Mortgage - how much can you get normally?
 

am possibly looking at buyin a new house and wondered how much you can get nowadays its used to 3 x salary when i bought a while ago what is it now and who's good online to do some calculations without filling in pages and pages ?????


cheers.............

Try Yahoo.

http://uk.biz.yahoo.com/mortgage/

Quite a few lenders will lend you more than 3x nowadays.

Gary.

Most bank websites have online mortgage calculators that do the sums for you as far more lenders these days lend on ability to pay not on pure salary, dont ask me how it works, i dont know. Certainly Abbey and First Direct offer this.

self cert....theres little in the way of REAL limits now if you can afford the payments.

Try Nationwide. They lent us around 4 times joint salary - www.nationwide.co.uk

true but you'll need a minimum of 10% deposit for a self cert mortgage

Matt :D

Try www.thisismoney.com - excellent site.

Credit Card?

Don't self-certs often have a very poor interest rate?

And unless you have special circumstances such as self-employment or irregular income to make a self-cert necessary, it's probably not a sensible route to go down. If you can't get a regular mortgage from a bank for the amount you want to borrow then in most cases that should tell you something.

Gary.

my girlfriend and i fot 3.5 times our annual wages last year. we were told we could of got 4 to 4.5 times but we'd found the house we wanted...

I heard some lenders were making up to 9x salary available :eek:

Tried a mortgage calculator a couple of months back and was asked if I wanted it over 47 years!

Not 'allowed' by the lenders I'm afraid mate :( (if it's in your name that is ;) )

and the interest rate isn't bad TBH if you do some research :)

Matt :D

i have a great rate that was celf cert......and no one knows what you do with your CC balances.

T

well wouldnt you pay the deposit to your solicitor and hold the funds there and he'd forward the money to the lender, so the lender aint got a clue where the money has come from???? or do a balence transfer from the credit card to your current acct....

what a lame excuse that is eh :rolleyes:

Care to disclose what the rate is?

Nearly all mortgage offers will contain a special condition that the deposit is provided without recourse to further borrowing i.e. credit cards, second charge, etc. That said, you would provide the solicitor with the deposit and could always say it was savings however if the mortgagee found out, they could decline the mortgage at any time.

A friend of mines got offered 8 x his & his mr's salary :eek2:

Fook that