FTB - Mortgage repayment declaration help

sneakyg

Hello

Ive got a form that i need to fill in regarding a mortagage. Ive got repayment declaration form asking me how i intend to repay the loan (interest only).

what sort of things do people put here?


Regards

QTPie

sneakyg wrote: »

Hello

Ive got a form that i need to fill in regarding a mortagage. Ive got repayment declaration form asking me how i intend to repay the loan (interest only).

what sort of things do people put here?


Regards

Well how do you intend to repay the loan (at term) or don't you?

QT

sneakyg

QTPie wrote: »

Well how do you intend to repay the loan (at term) or don't you?

QT

well i expect that i will be able to progress in my job inorder and have a higher income which would enable me to have the money and/or have ajoint mortgage when i get a partner who wants to buy?

i just dont want to put something that is 'wrong' on the form

Troubled_Joe

You should put down the truth as anything else may be considered mortgage fraud.

Reading between the lines though I doubt that the lender will find your answer above satisfactory.

sneakyg

Troubled_Joe wrote: »

You should put down the truth as anything else may be considered mortgage fraud.

Reading between the lines though I doubt that the lender will find your answer above satisfactory.

thanks Joe

what sort of things are expected to be put down though?

QTPie

sneakyg wrote: »

well i expect that i will be able to progress in my job inorder and have a higher income which would enable me to have the money and/or have ajoint mortgage when i get a partner who wants to buy?

i just dont want to put something that is 'wrong' on the form

Isn't this the wrong time to buy, for you, now then... I think it is hugely risky to buy now with the hope that you MIGHT (possibly) be able to afford to start repayign the mortgage in the future?

Sounds like a bad time to buy for you...

QT

QTPie

sneakyg wrote: »

what sort of things are expected to be put down though?

That you have investments (endowments/bonds/funds etc) that you are awaiting to mature? Basically that you have some sort of vehicle that will pay the mortgage off at (or before) the term.

QT

sneakyg

QTPie wrote: »

Isn't this the wrong time to buy, for you, now then... I think it is hugely risky to buy now with the hope that you MIGHT (possibly) be able to afford to start repayign the mortgage in the future?

Sounds like a bad time to buy for you...

QT

sorry i didnt explain it fully, its for a ownhome loan.

poppysarah

I'd just write one of these...

* A lottery win
* A lump sum inherited from a currently unknown relative
* betting on the horses
* a little luck and a lot of wishes

poppysarah

You have had it explained that IO mortgage is like renting but you pay repairs.
Is it one of these nasty 75% now and 25% in 10 years ...?

QTPie

sneakyg wrote: »

sorry i didnt explain it fully, its for a ownhome loan.

Blimey, that looks nasty:

What happens if I can't afford to pay back the loan after 25 years?

How much you will need to pay back in 25 years' time is dependent on the housing market. Nobody knows for sure what the market will do, but you may have to pay us substantially more than you originally borrowed.
THE GREATER THE INCREASE IN THE VALUE OF YOUR HOME, THE MORE YOU WILL HAVE TO PAY BACK.
You will need to have a repayment strategy, which Places for People will discuss with you when you apply for an Ownhome loan.

Hhhmmm, let's hope that we don't see huge price increases over the next 25 years (remembering what house prices were like 25 years ago :eek: )

As it says in my on the bit that I have quoted (from the co-op's website) - discuss the repayment strategy when you apply.

QT