil or the increase of virtue either way its an improvment *G*

[godgirl]

no tips as i never owned or bought a property - all i can say though is a morgage might seem like a "grip of death" but having nothing to show for all the rent i've paid and places i've lived over the years, i'd say it might be worthwhile if you feel you can afford the repayments - at least, in the end, you'll have something that's yours to keep you safe in your twilight years... as long as you don't live beyond your means and end up having to repeatedly remortgage it!!!

as for promoting the credit union, target online local yorkshire/york based forums etc for opinions and thus raise awareness?

esp ones for things like housing and flatsharing and all that sort of stuff that attracts lots of future potential housebuyers...

people might be curious enough to find out more without you overtly looking like you're doing their work for them.

[mike1thinks]

I will do some posting...I was a little concerned that the economic climate might move to depression or that with interest rises house prices might start to fall...but even if they do I kinda think it is safer getting onto the property ladder than just paying my landlord second mortgage for her!

[glamgothruthy]

you don't want an interest only mortgage.
Buying a house/flat... pick an area you like... location location location. Good ammenities/transport. Set your absolute max price. Look around. Local papers, estate agents..even walk around to spot the boards outside....
Maybe pick a place that is livable in, but needs a bit of work that would increase the value.

[mike1thinks]

well that sounds like our plan atm *G* will hunt me down a big ole house...if I can catch one

[girfan]

To add to what godgirl said-I would rather be paying a mortgage than rent anyday. Our house has gone up near to double its value in 6 years, yet we pay less a month for it than we would for monthly rental of the same house. OK, you may feel like you are "tied down" but if you had to move elsewhere quickly, you could always rent it out and contine to have income.

And, with location-if you can't afford a top house in the area you want, buy a lesser one, or as they say on TV: "buy the worst house in the best location."

[mike1thinks]

Well if we are on the verge of a depression, we will be getti g in the titanic with everyone else and that kinda makes me think its worth doing...