jenben1982
Registered User
- Messages
- 92
..
Hi Jen,
By the time you complete the purchase, I reckon you need to have the following
Hope that helps,
- At least 3% of the purchase price - as max mortgage is 97%. You will need to pay booking deposit when you accept an offer.
- Either enough money to furnish the property to a standard where you can let a spare room (if thats your plan), or enough money to cover the mortgage yourself for a few months.
- Minimum 1600 for legal fees. Council have deals with solicitors for 999+vat+outlays. If you shop around you might get that cheaper.
- Management Company fees is applicable.
eims
Im hoping to have about 5k after 18 months of waiting are up (its all I can save until I move back home). Presuming its a new-build I'll be waiting a while to actually close the mortgage and move in with snagging etc so I will be saving a grand a month after that.
So how much did all of you have when you first got offered a place to view and actually went for the mortgage?
Who told you you must have 3% of the TOTAL value of the property saved? Its supposed to be affordable i.e. for people who CANT save large amounts or get a large deposit up? What is the point in that, they are telling you to save for your furniture?! sounds odd!
Its supposed to be affordable i.e. for people who CANT save large amounts or get a large deposit up?
I think all of the councils put far too much emphasis on what savings you need and not enough on how much you should be earning to actually service the loans. This puts them in the position they're in today where they have so many people applying clogging up the system who simply cannot afford the mortgages.