General Discussion: mortgage help


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Gaz
Gaz avatar

2547 posts since 20/10/05

10 Feb 2007 23:42
I guess I got lucky, my dad sold his house and gave me a deposit for my own with some of the proceeds - although my mortgage payment alone takes up a good 30 odd % of my monthly income then I have my bills on top which is another wad of cash.

Although even though I'm more skint than I've ever been, I'm happy just having a place to call my own. Well worth it I say!
MerciBeau
MerciBeau avatar

4324 posts since 7/7/06

10 Feb 2007 23:48
i'm scared of growing up.
Hello World
Hello World avatar

12102 posts since 7/3/05

10 Feb 2007 23:52
The key fact here as with all fincial matters is to live realistically to your income.

I am considering a mortgage, but I dont know where I will be in 2 years (location, company income etc) and I have no goods or furniture.

Renting fully furnished is a godsend to me.
El Bongo
El Bongo avatar

2994 posts since 15/8/06

10 Feb 2007 23:54
Deceptral_Optometrics wrote: i'm scared of growing up.
andymakesglasses
andymakesglasses avatar

20230 posts since 26/1/06

29 Jan 2008 15:42
What's the typical amount that you can borrow, is 3.5 times your salary still the norm? Can't really find a definitive answer

And is it usually 3 times the first salary and 1 times the second salary for a joint mortgage?

In both cases, how common are higher multiples than that?

Also, did misled youth make it to Australia? Laughing out loud
FLG
FLG avatar

5861 posts since 21/5/04

29 Jan 2008 15:48
I was trying to figure this out the other day (yes I am scared) and each site produced figures hugely varied from other sites.
This site has a 'couples calculator' and is recommended by Steve Wright Laughing out loud
http://www.mortgagesorter.co.uk/mortgages_amount_you_can_borrow2.html

What city was Misled Youth moving to anyway?
andymakesglasses
andymakesglasses avatar

20230 posts since 26/1/06

29 Jan 2008 15:53
think he was going to stay with his sister for a while in Melbourne (no Glasgow clique)

the couples' calculator (highly recommended by Steve Wright apparently) produces 3 different figures varying by up to 34 grand Laughing out loud

it seems like that until you find a house you want to buy, and start applying for mortgages, you can't actually get a definitive answer on whether or not you can afford it Cry
FLG
FLG avatar

5861 posts since 21/5/04

29 Jan 2008 16:00
I thought Melbourne was really similar to Edinburgh but with decent weather obviously.
The channel 4 calculator gave me double what the BBC site said I'd get Laughing out loud

Take it you are looking in Edinburgh? Thats gonna hurt!
Good - Where I have my flat was named 2nd in property price increases in Scotland.
Bad - Where I'm moving to is 1st Sad
andymakesglasses
andymakesglasses avatar

20230 posts since 26/1/06

29 Jan 2008 16:08
you moving into Aberdeen then?

I'm looking at Edinburgh, but I don't know if I can afford it Laughing out loud Cry


Seventyfour
Seventyfour avatar

8793 posts since 6/10/05

29 Jan 2008 16:09
go with 3.5 times the highest wage and 1.5 times the lowest and you wont be too far out! lots of lenders will give you 5 times your salary now, but they are over a longer period thus costing more! but it is easer to change or stretch your mortgage when you already have one! but be prepared to pay lots of silly charges higher lending fee's? Evil they just make shit up i swear! and don't get me started on solicitors, lazy robing cunts they are Laughing out loud
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

29 Jan 2008 16:12
everyone can get a mortgage for about a one fpayment of around £1500 (a grand for the broker and a monkey for the dodgy pay slips)…i can get anyone on here a mortgage in any name they want, id prolly get one for my dog if i really puushed it with my man and paid a little bit more than the 1500.
Flipper
Flipper avatar

487 posts since 2/1/07

29 Jan 2008 16:23
Noble Locks wrote: everyone can get a mortgage for about a one fpayment of around £1500 (a grand for the broker and a monkey for the dodgy pay slips)…i can get anyone on here a mortgage in any name they want, id prolly get one for my dog if i really puushed it with my man and paid a little bit more than the 1500.

