Paul Savage training log
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| chaos |  | ... | 04-09-2014 @ 11:17 |
 An amazing human being Member 2047, 17156 posts SQ 262.5, BP 170, DL 300732.5 kgs @ 108kgs UnEq | PaulSavage said: Have to be, they wont take mortgages on anything we can manage. Are you sure? You have enough cash to buy a house but the mortgage lenders wouldn't give you a 5 or 10k mortgage? Assuming the house you are looking at is just 30k (i'm being very very cautious on this price as the lwoest i've found in warrington is 40k for 1 bed flat and no way on earht would that get you 450+ rent a month - trust me i'm a landlord!). That would give you a LTV of around 25% and I'm pretty sure almost any compnay would happily loan you that! And a mortgage of 10k over say 10 years would be around 90 a month! You are either talking out of your arse or you have not looked into this properly! I am more than prepared to offer you some advice | ||
| slimsim | | ... | 04-09-2014 @ 11:23 |
My asshole is not watertight. Member 2926, 6050 posts SQ 217.5, BP 107.5, DL 225550.0 kgs @ 86kgs UnEq | chaos said: Are you sure? You have enough cash to buy a house but the mortgage lenders wouldn't give you a 5 or 10k mortgage? Assuming the house you are looking at is just 30k (i'm being very very cautious on this price as the lwoest i've found in warrington is 40k for 1 bed flat and no way on earht would that get you 450+ rent a month - trust me i'm a landlord!). That would give you a LTV of around 25% and I'm pretty sure almost any compnay would happily loan you that! And a mortgage of 10k over say 10 years would be around 90 a month! You are either talking out of your arse or you have not looked into this properly! I am more than prepared to offer you some advice Most mortgage companies have a minimum loan value of £25,000. That said, you'd only need a VERY low income to support that, even based on the newer stricter lending criteria which have just come out. As you say though, with a low LTV most lender would be happy to lend as there's little risk. | ||
| PaulSavage | | ... | 04-09-2014 @ 11:36 |
Member 2775, 6927 posts | chaos said: Are you sure? You have enough cash to buy a house but the mortgage lenders wouldn't give you a 5 or 10k mortgage? Assuming the house you are looking at is just 30k (i'm being very very cautious on this price as the lwoest i've found in warrington is 40k for 1 bed flat and no way on earht would that get you 450+ rent a month - trust me i'm a landlord!). That would give you a LTV of around 25% and I'm pretty sure almost any compnay would happily loan you that! And a mortgage of 10k over say 10 years would be around 90 a month! You are either talking out of your arse or you have not looked into this properly! I am more than prepared to offer you some advice Or you are confused on what i've said. For all the properties we have looked at they have wanted cash, no mortgages. | ||
| ben66 | | ... | 04-09-2014 @ 11:44 |
 Why get fat to look big? Member 1330, 4797 posts SQ 300, BP 200, DL 305805.0 kgs @ 107kgs UnEq | PaulSavage said: Or you are confused on what i've said. For all the properties we have looked at they have wanted cash, no mortgages. The bank pay the cash, you end up with a mortgage? | ||
| slimsim | | ... | 04-09-2014 @ 11:45 |
My asshole is not watertight. Member 2926, 6050 posts SQ 217.5, BP 107.5, DL 225550.0 kgs @ 86kgs UnEq | PaulSavage said: Or you are confused on what i've said. For all the properties we have looked at they have wanted cash, no mortgages. Why would someone not want somebody talking a mortgage to purchase a property? They get the money, it's just that they get it from the lender and not the purchaser. It makes absolutely no difference to them.  | ||
| CJR | | ... | 04-09-2014 @ 11:52 |
 Member 4145, 1331 posts SQ 172.5, BP 115, DL 220507.5 kgs @ 100.4kgs UnEq | slimsim said: Why would someone not want somebody talking a mortgage to purchase a property? They get the money, it's just that they get it from the lender and not the purchaser. It makes absolutely no difference to them. I agree with you, but there are lots of properties on the market which do specify "Cash buyers only". I can only assume it reduces legal hassle in some way by taking a mortgage lender out of the equation?? | ||
| LeedsMiniPower | | ... | 04-09-2014 @ 11:54 |
Getting fat is just as dumb as using PED's Member 3387, 2532 posts SQ 275, BP 200, DL 290765.0 kgs @ 114kgs UnEq | Cash sales are usually on properties which wouldn't pass a survey meaning the bank wont lend or a distressed sale where time is of the essence. This used to be what I did for a living, if Paul has 30/40/50k then he can buy? I would be very concerned though about a house on the open market which is a cash only purchase. | ||
| MrSmall | | ... | 04-09-2014 @ 11:56 |
