Disappointed by the mortgage calculators :(

James240

just been on the Barclays website and they have offered me 4 times my salary which they reckon will work out to £68,000 now i love just south of london but still within the M25, now for that money all im going to get is a shed at the bottom of someones garden

Ive given myself 3/4 years to save together the biggest deposit i can get together even if i manage to save £30,000 theres not a lot i can get for £98,000 ................... just a little deflated by what ive found out today ...............

silvercar

Have you considered a shared ownership property? You buy half the home and rent the other half.

Or have you thought of buying with a mate?

The other option is to buy much further out and commute in.

Bothered!

keep your chin up...have you considered a part ownership house purchase, there's alot of building going on now down this way, with 80,000 new homes to be built in south east alone! :eek: perhaps with this option you may be able to look for a better mortgage offer..

good luck

Philip624

dont just go by what Barclays say. There are more genorous lenders out there, the Alliance and Leicester go on affordability as opposed to just income. Your best bet is to see a mortgage broker and let them know how much you can afford to pay each month without strtching yourself too far. You may be surprised at what is on offer.

madfrenchgirl

try charcolonline.com
go and see an IFA, it wont cost you a penny

zr160vvc

I got offered 4.5 x salary.
If you are a graduate HSBC will ofer your 4.8.
My cousins living in London, and he got a graduate mortgage. Where HSBC gave him 5.4 X Salary. Yes 5.4

TangentMan

Certainly take the advice offered regarding affordability and IFAs but also don't just go by what their website says - they have to put something on the web as a guide - go and talk to one of their mortgage people as they may also be able to help.

Just remember one thing, regardless of 4x, 5x income or even self certification, there will be someone willing to loan you pretty much anything at a rate - but you need to be comfortable with the payments. Whoever is loaning you the money gets your property if it all goes horribly wrong.

So, whilst you are deflated, don't let your desire cloud your judgement.

Joe_Bloggs

@James240
It is house prices that are crazy, not just the salary multiples that banks will loan. Your salary is holding you back I think . Can you gain more qualifications / skills to earn more in your area of work ?
I have enjoyed reading snippets of your Debt Diary. The moneysaving efforts you are achieving are an inspiration to others.
J_B.

BACKFRMTHEEDGE

I thought 3x was the rule of thumb....5x sounds crazy.

charlie007

i know exactly how you feel, i live in the 'golden triangle' in the north and had to get a schared ownership property because like you we could only afford a shed, possibly even a tent but now after two years we have made 20,ooo on the house - it is unreal and we are getting ready to put it one the market so we can have a whole house, it is a fantastic place to start if you can't afford out right.

I am now waiting for the halifax to call me back about my mortgage promise on a new house i have seen - i don't think the fun of buying and selling houses ever goes awar no matter how much money you have!

Good Luck

roswell

This is just the effect of the houseing market its over valued stopping FTB`s, there will be someone somewhere that will loan you more but before you go done that route clear your debts, save a deposit and work out what the max a month is that you can afford there is no point having a morgage if you cant eat or afford to travel to work ....