how would u say borrow 200k for 25 years fix term rate with no deposit ive heard its little as £431 per month whats the best banks to go to?and would they give someone a mortgage if say u already have a 5k loan?
Thinking of buying your flat off the council Jonno? be very careful, a friend of mine bought her flat from Islington Council for 36 grand back in the day, but then got a bill for over 40 grand a couple of years later, when the council did some major renovations on the estate.
Jonno, dont touch it with a barge pole, on first look they are charging you about 650 quid/ month to borrow 430 / month . That is ****ed.And some.
Think the no deposit bit will be the killer.I tried to borrow £120k off Santander two years ago on a £450k property and they initially said ok but when I told them I also owned another property despite the fact it was mortgage free they changed their minds.Said it was because of the overheads of house 2 making my income insufficient.I am self employed and that seemed the sticking point.Just went to Lloyds and they stumped the readies.The other problem I can see is that you would expect to have to pay ay least 4.2% interest and that amounts to £10.5k p.a, so you would have to pay nearly £900 per month for the debt to stand still with no repayment element.
the mortgage calculator says at 1.9% charges £400 odd for a mortgage of around 200k not bad but also been advised that french banks can also lend and be a lot cheaper in the long run
That's the scam.They charge you 1.9% for a short period,then it goes up so you can't afford the repayments.Then they grab your shack and hope it's gone up in value.If it falls short they come to you for the difference.
