Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

could I get a £600k mortgage?

89 replies

missp2010 · 24/08/2011 20:42

I have a bit of a nuts idea, I'd just like some advice about whether or not it could be done. We are looking to move house and have found a property on the market for £700,000 our current house is worth roughly £340k we'd make about £120k so we'd need a mortgage of £600k. We do not have a big income at all, I'm a sahm and dh is a teacher. The thing is the property we're looking at has a swimming pool which the current owners hire out to swim/dive schools apparently making £3000 a month. They also say that they often turn people down, so it could be possible to make even more income from the pool. This income could therefore cover the mortgage payments.

Do you think any bank would lend us the money to buy this house? Or am I being completely stupid?

Thanks for any opinions.

OP posts:
notlettingthefearshow · 24/08/2011 21:32

Seems like a crazy idea and no I don't think the bank would take you seriously.

I think this is a business idea more than a home - maybe if you viewed it like that the bank would talk to you. But I think it would be a business loan rather than a mortgage. Starting/taking over a business is much riskier than buying a home.

usualsuspect · 24/08/2011 21:36

Bloody hell, that is one big swimming pool

K999 · 24/08/2011 21:38

What posters were being nasty? Confused

wannaBe · 24/08/2011 21:39

"Do you come here specifically to be rude and nasty to others?" oh come on op. You surely can't even have remotely thought this was possible? Not seriously? Your dh probably earns just above the national average and you want to buy a house for three quarters of a million? In fact you want to tripple your mortgage (you say your current property is worth about £350k and has approx £100K equity) even if you think about it from a repayment perspective, you surely don't have twice what you currently pay into your mortgage left over at the end of every month that could be used to meet the repayments?

Even at the height of borrowing the banks weren't lending out that kind of money.

And that's not rude, and nobody has been nasty - that's just a fact.

wannaBe · 24/08/2011 21:41

yes, as a business it might be doable. but it's a risky route to go down because the business will essentially be secured against your home so if the business goes tits-up then you lose your house into the bargain.

nulgirl · 24/08/2011 21:42

Would love to see the house on rightmove. My dream is to have a big swimming pool. Could you provide the link OP?

NLatlarge · 24/08/2011 21:44

OP you asked were you being completely stupid. You have received answers to that question. Nothing 'nasty' in that.

ginmakesitallok · 24/08/2011 21:44

Who was rude or nasty???

HeidiHole · 24/08/2011 21:45

I genuinely can't see anyone being "rude and nasty" have their posts been deleted?

BigusBumus · 24/08/2011 21:47

We used to have a swimming pool at our old house. Do you have any idea how much it costs to run? Ours was only a 15ft diameter pool (circular, below ground). It was outside, and heated throughout the summer months during the daytime only and had a solar blanket type cover on it during the night.

We were on a water meter, but the topping up due to evaporation and use by the children didn't cost too much as we relied heavily on rain water to fill it up, but we did hav to use the hose in very hot weather a couple of times a week.

A large canister of chlorine powder (called Shock) costs about £40-50 and lasts only a couple of weeks. And that was with a really small pool. One which is being used by clubs etc wouold require far more maintenance and more outlay.

Added to the chlorine treatment, you have to maintain the pH levels. You tests the water with little litmus sticks which tell you pH, chlorine and other water levels. You then have to add pH Lower or pH Higher to the water. These cost a bomb too.

Then there are the Sparkle Tablets that you put ion the filters to keep them clean and to make the water litterally sparkle.

The whole marlarky costs a fortune and this is without heating costs. Ours used to cost us, and I'm not joking... £900 on top of our usual electricity bill just for the months of May, June, July & August to heat the pool enough to swim in. Othyer maintenance involves scrubbing the algae off the sides once a week, hoovering the bottom daily anf doing a weekly "backwash" through the filter". Time-consuming and a PITA, although free, I suppose.

In my opinion, swimming pools are a complete money pit, a headache and a waste of time (unless you are millionaires). I would NEVER have some again. (Although our 3 boys taught themselves to swim in it, so saving on lessons I suppose).

missp2010 · 24/08/2011 21:49

It was just a light hearted question, something I was wondering about. You guys sure do take these chats seriously.

OP posts:
ginmakesitallok · 24/08/2011 21:51

you were lightheartedly considering getting a £600k mortgage? either you want advice (which you got) or you don't - in which case why post?? Besides - my response re worst case scenario was meant to be lighthearted....

Eurostar · 24/08/2011 21:52

"I do not know the details of their profits, just what I have been told by the estate agents".

Flaw in the plan above.

K999 · 24/08/2011 21:52

My first post was obviously light hearted unless you don't have a sense of humour....

ginmakesitallok · 24/08/2011 21:53

K999 - maybe the puns were a little too watered-down?

BigusBumus · 24/08/2011 21:54

Eeek sorry for all the typos, I pressed Post instead of Preview by mistake!

OP, don't feel like everyones on your case... I guess people are all different and have differing opinions, which you asked for. Ultimately its for you and your husband to decide and seek proper financial advice about. x

K999 · 24/08/2011 21:57

Gin, perhaps! I was only testing the water....

wannaBe · 24/08/2011 21:57

oh, I think this thread is going just swimmingly.

missp2010 · 24/08/2011 21:58

Thanks bigus and others :-)

I'm off to bed now. I doubt I'll be back on mumsnet again. Please don't bother to reply further

OP posts:
NLatlarge · 24/08/2011 21:58

Well the next time you ask for 'opinions' - please make it clear that you only want arse-licking agreement and I won't bother wasting my time to point out that you are in danger of taking up residence in la-la land.

ginmakesitallok · 24/08/2011 21:59

YOU'RE FLOUNCING OVER THIS????? Shock Shock

wannaBe · 24/08/2011 22:00

"I'm off to bed now. I doubt I'll be back on mumsnet again. Please don't bother to reply further" oh. we must take this thread to 1000 posts now! Wink

usualsuspect · 24/08/2011 22:00

oh dear

K999 · 24/08/2011 22:01

Think we are gutting into unchartered waters here.....

K999 · 24/08/2011 22:01

I'm struggling to keep afloat with this thread ...

Swipe left for the next trending thread