Mortgages.

[Andy P]

Just as I thought really. I didn't buy unwisely but the Market was at it's peak which nobody knew at the time. Also I only put down a 8k deposit. Now you need a massive deposit and there is no way I could afford a 25-30k down payment.

It's frustrating as I want a garage! I have the space to build one but if I do I will want the money I spend to reflect in the price. But this will then price me out of the "first time buyers" price bracket.

I don't have enough for a deposit for another place, unless I can release a bit of equity in the current property to put towards another.....equity that I don't have!

I could sell up and move to a really crap area but I really don't fancy that!

Luckily I'm earning about 15k a year more now so eventually I can borrow more.

[Phil1980]

Just sit tight things will improve, a lot of people will be in the same boat. 

[Andy P]

Just sit tight things will improve, a lot of people will be in the same boat. 

Yeah I know. But you know when you get something in your head?

Nobody ever made any money standing still.

Thanks for the input chaps!

[Wazzzer]

just think of it as a bonus that you own your own place mate, there's plenty of people out there that can't even get on the ladder at the mo

I can't think of moving any time soon as I don't own enough of my place so just staying put for a good few years and trying to pay an extra £100 a month off the mortgage with the missus, should knock a few years off the loan 

[Toby]

Just as I thought really. I didn't buy unwisely but the Market was at it's peak which nobody knew at the time. Also I only put down a 8k deposit. Now you need a massive deposit and there is no way I could afford a 25-30k down payment.

It's frustrating as I want a garage! I have the space to build one but if I do I will want the money I spend to reflect in the price. But this will then price me out of the "first time buyers" price bracket.

I don't have enough for a deposit for another place, unless I can release a bit of equity in the current property to put towards another.....equity that I don't have!

I could sell up and move to a really crap area but I really don't fancy that!

Luckily I'm earning about 15k a year more now so eventually I can borrow more.

15k a year! and you got a morgage! i cant even get a credit card n i earn £35!!! but my age lets me down i guess, but i have finance and bills all in my name! 

[Steve_PD]

Just as I thought really. I didn't buy unwisely but the Market was at it's peak which nobody knew at the time. Also I only put down a 8k deposit. Now you need a massive deposit and there is no way I could afford a 25-30k down payment.

It's frustrating as I want a garage! I have the space to build one but if I do I will want the money I spend to reflect in the price. But this will then price me out of the "first time buyers" price bracket.

I don't have enough for a deposit for another place, unless I can release a bit of equity in the current property to put towards another.....equity that I don't have!

I could sell up and move to a really crap area but I really don't fancy that!

Luckily I'm earning about 15k a year more now so eventually I can borrow more.

15k a year! and you got a morgage! i cant even get a credit card n i earn £35!!! but my age lets me down i guess, but i have finance and bills all in my name! 

read it again including the bold  how cant you not get a credit card? the banks threw one at me as soon as I turned 18

[Toby]

ooooh lol! skim reading never pays off  lol i duno its cause iv only allpied for the tesco one, for points haha!! i dont really wana get sh!t loads of intrest... 

[bored_Welsh_lad]

ooooh lol! skim reading never pays off  lol i duno its cause iv only allpied for the tesco one, for points haha!! i dont really wana get sh!t loads of intrest... 

Don't know much about Credit cards do you??

[bored_Welsh_lad]

Anyone work with Mortgages or had much experience with them?

Basically we are looking to move but our place is worth less than when we bought it. Probably about 10k less. We are looking to buy a new place but it will cost more money. Currently we are fixed at 6% but looking to track base rate at the end of the year.

My question is are we realistically going to be able to borrow more money if we are in negative equity? If we bought a place to make money on, could we cancel out our equity that way?

Cheers

In short. NO.

You bought unwisely

Can't really say he bought "unwisely" as you never know when the market is going to crash or stabalise etc.. I am sort of in the same boat, split up with my fiancee, wanted to sell up, house is 10k down, so I took the place on myself, gave her 10k and started to rent the place out, financially i am in a bit of a pickle at the moment as I needed to take a loan on to buy her out.. but now i have someone in the place, got a trickle of money coming in so all is ok.

Have you thought about renting it and looking to buy another?

true, no-one knew the crash was coming?

shouldn`t your ex have paid you £5k to take the house on? as really your now £20k down?

She had the 6k to put down as the deposit for the house, I said that if we ever split up she could have that back.. We couldn't afford to sell the house so I said the next option was for one of us to take it on, or wait 18mnths.. We spoke to financial advisors who said the market was dropped at 1% a month for the foreseeable future, decided we could not hold on for the end of the fixed term and then look to sell as it was too risky.. So I took it on.. I offered her 10 to allow her a deposit for a new place. We didn't split on bad terms, just wanted different things from life.. I wanted to stay in the RAF, she hated me being away...

[Toby]

No I don't, might have a research tonight