Mortgages
11-04-2008, 02:18 PM
#5
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Generally the rules are (or were), 5 times a single salary or 3 times a couples combined salary.
Therefore you would need to earn just over £19k for a 96k mortgage with no deposit.
Therefore you would need to earn just over £19k for a 96k mortgage with no deposit.
11-04-2008, 02:19 PM
#6
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You should only get a mortgage on 3 x your wage. - So £32k for a £90k mortgage.
Although different lenders will lend different multiples. Don't be suckered into over stretching and going for Self cert/4 x your salary. If anything - save for a bigger deposit so you don't need to have a higher multiple.
Although different lenders will lend different multiples. Don't be suckered into over stretching and going for Self cert/4 x your salary. If anything - save for a bigger deposit so you don't need to have a higher multiple.
11-04-2008, 02:20 PM
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11-04-2008, 02:22 PM
#8
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You should only get a mortgage on 3 x your wage. - So £32k for a £90k mortgage.
Although different lenders will lend different multiples. Don't be suckered into over stretching and going for Self cert/4 x your salary. If anything - save for a bigger deposit so you don't need to have a higher multiple.
Although different lenders will lend different multiples. Don't be suckered into over stretching and going for Self cert/4 x your salary. If anything - save for a bigger deposit so you don't need to have a higher multiple.
11-04-2008, 02:23 PM
#9
............
11-04-2008, 02:27 PM
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11-04-2008, 02:31 PM
#13
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they have generally stopped all 100% mortgage's but that's to first time buyers, but if it's your second house then you will have a deposit. Or you fucking should have!
5x salary is insane especially in today's climate, up to northan rock. You could get 8 x salary. 3x/4x max with a hefty deposit is what they're looking for.
5x salary is insane especially in today's climate, up to northan rock. You could get 8 x salary. 3x/4x max with a hefty deposit is what they're looking for.
11-04-2008, 02:32 PM
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come to think of it i might get a camper like phils and live in that its easier
11-04-2008, 04:04 PM
#19
............
Risk
House prices are about to 'adjust' with at least a 10% drop
If the bank lend you 100% and then you default on payments, they can only get 90% back if they sell it...leaving them with a loss
As of last friday the 100% mortgage was officially dead......for the time being.
Having said that if you have a decent deposit its a buyers market
11-04-2008, 04:12 PM
#20
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the criteria's also changed for buy to let mortgages as well, i'm a single ftb trying to get a BTL mortgage, i have the 15% deposit required...just about , but now, as well as the 15% you also need to be on earnings of around 25k !? i'm nowhere near!
,
, but now, as well as the 15% you also need to be on earnings of around 25k !? i'm nowhere near! ,
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