Decision time, please help

Hi Mate,
Do you have a Mortgage?
The reason i ask is that i tapped the purchase of my bike onto my mortgage, leathers the lot. It is now costing me £22.62 pcm to have my bike. It is on a seperate deal to my mortgage but the same interest rate. My mortgage is renweable in 2 years cos the fixed period is up, so when the time is up i remortgage include the extra for the bike which is swallowed up but the rise in value. Fingers crossed the payment will drop to below what it was originally.

Originally Posted by svnewboy

Hi Mate,
Do you have a Mortgage?
The reason i ask is that i tapped the purchase of my bike onto my mortgage, leathers the lot. It is now costing me £22.62 pcm to have my bike. It is on a seperate deal to my mortgage but the same interest rate. My mortgage is renweable in 2 years cos the fixed period is up, so when the time is up i remortgage include the extra for the bike which is swallowed up but the rise in value. Fingers crossed the payment will drop to below what it was originally.

No mate I don't have a mortgage. This is why I want to move to the bike. Basically making a sacrifice to allow me to save some money to get to that point.

Originally Posted by linco

No mate I don't have a mortgage. This is why I want to move to the bike. Basically making a sacrifice to allow me to save some money to get to that point.

Have you considered a 100% mortgage? Or a cash back where the cash back acts as your deposit? Was the only way I managed to buy my flat in Croydon with no deposit.

Have you also looked into this new scheme for first time buyers where you buy a percentage of the property and a company buys the remaining percentage. Then when you sell you split the equity on that basis too?

Originally Posted by Viney

Selfish - only you and one passenger
Cold in winter...no matter what

Quite the opposite IMO. 90% of traffic on the roads is cars with single occupants. Thats selfish for the environment and other road users..

Cold, not if you know what to do in winter.

Originally Posted by lynw

Have you considered a 100% mortgage? Or a cash back where the cash back acts as your deposit? Was the only way I managed to buy my flat in Croydon with no deposit.

Have you also looked into this new scheme for first time buyers where you buy a percentage of the property and a company buys the remaining percentage. Then when you sell you split the equity on that basis too?

Well atm I don't have a house but thats what I want to work towards. In my current situation I can't put money away to save for this.

Originally Posted by linco

Well atm I don't have a house but thats what I want to work towards. In my current situation I can't put money away to save for this.

Northern Rock will allow a 100% mortgage PLUS 25% loan on top. Really easy to get on a 2 year fixed rate even with CCJs and Arreas etc. My mate looked at a flat for 86K offered 83k got the mortgage and a 18K loan on top he is still £336 pcm better of even with a higher mortgage payment.
Worth a look

[Stu]

Would a second hand bike of about £1500 not make more sense than brand new? Would only need 3rd party insurance then.

Originally Posted by Stu

Would a second hand bike of about £1500 not make more sense than brand new? Would only need 3rd party insurance then.

With the higher risk of a self induced spill riding in winter I would always cover fully comp. If its a struggle to get the cash for the bike why risk loosing the lot for an extra £50-£100 per year.
Only my opinion

Originally Posted by svnewboy

With the higher risk of a self induced spill riding in winter I would always cover fully comp. If its a struggle to get the cash for the bike why risk loosing the lot for an extra £50-£100 per year.
Only my opinion

£1500 for car insurance - i reckon the bike insurance would be close to a £1000 fully comp??? So consider a hack if you get a bike.

15 Miles to work - how about selling the car and just keeping the scoot for a year.

Save the money for your house then.

Originally Posted by Gmonsta

£1500 for car insurance - i reckon the bike insurance would be close to a £1000 fully comp??? So consider a hack if you get a bike.

15 Miles to work - how about selling the car and just keeping the scoot for a year.

Save the money for your house then.

Yeah £1500 for car insurance
What the hell are you driving