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Joint vs Single
Getafix
Posts: 126 Forumite
Hello,
I'm in a state of confusion here
The way I understand things is that on your own you can get a mortgage for up to 5x your salary. But if you get a joint mortgage you can only go up to 3.5x the combined salaries.
So is it possible to just get two separate mortages on the one property instead of a joint? Or am I too simple for this world?
Thx
I'm in a state of confusion here
The way I understand things is that on your own you can get a mortgage for up to 5x your salary. But if you get a joint mortgage you can only go up to 3.5x the combined salaries.
So is it possible to just get two separate mortages on the one property instead of a joint? Or am I too simple for this world?
Thx
0
Comments
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Mortgae providers normally want first charge on your property. leads you to only having a mortgage from one company. 5 x joint income is a large amount, are you sure you could afford it? If so there are some comapnies that will lend based on affordability not income.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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to be safe id go with 3 X Most stable sallary ( eg the one that is NOT reliant on overtime / bonuses / commision)If it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120 -
Ahhh yes, now that would make sense.silvercar wrote:Mortgage providers normally want first charge on your property. leads you to only having a mortgage from one company.
Ideally I need 4x joint salaries. Has anyone managed to get that extra half a per cent?silvercar wrote:5 x joint income is a large amount, are you sure you could afford it?
overtime, bonuses and commission...those are three words outlawed in my company :sad:roswell wrote:to be safe id go with 3 X Most stable sallary (eg the one that is NOT reliant on overtime / bonuses / commision)0 -
Go talk to some high street lenders, Nationwide springs to mind. If you both have very stable employment with say good prospects for salary increases/promotion that may have a bearing on your eligibility. Failing that get yourself some good free mortgage advice from a broker, plenty of info on here.0
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another option to look at is to look for a company that looks at you monthly take home pay (net of tax) and then deduct all your monthly outgoings such as utilities, mobile phone, gym mebership, any loans or credit cards and stuff like council tax and shopping. Once they find out what is left they will then work out what monthly payment you can afford and then work out what size of mortgage this relates to.
This method can be particulalry effective if you ahve no debts and low outgoings...I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've just been reading about London & Country and I think I'll give them a call - they'll be able to search available mortgage deals much more efficiently than me. Thanks for your input everyone
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