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bettyswollocks Posted on 19/05/2017 21:38
would you take a 700k mortgage on?
 
 
seen a house we like but it would involve a 700k mortgage,which has been approved,but im slightly nervous about it.
What are your thoughts lads?
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JLinardi Posted on 19/05/2017 21:39

would you take a 700k mortgage on?

 
If it makes you nervous then you probably can't afford it.
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bettyswollocks Posted on 19/05/2017 21:42

would you take a 700k mortgage on?

 
To be fair I dont think the bank would have approved it if they thought we couldnt afford it.
Still nervous though.
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the_holgate_roof Posted on 19/05/2017 21:46

would you take a 700k mortgage on?

 
as long as you have enough left for a couple of holidays a year, your season ticket and your Sat afternoon seshes, whats the problem???
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borobadge Posted on 19/05/2017 21:47

would you take a 700k mortgage on?

 
£7,000 - £70,000 - £700,000 £7,000,000...

all means absolutely phuq all , so long as you have the means to pay the rates over the next 20 odd years.,,,inflation will be over 4% by the end of the year, I expect it to double that over the next 3-5 years....hard times to come for many.

if your nervous, you probably cant afford it.

banks approval means jack schytte.
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bettyswollocks Posted on 19/05/2017 21:48

would you take a 700k mortgage on?

 
yes I suppose you are right Holgate just seems like a big number to me... just wondered if any others would feel the same or if I was just being a wuss.
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Support_Your_Local_Team Posted on 19/05/2017 21:51

would you take a 700k mortgage on?

 
I suspect it's actually secret option c) - wanting to brag. [8D]
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bettyswollocks Posted on 19/05/2017 21:51

would you take a 700k mortgage on?

 
So do you think you would be nervous about it badgey?
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bettyswollocks Posted on 19/05/2017 21:52

would you take a 700k mortgage on?

 
wouldnt have thought it was anything to brag about to be honest....theres always one..
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BillyBill Posted on 19/05/2017 21:56

would you take a 700k mortgage on?

 
I got burnt on my first flat in early 90s and have been fairly careful since to always look at the risks and minimise them, for me that has meant:

Not going stupid salary multiples, can we afford it if either me or my wife lose our job.
Taking a fixed rate, this is what we got caned on so I've always wanted to know what I'm paying at least for a couple of years.

It has cost us a bit of cash on occasions because of rates going down and fees being higher but I've never really had sleepless nights over paying the mortgage even when we did have lower income for a while.

But each to their own, if it hadn't been for interest rates going through the roof and prices then crashing 6 months after I bought I'd have a different outlook I'm sure.



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JLinardi Posted on 19/05/2017 21:58

would you take a 700k mortgage on?

 
Only you know how much it is worth to you and how much you have to stretch your self if at all.

If it's going to be pushing you close then don't bother, if you'll still be comfortable then do it.
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borobadge Posted on 19/05/2017 21:59

would you take a 700k mortgage on?

 
nope.

only a fool would take on something they knew deep down they couldn't afford.

I havnt had a mortgage for over 3 years.

I never wanted to buy a house, but I had to because I had a family, ive absolutely no interest in selling it, the kids can have it.

and I have in my will that they cant sell it either but it must be passed onto my their children, and so on and so forth.

I lived all of my youth in council houses, property is one of the great dividers in society and its a scandal.
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bettyswollocks Posted on 19/05/2017 22:02

would you take a 700k mortgage on?

 
But surely you could have rented a house though badgey? just because you had a family doesnt mean you had to buy one does it? or am I missing something?
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Dustbin_Man Posted on 19/05/2017 22:03

would you take a 700k mortgage on?

 
Go for it. Its only money.
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WhogivesaFuchs Posted on 19/05/2017 22:05

would you take a 700k mortgage on?

 
Go for it.As long as you have a contingency plan if it goes tits up..no pain no gain...UTB
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bettyswollocks Posted on 19/05/2017 22:06

would you take a 700k mortgage on?

 
thats true Dusty! I like your positivity...
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Truelies Posted on 19/05/2017 22:07

would you take a 700k mortgage on?

