VOON 1,313 Posted November 22, 2017 Report Share Posted November 22, 2017 35 minutes ago, myersbg said: I just got the nod today on the mortgage to buy my council house, the bank were arsholes and took weeks pissing about to eventually say no on the grounds that the wifes wages were not paid into the bank, this is the bank that i have my business and personal accounts with [for now] for nearly ten years. i went with a broker who came to the house last thursday, they want to know the far end of a fart and where it came from, but he sorted it in less than a week. he could not understand what the problem with the bank was, the house was valued at £165 thousand, the discount was £78 thou and we were putting a bit down so we were after a mortgage for less than half the value of the house. Close your account with the bank...... Quote Link to post Share on other sites
myersbg 1,355 Posted November 22, 2017 Report Share Posted November 22, 2017 11 minutes ago, VOON said: Close your account with the bank...... That's the next step Quote Link to post Share on other sites
ChrisJones 7,973 Posted November 22, 2017 Report Share Posted November 22, 2017 If you can afford to overpay on the loan do it as much and as often as you can. My 30-year mortgage is more like a 10 year now... 2 Quote Link to post Share on other sites
Waz 4,204 Posted November 27, 2017 Report Share Posted November 27, 2017 On 11/22/2017 at 23:38, ChrisJones said: If you can afford to overpay on the loan do it as much and as often as you can. My 30-year mortgage is more like a 10 year now... Spoke to a mate earlier, reminded me of this thread,. Wants to sell his house, paid the maximum he could on top each month. He bought it in 2011 I think. I should bump into him in a day or 2, gonna have to ask the question of how much interest he doesnt have to pay! 'Kin years worth! 2 Quote Link to post Share on other sites
ChrisJones 7,973 Posted November 27, 2017 Report Share Posted November 27, 2017 3 hours ago, Waz said: Spoke to a mate earlier, reminded me of this thread,. Wants to sell his house, paid the maximum he could on top each month. He bought it in 2011 I think. I should bump into him in a day or 2, gonna have to ask the question of how much interest he doesnt have to pay! 'Kin years worth! There are several calculators on the internet that will roughly break it down based on your payments and interest rates. In some cases, you pay the ticket price for the house twice over... Make no mistake, you're renting from the bank until you make that final instalment. The good news is that if you're not in a rush it's a solid long-term investment. Quote Link to post Share on other sites
stumfelter 3,032 Posted November 27, 2017 Report Share Posted November 27, 2017 On 22/11/2017 at 20:37, myersbg said: I just got the nod today on the mortgage to buy my council house, the bank were arsholes and took weeks pissing about to eventually say no on the grounds that the wifes wages were not paid into the bank, this is the bank that i have my business and personal accounts with [for now] for nearly ten years. i went with a broker who came to the house last thursday, they want to know the far end of a fart and where it came from, but he sorted it in less than a week. he could not understand what the problem with the bank was, the house was valued at £165 thousand, the discount was £78 thou and we were putting a bit down so we were after a mortgage for less than half the value of the house. If you wanted to borrow less than half of the value of the property you'd think the bank would be falling over themselves to lend you the money. Where's the risk? 1 Quote Link to post Share on other sites
jiggy 3,207 Posted November 27, 2017 Report Share Posted November 27, 2017 I would think that buying from the council is different than the banks. I've seen single junkies with no kids with council houses that were been rented at as little as 20 euro a week and then when the council was short funds during recession they offered to sell them the house for 40 euro and they refused because 40 was too much from their dole and heroin money. They will still be allowed stay until they die anyway. Council criteria would be different than mortgage brokers. That is in the south of Ireland anyway. The poorer you are then the more you will get and they give you between 2 and 3 thousand when you get your first council house for paint , floors and fancy blinds. They will only punish you if you have enough pride to take a job which will pay you less than dole if you take school grants, medical card for all family and cheap housing into the equation . Sell stolen power tools or rob little old lady's to top up your income and it's a win win situation. I'm not including you in this Francie but it has actually turned into a joke. I grew up in a council estate and we were the only family that searched for employment and all of us in our house were the only ones working from our street. Quote Link to post Share on other sites
myersbg 1,355 Posted November 27, 2017 Report Share Posted November 27, 2017 1 hour ago, stumfelter said: If you wanted to borrow less than half of the value of the property you'd think the bank would be falling over themselves to lend you the money. Where's the risk? That's what we thought !!, but ? Quote Link to post Share on other sites
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