Flat Buying Question

[chris66]

Hi I hope someone can give me a bit of advice.

myself and my brother are looking at buying a flat together costing
£260,000.

our parents are going to give us £80,000 towards the flat and we want
to borrow the rest between us.

Now I have never done anything like this before so Im wonder whether we
would be able to borrow the money ? and who am I best off seeing? a
Financal advisor or go to my bank?


thanks alot

Chris

 

[Gareth]

Hi I hope someone can give me a bit of advice.

myself and my brother are looking at buying a flat together costing
£260,000.

our parents are going to give us £80,000 towards the flat and we want
to borrow the rest between us.

Now I have never done anything like this before so Im wonder whether
we would be able to borrow the money ? and who am I best off seeing?
a Financal advisor or go to my bank?

Most banks and building societies have calculators on their websites
which will give you an idea of how much they will lend you and how much
it will cost to repay, e.g.

https://www.halifax.co.uk/mortgages/affordability_calculator.shtml

http://www.nationwide.co.uk/mortgage/homebuyers/calcs.htm

If you would prefer to talk to a real person, rather than a website,
then you could arrange a meeting with a Mortgage Adviser at your bank,
or any other bank. Estate agents have Mortgage Advisers who will claim
that they can get you better deals than you can get elsewhere, it is
probably worth talking to them, but remember that they get commission
which may influence their advice.

There are websites which allow you to compare mortgage costs from many
different providers:

http://www.moneyfacts.co.uk/mortgages/default.aspx

http://www.moneysupermarket.com/mortgages/mortgage.asp

I would do all of the above and see who offers the best deal.

Gareth

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[Chris]

thanks for your info, I tried one of these online calculators and they
say I can borrow 110,000.

Now is this pretty much written in stone what I can get because really
I would want another 50 to be able to go in without my brothers help.

Thanks for your advice

Cheers

Chris

 

[Tumbleweed]

thanks for your info, I tried one of these online calculators and they
say I can borrow 110,000.

Now is this pretty much written in stone what I can get because really
I would want another 50 to be able to go in without my brothers help.

Thanks for your advice

Cheers

Chris

a good example of too much snipping.
whose advice, what flat, etc?

 

[Gareth]

thanks for your info, I tried one of these online calculators and they
say I can borrow 110,000.

Now is this pretty much written in stone what I can get because really
I would want another 50 to be able to go in without my brothers help.

Different banks and building societies have different limits, so try
more than one. However, if you need another 50K I think you may be
trying to live beyond your means. Maybe you could borrow a bit more and
try putting in a lower offer on the flat?

Also look at what the monthly payment will be. When you do that, you may
find you want to borrow less, not more. Don't forget to allow for
utility bills, council tax, buying furniture, ground rent, etc. in your
budgeting. Also consider that interest rates could go up, which would
increase your payments.

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