 
Some income if you can splash nearly 3k a month on just a mortgage.

[:o)]
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BillyBill Posted on 19/05/2017 22:13

would you take a 700k mortgage on?

 
Only buys you an average house in some parts of London Truelies lots of people down here spend a huge part of their income on housing.
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borobadge Posted on 19/05/2017 22:14

would you take a 700k mortgage on?

 
your missing something...

I live on the south coast, rented tenancies are for 6 months max.

you have to have stability when you have or start a family, you can be running around looking for somewhere to live.

such is the social scandal and disaster that thatcher introduced to these islands.

that and my absolute hatred and disgust at rachmann landlords - come the glorious day theyre 2nd up against the wall...absolute scum of the earth.
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Paul66 Posted on 19/05/2017 22:21

would you take a 700k mortgage on?

 

25 years ago i bought my first house for 40k which i thought was a fortune, tho at the same time some friends were taking on 100k mortgages

i now buy 1 property a year for around 80k to renovate, seems foolish i used to think half of that was a fortune

perspective and circumstances
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bettyswollocks Posted on 19/05/2017 22:22

would you take a 700k mortgage on?

 
Good point that Bill ... suppose it is standard in some areas in the south,just seems a lot more up here in the north.
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CemetryGates Posted on 20/05/2017 05:04

would you take a 700k mortgage on?

 
Paul66 if you don't mind me asking what area/s do you buy your 1 house a year to renovate?
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Oblomov Posted on 20/05/2017 06:31

would you take a 700k mortgage on?

 
You have to work out if it is just the number that is creating the doubt or sometning else.Very different opinions about housing at the moment some think we are at peak especially in the south but on the other hand the counrty as a whole could be set for some pretty rapid inflation.
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yozzer_hughes Posted on 20/05/2017 09:17

would you take a 700k mortgage on?

 
Look at me, Look at me



I'm getting a £700k mortgage .



I'm considerably richer than you .
[sad]
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RoGoG Posted on 20/05/2017 10:12

would you take a 700k mortgage on?

 
I could liquidate a few of the houses I own and pay that outright without a mortgage so I reckon I'm considerably richer than him.

Do I win the look-at-me-i'm-a-flash-git prize?
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Kezzy1876 Posted on 20/05/2017 10:48

would you take a 700k mortgage on?

 
Safe to say the OP has an incredibly small willy.
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gramercy Posted on 20/05/2017 13:11

would you take a 700k mortgage on?

 
XXXXXXing competitions aside.
I've always had the following rules regarding monthly payments I don't "need".

If you could afford to pay it twice a month , you can afford it.
If you can afford to pay it twice for a year or so if your income stops then you can afford it.

I work with a lot of lads from Aberdeen who never saw the bubble bursting up there.
Due to the resulting fall in the property market up there they now have large amounts of negative equity, which in itself isn't a problem if your income remains the same.
However.........
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joseph99 Posted on 20/05/2017 13:22

would you take a 700k mortgage on?

 
If you both have good secure jobs with good prospects why not.

We pushed ourselves to a limit and now mortgage free with a house worth well over £500k so looking to downsize in a couple of years.
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hard_ Posted on 20/05/2017 13:27

would you take a 700k mortgage on?

 
Steve, I would not do it at the current time. You have no idea if you will still be manager next season and it is a big debt to take in.
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coluka Posted on 20/05/2017 13:31

would you take a 700k mortgage on?

 
Betty if it's what you and yours want, if it makes you happy and have affordability easily covered. Go for it. Be decisive and enjoy your new home
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MightyDuck Posted on 20/05/2017 13:55

would you take a 700k mortgage on?

 
I weigh it up against being able to retire earlier or work for longer to cover the debt
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Paul66 Posted on 20/05/2017 14:41

would you take a 700k mortgage on?

 
CemetryGates

redcar eston marske, although also looking further afield
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Uncle_Marbles Posted on 20/05/2017 15:16

would you take a 700k mortgage on?

