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Original poster

bloody mortgages !!!!!

28 replies

Tortington · 16/08/2006 16:21

we cant work out our finances until we can sort out how much insurances we will have to pay with the mortgage.

so, how much would an endowment per month be to cover 140k

please help, i cant find it online and my dh who is sat next to me at this very moment said " ask mumsnet..they know everything...they're cool"

see i wouldn't say that! anyway if you dont help me i'm going to stab the fucker

ta

OP posts:
Original poster
Tortington · 16/08/2006 16:23

he's just gone to the loo. i swear all this housey shit is driving me mad - we will get dovorced hes doing my cabbage in.

OP posts:
Quootiepie · 16/08/2006 16:25

do you mean how much do you have to put aside to pay off mortgage at end of term? For insurance ,I think you get an intrest only mortgage insurance.

Piffle · 16/08/2006 16:26

endowment mortgages ooooh are they not the evil answer nowadays custy?

lucykate · 16/08/2006 16:28

we have a joint policy, life with critical illness cover, pays out 130k that costs us £75 a month. its the critical illness bit that costs nowadays. our previous policy for our old, much smaller mortgage was only £15 a month. try moneysupermarket.com

lucykate · 16/08/2006 16:30

ours isn't an endowment anymore, we cashed that in when we moved in july and swapped to repayment mortgage with plenty of life/illness cover

iota · 16/08/2006 16:46

get a repayment mortgage and separate life insurance

iota · 16/08/2006 16:48

have you seen this website ?

iota · 16/08/2006 16:51

we got our life insurance from lifesearch

iota · 16/08/2006 16:53

motley fool also useful info

Orinoco · 16/08/2006 21:01

Message withdrawn

Original poster
Tortington · 17/08/2006 00:28

i dunno you see - i dont know how to ask for stuff i dont know exists.

we just wanted to know if we get an interest only mortgage ( becuase we are going to move anyway in a few years - this is just to et us on the ladder)

then

is all the cover i need in case someone karks it? ( dies)

or do ihave to put more money in ?????

think i'll just get divorced its cheaper - and easier.

thanks for your help and advice - to be honest right now i am too bollocksed (tired) to do serious stuff.

and thanks for putting up with gratuitous swearing

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Original poster
Tortington · 17/08/2006 00:33

so if you get a house interest only stay for 5 years

sell it

you get the equity - pay the bank back - but have paid the minimum

if this is the case why does anyoen pay repayment?

why doesnt everyone just do interest only mortgages - sell on make profit - pay bank back - pocket 5k and move to nect house nect mortgage

evleryone seems to advocate the repayment mortage like its a good thing

it seems to me its a good thing long term - where after 10 years you are effectivley making a large dint into the mortgage nd therefore paying the house off becuase you are effectivley paying off your agreed sum - but off a smaller amount of loan as the years decrease.

so i can see that - i think

i juct dont get why everyone isnt getting interest only mortgages with life cover if they know they are going to move in 5 years

so why is that?

OP posts:
sallystrawberry · 17/08/2006 00:36

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Tortington · 17/08/2006 00:42

lol ta sally xx

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HRHQueenOfQuotes · 17/08/2006 01:00

why doesnt everyone just do interest only mortgages - sell on make profit - pay bank back - pocket 5k and move to nect house nect mortgage

I guess because house prices aren't always stable - and there's a huge risk you could end up with negative equity and owe lots of money???

Original poster
Tortington · 17/08/2006 01:45

ta Q

i know you think its obvious - am just as thickas shiot

so, you would still be in neg equity with repayment mortgage yes?

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SueW · 17/08/2006 08:29

This reply has been withdrawn

This has been withdrawn by MNHQ at OP's request.

Original poster
Tortington · 17/08/2006 11:56

thanks sue.

my thinking at the moment is to pay interet only for the next 5 years and then move.

we will be paying a higher interest rate anyway becuase of out bad credit history - thatsounds bad - but it was only a couple of late paymens of stuff - not serial borrowing and not repaying or anything.

then reviewing out situation every couple of years - dependig on he market , the interest rates our own personal situationw ith jobs etc

in a year or maybe 2 i think we will get a more afavourabe interest rate in line with most other people because we will have shown we can repay and some other things will have gone off the credit report.

my dh is most certainly goign to be earning a bit more becuase he is golden boy at work, in 5 years the kids will be kicked out that means only buying essentials for dd at uni - so we will save m oney there.

i thik in 5 years time we will be quite a bit beter off financially witht e kids gone and dh earning more.

what i cant plan for is eveything goign tits up in the housieng market - bu even then i can't imagine seaside town property next to brighton taking much of a dive tbh
thats MY thinking. only i don't know what i am doing.

OP posts:
Orinoco · 17/08/2006 21:51

Message withdrawn

Orinoco · 17/08/2006 21:52

Message withdrawn

seb1 · 17/08/2006 21:54

What about a one account one

Original poster
Tortington · 18/08/2006 02:52

orinoco - that was brilliant thank you.

i think i want to actualyl get teh morgae before changing. i am frightened that too many searches by mortgage companies will look bad on credit report - but we will definatly change

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Orinoco · 18/08/2006 22:23

Message withdrawn

Orinoco · 18/08/2006 22:26

Message withdrawn

Original poster
Tortington · 19/08/2006 10:35

we have already done that orinoco, we did it before we went to see a ortgage advisor.as we had no clue what our credit rating was like.

today we are taking the report to a mortgage guy - even though we have an offer - i told him that i don't want hi to do an official search unless he is positive that i can get a cheaper interest rate. we will see him at 2ppm so no will report back.

have seena house, dead cheap reposessed - will let you know

orinoco - thanks s much fr your advice your a superstar xxx

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