Will I have no trouble getting mortgage?

domcastro

Someone at work said to me yesterday - are you sure you'll get a mortgage? I confidently said yes - I have 50% deposit and will only be borrowing just under 3x my salary.

But.. overnight all the doom and gloom made me paranoid. I was 100% sure I'd have no trouble getting a mortgage (not ready to buy yet so haven't been to any companies). I work in education and feel pretty safe about my job.

Should I not worry about the mortgage and just continue to worry about my savings and house prices?(!!)

herbiesjp

Good credit history?

No other debts?

You should be fine

Heyman_2

Despite all the doom and gloom, banks are still lending money, and as Herbie says as long as your credit history and current debts are in order, with 50% deposit I think most banks will welcome you with open arms.

opinions4u

You'd probably get a buy to let mortgage on those terms - assuming clean credit record. So no problems getting a standard residential mortgage.

Absolutely no problem at all.

Good luck!

feisty1

• Why a BTL? Many lenders at the moment will NOT lend to 1st TIME LANDLORDS, otherswont lend to clients who have no residential mortgage Was this original post regarding a residential mortgage? If domcastro has clean credit history, incomes multiples less than 3 times salary and a continous employment history most lenders would lend on residential as he is fairly low risk. This is straight forward without tax implications etc like that of BTL's............

opinions4u

feisty1 wrote: »

• Why a BTL? Many lenders at the moment will NOT lend to 1st TIME LANDLORDS, otherswont lend to clients who have no residential mortgage Was this original post regarding a residential mortgage? If domcastro has clean credit history, incomes multiples less than 3 times salary and a continous employment history most lenders would lend on residential as he is fairly low risk. This is straight forward without tax implications etc like that of BTL's............

I was simply trying to highlight that the OP is low risk for any type of mortgage lending. Certainly not suggesting that now is the time to jump in to the BTL market.

IPP-Believer

If you have a good credit history and steady income they will welcome you with open arms.

As will who ever you buy your house from, you are an endangered species.

How are you going to judge when the time is right?

feisty1

'fraid it didn't read like that opinions 4u......... u specifically said BTL, which could be leading.............

opinions4u

feisty1 wrote: »

'fraid it didn't read like that opinions 4u......... u specifically said BTL, which could be leading.............

Edited accordingly.

domcastro

I don't know when the time is right but my rent is more than the mortgage would be by about £200 per month. Rent contract runs out Feb 2009 - would like to move then. It's difficult knowing when's the best time is at the moment.

opinions4u

domcastro wrote: »

I don't know when the time is right but my rent is more than the mortgage would be by about £200 per month. Rent contract runs out Feb 2009 - would like to move then. It's difficult knowing when's the best time is at the moment.

I think house prices have further to fall. But then I think they will be higher in 3 years than they are now.

I don't think I'll get a doctorate in economics for that brilliant insight!