a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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needing some info.
how many times your salary can you get, interest rates etc
cheers
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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It used to be 2 1/2 times your salary. Now they pretty much give you waht you need becasue house prices are so high.
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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I got offered 4x
Look at Lloyds TSB 1st time buyer mortgages - they have 3yr staggered fixed rate thats quite good. Thats what im on just now!!
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p4uls corsa
Member
Registered: 2nd May 05
Location: BRADFORD
User status: Offline
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quote:
Originally posted by Marc
It used to be 2 1/2 times your salary. Now they pretty much give you waht you need becasue house prices are so high.
yeah u can get what u want if u have a 10% deposit,they will put u down as been self certified,u wont need to prove your income that way
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Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
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Because im single, they would let me have £60,000. Looks like when i'm not in the country i'll be living at home for a long time 
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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its more done on affordability calculations now based on circumstances.
income multipliers are a thing of the past
[Edited on 04-06-2006 by Kerry]
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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im thinking about buying a place to let, would obviously want rent to be covering mortgage though.
Going to discuss it with my dad some more
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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buy to let mortgages are a different kettle of fish
it doesnt go on your income it goes on the rental income plus interest
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by Kerry
buy to let mortgages are a different kettle of fish
it doesnt go on your income it goes on the rental income plus interest
Very well said.
There's more aswell....management fees. Tenants wrecking the place....capital gains tax when selling on..
To mention a few
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Thoday
Member
Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
User status: Offline
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http://www.moneysupermarket.com/
match things on here to compare 
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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i must admit i am not up to speed on all the tax etc etc but mum and dad have 3 properties they let out so they should be able to siort me. Still just wondering if it feasibile yet
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baza31
Member
Registered: 19th Apr 03
Location: yorkshire
User status: Offline
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Halifax is the best for first time buyers , i know this as i have spent the last 6 months looking into all the banks etc.
www.halifax.co.uk > click on morgages and then click calculate morgage and it will tell you , on average its about 4x yearly wage.
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Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
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Halifax will let me borrow £64-70,000 - whoop-dee-fuckin-doo - anyone got a garden shed there flogging? Hold on - with property prices as they are, £60,000 may just get me a small shed.
The people running this country need to wake up because they are a fucking joke.
Rant over 
Ben.
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baza31
Member
Registered: 19th Apr 03
Location: yorkshire
User status: Offline
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pack your job in mate, dole it and ride the benefit route for your entire life.. seems like the easiest way. maybe the goverment houses should be sold cheap to ftb
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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I hate all this buy to let shit
It should be banned IMO
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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quote:
Originally posted by Jules S
I hate all this buy to let shit
It should be banned IMO
why?
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Just go see an advisor, i was given 4/5x my salary done by affordability
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Kerry
its more done on affordability calculations now based on circumstances.
income multipliers are a thing of the past
[Edited on 04-06-2006 by Kerry]
Quite... if you did 3 times etc then every1 would be homeless beacause of house price increases!!
Like everything really, they should look at your salary and current repayment history, if its good then they are more likely to let you have one, very secure after al as if you don't pay they repossess your house
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Jules S
quote:
Originally posted by Kerry
buy to let mortgages are a different kettle of fish
it doesnt go on your income it goes on the rental income plus interest
Very well said.
There's more aswell....management fees. Tenants wrecking the place....capital gains tax when selling on..
To mention a few
Provided you purchasde a replacement property in the follwoign 3 years (or in the 12 months prior to selling) then you can claim rollover relief which defers the gain against the base cost of the new property
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Daimo B
Member
Registered: 20th Mar 00
User status: Offline
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250k available  Didn't get that though.
Go see an advisor. Go to one of the ones where they vist you, and give you no charges (people we used claim their commission from the lenders).
Women was very helpfull explained everything but left us to make the choice and contact her back when WE wanted to. These people search every company for you and if anythng like ours, brings all the results to discuss and choose trhe best policy for you.
Its a bit like car insurance, no-one can tell you other than a FA or a broker.
Don't forget to add into account all the life insurance, contents insurance, bills etc as well...
[Edited on 05-06-2006 by VXR]
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