GrimmeRS2K

trying to get a mortgage together at the moment, been to the halifax and would only lend me and the missus 62k, with a 3k deposit,

not many liveable houses around here at the mo for 65k, and need to keep my turbo safe, not down a council estate road if u know what i mean

Basically our combined incomes isnt great around 19k!

but we have no debts and good credit ratings, tried northern rock aswell, would lend us 79k on a good day, but they wont mortgage a house with a outbuilding that is single skinned wall!!,

seen a house i want with a garage for 85k, im stuck now, any ideas???

Ginge !

we got my missus dad to get ours for us and pay him

i can ask him but he only agreed when we said the other option as for us to move in with him

where with the abbey but its not 100% morgage, theres a couple on here that got a morgage and a 15k loan ontop for there place but negative equity aint a good thing

good luck in what ya decide

oh and theres a housing assosiation half rent, half buy thing to do too

its a bitch though and our place aint great at all but its cheeper than renting and will get it all back when we move

AndyRST

save a bigger deposit and get a better paid job, its the only way your going to get a better mortgage

Ginge !

or ya could move to another area

that sounds soo harsh andy, and also not always true

as said ya can get 100% morgage but as a general rule it 4 years of your wages and 1 of ya missus ( unless she gets more than you then its the other way)


seriously sugest movng in with the inlaws and ya will get a bigger deposit

GrimmeRS2K

think ive got no choice in saving for a bigger deposit

CabrioTurbo

natwest will give 4.5 times your salary

GrimmeRS2K

thanks havent been there yet, will give them a try!

dangerous - reyland

Bristol & West do 90% self certification mortgages.

BUT they will charge you an increased rate of interest to cover the additional risk Would expect it to be around 6.75 - 7%
you would be looking at aroung £500 per month interest alone Then you would need to make provision for repaying the debt along the way But there are various options available for that, an ISA would be one.

Really depends on how badly you want the house & whether you can afford it.

Dont forget to add on the solicitors fee & searches, survey & arrangement fee + your £8500 deposit

Buying houses aint cheap But worth it in the end i guess

AndyRST

Not harsh its a fact! The more you earn the more they are willing to lend you, the more you can put down as a deposit the more you can borrow and the more they are willing to lend, simple as.

A 100% mortgage is a killer in monthly repayments, i wouldnt even consider it. I had the ammount of a nice Esc Cos saved and used it as a deposit but was worth it

nickyboy

As said its not the lender its your earnings that you need to look at. Easy to say i know. Be careful of 100% mortgages and those that lend say 4.5 your earnings. The limits are there for a reason, if you only earn £19k between you then borrowing near on £100k will be about £600 a month payment plus all ya other bills the 100% mortgage is not good, a slight drop in prices and you're straight into negative equity.

I've had my place for 3 years and got it on the market now and i'm buying a place with my brother for a couple of years so he can get on the ladder, after then we sell up and he by then has had the chance to save a decent deposit.

GrimmeRS2K

im not after a 100% mortgage i have 4k desposit sitting in my savings account, and i can get hold of another grand if needed from my parents!

just done an online application at tsb, waiting to hear, asked for 80k

another thing my dad has his own business, so i was thinking about saying i work with him for 2 days of the week aswell, earning 40 quid a day, so thats another 80 a week, over the year it will help, and my missus can do private work from her job after work earning cash in hand, so im gonna put extra income down now!, it might help

cabrio zo

Good point, its the size of the monthly repayment to consider too, then council tax, gas/electric/water (BT land line bill?), house insurance, food - then perhaps car insurance and running costs and cost to furnish all out of your monthly wage!

Nationwide did our mortgage 3.5 times what we earnt combined over 30 years

Cost a fooking fortune owing your own house (had to have a garage too for the coz)

Z