Re: renting vs living at home?
 

Thanks a lot Alex, PM sent [img]/images/graemlins/smile.gif[/img]

How would I be able to get a 3x mortgage on my £80k deposit without them knowing my salary? Is it going through a non-bank institution?

Re: renting vs living at home?
 

With a 25% deposit you should be able to get a "self-certified" mortage instead of one based on your salary - unfortunately I don't know too much more about it, but thats the term to be googling.

EDIT - I don't know whether Northern Rock has suddenly made this less likely than it was in March, but from the banks point of view there is no way you can end up in negative equity oweing only 75% of a London property.

Re: renting vs living at home?
 

ah yes, thanks a lot, just googled it, but given i'd be in employment as well it should help keep the interest rate not too high:
[ QUOTE ]

Employed Self Certification
Most employed applicants will be able to prove their income by reference to their payslips and an end-of-year P60. However if you have additional income that is:

Seasonal or contract work
Casual labour
Erratic bonus, commission or overtime payments
Then you can apply for a self certified mortgage. You need only declare that you have the additional income required to be able to repay your mortgage.


[/ QUOTE ]

my only concern is that say i went for a £240k mortgage over 20 years, my monthly interest repayments would be £1400, which would be more than i would be roughly the same as i would be paying by renting.

regardless though, this is definitely the type of mortgage ive been looking for.

Re: renting vs living at home?
 

you obviously live in a very expensive city but living with your parents doesnt seem worth the money saved.

Re: renting vs living at home?
 

When the minimum price to "get in" for a one-bedroom apt is 500k and a starting salary with a degree in finance is 53k, and you have a desire to own, my conclusion is simple: move. Go somewhere where the ratio is 4 or 5, not 10.

eastbay

Re: renting vs living at home?
 

John,

What's the state of London real estate? Are you buying with expectations of growth, or only because you don't want to rent?

For some real EV accumulation, you should look into transferring your accounting skills into China, and finding some real estate there. If you don't mind Asians, the financial side of it is much more tremendous than any other place in the world for the medium to long term. Much like Russia in the early '90s, simply having ties / residence / mild connections there could make some unimaginable overnight-style profits in the future that no one is really betting on right now.