A Few questions

kerber0s

Hi Guys, First post and a few questions about Mortgages

Ive been to see the Halifax (my current bank) about a mortgage for a shared ownership house, but the mortgage advisor was ill and so i couldnt get all of the answers i needed and the new appointment is not for a couple of weeks
My questions are:
I have a car loan that ends in June next year, will this be taken into account when they work out the figures, as i have been told that if there is less than 12months left the bank omit this, although i cant find out what the halifax's policy is, as if the amount of the loan per month on top of other commitments will seriously reduce what i can borrow (the loan is £300 per month)
As it is a shared ownership house (these buy half rent half then buy more later jobs) am i right in thinking that because i would be buying less than 75% of the value i might not need a deposit

Thanks Martin

Trying_to_be_good

Martin

The 75% you're talking about is the loan to value percentage - i.e. the amount you are borrowing compared to the value of the bit of the propeorty you're buying. So if the house is worth £200,000, and you're buying half, you're buying £100,000 worth. So the amount you are boorrowing is compared to that £100,000, not the whole £200,000 (it's a way of calculating the risk the bank is taking lending to you).

If you can borrow up to, say, 80% LTV (loan-to-value), that waould be £80,000 and you'd need a deposit of £20,000 plus all the legal costs, stamp duty etc.

Not sure about the car loan - someone else will be along to help soon!