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  • deemy2004
    • #2
    • 14th Feb 05, 7:54 PM
    • #2
    • 14th Feb 05, 7:54 PM
    The mortgage companies have been tightening the rules.

    Your best bet would be the selfcertification mortgages for the X6 mortgage.
  • herbiesjp
    • #3
    • 14th Feb 05, 8:05 PM
    • #3
    • 14th Feb 05, 8:05 PM
    Even with a self certified mortgage you will be hard pushed to find a lender to offer 6 times salary - without knowing more about your circumstances, at the moment I would say that it would be difficult to get the mortgage
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • gibby
    • By gibby 14th Feb 05, 9:42 PM
    • 418 Posts
    • 233 Thanks
    gibby
    • #4
    • 14th Feb 05, 9:42 PM
    • #4
    • 14th Feb 05, 9:42 PM
    Hi

    there is another way that may possibly help.

    try London & Country mortgages.

    I think its called a non status mortgage

    They do something --- basically if you put down a decent deposit you can get an interest only mortgage, but the level of deposit depends on each lender.

    The lender covers their back as they have enough equity in the propert if things go wrong.


    If you are self employed it does help as they know that many self employed ppl do not declare all fo their income and there are deals for the many many ppl who do this.

    bascially L&C are very good as they dont like self cert as if you lie it can be a problem for both you & them - as it is an offence.


    but you need to make sure you can afford the repayments - and L&C will talk you through this


    G
  • fairenoughclough
    • #5
    • 15th Feb 05, 1:01 AM
    • #5
    • 15th Feb 05, 1:01 AM
    Think long and hard about what you are trying to get.

    Back in the bad old days (late eighties) interest rates peaked at approx 15% and negative equity was all the rage in the South.

    15% of 90,000 = 13,500 per annum for 25 years interest only.

    2005 probable election year = uncertainty in all markets.

    Yes, I know I'm a pessimist, but I know people who lost their houses and their families as a result.

    Try to find shared equity or affordable housing schemes for your profession.
    Just for one moment, thought I'd found my way.
    • fatboyonadiet
    • By fatboyonadiet 15th Feb 05, 8:09 AM
    • 5,265 Posts
    • 2,230 Thanks
    fatboyonadiet
    • #6
    • 15th Feb 05, 8:09 AM
    • #6
    • 15th Feb 05, 8:09 AM
    I was in a similar situation (deposit was slightly more and annual salary was slightly higher) but managed to get a mortgage with Halifax with no problems, apparently when you give a large deposit they're not really as concerned as to the size of the mortgage in comparison to your salary.
    2p off is still 2p off!
  • herbiesjp
    • #7
    • 15th Feb 05, 8:15 AM
    • #7
    • 15th Feb 05, 8:15 AM
    Halifax are pretty flexible, however with the loan requested for the deposit being put down I do not think they would stretch to the 6 times salary.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • payless
    • By payless 15th Feb 05, 9:36 AM
    • 6,577 Posts
    • 2,338 Thanks
    payless
    • #8
    • 15th Feb 05, 9:36 AM
    • #8
    • 15th Feb 05, 9:36 AM
    6x income on over 80% LTV - very dangerous for both borrower and lender
    --
    self cert - still needs you to be honest about your income.


    ( some lenders do use affordability or varying multiplers depending on circumstances/ income level- but these usually favour higher earners- on basis that everyone still has basic needs to meet whether on 15K or 65K)

    Other things may help-
    guarantor, other income, or poss even a proveable career path to high earnings ( but this latter point on its own is unlikely to be enough)
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • thetheboy
    • #9
    • 16th Feb 05, 12:51 AM
    • #9
    • 16th Feb 05, 12:51 AM
    thanx for all your help and advice - it is appreciated.
    It's better to travel hopefully than arrive...
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