Gone and easily forgotten....... Member 331, 22298 posts SQ 185, BP 100, DL 230515.0 kgs @ 85kgs UnEq | LeedsMiniPower said:Cash sales are usually on properties which wouldn't pass a survey meaning the bank wont lend or a distressed sale where time is of the essence. This used to be what I did for a living, if Paul has 30/40/50k then he can buy? I would be very concerned though about a house on the open market which is a cash only purchase. I have very limited experience in these things but this what crossed my mind as well. | ||
| slimsim | | ... | 04-09-2014 @ 12:00 |
My asshole is not watertight. Member 2926, 6050 posts SQ 217.5, BP 107.5, DL 225550.0 kgs @ 86kgs UnEq | LeedsMiniPower said:Cash sales are usually on properties which wouldn't pass a survey meaning the bank wont lend or a distressed sale where time is of the essence. This used to be what I did for a living, if Paul has 30/40/50k then he can buy? I would be very concerned though about a house on the open market which is a cash only purchase. If a bank isn't willing to lend me the money to purchase a property (especially with a low LTV) then I'm damned if I'd be willing to take a punt on it either. Only exception i can think of off the top of my head is a builder purchasing at a rock bottom price to rebuild. Surely the lack of chain with Paul and Sarah wouldn't result in a completion time much longer than a cash buyer. Again, as a cash buyer I'd still want to get things like searches done so as to know I'm not sat on top of a coal shaft. I think Paul is maybe looking at a fairly specialist end of the property market which would be better suited to seasoned property investors, not first time buyers. | ||
| Burky | | ... | 04-09-2014 @ 12:05 |
 smack the shit out of my pubic bone Member 1902, 919 posts SQ 160, BP 110, DL 230500.0 kgs @ 85kgs UnEq | CJR said: I agree with you, but there are lots of properties on the market which do specify "Cash buyers only". I can only assume it reduces legal hassle in some way by taking a mortgage lender out of the equation?? You would still want to engage a conveyancer (and a surveyor for that matter) wouldnt you? I am guessing in these 'cash buyers only' cases, the vendor does not want to run the risk that the lender pulls the mortgage offer? Though I agree that in the main I dont think it matters. | ||
| PaulSavage | | ... | 04-09-2014 @ 12:14 |
Member 2775, 6927 posts | LeedsMiniPower said:Cash sales are usually on properties which wouldn't pass a survey meaning the bank wont lend or a distressed sale where time is of the essence. This used to be what I did for a living, if Paul has 30/40/50k then he can buy? I would be very concerned though about a house on the open market which is a cash only purchase. Not all the properties wont pass surveys it's just they wont bother with one. All they want is a quick cash turn around. The house we got out bid on is going to sell for 31k or there abouts and 3 years ago sold for 65k. There was nothing structurally wrong with it, could have spent 1k on it before renting. | ||
| LeedsMiniPower | | ... | 04-09-2014 @ 12:17 |
Getting fat is just as dumb as using PED's Member 3387, 2532 posts SQ 275, BP 200, DL 290765.0 kgs @ 114kgs UnEq | Paul I don't think you understand the buying process, the vendor doesn't instruct the survey. If a mortgage is required the lender will instruct. If its a cash purchase its at the buyers discretion. | ||
| LeedsMiniPower | | ... | 04-09-2014 @ 12:18 |
Getting fat is just as dumb as using PED's Member 3387, 2532 posts SQ 275, BP 200, DL 290765.0 kgs @ 114kgs UnEq | slimsim said: If a bank isn't willing to lend me the money to purchase a property (especially with a low LTV) then I'm damned if I'd be willing to take a punt on it either. Only exception i can think of off the top of my head is a builder purchasing at a rock bottom price to rebuild. Surely the lack of chain with Paul and Sarah wouldn't result in a completion time much longer than a cash buyer. Again, as a cash buyer I'd still want to get things like searches done so as to know I'm not sat on top of a coal shaft. I think Paul is maybe looking at a fairly specialist end of the property market which would be better suited to seasoned property investors, not first time buyers. Agreed, what exit route do you have with a property that isn't mortgageable? It would need to be dirt cheap and you just look at the yield/return however still a big gamble. | ||
| little_a | | ... | 04-09-2014 @ 12:20 |
 still a devious weightlifting bastard Member 43, 14374 posts | PaulSavage said: There was nothing structurally wrong with it How did you find this out Paul? | ||
| LeedsMiniPower | | ... | 04-09-2014 @ 12:24 |
Getting fat is just as dumb as using PED's Member 3387, 2532 posts SQ 275, BP 200, DL 290765.0 kgs @ 114kgs UnEq | little_a said: How did you find this out Paul? lol | ||
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