General Discussion: mortgage help


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Guido
Guido avatar

12884 posts since 20/4/05

3 Aug 2014 18:04
You need a £10-15k car? The house clearly isn't much of a priority.
stoney
stoney avatar

17396 posts since 22/1/05

3 Aug 2014 18:14
Annoying this for me me is, work give me 350 a month for a car which is what the loan repayment is, but a lender doesnt see it like that.
phish
phish avatar

271 posts since 5/1/10

posted 3 Aug 2014 18:48, edited 3 Aug 2014 18:48
Guido wrote: You need a £10-15k car? The house clearly isn't much of a priority.

live abroad at the mo and employer handles all of my living and car arrangements at the min so essentially don't have any sort of ownership to my name.

would be moving back to the uk at the end of the year, so starting fresh and having to buy everything again.

that said if it's going to have that big an impact on getting a mortgage i could just drive round in a £500 shitheap for 6 months or whatever
Homer
Homer avatar

23926 posts since 8/5/03

3 Aug 2014 18:49
Just got a mortgage, didn't get asked any questions on spending. Assume the broker filled it all out based on bank statements Puzzled
Guido
Guido avatar

12884 posts since 20/4/05

3 Aug 2014 19:17
phish wrote:
Guido wrote: You need a £10-15k car? The house clearly isn't much of a priority.

live abroad at the mo and employer handles all of my living and car arrangements at the min so essentially don't have any sort of ownership to my name.

would be moving back to the uk at the end of the year, so starting fresh and having to buy everything again.

that said if it's going to have that big an impact on getting a mortgage i could just drive round in a £500 shitheap for 6 months or whatever

Sorry if the post came across as judgemental, I just thought if a mortgage was the main concern it's no hardship finding a car for £3-4K that will do for a year or so.
swede
swede avatar

8017 posts since 21/3/09

4 Aug 2014 07:35
CovOne wrote: Only anecdotal as the circumstances are different but a work colleague was refused on the basis of his car loan, he had no deposit though and was going through a help to buy type scheme.

At very least they will take it in to the affordability calculation along with any other payments/pension etc that come out monthly.

Laughing out loud
swede
swede avatar

8017 posts since 21/3/09

4 Aug 2014 07:37
i am currently going through the mortgage system, onto the 3rd stage but should hopefully come through soon. i think the first stage is literally just sorting the wheat from the chaff. ie people who want to borrow unrealistic amounts, dont have deposits ready and are in mountains of debt
CovOne
CovOne avatar

8652 posts since 17/8/04

posted 4 Aug 2014 08:44, edited 4 Aug 2014 08:44
swede wrote:
CovOne wrote: Only anecdotal as the circumstances are different but a work colleague was refused on the basis of his car loan, he had no deposit though and was going through a help to buy type scheme.

At very least they will take it in to the affordability calculation along with any other payments/pension etc that come out monthly.

Laughing out loud
One of those gifted deposit things for a new build. It was something like £2500 up front and they pay the rest?
swede
swede avatar

8017 posts since 21/3/09

4 Aug 2014 08:48
yeah but if you are saying he still didn't have the £2500 and was applying for a mortgage, that is laughable. banks don't just give out money willy nilly
CovOne
CovOne avatar

8652 posts since 17/8/04

4 Aug 2014 09:35
Ok I should have said very little deposit when compared to 30k
kid unknown
kid unknown avatar

5320 posts since 8/12/01

4 Aug 2014 10:19
do lenders till scrutinise your spending if you want to remortgage and you have at least 2/3 equity in the property?
gawkrodger
gawkrodger avatar

7499 posts since 4/11/08

4 Aug 2014 10:26
as we're chatting about mortgages I might as well throw out a lazy question.

If I don't get accepted for the MSc I've applied for, I may look into buying a house/flat.

I have around £20k saved, earn £32k and have not a single penny of debt. Roughly how much will the cunts lend me for a mortgage?
MrW
MrW avatar

2533 posts since 1/8/11

4 Aug 2014 10:35
^
General rule of thumb is around 3 - 3.5 times annual salary so around £100 - £120k excluding deposit.

Could get up £200k according to this: http://www.rightmove.co.uk/how-much-can-i-borrow.html
stoney
stoney avatar

17396 posts since 22/1/05

4 Aug 2014 12:48
Thought it was 4.5 % ?
a
a avatar

285 posts since 14/12/05

4 Aug 2014 13:33
kid unknown wrote: do lenders till scrutinise your spending if you want to remortgage and you have at least 2/3 equity in the property?

We re-mortgaged our house a few weeks ago. We are staying with the same provider (HSBC) and the mortgage is pretty much exactly the same except instead of being 1.99% ahead of base rate we're now only paying 1.49% ahead of base, we aren't changing any other terms. They didn't check any spending just checked LTV based on what they thought the house was now worth and then sent through the paperwork to sign.
Fuzzyduck121
Fuzzyduck121 avatar

1595 posts since 14/12/12

4 Aug 2014 14:23
MrW wrote: ^
General rule of thumb is around 3 - 3.5 times annual salary so around £100 - £120k excluding deposit.

Could get up £200k according to this: http://www.rightmove.co.uk/how-much-can-i-borrow.html

nay fookin chance on that rightmove shite.
Based on the new affordability stress test at an example interest rate of 6.49% depending on what you spend each month on fags and slags I would reckon on 3.5-4 times your income max max max.

Cunts may tell you otherwise first but when they start to measure your cock and balls at underwriting you will get dropped like a fat slag when the nightclub lights come on.
MrW
MrW avatar

2533 posts since 1/8/11

4 Aug 2014 14:38
stoney wrote: Thought it was 4.5 % ?

Have always thought about 3.5x annual salary but might be based on two incomes, single income may be higher.
Fuzzyduck121
Fuzzyduck121 avatar

1595 posts since 14/12/12

4 Aug 2014 14:49
they actually dont look at income multiples now its based on affordability, spending habits, disposable income and a stress test based on 5year interest rate predictions
ismvil
ismvil avatar

651 posts since 16/9/11

4 Aug 2014 14:49
How far back do they spending habit wise? I'm fucked then Smiling
swede
swede avatar

8017 posts since 21/3/09

4 Aug 2014 15:17
^went through a questionnaire with me, then took a quick look at bank statement and did a credit rating. typical questions like do you smoke, do you own a car, do you have kids, what other loans, how do you get to work and how much does that cost? etc etc