 
Ha ha.."it's one of the great dividers of our our society, and a scandal ", ....and then " I haven't had a mortgage in 3 years". What a load of f@cking b@@@lcks...
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Cleveleyssmoggie Posted on 20/05/2017 15:22

would you take a 700k mortgage on?

 
Is it on a ship?
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Jonny_Rondos_Disco_pants Posted on 20/05/2017 15:36

would you take a 700k mortgage on?

 
In the last year i've just moved onto Wynyard, bigger mortgage etc, council tax almost as much as my previous mortgage. Had to do it. Its part of my downsize plan later in life.

I regret not taking on a £220k mortgage when I bought my first house at 24. Instead I settled for £105k, well within my comfort zone. Big mistake.
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Ingleby_Flash Posted on 20/05/2017 15:57

would you take a 700k mortgage on?

 
What colour is it?
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sasboro1 Posted on 20/05/2017 16:00

would you take a 700k mortgage on?

 
What currency?
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billybob Posted on 20/05/2017 16:21

would you take a 700k mortgage on?

 
Thinly disguised look at me I'm minted thread.

In other news I'm off to buy a brand new Ferrari - cash of course.

Shall I go for the traditional red or a cheeky yellow?
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Dibzzz Posted on 20/05/2017 16:31

would you take a 700k mortgage on?

 
You must be doing ok for a 700k mortgage to be approved?

Would have thought your average person on Teesside that's well out of reach.

We used to rent the top floor of a massive house in a beautiful location when we first started out.

We bought our first house for 42k, which was an unbelievable amount of money at the time.

The house we rented got turned back into a normal house again and put on the market.

80k, which back then, we would have really struggled to get approved, if at all. Wish we had a crystal ball though, it'll be worth 400k at least now, snap their hands off.

But that was 95, just before house prices went silly.
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1finny Posted on 20/05/2017 18:00

would you take a 700k mortgage on?

 
I can afford a £700k mortgage
I wonder how I can let people know.

I know, I will ask others, assuming most can't afford it, if they would take it on
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bettyswollocks Posted on 20/05/2017 18:56
Edited On: 20/05/2017 18:57
would you take a 700k mortgage on?

 
thanks for all the replies ...especially the positive ones..
Coluka ... thanks for the encouragement.
Billybill...good point about the regional differential in prices making it commonplace in some areas.Doesnt seem so much now!

Finny and Billybob ... just sad....
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Blind_Boy_Grunt Posted on 20/05/2017 19:05

would you take a 700k mortgage on?

 
You've come on a footy forum for mortgage advice. You haven't said how much you earn or how secure your job is but you are going to take the advice of people on here?

Strange.
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markofdboro Posted on 20/05/2017 19:10

would you take a 700k mortgage on?

 
As long as it's adorable why not?

A million is What £250k was 20 years ago
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Cleveleyssmoggie Posted on 20/05/2017 19:17

would you take a 700k mortgage on?

 
Back in the old days a mortgage was limited to 25 years and a fixed multiple of your earnings.

Can you afford it if mortgage interests were to triple, not impossible?
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SocraTees3 Posted on 20/05/2017 19:21

would you take a 700k mortgage on?

 
Spot on Blind boy grunt.
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bettyswollocks Posted on 20/05/2017 19:35

would you take a 700k mortgage on?

 
Blind Boy and Socra..I didnt come on here looking for mortgage advice.I already have a mortgage approved.I merely asked if it was normal to be feeling nervous about it,as I was...
I almost wish I hadnt asked.
Never mind I suppose its kept the trolls entertained.
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Support_Your_Local_Team Posted on 20/05/2017 19:40

would you take a 700k mortgage on?

 
Could've achieved all that without ever mentioning the amount. The amount is completely irrelevant.

As it was, you felt the need to put it right in the thread title.

I agree with others - there's far too little info given for this to be a genuine request for sensible advice.

There is bragging involved imo.
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docker Posted on 20/05/2017 21:02

would you take a 700k mortgage on?

 
Wollocks this is a load of b-llocks
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