[Dave Willis]

Don't be daft the interest rate has never been that high   

[gary999]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Yep a property can be a good investment but lets not forget a mortgage
is a debt you have to repay and throwing down more than you can handle long term especially
as we are literally at 0% interest rates and wont stay that way it can only go up
is foolish.
I think the last 7 years have proved biting off more than you can chew is not
particulary clever.

Yes a mortgage is a debt, but it is a good debt that will provide you with a valuable asset! Never borrow money for cars or holidays etc, only borrow money for assets which will grow and make you money, and property is one of the safest bets that there is!!

Again it can  be a valuable asset which really is owned by the bank until
you have payed for it

Once you have paid up its yours until then you are just a tenant..im not saying
don't take a mortgage on just make sure you arenot totally stretched now
while interest rates are low because when they go up you will suffer.

Having a roof over your head being able to live your life and for the most
part being happy or at least content with your lot is far more important
than stretching yourself to the limit trying to buy the best house you can
because its a good investment

[groundhog]

Remember Gary.... Fortune favours the brave!! 

[gary999]

I think perhaps the wise do better

[groundhog]

I think perhaps the wise do better

We will have to agree to disagree on this one mate!! 

[PoleKing]

I think perhaps the wise do better

Do you own or tent Gaz?
And why did you choose that path?

[windowswashed]

I took a mortgage out on my own when MIRAS was available, sadly them days are gone Many customers of mine own second houses as holiday homes or even look at them as investments. When I bought in my street everyone owned their house now it's 5 percent home owners and the remainder renting

[SeanK]

Go for your mortgage mate and buy the best property you can afford, in 25 years you will
be laughing at the guys still paying rent when you will be living mortgage free.
Groundhog is spot on, I got similar advice 27 years ago and thankfully I listened to it.
Its not about investment its about having a secure roof over your head in later life.

[gary999]

I think perhaps the wise do better

Do you own or tent Gaz?
And why did you choose that path?
[/quote

I own..i was lucky enough not to need a mortgage

[PoleKing]

I think perhaps the wise do better

Do you own or tent Gaz?
And why did you choose that path?
[/quote

I own..i was lucky enough not to need a mortgage

Fair play, Gaz.

[gary999]

Go for your mortgage mate and buy the best property you can afford, in 25 years you will
be laughing at the guys still paying rent when you will be living mortgage free.
Groundhog is spot on, I got similar advice 27 years ago and thankfully I listened to it.
Its not about investment its about having a secure roof over your head in later life.

That last line makes total sense

[KS Cleaning]

My advice to anyone who has a mortgage would be..... if you can afford it, get overpaying just now while the interest rates are so low. I am lucky to be only paying 1/2% at the mo, so I am putting a lot of extra cash in to get my mortgage paid off early.

[deeege]

My advice to anyone who has a mortgage would be..... if you can afford it, get overpaying just now while the interest rates are so low. I am lucky to be only paying 1/2% at the mo, so I am putting a lot of extra cash in to get my mortgage paid off early.

Same. It's a nice feeling knowing it's being repaid at basically no interest.

[PoleKing]

If you don't mind me asking-how old are you lads with mortgages at .5%?

[KS Cleaning]

If you don't mind me asking-how old are you lads with mortgages at .5%?

46.  Sorry I think it is actually 0.75% I am on. When I took out mortgage in 2002 it was a 5 year fixed rate of 4.99 after the 5 years was up I went on to .25 above the base rate. 

[cornwallwindows]

I have just got a mortgage this year and the process was not as scary as you think but the banks are very strict and thorough.
You will need 3 years good accounts(I was asked for an sa30 form from the inland revenue)to show what profit you make.(not turnover)
They will go through you bank statements to see what you spend your money on.
They will ask you questions about you personal and business life(do you plan to expand.,or start a family)
You will need a good deposit minimum around 10%(and they will ask how you got the deposit)
You will need a good credit score you can check for free at experian.
That's all I can think of at the minute the best thing is to speak to your bank it won't cost you to talk to them and they will give you the facts and answers.
Good luck.

Spoke to an broker yesterday an was told that there are some places that will look at a year of your books. Only trouble is that first year, there's a lot of outgoings in the expenses column so profit margin isn't that impressive. Also, by the sounds of it, we've got to live like monks for at least 3 months. So looks like it's a couple of years of saving and living with the inlaws, nooooooooooo!!

In terms of showing income did you put everything through your books? I'm thinking I'll need to and set up a business account, put everything through that, at the moment I'm using my personal account.

[cgh window cleaning]

I have just got a mortgage this year and the process was not as scary as you think but the banks are very strict and thorough.
You will need 3 years good accounts(I was asked for an sa30 form from the inland revenue)to show what profit you make.(not turnover)
They will go through you bank statements to see what you spend your money on.
They will ask you questions about you personal and business life(do you plan to expand.,or start a family)
You will need a good deposit minimum around 10%(and they will ask how you got the deposit)
You will need a good credit score you can check for free at experian.
That's all I can think of at the minute the best thing is to speak to your bank it won't cost you to talk to them and they will give you the facts and answers.
Good luck.

Spoke to an broker yesterday an was told that there are some places that will look at a year of your books. Only trouble is that first year, there's a lot of outgoings in the expenses column so profit margin isn't that impressive. Also, by the sounds of it, we've got to live like monks for at least 3 months. So looks like it's a couple of years of saving and living with the inlaws, nooooooooooo!!

In terms of showing income did you put everything through your books? I'm thinking I'll need to and set up a business account, put everything through that, at the moment I'm using my personal account.

I am mainly commercial so to be honest everything is on invoice with bac's and cheque as payment.
I have a business account so it's easy to see consistent money goes in easily,it can make things easier to keep business and personal banking separate.
As you've said your business is new so your costs will be higher(advertising,tools,etc)
You need to show good consistent profit.

[Elinor Welch]

for a small business account I can recommend a trusted bank is Axos and good credit union for small business for me is Consumers Credit Union
at one time when I just opened my first business, these guys helped me a lot, even when the business was at a loss, I did not lose hope
so now I have something that we will take my business
I hope my advice will help you succeed in business

[NWH]

Who said you are nothing but a tennant if you have a mortgage lol,you are bit more than that they’ll throw you out if you don’t pay the mortgage yeah, if you rent and the landlord wants it back when the tenancy agreement is up he can give you notice to get out.
Renting is a mugs game always has been at the time buying was more and renting was cheaper you were still chucking money away each month,with the rates at the moment if you can buy I’d do it ASAP,if we sold now we’d be laughing and that’s the end goal with property to be laughing years down the line if you rent you are no further ahead than you were 25 years later,you are massively worse off always got to find rent money you’ve never always got to find mortgage payments once it’s paid off.

[jk999]

Does anyone realise this post was opened 6 years ago 🤣🤣🤣