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View Full Version : How to get yourself a house in 14 steps


Mr. Bas
11-07-2006, 15:54:38
This guy (http://oneredpaperclip.blogspot.com/) apparently managed to acquire a house by simply trading stuff, starting from a red paperclip. That's pretty awesome, even though a hyped interweb site will get you a long way.

Venom
11-07-2006, 16:05:03
I've been following his progress for the last year. He's done well. Especially how it ended up. Corbin Bersen is prominently involved.

Lurker the Second
11-07-2006, 17:45:28
Hehe, entertaining as well.

JM^3
11-07-2006, 17:54:33
I have some cough drops, I wonder if I can trade them up for a supermodel sandwich

JM

King_Ghidra
12-07-2006, 08:07:58
as awesome as that would be, i'm guessing no

Mr. Bas
12-07-2006, 09:12:34
It's definitely worth a try though. Go for it!

Funko
12-07-2006, 09:44:42
Keep us updated!!

Tizzy
12-07-2006, 09:45:55
I predict a worldwide shortage of cough drops if it works.

King_Ghidra
12-07-2006, 10:26:44
i think you'll hit a worldwide shortage of supermodels first

MattHiggs
12-07-2006, 10:30:22
I went to see a mortgage advisor yesterday. I can't believe they'll only give us a mortgage for 72,000.

We can't buy anything for that :(

Funko
12-07-2006, 10:33:12
That is rubbish. From two incomes?

King_Ghidra
12-07-2006, 10:37:37
:eek:

MattHiggs
12-07-2006, 11:58:44
I work full time and Lucy works 16 hours per week. They can't take my web design business into consideration as I need two years worth of accounts. Also they can't take ebay earnings into consideration, even though I've got over 26 months of accounts informations where-by I'm earning over 200+ every month.

It's really, really crap being a first time buyer :(

Venom
12-07-2006, 12:06:33
Shit they gave me $160,000 no problem off my one income. What kind of assholes run the banks over there?

King_Ghidra
12-07-2006, 12:24:38
well the amount you will get from a mortgage advisor and the amount you will get from a bank are two different things

my bank was prepared to loan me over 250k based solely on my own salary, whereas at the mortgage advisor they would loan my gf and myself together less than 200k

the bank works off the fact that i have a long and pretty good history with them, whereas to the mortgage companies you're just some noob

Funko
12-07-2006, 12:30:35
That's definitely true. Angelhorns said exactly the same thing. Once she went in and talked to them her bank were happy to offer her a lot more than their standard offering.

Venom
12-07-2006, 12:35:43
Right well that was $160k from the mortgage company. Must be all the threats of violence I levied against them.

Funko
12-07-2006, 12:38:40
72,000 is $126,000, they've got 1.5 incomes not two, and IIRC Matt just changed jobs for a lower paid one so he could get a foothold in IT?

Venom
12-07-2006, 12:59:52
Make sure you pay off any kind of debt you may have on anything.

Funko
12-07-2006, 13:00:34
Another good tip

Gary
12-07-2006, 13:15:14
Got my last mortgage from an advisor working out of the estate agents. His suggestions matched, or in some cases bettered that which I could get from the Internet.

Didn't try a bank, but it seemed to me I could get as much if not more than I ought to be considering borrowing anyway. Any more and I'd have to doubt everyone's sanity.

Japher
12-07-2006, 13:46:06
I doubt sanity... I mean, what's the use of it?

MattHiggs
12-07-2006, 14:18:57
Originally posted by Funko
72,000 is $126,000, they've got 1.5 incomes not two, and IIRC Matt just changed jobs for a lower paid one so he could get a foothold in IT?

Yep, that's exactly what I did. I've now got a years experience under my belt and after another 12 months I'll be able to move into a corporate environment and finally start earning some real money.

It's annoying that we pay 450 a month rent and this would amount to the monthly repaments of a 96,000 mortage. We've been paying this amount for 12 months and have never been in arrears.

My credit rating is really good too. I checked with Experian a few months ago and I've got nothing bad against my name and lots of debts have been paid off in full and on time. I suppose the only debt I have at the moment is my credit card - as I used it to pay 12 months car insurance off in full rather than pay the extortionate 20% APR and Admin Charges that Admiral wanted to add on.

Funko
12-07-2006, 14:20:43
If you go to a bank they'd almost certainly let you borrow that much.

MattHiggs
12-07-2006, 14:24:01
Thanks for the advice; the bank would be the last place I'd think of getting a mortgage. I tried their, Natwest's, online calculator and it advised the maximum I could lend would be 60,000.

I'll arrange an appointment with my bank manager!

Funko
12-07-2006, 14:30:23
Did it not say below that "come and talk to us if you need to borrow more"?

MattHiggs
12-07-2006, 14:36:58
I was thinking that I needed to borrow so much over the advised figure that they'd just laugh!

Funko
12-07-2006, 14:47:41
They're professionals.

They won't laugh until you leave.

King_Ghidra
12-07-2006, 15:32:20
:lol:

MattHiggs
12-07-2006, 16:09:54
:lol: