questions for my UK friends!

[theirmodestgreen]

Does anyone own a house/flat in the UK can can you explain to me a little more on these kinds of mortgages you hvae because you guys hvae a ton of weird differnet kinds, and while over here we do the principal (repayment)+ interest loans basically only, it seems you can also in the UK do interest only loans and pay the full balance at the end of hte interest paying term??? Does this mean you can just sell it before the term is over and use that money to pay the balance on the loan so you're basically jsut renting the place for cheaper than renting??? or whatever?

SO MANY QUESTIONS SO MANY

Also, I'm aware of stamp tax and a ton of random other one-time fees, but how does the taxes/insurance factor in? Here, I pay $700something on my principal/interest payment per month, plus another 250$ish for taxes and homeowners insurance combined. Do you have other fees like these that would add on to the overall monthly costs?

In general, would it be more wise to purchase, if possible, doing an interest only loan than renting? The renting cost seems much higher. Or is that a creepy way to do something. Are the loan lengths different for principal+interest than just interest? Which would be what skews the payments more evenly?

QUESTIONS

Comments

[newlifeinstpaul.livejournal.com]

I pay $700 something on my principal/interest payment per month, plus another 250$ish for taxes and homeowners insurance combined.

And that's for NEW CONSTRUCTION. *Player-hate ensues*

It's like the Twin Cities are 'Frisco or anywhere really expensive?
But dang.

[separated.livejournal.com]

hahaa, i know, shit is RIDICULOUSLY cheap here. i think my mortgage payment is $744 actually. it adds up to about $960 but i'm too tired to think real numbers.

HOWEVERRRR, it's pretty boring and ugly here, and we also get paid a lot less :< i think, anyway. who knows. maybe its' not that much of a difference.

In london, to rent a place that I feel like we wont go insane and murder each other (read: enough room to not see each other whenever we need space and hiding in the bathroom doesnt count) I feel like we're gonna have to spend at least 1200GBP a month just on rent so that's why we're kinda looking into buying because it seems more bang for your buck and i think his parents mightmaybe get the loan in their name and we just pay to them, but i dunno, he said htey SOUNDED interested in investing in property in london, but that's def not... any kind of solid foundation to plan on. whoops sorry i'm babbling

[newlifeinstpaul.livejournal.com]

Right now, our bank is paying down a point and the builder is paying our association fees, but when all that is done and over and the county taxes us at the cost of construction, we're out about $1500 and change. Buuuuuuuuut we've got a(nother?) foreclosure and a short sale on the block, so maybe we can debate the taxation level down a smidge using their sale prices as comparables. I dunno. Now I'm babbling too :-D

So exactly when are you moving again?

[separated.livejournal.com]

wooowee, 1500's not bad at all. urfff foreclosures, yeah i bet that'll help a bit. i think we're gonna have to sell our hosue, hopefully i'll be able to maek enough to cover closing costs, realtor whatever, etc, because we need at least 4k back out to pay matt's parentsb ack for the money they loaned us for the down payment. URFFFFF

And matt starts his job march 2011, so I'm assuming february, but we just found out at like 5:40am yesterday, so no concrete plans have been made D:

[newlifeinstpaul.livejournal.com]

Did I say $1500? My bad I meant $1700 and change. Ah, well, we were renting that one spot for $1400, so it's still not bad. Especially when you subtract in the write-offs for interest and tax.

I feel like typing something like 'I'll miss you' here, but come to think of it, I've never been to Oklahoma (as in EVER) so it's more like you'll still be typing on your computer wherever you are and so will I. I guess it's that in theory we could visit you and vice versa....? Iono.

[separated.livejournal.com]

Ooooof, but yeah that's still not too bad. I just worry about havin to pay somethin like that much while making less money (rationally, anyway) than we make here, urf. But it will be worth it after a few years, so gotta fight on through I suppose.

haha, the time difference might skew our comment exchanges but I'm sure I'll be around just as much ! but I do know what you mean. However, if you ever decide to hop on over to england, you'll have a lovely tour guide !

[humanoid27.livejournal.com]

i know very little about this (i rent) but some on my flist may have some answers so i've asked them. hope this helps.
:)

[weev.livejournal.com]

yes hello!

i am passing through your hood-- i will be in norman tonightish. you and your husband should chill w/ me and my wife. shout @ me ASAP

714 325 8013 -- text this plz