mortgages on low income.
15 January 2004, 09:16 PM
#1
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What is the max amout someone could get to borrow that is on low income, (800 per month) could it be payed off over a longer period?
I dont like the idea of renting because its dead money, where the equivilent amount could be spent paying off the loan...
I need out of this fvking place if I don't I think Ill **** daddy with a baseball bat, I hate that *******, wish it was dead.
So anyway, would I get a deal?
I dont like the idea of renting because its dead money, where the equivilent amount could be spent paying off the loan...
I need out of this fvking place if I don't I think Ill **** daddy with a baseball bat, I hate that *******, wish it was dead.
So anyway, would I get a deal?
15 January 2004, 09:28 PM
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a mortgage is possible for any amount of income.
you can get what is call a 'self certified' mortgage, whereby you justify that you can pay what is required. the apr is slightly higher. also mortgages are now available for 35 and 50 yr paybacks.
if you mail me off line i will forward a number of a very friendly mortgage advisor that i am using at the moment to buy my house.
you can get what is call a 'self certified' mortgage, whereby you justify that you can pay what is required. the apr is slightly higher. also mortgages are now available for 35 and 50 yr paybacks.
if you mail me off line i will forward a number of a very friendly mortgage advisor that i am using at the moment to buy my house.
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15 January 2004, 10:13 PM
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me n my girl are gettin a joint mortgage soon,...well hoping too, houses were looking at are around £40k 2 bedroom houses, were both on low pay so this is as far as we want to stretch ourselves realy for now, unless i get rich very soon 
16 January 2004, 02:36 PM
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Think about shared ownership with the help of your local housing association. Basically, you put down what you can and they pay the rest, you then rent their portion from them.
16 January 2004, 03:43 PM
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stephen emery
Why do you hope interest rates go up to 6%???, what a stupid comment are you hoping the houseing market crashes and thousands of people lose their properties.
Why do you hope interest rates go up to 6%???, what a stupid comment are you hoping the houseing market crashes and thousands of people lose their properties.
16 January 2004, 03:50 PM
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its probably cause he aint got a morgage. if the rates go up saving interest rates go up too and if u have alot of savings then your gonna be earing some good mullahh
just a guess?
just a guess?
16 January 2004, 03:52 PM
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If the rates go up to 6% then only those who short-sightedly mortgaged themselves to the hilt will lose their properties. Most will have 'some' leeway. If they haven't left some leeway for rate rises then more fool them.
So if there is a crash, they may lose their properties, but many will be able to get properties that they don't have now. Who do you want to please? People already owning properties or people who cannot afford to?
[Edited by Dracoro - 1/16/2004 3:53:27 PM]
So if there is a crash, they may lose their properties, but many will be able to get properties that they don't have now. Who do you want to please? People already owning properties or people who cannot afford to?
[Edited by Dracoro - 1/16/2004 3:53:27 PM]
16 January 2004, 04:02 PM
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I think he needs 25% of the property value for self certification and the behaviour of lying about your income is going to end in tears for those who do.
http://www.timesonline.co.uk/article...915741,00.html
Oh and of course its Fraud
http://business.timesonline.co.uk/article/0,,9558-874434,00.html
[Edited by mattstant - 1/16/2004 4:05:24 PM]
http://www.timesonline.co.uk/article...915741,00.html
Oh and of course its Fraud
http://business.timesonline.co.uk/article/0,,9558-874434,00.html
[Edited by mattstant - 1/16/2004 4:05:24 PM]
16 January 2004, 04:04 PM
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Why do you hope interest rates go up to 6%???, what a stupid comment
Chip.
16 January 2004, 04:08 PM
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yes Dracoro but many people have had to go to their limit if not above just to afford a house in the first place, in todays market.
i know what you mean when you say if the market crashes then many more people will be able to afford a house. I've been looking recently cause me and the missus are not getting on so i was thinking of selling our house and we go our seperate ways but looking at the prices i can't afford to get a place on my own where i want to live anymore.
i know what you mean when you say if the market crashes then many more people will be able to afford a house. I've been looking recently cause me and the missus are not getting on so i was thinking of selling our house and we go our seperate ways but looking at the prices i can't afford to get a place on my own where i want to live anymore.
