Nice mortgage calculator

chucky

MrDT wrote: »

I'm getting 5x salary as maximum mortgage on the calculator

30k just one person - 150k max mortgage, 23k min deposit.
30k each as a couple - 300k max mortgage, 46k min deposit

it did 5x salary too for me too with either

2-year Fix and Track, min 20% deposit, £999 application fee 5.99%
5-year Fixed Rate, min 20% deposit, £999 application fee 6.29%

not great rates for current market though

Really2

Graham_Devon wrote: »

Doing well chucky, I see you REALLY don't like the truth in this thread either.

i love that line as you always state it is the truth but always fail to back it up with any statistical evidence.

Graham truth to you is actually your own opinion, You seem to get the two muddled.

Yakubu22

Graham_Devon wrote: »

Yer, so your stating that I should change my life, to earn over the 40% tax bracket for high earners, to buy a "starter home"?

Do you not agree thats a little screwed up?

Have you seen those adverts on TV for those apprenticeships? The one where two fellas bump into each and one says "Hello Barry what you upto?" and the other fella replies "I work for myself....I've got my own van too"...and there's a half attractive blonde in the front seat as he drives off. Leaving the other looking envious. Absolute classic

That's the dream!

Graham_Devon

How are people defining 5x?

I can have 5x a 30k wage, but it means I have to put a large deposit down, so the loan isn't actually 5x?

The house price is.

Really2

Graham_Devon wrote: »

Yer, so your stating that I should change my life, to earn over the 40% tax bracket for high earners, to buy a "starter home"?

Do you not agree thats a little screwed up?

When I was single pre 2001 I would not have purchased untill I was going to settle down (eg with mrs really).

So what is your "starter home" for a single person? that may help us clarify a few points.

Graham_Devon

Really2 wrote: »

When I was single pre 2001 I would not have purchased untill I was going to settle down (eg with mrs really).

So what is your "starter home" for a single person? that may help us clarify a few points.

The same as a starter home for any first time buyers.

MrDT

Graham_Devon wrote: »

How are people defining 5x?

I can have 5x a 30k wage, but it means I have to put a large deposit down, so the loan isn't actually 5x?

The house price is.

Earn 30k
Mortgage 150k (5x multiplier)
Deposit 38k
Price of house 188k (deposit plus mortgage)

MrDT

In my previous post (up there somewhere ^^) with the same salary and mortgage, only 23k mortgage required.

Now 38k.

Either the calculator is !!!!ed, or I'm tripping.

Graham_Devon

MrDT wrote: »

Earn 30k
Mortgage 150k (5x multiplier)
Deposit 38k
Price of house 188k (deposit plus mortgage)

yer, thats 5x the house price.

It's not 5x the loan though, as you would have put 38k down.

Say I had 300kfor a house, but earning 30k.

If I buy a house for 400k, it does not mean they have given 13x my wage.

Really2

Graham_Devon wrote: »

The same as a starter home for any first time buyers.

??????

You could be a lottery winner and purchase a mansion and be a FTB.

So what is it.

Single person = one or two bed flat.

20-30 Couple = 2-3 bed terrace or semi

30-40 couple = 3-4 bed detached.

what is our definition of a FTB home for a single person?

It is very relevant to your OP.

If you think a single person is the average FTB you are very much mistaken.

The average FTB of an average priced home (2-3bed semi) is a couple with a joint mortgage.