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Debate House Prices


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How could anyone lend us that much!

kunekune
kunekune Posts: 1,909 Forumite
in Debate House Prices & the Economy
OH went to see the bank about a mortgage yesterday. Basically, he is in the mid 30s and I am in the mid 40s (he isn't full time). Admittedly, this was a staff mortgage, so that 4 x his salary is at 1.5%, but I was still astonished to learn they would lend us 285K! We have no intention of borrowing that sort of money, but what kind of multiple was that????
Mortgage started on 22.5.09 : £129,600
Overpayments to date: £3000
June grocery challenge: 400/600
«13456

Comments

  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    kunekune wrote: »
    , but what kind of multiple was that????

    LOL, you'd know better than us ;)

    I was surprised in Autumn at what we were offered.
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    kunekune wrote: »
    Basically, he is in the mid 30s and I am in the mid 40s...
    So he's quite a bit younger than you???
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    No no worse, Im in the mid 20s and OH in the early 20s.

    We dont have a massive deposit and if we are looking to buy, we would be looking at around 170k places. We have about 45k dep. They were willing to lend us 285 the online calcuator said! thats mental!
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • Wickedkitten
    Wickedkitten Posts: 1,868 Forumite
    Part of the Furniture Combo Breaker
    What bank?
    It's not easy having a good time. Even smiling makes my face ache.
  • chewmylegoff
    chewmylegoff Posts: 11,469 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    kunekune wrote: »
    OH went to see the bank about a mortgage yesterday. Basically, he is in the mid 30s and I am in the mid 40s (he isn't full time). Admittedly, this was a staff mortgage, so that 4 x his salary is at 1.5%, but I was still astonished to learn they would lend us 285K! We have no intention of borrowing that sort of money, but what kind of multiple was that????

    i don't know. what kind of multiple is it?
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    kunekune wrote: »
    OH went to see the bank about a mortgage yesterday. Basically, he is in the mid 30s and I am in the mid 40s (he isn't full time). Admittedly, this was a staff mortgage, so that 4 x his salary is at 1.5%, but I was still astonished to learn they would lend us 285K! We have no intention of borrowing that sort of money, but what kind of multiple was that????

    Any figure does not mean jack untill you fill in an application and have an offer. (belive it or not they give an estimate then scale it back to what they think you can afford)

    That is not an offer that is the max they would lend you if you were a safe bet with no outgoings.
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    Wickedkitten wrote: »
    What bank?

    this was the Lloysds tsb online calculator.
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    lynzpower wrote: »
    this was the Lloysds tsb online calculator.

    A calculator does not indicate what you will get only an application will.

    They want people to apply that is how they get you custom.
  • Geenie
    Geenie Posts: 1,213 Forumite
    mewbie wrote: »
    So he's quite a bit younger than you???

    What does this have to do with what the OP is asking?


    "Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.
  • poet123
    poet123 Posts: 24,099 Forumite
    It came out as almost 6x our salaries when I just tried it.....FRIGHTENING
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