16 January 2004, 04:10 PM
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I hope they go as high as possible, then all the ppl who lied about their income on self cert. mortgages won't be able to afford it and consiquently lose their homes, house prices go super low then I can afford one
16 January 2004, 04:14 PM
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Yeah but Chip some of us have to have ludicrously high mortgages due to where we live. For example a 1 bed flat where I live is £130k. For a first time buyer thats a lot of money bearing in mind most mortgage companies wont give u more than a 3.25x salary multiplyer.
And for those who say well u dont have to live where u do, yes I do for example as its where I have been brought up all my life and where all my family is including my son. Im not moving away and being far away from my family because of mortgage rates.
If mortgage rates shoot up then its good for savers but thats no good to people who are trying to get on the mortgage ladder or have only been on it a short while!
But then the attitude here on SN seems to be as long as I'm ok then I couldn't give a fvck about anyone else. Problem is those other people might be friends or family who arnt as well off/in as secure a financial position as you are!
And for those who say well u dont have to live where u do, yes I do for example as its where I have been brought up all my life and where all my family is including my son. Im not moving away and being far away from my family because of mortgage rates.
If mortgage rates shoot up then its good for savers but thats no good to people who are trying to get on the mortgage ladder or have only been on it a short while!
But then the attitude here on SN seems to be as long as I'm ok then I couldn't give a fvck about anyone else. Problem is those other people might be friends or family who arnt as well off/in as secure a financial position as you are!
16 January 2004, 04:26 PM
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B2Z, well written out mate, alot of people on here seem to be well off and Im pleased for them, I have leway on my morgage but still worried about affording payments if the interest rates go up to 10% for example... its scary and I know my sister would have the same problems etc... I wouldnt wish for the market to change just for my benifit...
16 January 2004, 04:33 PM
#29
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Some real stupid comments coming out here.
even if the market crashed the cost of houses would only come down 20-30% at tops in the worst case scenerio, so you would still be looking at £60k + for a 2 bed semi in my area and do you really think you could afford a mortgage at 15% interest, for a start the mortgage lenders probably wouldn't come near you without at least a 10% deposit if not more, gone would be 100% mortgages, gone would be lending you more than 3 times your wage, why you ask? because the mortgage lenders would lose so much money if the market crashed. Raising interest rates to stupid levels only benefits the people who have already paid off their mortgage and have lots of savings.
The problem with house prices isn't just to do with interest rates its:
a, the lack of housing, apparently there needs to be something like 30 thousand more homes built a year than is currently being built, so things in short supply tend to get better prices, if you have 10 people after a property it ends up like an auction with them all putting in bids until the richest person is left standing, then because that property went for x pounds the estate agent knows that the next similar one he gets can be sold at x pounds more .
b, estate agents, these are the ones that come up with the stupid selling prices, if they set realistic prices then we would all be happy.
even if the market crashed the cost of houses would only come down 20-30% at tops in the worst case scenerio, so you would still be looking at £60k + for a 2 bed semi in my area and do you really think you could afford a mortgage at 15% interest, for a start the mortgage lenders probably wouldn't come near you without at least a 10% deposit if not more, gone would be 100% mortgages, gone would be lending you more than 3 times your wage, why you ask? because the mortgage lenders would lose so much money if the market crashed. Raising interest rates to stupid levels only benefits the people who have already paid off their mortgage and have lots of savings.
The problem with house prices isn't just to do with interest rates its:
a, the lack of housing, apparently there needs to be something like 30 thousand more homes built a year than is currently being built, so things in short supply tend to get better prices, if you have 10 people after a property it ends up like an auction with them all putting in bids until the richest person is left standing, then because that property went for x pounds the estate agent knows that the next similar one he gets can be sold at x pounds more .
b, estate agents, these are the ones that come up with the stupid selling prices, if they set realistic prices then we would all be happy.
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