Mortgages and Life Insurance advice... Page 2

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  • TheSaint 25 Aug 2010 15:38:09 20,757 posts
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    It depends on the lender but usually they let you take out another loan to pay of the negative equity.
  • mrpon 25 Aug 2010 15:40:48 37,233 posts
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    Registered 15 years ago
    Do you want to "port" the mortgage to another property? Some lenders will let you do this.
  • Scurrminator 25 Aug 2010 15:45:22 9,045 posts
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    Registered 16 years ago
    No we're not looking to buy another property for a while.
    It's very frustrating as we've been saving a deposit for our own place (currently have 15k).
    However we're quite happy with where we are renting at present and won't be looking to buy for at least a year.
    So it's basically get rid of and try and pay our way out of this mess.
  • mrpon 25 Aug 2010 15:51:27 37,233 posts
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    Obviously don't treat it as gospel, but this website can give you rough valuations.
  • JuanKerr 25 Aug 2010 15:54:27 37,710 posts
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    mrpon wrote:
    Do you want to "port" the mortgage to another property? Some lenders will let you do this.

    Check the terms carefully - we wanted to do this, but it turned out we could only do it in the two-year fixed rate period.
  • Scurrminator 25 Aug 2010 16:04:24 9,045 posts
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    Cheers mrpon - useful site.
  • Wayne 13 Jan 2021 08:45:57 3,626 posts
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    For a long time, I've been under the impression that you need a 10% deposit to buy a house. Word on the streets says that during COVID times, it's more like 15%. Anyone know if there's any truth to this?
  • Load_2.0 13 Jan 2021 08:53:37 33,271 posts
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    With a lot of people furloughed, redundancies and a fairly huge recession looming the majority of banks and lenders will have a lot of defaults on loans.

    I was looking at buying last year and whilst interest rates are better most of the offers I have seen now required a 20% deposit from first time buyers.

    10% mortgages still exist but there are far fewer and interest rates being charged are significantly higher.

    Edited by Load_2.0 at 08:58:44 13-01-2021
  • SamNunn92 13 Jan 2021 08:57:37 937 posts
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    Wayne wrote:
    For a long time, I've been under the impression that you need a 10% deposit to buy a house. Word on the streets says that during COVID times, it's more like 15%. Anyone know if there's any truth to this?
    We made an offer on a place in October (FTB) and the only mortgages available anywhere required a minimum 15% deposit.
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