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sarah_elton
Posts: 2,017 Forumite
Looking to buy a house at the moment, and we're planning on getting a mortgage of about £190k.
HSBC said they'd lend us up to £325k.
A mortgage broker an EA made us talk to said he could get us a mortgage >£500k. :eek: The repayments would have been around 60% of our joint take-home pay. I told him it was people like him that caused this mess*.
* Though to be clear, I don't blame the brokers - people have to take responsibility for their decisions about their finances.
HSBC said they'd lend us up to £325k.
A mortgage broker an EA made us talk to said he could get us a mortgage >£500k. :eek: The repayments would have been around 60% of our joint take-home pay. I told him it was people like him that caused this mess*.
* Though to be clear, I don't blame the brokers - people have to take responsibility for their decisions about their finances.
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Comments
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I imagine that'd be a mortgage of 325k on a house THEY value at 450k.0
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sarah_elton wrote: »Looking to buy a house at the moment, and we're planning on getting a mortgage of about £190k.
HSBC said they'd lend us up to £325k.
A mortgage broker an EA made us talk to said he could get us a mortgage >£500k. :eek: The repayments would have been around 60% of our joint take-home pay. I told him it was people like him that caused this mess*.
* Though to be clear, I don't blame the brokers - people have to take responsibility for their decisions about their finances.
I would say with a mortgage like that you have the means of a very good income, if you have little or no debt, things won't have changed much for the likes of yourself. They have however changed for someone who is on 15k with a 10k CC debt, they would have been offered whatever they wanted a few years ago. Now it will be ' don't let the door hit your heels on the way out.':D0 -
sarah_elton wrote: »Looking to buy a house at the moment, and we're planning on getting a mortgage of about £190k.
HSBC said they'd lend us up to £325k.
A mortgage broker an EA made us talk to said he could get us a mortgage >£500k. :eek: The repayments would have been around 60% of our joint take-home pay. I told him it was people like him that caused this mess*.
* Though to be clear, I don't blame the brokers - people have to take responsibility for their decisions about their finances.
500k,end of the day its upto the individual to show some restraint,sadly lacking at times.Official MR B fan club,dont go............................0 -
I have said this before. You will never know what mortgage tou will get untill you get an AIP.
Even then they may lower it after application if you do not hit the affordability targets.
The only true mortgage offer is a formal offer, until that point it is what you could "possibly" borrow.0 -
This ifugre alone isn't a big problem.sarah_elton wrote: »The repayments would have been around 60% of our joint take-home pay.
The big problem is: HALF A MILLION POUNDS!!!!!!! ... and where the HELL one gets that much cash from to pay back the DEBT.
Even if you keep your job, HALF A MILLION POUNDS ... is a f3cking LOT of dosh!
Two years ago I could have easily borrowed £2million to buy property - and ALL I could think of was: TWO MILLION QUID!!!!!! NO WAY!!!! ... and rented a bedsit instead with no debt.0 -
sarah_elton wrote: »Looking to buy a house at the moment, and we're planning on getting a mortgage of about £190k.
HSBC said they'd lend us up to £325k.
A mortgage broker an EA made us talk to said he could get us a mortgage >£500k. :eek: The repayments would have been around 60% of our joint take-home pay. I told him it was people like him that caused this mess*.
* Though to be clear, I don't blame the brokers - people have to take responsibility for their decisions about their finances.
If you take home around £5,500 a month a mortgage of £500,000 shouldn't be an issue. As it still leaves a couple of thousand to live on.
Sure most people would be happy with that.0 -
Thrugelmir wrote: »If you take home around £5,500 a month a mortgage of £500,000 shouldn't be an issue. As it still leaves a couple of thousand to live on.
Sure most people would be happy with that.
I wouldn't TBH, £5,500 per month jobs aren't that common, if you lose it within your 25 year mortgage period, your probably in deep sh*t, if I was earning 5k a month I wouldn't want to spend more than £1300 on a mortgage, and use the rest to save and have a good time with.0 -
I wouldn't TBH, £5,500 per month jobs aren't that common, if you lose it within your 25 year mortgage period, your probably in deep sh*t, if I was earning 5k a month I wouldn't want to spend more than £1300 on a mortgage, and use the rest to save and have a good time with.
I did make my comment TIC.
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