what is the longest term of mortgage you can get, i have a plan to make some money (long term) and i need to know wjhat my options are

what is the longest term of mortgage you can get, i have a plan to make some money (long term) and i need to know wjhat my options are

all depends on your age i think allan

all depends on your age i think allan

Is that mental or physical Bri?? :p

im 28 bud, ive been doing a bit of research and asking about and have found that there is a lot of money to be made from buying houses on new housing estates from plans, living in them for a year or so and making them livable then selling on for a profit, i know of at least 3 people who are mortgage free buy doing this (and they aint that old)

 

problem is the new houses being built at the moment are a bit pricey and would skint me, that's why i want to spread the mortgage over the longest period possible, that way i could have some spare cash every month, obviousely its a bit more akwaard than that, but i have some good people around me with good advice and help

As znut said it all depends on your age. I.e how many years until you retire from work and all that crap.

im 28 bud, ive been doing a bit of research and asking about and have found that there is a lot of money to be made from buying houses on new housing estates from plans, living in them for a year or so and making them livable then selling on for a profit, i know of at least 3 people who are mortgage free buy doing this (and they aint that old)

 

problem is the new houses being built at the moment are a bit pricey and would skint me, that's why i want to spread the mortgage over the longest period possible, that way i could have some spare cash every month, obviousely its a bit more akwaard than that, but i have some good people around me with good advice and help

you better get a move on then because i tend to think the banks are going to tighten up on borrowing after the latest scare over over burdened lending :(

Is that mental or physical Bri?? :p

in allans case they better go on physical rather than mental :rofl: :rofl: but i think were all pissin into the same pot of insanity on this site Rich :duffer:

Be carefull doing that coz i know a few people that did that on an new estate near me and now cant sell them as they are timber framed houses ( like most new estates ) and mortgage companys dont seem that happy to lend on them unless you have a massive deposit ( 60%+ )

im 28 bud, ive been doing a bit of research and asking about and have found that there is a lot of money to be made from buying houses on new housing estates from plans, living in them for a year or so and making them livable then selling on for a profit, i know of at least 3 people who are mortgage free buy doing this (and they aint that old)

 

problem is the new houses being built at the moment are a bit pricey and would skint me, that's why i want to spread the mortgage over the longest period possible, that way i could have some spare cash every month, obviousely its a bit more akwaard than that, but i have some good people around me with good advice and help

 

I added 40k to my current mortgage and bough a house in sardinia. Its already gone up 12k and i can make 350 quid a week for 6 months to rent it as a holiday home. Also get to use it myself out of peak time, which is still hotter than here.

mines over 40 years and im 27! had to be buying on my own with todays house prices!!

yeah, i know most of the ups and downs of house building and reselling (im sort of in the property business(lanlord), a lot of builders are offering 100% value of your old home and all fees paid for to buy one of theirs, just my house aint ready yet, people are afriad of buying onto a new estate incase it aint very nice, but its the chance you have to take, i have a few site's in mind (future development) and i aint buying no fookin flats lol

40 years, that sounds long enough lol, doesnt realy matter how long i take it over as long as the plan pays off

alliance and leicester 2 yeras fixed at 4.99% thought i couldnt whinge at that

 

the interest is crippling though, but when my circumstances change and hopefully my income increases i can look to shrinking it

yeah, i know most of the ups and downs of house building and reselling (im sort of in the property business(lanlord), a lot of builders are offering 100% value of your old home and all fees paid for to buy one of theirs, just my house aint ready yet, people are afriad of buying onto a new estate incase it aint very nice, but its the chance you have to take, i have a few site's in mind (future development) and i aint buying no fookin flats lol

a few of my mates buy before the first bricks been laid then 6-8 months later when there finnished they complete the sale and a week later bang it back on the market and make around 6-10k profit. just make sure you go to a lender with zero pay-off costs on monies

a few of my mates buy before the first bricks been laid then 6-8 months later when there finnished they complete the sale and a week later bang it back on the market and make around 6-10k profit. just make sure you go to a lender with zero pay-off costs on monies

now thats the sort of reply im after, nice one mate, as i said, people are afraid of buying off plans, i would only buy a house in an area that i know

alliance and leicester 2 yeras fixed at 4.99% thought i couldnt whinge at that

 

the interest is crippling though, but when my circumstances change and hopefully my income increases i can look to shrinking it

 

my fixed term is 3.25% but it end in jan :(

now thats the sort of reply im after, nice one mate, as i said, people are afraid of buying off plans, i would only buy a house in an area that i know

yea your after a good postcode,thats what sells house but remember your looking at a couple of grand costs ( intrest on deposit,soliciters,landsearch,ect) as soon as you see the biulders fencing around land then thats the time to buy :)

 

ime sure i have a spelling issue :headvswal :rofl:

4.99 & 3.25% !!!! You lucky buggers

 

Just rettook mine out at 5.99 for 2 years.

best I could get was 5.79% with Halifax but cost of switching wasnt worth it.

 

Im just starting to overpay mortgage by £300 pcm to bring term down from 26 years to about 14 :)