SunnySideUp

Just for fun, I went online to see what Mortgage I could get .....

£380,000 !!!!!!!!!!!!!!!!!

At 4% it is only £1266 a month - interest only .... BUT, and this is where it could get dangerous, at 12% it will be £3800 - rather more of an issue!!!

Have they not learned their lessons???

cookstar

iTrader: (6)

I was offered roughly the same about 3 months ago.

dpb

I can see at least youve learnt your 3x table

unclebuck

don't feed

Boro

iTrader: (1)

Im guessing that was a 100% mortgage your on about?

rossyboy

iTrader: (8)

Thats incredible for someone in their late seventies

SunnySideUp

They didn't ask how old I am.

LTV was 71.34% I think the paperwork said.

Boro

iTrader: (1)

So, you could get a mortgage without telling them your age?



I dont really see what your point is tbh.

David Lock

To tell everyone how wealthy he is of course

SiPie

Not wealthy in my book if you need one of those mortgage things

Peasants

Kieran_Burns

iTrader: (1)

I don't know if you guys have actually got the point of the original post. You would think that under the circumstances no bank would be willing to lend that ridiculous amount of money to someone to buy a house when the market is as weak as it is. Not to mention the precarious state of the banks themselves.

Of course, this would be an 'in principle' amount, not an actual offer, but it still proves the point that the basic checks aren't in place.

SunnySideUp

Spot on .....

The point I was trying to make is that my Income SHOULD NOT produce an offer of £380,000 ........ there are clearly instances where silly amounts are still being suggested, and I presume, taken up!

Which, given the current market, is staggeringly stupid.

Boro

iTrader: (1)

Given the fact they didnt ask your age, lol, when applying, i would take it with a very large pinch of salt. The end.

al4x1

I'd guess it was also partly due to the LTV amount, personally though what gets my goat is people not taking any responsibility for their own borrowings. Why borrow more than you can afford the bank doesn't know how much money you fritter away on tat or 50" tellys etc. I've a large mortgage 10X multiple which used to be reasonably painful but is very reasonable now. I always knew it was mortgage first before any other spending and have only gone that far because its a development project so will add value. I went into it eyes open and the bank took it on fine because it was 60% LTV so really they know they can't loose out. Why should it be their job to hand out mortgages while acting like your parents or the nanny state deciding how much you can or can't afford. A bit more personal responsibility is whats called for in this country rather than everyone just blaming the banks. Ok some of it is deserved but people really need to grow up and realise what they can afford rather than people tell them what they can afford

stuart n

Could you let me know where you got that quote from?
I'm classed as minimal risk by my bank but I can only get a £90K mortgage wth a £15K deposit. Won't buy much around here

New_scooby_04

iTrader: (4)

Try living near London!

SunnySideUp

Yeah, sure, here you go:-

Mortgages: How much can I borrow?

You will see that the figure is generated needed nothing more than a salary inserted.

boxst

That just multiplies by 6 ...

Steve

SunnySideUp

I made no mention of multiples ..... just that it beggars belief that such a statement is being made in the current circumstances.

It states, "This indicates the maximum you may be able to borrow. The actual amount you could borrow depends upon the choice of lender and your personal circumstances" .............. 'may be able to borrow' - ?