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summeh
15-05-2005, 23:53
Can anyone recommend any good mortgage lenders? we're looking to get a house this sumemr so starting to look around.

KingStromba
15-05-2005, 23:57
Ill lend you 100,000 at 25% interest over 1 year :D

summeh
16-05-2005, 00:09
:D no thanks.

NickFr
16-05-2005, 00:14
Nationwide are very good and also the Halifax.

big hp
16-05-2005, 08:30
Do not use abbey national. I've had my mortgage with them for 3 1/2 yrs and there the most unhelpful bunch of wankers alive.

KingStromba
16-05-2005, 09:16
Do not use abbey national. I've had my mortgage with them for 3 1/2 yrs and there the most unhelpful bunch of wankers alive.


All money lenders are

Zollo
16-05-2005, 09:41
C&G have been quite good for me. 5.09% fixed for 2 years if you're a LloydsTSB, 5.59% if not.

Pretty helpful I found :shock:

2 live
16-05-2005, 10:11
yep c&g for me too

i had my mortgage with the woolich a few years back and they were pretty good too

KingStromba
16-05-2005, 10:12
Mortgage schmortgage, renting is the future.

Swervin_Mervin
16-05-2005, 10:12
Natwest. Shit for banking but the best in the world for mortgages.

snakeylady
16-05-2005, 14:04
try first direct - really helpful bank so guess the're probably just as good with mortgages - there an online bank

Dilusi
16-05-2005, 17:28
Renting is dead money KS. I've been with Chelsea for about seven years and they seem. Northern Rock are suposed to be pretty good too.

KingStromba
16-05-2005, 17:42
Renting is convenient if you move around alot like me.

Dilusi
16-05-2005, 18:32
Renting is convenient if you move around alot like me.

It might be convenient but it won't make you any money. My house is worth 80k more than I paid for it and if I had to move I could rent it out for a lot more than the repayments. In fact I was paying more in rent 8 years ago on a 1 bedroom house than I am now in mortgage reypayments.

KingStromba
16-05-2005, 19:06
Houses make you no money unless you own more than one.

Buy a house. It goes up in value 100k. Sounds like alot of money until you realise you have to buy another house which will also have gone up in value.

Renting out a house is a pain in the ass, as after you have paid out on repairs, tax, solicitors fees, and agency fees, your left with pretty much repayment fees.

The only people who make any real money from houses are professional developers and estate agents.

Dilusi
16-05-2005, 19:10
Houses make you no money unless you own more than one.

Buy a house. It goes up in value 100k. Sounds like alot of money until you realise you have to buy another house which will also have gone up in value.

Renting out a house is a pain in the ass, as after you have paid out on repairs, tax, solicitors fees, and agency fees, your left with pretty much repayment fees.

The only people who make any real money from houses are professional developers and estate agents.

I could still sell up and have 80 k in my pocket to travel the world if I felt like it.

KingStromba
16-05-2005, 19:15
But then youd have no where to live and when you got back youd have to rent.

You could downgrade and live in a shoe box and pocket the difference, but still not ideal. Dont get me wrong, its good you have a house. Some are more happy to rent though.

Dilusi
16-05-2005, 20:20
But then youd have no where to live and when you got back youd have to rent.

You could downgrade and live in a shoe box and pocket the difference, but still not ideal. Dont get me wrong, its good you have a house. Some are more happy to rent though.

Its still 80k I wouldn't have if I was renting.

KingStromba
16-05-2005, 23:26
Loads of people whos houses go up in value quote how much money they have made. But they never sell there houses to take the equity out until the market crashes again to make a profit. So its irrelevant.

And you forget the first law of economics, If it can go up, it can just as easily go down.

Lots of people in the 80's gloated about how much they made on houses. Then they lost it all (and then some)

If id made 80k on a house id be selling now, living in rented accommodation and be waiting for a price fall. But then houses arnt selling well at the moment so maybe its too late :wink:

MatBrown
17-05-2005, 01:14
I don't give a shit how much my house is worth, there's loads of room for all my cars and then some and that's all i care about!
Actually, might move into the garage and rent the house out...



Mat.

Zollo
17-05-2005, 11:44
But Stromba, as you stated earlier, if your house value goes up, so does the next house you buy - But it works the other way too, so the bigger houses get cheaper if values drop. Values are relative; you still end up with equity over a lond period of time, forgetting the small peaks and troughs.

Also, the whole point of a mortgage is that you're paying it off, so at the end of 25 years, you own a £200,000 house, or whatever the amount. By renting, what do you get left with after paying out £700 odd pounds each month, for 25 years? :shock:

Once retired, a home owner can downgrade, as their needs change, and those released funds should help with retirement.


I have to say (and it seems most people would tend to agree in this country) buying a house is actually a sensible move.

However, if you move around a lot, as you do, then renting makes perfect sense, otherwise you'd be paying huge amounts in legal fees, duties, etc.

I suppose there's an arguement for each case...

KingStromba
17-05-2005, 12:16
Alot of european countries its very uncommon to own your own house. Most people in scandanavian countries rent.

I dont see it as a big investment atall. Whats the return on a house? On a normal market about 5 to 10%? Not a great return, and it will never make you a millionaire.

If you have 50 grand in a house in 1 years time it may be worth 55 grand under normal market conditions. I move house and get a better job with a 5k pay rise, ive achieved the same. Plus i get to live in new and exciting places. If i wanted to buy a house would i buy one in this country. No. id buy one in Australia, where an average family house will set you back about 25,000 pounds.

7% really is a poor return. But its very safe. Which is why people like it. But bear in mind Richard Branson didnt get rich by sitting on equity in a house. He would have taken the money out and used it to get a 25 to 30% return in something more profitable.

MikeTCB
17-05-2005, 12:28
Having just switched from renting (for last 5 years) to a mortgage, I definitely feel relieved - if you stay in one place then you may as well buy to stop throwing money away. I don't think it makes any sense to rent in the same city for x no of years. Hopefully you're in a job which gets decent raises as well.

Having said that, if you move around, buying a house is not even an option.

Maybe I'm just trying to tell myself I'm not going to be stuck in the same place for the rest of my days with a flat I can't sell :shock:

Zollo
17-05-2005, 15:54
7% really is a poor return.

What's the return on your rent? :wink:

KingStromba
17-05-2005, 16:20
7% really is a poor return.

What's the return on your rent? :wink:

Im not paying interest on a mortgage which probably cancels out any market gain. :D


Then everytime you move house you pay stamp duty, estate agent fees etc etc etc.

I just pay rent, or if i couldnt be arsed, dont pay rent. I get all the house repaired for free. I get the house painted for free. I can move as often as i want without incuring costs. I have lived in 4 houses since i moved to Norwich 18 months ago. When i get bored of an area i move for some excitement.

Zollo
17-05-2005, 16:30
Ok, renting wins the battle. :(


.....But in 25 years, home-owners will have won the war!

KingStromba
17-05-2005, 17:33
Homo.....






ners.


Think about it. :wink:

Zollo
17-05-2005, 17:44
Rent Boy :wink:

KingStromba
17-05-2005, 18:41
:shock:

big hp
17-05-2005, 21:47
PMSL you asked for that. :P