Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Good news -
Abbey are now offering mortgages @ 5x your annual salary
Bad news -
You have to put down a 25% deposit.
 Good if you have the money, bad if, like most people, u cant afford the 25%!!!!
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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and you have to earn over 50k a year to qualify
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nickyboy01
Member
Registered: 10th Sep 03
Location: Oxford-ish
User status: Offline
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Good luck on the repayments too lmao
Problem with offering 5x your salery is that fact most wont be able to afford the repayments, i'm struggling on £25k a year on a £110k mortgage
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
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yeah i also read this on the BBC...this country will soon be like Germany and Holland where a high percent of people rent(i think its over 50%) due to not being able to afford a mortgage
i'm glad i got on the ladder a few months ago
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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before I got my mortgage, i was worried that I didn't earn enough. Heard loads of things like 3x 4x, 2x your combined salary etc... it all turned out to be crap.
Sat down with the adviser, he looked at our payslips to see how much we took home etc, what outgoings we had (loans etc) and worked it out from that.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Aj.
i'm glad i got on the ladder a few months ago
 Same here, Feb 06 for me!
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Nice 
Wonder what sort of mortgage I could get with 130k deposit and joint earnings of around 60k a year?
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by Ally
quote:
Originally posted by Aj.
i'm glad i got on the ladder a few months ago
Same here, Feb 06 for me!
It's all going to go very wrong when my generation start selling their houses to supplement their non existent pensions 
IMHO
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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quote:
Originally posted by nickyboy01
Good luck on the repayments too lmao
that's why they're only offering it to people earning over 50k.
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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quote:
Originally posted by --Dave--
before I got my mortgage, i was worried that I didn't earn enough. Heard loads of things like 3x 4x, 2x your combined salary etc... it all turned out to be crap.
Sat down with the adviser, he looked at our payslips to see how much we took home etc, what outgoings we had (loans etc) and worked it out from that.
Yeah same here...i was worried i wouldnt be able afford everything
Now i'm settled in my flat and i've paid 3 mortgage re-payments and bills and i have plenty of spare in my accounts
Now me and my dad are looking into buying a new house that hasnt even been built yet and then selling it when completed...easy money (i'm told) 
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GREG 1
Member
Registered: 28th Jul 00
Location: Essex
User status: Offline
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I can get one for 100% with no deposit!
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by Robin
quote:
Originally posted by nickyboy01
Good luck on the repayments too lmao
that's why they're only offering it to people earning over 50k.
I read the 50k as joint income Robin.....
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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I didn't read it, I heard it on Radio 2, so it might be wrong 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Standard life bank have been offering 5x for years....
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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I also doubt there will be many 1st time buyers on 50k (there will be some...not many) with 25% down payment.
[Edited on 01-11-2006 by Colin]
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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quote:
Originally posted by Aj.
quote:
Originally posted by --Dave--
before I got my mortgage, i was worried that I didn't earn enough. Heard loads of things like 3x 4x, 2x your combined salary etc... it all turned out to be crap.
Sat down with the adviser, he looked at our payslips to see how much we took home etc, what outgoings we had (loans etc) and worked it out from that.
Yeah same here...i was worried i wouldnt be able afford everything
Now i'm settled in my flat and i've paid 3 mortgage re-payments and bills and i have plenty of spare in my accounts
Now me and my dad are looking into buying a new house that hasnt even been built yet and then selling it when completed...easy money (i'm told)
would love to get into this, just don't have the money at the moment.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Im going to open a bank, offering 90% mortgages, bank owns 10% which is then taken back as prfot when the house is sold on
Trouble is, the market isnt certain enough and my bank may loose money 
But if there was a clause, where if house prices did fall the bank would take the 10% anyway and u owed them whatever was lost from that 10%
I dunno, sounds better than a 5 x mortgage that no one can get!
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Scoty B
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Registered: 14th Feb 06
Location: East Kilbride, Glasgow 1873
User status: Offline
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quote:
Originally posted by Ally
quote:
Originally posted by Aj.
i'm glad i got on the ladder a few months ago
Same here, Feb 06 for me!
June 04 for me, so I'm already 20k up on what my mortagae is for due to increased valuations.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Scoty B
quote:
Originally posted by Ally
quote:
Originally posted by Aj.
i'm glad i got on the ladder a few months ago
Same here, Feb 06 for me!
June 04 for me, so I'm already 20k up on what my mortagae is for due to increased valuations.
Which means nothing unless you going to downsize or move back with the folks....house prices as a whole go up...not just your property.
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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mortgage still stays the same though (unless you move of course) and it's nice to know you're covered.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Yeh Col, i know what u mean, bought mine for 67k, worth 85k but when me and Richie go joint next year/year after we are looking at 130k for a nice house to actually settle in
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by Colin
Which means nothing unless you going to downsize or move back with the folks....house prices as a whole go up...not just your property.
Unless you meet somebody who owns their own house....you can then flog yours and move in with them.
I think the equity might matter then 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Jules S
quote:
Originally posted by Colin
Which means nothing unless you going to downsize or move back with the folks....house prices as a whole go up...not just your property.
Unless you meet somebody who owns their own house....you can then flog yours and move in with them.
I think the equity might matter then
Nice if that works out but I bet its only a very small amount of the population.
I have 2 mates (a bloke & a female) who lived alone for years then got together, sold both houses & bought 1 bigger house for both of them & were sort of giving it some talk in the pub about what a mint they made selling 2 houses, but what they dont mention is they both had to pay solicitor fees buying & selling, stamp duty x2, doing them up x 2......so their huge profit seems not so huge afterall the £50k or whatever they were up was probably in reality £20k because they both had to put out to begin with.
[Edited on 01-11-2006 by Colin]
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by --Dave--
mortgage still stays the same though (unless you move of course) and it's nice to know you're covered.
Obviously your mortgage goes the same but if yours has went up £20k in 2 yrs every other house has went up that much or more so its a false profit.
Eg - I pay £50k for a flat, keep it 2 years then sell for £70k.....buy a house for £150k but then 2 years prior to that I would have only paid £130k....see
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antonOO2
Member
Registered: 17th Sep 02
Location: Midlands
User status: Offline
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what the man is saying is the value of his property covers what is owing on the mortgage easily
[Edited on 01-11-2006 by antonOO2]
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