mortage help

danny183

hey i just wanted some advice is there any bank that would
lend more than 3.5 times salary mortgage basically i wanted to buy a
house its for 82k my Mrs is working and earning 14k but i am unemployed
i got 15k in deposit and i wanted a mortgage for 67k is it
still possible to get mortgage in these credit crunch times

thanks

Obukit

It's unlikely to be honest at the moment. Try calling a mortgage broker like London and County as in Martin's guide - links are at the top of the page.

Not meaning to be rude, but could you not get a job too? 2.5x your joint incomes should cover it.

Reaper

You are better off asking the question on the "House Buying..." forum. My only comment is are you sure you want to? At the moment with interest rates low the monthly payments might look affordable but if interest rates were to start going up again in the future would you struggle to meet the payments? With house prices still dropping negative equity can creep up pretty quickly too.

brit1234

danny183 wrote: »

hey i just wanted some advice is there any bank that would
lend more than 3.5 times salary mortgage basically i wanted to buy a
house its for 82k my Mrs is working and earning 14k but i am unemployed
i got 15k in deposit and i wanted a mortgage for 67k is it
still possible to get mortgage in these credit crunch times

thanks

Hopefully not, 3.5 times lending is coming back to responsible lending. It was lending over this that got us into this economic hole and is bringing down the banks.

I suggest you look for employment and save. Prices are falling fast and set to continue falling well into next year and perhaps beyond. Plus a £15k deposit isn't really enough when the best rates are for 25-40% deposits, every thing else is really expensive especially when rates go up as they will do due to imported inflation caused by the weak £.


If you can't buy your place for £64K including the deposit you will either have to wait for property to get cheaper or buy a cheaper property.

PasturesNew

Don't forget s0d's law: if you buy that house now, then you'll get a job a week later and it'll be great, but 30 miles in the other direction!

Wait until you get a job, house prices aren't going anywhere... you'll get a better one soon enough

ad44downey

danny183 wrote: »

is there any bank that would
lend more than 3.5 times salarys

I sincerely hope not. Not just for your own benefit but the taxpayers of this country also

mewbie_2

danny183 wrote: »

wants a mortgage

If you are struggling to get a mortgage then you shouldn't even be thinking about it.

Dan:_4

It all depends on your outgoings and if your carrying any credit card/loan debt. If you have none then Nationwide will go slightly above x4, halifax almost x5. It is not really measured by x your salary anymore - it's all done on your current commitments and what you can afford.

Anyhow, you want be offered anything unless you get yourself some employment.