July house purchase lending up on a year ago for first time in over two years

chucky

Graham_Devon wrote: »

Can I just ask here, as I'm not too sure....

If I was buying a house for 200k, and took a mortgage for 100k to do so.

My wage was 50k a year, so the mortgage was 2x my income.

Would that make my affordability multiple 2x, or 4x?

it's calculated the same way that it was in July 2008.

if you have any doubts this should explain it for you
http://www.home.co.uk/guides/mortgage_glossary.htm?incmul

Graham_Devon

chucky wrote: »

it's calculated the same way that it was in July 2008.

if you have any doubts this should explain it for you
http://www.home.co.uk/guides/mortgage_glossary.htm?incmul

That really doesn't answer the question I was asking

System

Graham_Devon wrote: »

Can I just ask here, as I'm not too sure....

If I was buying a house for 200k, and took a mortgage for 100k to do so.

My wage was 50k a year, so the mortgage was 2x my income.

Would that make my affordability multiple 2x, or 4x?

It's based on the mortgage amount, not house price, so 2x.

I find it odd that after all the arguments you've been in about affordability you're now asking this?

Heyman_2

Joeskeppi wrote: »

It's based on the mortgage amount, not house price, so 2x.

I find it odd that after all the arguments you've been in about affordability you're now asking this?

I think he's trying to make a point about cash rich buyers.

System

Heyman wrote: »

I think he's trying to make a point about cash rich buyers.

Ah I see.

message too short

Graham_Devon

LOL didn't think you guys would like it.

Basically what were saying is, with a 75% deposit, it's 3.02. In reality, it averages 4.

Better all group together now and start

Harry_Powell

carolt wrote: »

But that 4.7% rate is clearly just a short term fix - all the longer term fixes are much higher.

If I could lock into 4.7% for a minimum of 10 years, pref 15% (fully portable, obviously, in case I want to move in that time), I'd seriously think of buying too.

But, AFAIK, I can't.

Best one I can find is 6.02 but I only googled for 2 mins. There are lots of 5 year fixes around the 5.5% mark, which is slightly below the average quoted. I think the point about long term fixes is not necessarily to 'beat the banks', but to ensure stability of your finances by having a consistent amount outgoing each month for your mortgage.

chucky

Graham_Devon wrote: »

LOL didn't think you guys would like it.

Basically what were saying is, with a 75% deposit, it's 3.02. In reality, it averages 4.

Better all group together now and start

it's actually 3.34% including the house price :whistle:

Harry_Powell

Graham_Devon wrote: »

LOL didn't think you guys would like it.

Basically what were saying is, with a 75% deposit, it's 3.02. In reality, it averages 4.

Better all group together now and start

Graham, why do you seem to seek out arguments? It's boring for the rest of us on MSE to have to scroll past the pages of your posts and the people you're arguing with in order for us to find on-topic material. Also, given that you don't seem to enjoy the arguments after a certain point (often you complain about being 'trolled' and then go off in a huff vowing never to return to MSE) I wonder why you seek them out in the first place?

carolt

Harry_Powell wrote: »

Best one I can find is 6.02 but I only googled for 2 mins. There are lots of 5 year fixes around the 5.5% mark, which is slightly below the average quoted. I think the point about long term fixes is not necessarily to 'beat the banks', but to ensure stability of your finances by having a consistent amount outgoing each month for your mortgage.

Yes, but I have that already, renting.

I'm not interested in 'beating the banks' - not quite clear what that is? - but beating my rental payments, by sufficient amounts to allow for the other costs of home ownership.

Obviously, if I was convinced house prices wrre about to shoot up, or I was desperate to move at any cost, then I might be less worried about getting good value for money on a long-term fix, and might be prepared to go easier on this.
But as I'm not, and I'm not, I'm not.