Just spent a fortune...

[az]

All the best, Paddy and GNEP!

AZ

[Paddy]

I've got a formal offer of a mortgage, but I am still keeping my eyes open as I need to borrow 110%

I should hear back from the bank on Monday.

[GNEP]

110%? Ouch... luckily I've managed to save up a bit of a deposit so only need to borrow 81%...

[Ribbit]

Originally posted by Taz
Do they help with house buying then

I figured they helped earning the 30k+

[The PIT]

Originally posted by Paddy
I've got a formal offer of a mortgage, but I am still keeping my eyes open as I need to borrow 110%

I should hear back from the bank on Monday.

This is the reason why house prices are rising. The bank should say no rather then letting people get in deap fubar. What the heck they want to lend me 25,000 grand. The bank even once agreed to lend me six times my earnings. Didn't matter I had no money to buy food or clothes etc. Their response to that was you've got overtime haven't you. I told them where to put the morgage.

[Brian Ellis]

The problem is that a first mortgage, usually at a max of 75 or 80% of their valuation of the property, is usually reasonably cheap, provided that the loan is < 2 annual salaries in a stable job over 20 years. Anything over those conditions becomes increasingly expensive, remembering that the collateral may diminish in value (bad maintenance, accidents, property bubble bursting etc.) or the mortgagee may lose his job, have an incapacitating accident, kick the bucket, etc. This is why the cost of various mandatory insurance premiums is added to the payments.

My Swiss accountant told me that a banker will lend you his umbrella when it is fine weather, but will ask for it back when the first cloud becomes visible on the horizon. I've managed to keep myself clear of bankers' loans of any description for many years and I was able to buy this house cash on the nail from retirement funds.

[Paddy]

Yeah, its a lot of money... I was offered 5x my wages at 110%.

If I want to buy a house its the only way

If I were sans wife, then I would have been living in free hospital acommodation for the past year. The saving there would have ment that I would have needed less than 90%

[TransformX]

I'm in the process of buying an apartment in south Tel Aviv, considered a not-so good neighbourhood (pretty bad actually, but I've lived there all my life and it's right in front of my parent's house).
It's a ~75 square meter apartment (3 rooms +) for 130,000 USD out of which we only have 30,000.
This means paying a mortgage of 700 USD / month for the next 20 years

[Sasq]

Personal plan is, I won't think about leaving Japan until I'm cashed up enough to either buy a house outright, or at least have >60% to put down on a house.

Which country I settle in yet, I don't know.

[TransformX]

Originally posted by Sasq
Which country I settle in yet, I don't know.

It's not going to be any easier with time.
I'd suggest you to find a place where you'll be close to your friends and have good neighbours.
Those two variables will make a huge difference in your life concerning your ease of mind, your children's education safety and whatever.

[Sasq]

Country will depend on when/if I find a new partner. I have some time left on that.

Boss wishes to make the company 'international' so after I've finished setting up the new system, and have processes in place. I can actually work from anywhere.

[TransformX]

Just don't forget the friends/neighbours factor. It's much more important that most people think.

[Sasq]

Originally posted by TransformX
Just don't forget the friends/neighbours factor. It's much more important that most people think.

I agree, however I have an unusual problem of being stuck between about 3 cultures.
Time will tell.

[TransformX]

3 Cultures: Oz, Japan and ?

[Sasq]

Most of my non Japanese friends here are American/Canadian.

Somewhere in the North American continent is a possability as well.