You should be prosecuted. Ever heard of fraud ?
Seventyfour
Seventyfour avatar

8793 posts since 6/10/05

29 Jan 2008 16:24
.

t_dot
t_dot avatar

6087 posts since 1/8/05

29 Jan 2008 16:25
Flipper wrote:
Noble Locks wrote: everyone can get a mortgage for about a one fpayment of around £1500 (a grand for the broker and a monkey for the dodgy pay slips)…i can get anyone on here a mortgage in any name they want, id prolly get one for my dog if i really puushed it with my man and paid a little bit more than the 1500.

You should be prosecuted. Ever heard of fraud ?
you should be banned
Flipper
Flipper avatar

487 posts since 2/1/07

29 Jan 2008 16:28
t_dot wrote:
Flipper wrote:
Noble Locks wrote: everyone can get a mortgage for about a one fpayment of around £1500 (a grand for the broker and a monkey for the dodgy pay slips)…i can get anyone on here a mortgage in any name they want, id prolly get one for my dog if i really puushed it with my man and paid a little bit more than the 1500.

You should be prosecuted. Ever heard of fraud ?
you should be banned

Whys that then smart arse ?
FLG
FLG avatar

5861 posts since 21/5/04

29 Jan 2008 16:32
Laughing out loud
Brad
Brad avatar

5019 posts since 20/6/01

29 Jan 2008 17:12
Flipper wrote:
Noble Locks wrote: everyone can get a mortgage for about a one fpayment of around £1500 (a grand for the broker and a monkey for the dodgy pay slips)…i can get anyone on here a mortgage in any name they want, id prolly get one for my dog if i really puushed it with my man and paid a little bit more than the 1500.

You should be prosecuted. Ever heard of fraud ?

outrageous isn't he? Laughing out loud

andymakes.. - you got your own company now though, haven't you? So, just go with the lender/deal that you want and tell them you're earning whatever they need for their calcs. I've only had to produce (mocked-up) pay slips once in 4 mortgage deals.
artiefufkin
artiefufkin avatar

373 posts since 11/7/06

29 Jan 2008 17:14
andymakesglasses wrote: What's the typical amount that you can borrow, is 3.5 times your salary still the norm? Can't really find a definitive answer

And is it usually 3 times the first salary and 1 times the second salary for a joint mortgage?

In both cases, how common are higher multiples than that?

Also, did misled youth make it to Australia? Laughing out loud

Most lenders use more sophisticated affordabilty measures now. For example, someone earning £20k with no debts, dependants, etc can afford to borrow more than someone on £25k, with loads of credit card debts and a child to look after, so lenders will ask for details of your debts, outgoings, etc.

I've been offered around 4 times joint salary each time I've applied. I wouldn’t recommend borrowing that much if you fancy a social life though…

Best thing to do is to speak to a lender/broker before you start looking and get them to tell you the max you can borrow. They should be able to give you a certificate stating this that you can show to estate agents to prove you’re not time wasters.
nick
nick avatar

19733 posts since 2/5/03

29 Jan 2008 17:18
Hello World wrote: Renting fully furnished is a godsend to me.

Renting is a good way for most people to go, in most of Europe it's the norm, only in this country realy are we totaly obsessed with owning a house, even if the mortgage payments almost cripple us.

If I were single I would be renting and spending the rest of my wages on having fun.

Everytime I hear the words "property ladder" I shudder.


Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

29 Jan 2008 18:59
t_dot wrote:
Flipper wrote:
Noble Locks wrote: everyone can get a mortgage for about a one fpayment of around £1500 (a grand for the broker and a monkey for the dodgy pay slips)…i can get anyone on here a mortgage in any name they want, id prolly get one for my dog if i really puushed it with my man and paid a little bit more than the 1500.

You should be prosecuted. Ever heard of fraud ?
you should be banned
Laughing out loud he must be one of those community officers, they cant get in the police, so they do it for free just to feel important.