Earning over £100,000 a year and can't get a mortgage?

brit1234

The couple in the video are claiming that they can't get a mortgage despite earing well over £100K a year. I sense something very fishy about this and believe the report is hiding something.

http://news.bbc.co.uk/1/hi/uk/7531146.stm

I believe Danny hasn't got a deposit despite his well above average income. Sorry Danny but I reckon you should stop moaning and save a deposit like every one else.:mad:


I say even in the current climate with that amount of earnings and a deposit there is no way he couldn't get a mortgage.


Any thoughts?
:question::question::question::question::question:

Treadmill

Not having a deposit when you earn that sort of wedge marks you down as flakey in my book. i'd not loan him a brass razoo

bo_drinker

Just caught that and thought it a bit odd. If I was on 100k a year and couldn't sort a deposit I don't think I would be bragging about it on the TV. What are they doing with the money ????

m00m00

100k a year ?

I'd save up for 18 months or so and buy somewhere for cash outright.

chrisandanne

He may have loads of credit card debt...no deposit....be self cert..the house may be overvalued (now there's an unusual thing), there's something wrong, it's not the whole story. A x

FraudBuster

Where are the Lie-to-Buy Mortgage Brokers when you need them?

wymondham

It's not what you have coming in that makes you well off, it's what you have going out!! He's obviously got expensive tastes!!

lostinrates

wymondham wrote: »

It's not what you have coming in that makes you well off, it's what you have going out!! He's obviously got expensive tastes!!

Yes, but a home is a home, worth cutting back for surely?

I agree with chrisandanne!

ManAtHome

Yes, £100k pa and nothing in the bank - I wouldn't be too keen on lending either.

Scousebird_2

brit1234 wrote: »

The couple in the video are claiming that they can't get a mortgage despite earing well over £100K a year. I sense something very fishy about this and believe the report is hiding something.

http://news.bbc.co.uk/1/hi/uk/7531146.stm

I believe Danny hasn't got a deposit despite his well above average income. Sorry Danny but I reckon you should stop moaning and save a deposit like every one else.:mad:

I say even in the current climate with that amount of earnings and a deposit there is no way he couldn't get a mortgage.

Any thoughts?

:question::question::question::question::question:

I completely agree with you. Something is missing! I think it is probably the deposit because he said 'the lenders just won't look at us'.

I know for a fact that even without a deposit, most lenders will illustrate how much they may be able to lend you, then when you have found the home you want and you have the deposit, they will run the application through and assess the affordability.

Something does not ring right. And also, Danny and his partner could be earning double the 100k they go on about, but if there isn't a deposit then it's tough really.

With the risk of some homes slipping into negative equity in the current climate (eg-perhaps look at Northern Rock customers at the moment on the 100-125% mortgages)-customers are drowning in debt and homes are slipping into neg equity. Come two years down the line, if banks continued to lend 100% loans on homes then this forum would be plastered with angry homeowners come 2009/2010, complaining that they were not informed of the risks of a 100% mortgage and that they want to sue the banks as people are desperately trying to find ways out of financial instability and we are living in a compensation culture at the moment, for some, it's just survival.

Ian_Griffiths_Halifax

What a load of rubbish. Why doesn't he have a deposit? Have they only just started earning that level of income and so can't prove it's sustainable? Can they prove the income at all?

That's a poor report. It doesn't explain why he can't get a mortgage and just scares people with lower incomes into thinking, 'well if he can't get a mortgage then I haven't a chance'.

Poor sensationalism journalism yet again.

It's about time that the statistics were made public of the %age of mortgages that were applied for which were approved, not just the number of approvals.

When you take into account the sheer number of people who have moved house within the last 5 years or so, it's not surprising that fewer home mover applications were submitted, but many people aren't applying for mortgages (a big difference to 'not having them appproved') due to all the negative comments coming out of the media just now.