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House Price Crash Forum

ph4t

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About ph4t

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    HPC Newbie
  1. I was just speaking to my Bank and they say I have a B credit score which means I would have to put down a 15% rather than a 10% deposit. What does a B credit score mean? Can this be improved?
  2. I'm also going to consider just getting a two bed flat that is more central. What is Hackney like as an area? It seems to be quite trendy just lacking in tube links.
  3. I don't even have that much and was looking at HTB. I have about £50k in the bank. £25k deposit with the HTB will get me a £500k mortgage. £30k deposit will get £600k.
  4. Been renting for years and would like to have my own place. No, I am not hoping to make money from the price going up. If prices stayed flat I would be happy enough.
  5. I like London and want to stay long term. What are you saying, you think its better to rent?
  6. I'm starting to research places where I could buy my first home in 2014. I can get a mortgage of up to £500k (including deposit). I work in the City. Early thirties and single. Could anyone suggest where they think would be some good places to buy that could accommodate children etc in the long term?
  7. A gift in that the HTB loan is interest free for 5 years. Actually, will the bank see this as lending to me 75% LTV or 95% LTV? Will I be penalised with a much higher interest rate compared to having a higher deposit?
  8. It does seem like the system in the UK is rigged to inflate house prices, i.e. QE and artificially low rates. So being a renter in that environment isn't a great option. Although stamp duty does does complicate the issue. It's like the Government gives with one hand with the Help to Buy scheme but takes away with the other with 3% stamp duty.
  9. Yeah I'm Irish so I have seen a property crash already. But you can't keep your powder dry forever. I would think I would stay there 5 years at least. It wouldn't accommodate any possible offspring.
  10. Oh right, I assumed you could borrow the money for the stamp duty. I don't particularly think its a good time to buy, I am just sick of renting and would like my own place. Rent is currently £1100 pm whereas mortgage would be £1700 pm. When I called Lloyds they said the rate was fixed for the first two years. Job security is not guaranteed. On the Help to Buy scheme can you sub let a room if you want/need to?
  11. What is your point Gone to Ireland? Are you saying it's better to keep paying rent than to buy?
  12. Thanks dnjc. When you say £20k to move do you mean another £20k on top of the £25k I have saved or can that be included in the mortgage? Where in South London do you think is better in that price bracket?
  13. I have been renting in London for the last three years and I'm thinking now is time to buy. I have saved up a £25k deposit. I called my bank, Lloyds, and they said if I used the Help to Buy scheme the Government will lend me £100k and they will lend me a further £375k, giving me £500k in total. I work near St Pauls so I was thinking of looking at 2 bed apartments in either Islington or Aldgate. Has anyone done anything similar and have you any tips for me?
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