Scary mortgage home buyer stuff

[beefychubbchubb]

So me and the other half get married next year and are looking at getting on the property ladder rather than renting. Went to a home buyer open thing this evening and after speaking to Mortgage advisors" we were told we could get up to £200,000!! Is it just me or does the thought of borrowing that amount of money scare the life out of anyone else?

 

[mitch]

what is more scary is how much you'll be paying for the privilege!

 

[beefychubbchubb]

Lol not as bad as I thought mate as its not much more than I pay rent wise every month for my 1 bed house :/ never looked in to it at all so tonight was an eye opener.

 

[Mentalpen]

i bet you will pay back £400k on a £200k mortgage. In my experience if you want any form of life then only borrow half of what they say you can afford.


****EDIT****

i'm not betting £200,000

 

[beefychubbchubb]

Lol I'm more thinking of 160ish as would make our payments around 550 a month. And I think it's 3.something% was only rough figures I'm guessing but I was expecting to pay double what they've said. Being a plumber with an old man in the building trade I want a wreck of a place to do up

 

[Roy]

Its scary but you need to get on that ladder or if you wait and prices start going up again you will be screwed even more

 

[Mentalpen]

Lol I'm more thinking of 160ish as would make our payments around 550 a month. And I think it's 3.something% was only rough figures I'm guessing but I was expecting to pay double what they've said. Being a plumber with an old man in the building trade I want a wreck of a place to do up

That's the issue, some of us ( Roy ) remember when you had to add a 1 on the front of that 3%

 

[inwardnoise]

Same mate bamk just wanted to throw money at me n missus in turn we bought a 3 bed semi for 84k lol

 

[Roy]

£25000 our first mortgage god I wish that was all I owed now

 

[beefychubbchubb]

Lol I think it's all low now as they are trying to get people buying houses. There's not a chance I would borrow that amount as its insane. My plan has always been to do the first few up and make some money. Would be stupid not to with a dad that has 10guys on the cards

it just surprised me as I have never even looked in to before and after hearing the figures it didn't seem so bad.

 

[Soton200]

Busy tomorrow beefy?

 

[beefychubbchubb]

Lol why what's up? Working from 3pm on Sunday but free tomorrow. You need a plumber then?