We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Are people REALLY struggling to get mortgages?
chrishay
Posts: 23 Forumite
I've noticed on a few threads that people are saying you need crazy deposits to get good deals on mortgages at the moment. Figures like 30-40% etc...
Is it really that bad ? In my area (North Yorkshire / North East England) the first mortgage broker I met said myself and partner would have NO problem obtaining a mortgage, based on the following criteria:-
FTB
Income 1: £25k
Income 2: £12k
Deposit: 10% or £13k
House Value: £130k
Credit History o.k.
We were given options in the region of 5-6.5%, 2-5 year fixed rates with £500 - £1000 product fees.
A relative of mine has even been granted a mortgage with 5% deposit and his credit rating isn't too clever, has a lower joint salary, has more outgoings!
Is it really that bad ? In my area (North Yorkshire / North East England) the first mortgage broker I met said myself and partner would have NO problem obtaining a mortgage, based on the following criteria:-
FTB
Income 1: £25k
Income 2: £12k
Deposit: 10% or £13k
House Value: £130k
Credit History o.k.
We were given options in the region of 5-6.5%, 2-5 year fixed rates with £500 - £1000 product fees.
A relative of mine has even been granted a mortgage with 5% deposit and his credit rating isn't too clever, has a lower joint salary, has more outgoings!
0
Comments
-
One swallow does not make a summer.
Good luck to you and yes many people do have a struggle to get a mortgage................................I have put my clock back....... Kcolc ym0 -
A mortgage broker assuring you of something doesn't make it true.0
-
My partner and I are seriously struggling - broker keeps telling us to wait (completion due in May) I just want it sorted now so I get rid of this feeling in my stomach.
Good for them though!0 -
A lot of the people not being able to get a mortgage might have big credit card debts and no deposit.
People who live on credit cards assume everybody is.
Everybody assumes everybody's like them.
So you're assuming the others have no debts and they have a deposit.0 -
Chrishay
How much morgage did he offer to get you?
Good luck I hope you get it. We are hoping to get our first mortgage too his year. With simular salaries and simular deposit to yours.SAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0 -
Sorry just seen house value 130k...Silly me..
LOLSAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards