Mortgages, how much can you borrow and how big is yours?
29-01-2005, 06:36 PM
#1
Mortgages, how much can you borrow and how big is yours?
How many times your income can you borrow?
Is it better to use the wifes income as well?
I'm thinking of moving house and will end up with a £130,000 mortgage
That really scares me 
Who's got the biggest mortgage on Passion Ford?
Thanks
Mark
Is it better to use the wifes income as well?
I'm thinking of moving house and will end up with a £130,000 mortgage
That really scares me Who's got the biggest mortgage on Passion Ford?
Thanks
Mark
29-01-2005, 06:45 PM
#3
Depends on what % of the house value you are borrowing, and what interest rate you are prepared to pay, 5 or 6 times is possible, although personally i dont think i would ever want to borrow any more than about 3 times, and currently dont even borrow that much thankfully.
My current mortgage is 140,000 in my name only
My current mortgage is 140,000 in my name only
29-01-2005, 07:03 PM
#5
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Mines for 19k 
Got my house in an auction 7 years ago after it was reposesed , and it was the time when they were sensible money..
Worth a canny bit more now
Got my house in an auction 7 years ago after it was reposesed , and it was the time when they were sensible money..
Worth a canny bit more now
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29-01-2005, 07:06 PM
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general rule of thumb is 3.5 to 4 times first income and 1 to 1.5 times second income, first time borrow of 92% of contract price of value of house, re-mortgaing of up to 80% of value of house, thats what its like here in ireland anyway
29-01-2005, 07:31 PM
#11
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My mortgage is only £30 
But I actually had a call today from my bank (HSBC) re mortgages, and I asked him what the rough guide based on salary should I work to and he advised me that they (along with a lot of other comapnies) now calculate mortgages on affordability rather than a multiplcation of earnings - which is great because i'd never be able to buy a house with a garage round here on the old scale! lol
But I actually had a call today from my bank (HSBC) re mortgages, and I asked him what the rough guide based on salary should I work to and he advised me that they (along with a lot of other comapnies) now calculate mortgages on affordability rather than a multiplcation of earnings - which is great because i'd never be able to buy a house with a garage round here on the old scale! lol
29-01-2005, 08:57 PM
#13
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Originally Posted by RS2300 4x4
I'm looking at a 60% mortgage so hopefully I can strike a deal if I can work up the bottle to commit myself for another 25 years 
Mark
Mark
M8 mines a self-cert you can go up to 85%
as i got such a good deal last time 
30-01-2005, 09:49 AM
#19
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my morgage is
000000000000000000000000000000000000000000
per month
my wife gave me the best xmas present this year ,the deeds to our house
so at the moment ive gots loads to spend on what ever she will let me,
jp
000000000000000000000000000000000000000000
per month
my wife gave me the best xmas present this year ,the deeds to our house
so at the moment ive gots loads to spend on what ever she will let me,
jp
30-01-2005, 09:53 AM
#20
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Always go for a repayment mortgage as oposed to endowment or interest only. Plus, always overpay if it allows. Ie if your repayment is £500 a month then pay £600 if you can afford it. This vastly reduces your repayment time as you find that by increasing it by just £100 might double the amount actually coming off the sum borrowed as £400 of your repayment is bloody interest!
30-01-2005, 10:03 AM
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Originally Posted by jimc
ITS SO NICE KNOWING YOU HOUSE IS WORTH LOADS BUT COSTING YOU NOWT (BY GUM ITS GRIM UP NORTH)
Grim up north thats why all the houses that are getting sold seem to be southerners who are happy to pay 150k for the houses.
30-01-2005, 11:19 AM
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Originally Posted by BillyCabrio
Me and *Anna's* is £94k, we bought for £95k and its now worth £120k and the best bit is...................................
Its only a 1 bed flat!
Its only a 1 bed flat!
30-01-2005, 12:12 PM
#28
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I know people know this already but DONT DO ENDOWMENT unless you are happy are know what you are doing,ive still got a complaint going through for being mis-sold an endowment,I swaped in december 2004 from endowment to repayment
Northern rock at the moment are doing a 15 YEAR FIXED rate mortgage which i have just switched to with £1000 cash back,payment holidays,if you overpay you can underpay next month,etc,etc in other words a decent swap
Northern rock at the moment are doing a 15 YEAR FIXED rate mortgage which i have just switched to
with £1000 cash back,payment holidays,if you overpay you can underpay next month,etc,etc in other words a decent swap
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