The Sub Prime Credit Thread - Part IV

seeya23

good evening to all

fairmorn308

Evening Seeya

Does anyone know much about mortgages etc? I do know of a advisor of the family but dont want to bother him until am ready to buy a house. What sort of deposit would i need to get a house around £180k also what type of salary aswell

seeya23

some want a 25 % deposit these days 75 % ltv

fairmorn308

Even on FTB mortgage

Its-A-New-Age-Thing

fairmorn308 wrote: »

Evening Seeya

Does anyone know much about mortgages etc? I do know of a advisor of the family but dont want to bother him until am ready to buy a house. What sort of deposit would i need to get a house around £180k also what type of salary aswell

the general rule of thiumb with mortgage lending is 3 an a half times ure gross salarly...........some lenders have lowered this to 3 times...........ie if its a 3x lender and ure lookin at a solo morgtgage theyd want u earning 180k dived by 3 gross yearly and so on and so forth etc.........

:beer:

or a couple both earnin 30k ...........really depends if its solo etc or 3 and a half times becomes EVEN easier specially for a DECENT earnin couple.

Its-A-New-Age-Thing

fairmorn308 wrote: »

Even on FTB mortgage

an yeah seeyas right since the credit crunch the MAX lenders are usually willing to entertain is 75% loan to value so ud be lookin at 18+18+9=45k deposit.....................

Its-A-New-Age-Thing

Its-A-New-Age-Thing wrote: »

an yeah seeyas right since the credit crunch the MAX lenders are usually willing to entertain is 75% loan to value so ud be lookin at 18+18+9=43k deposit.....................

its worth pointin out though if the 180k mortgage is on a house valued at say 200k.........its slightly easier as its viewed as uve ALREADY got a 20k deposit etc.................

a fine example of how SEVERELY UNDER OFFERING ON A PROPERTYS MARKET VALUE can save u the hassle of gettin a massive deposit etc

fairmorn308

thank you everyone

Dont think i will be getting a house end of the year then

seeya23

got my inertview date at 10 june 2pm at sainsbury cant wait now

never-in-doubt

fairmorn308 wrote: »

Evening Seeya

Does anyone know much about mortgages etc? I do know of a advisor of the family but dont want to bother him until am ready to buy a house. What sort of deposit would i need to get a house around £180k also what type of salary aswell

You're best to speak to an IFA that can advise on non standard mortgages if you want to borrow more than the LTV amount offered by mainstream companies. As others have said, 75% seems to be the norm, but a lot still do the traditional 90% mortgages.

I have a self cert one, from 2005(ish) and borrowed way more than £200k and for that I had to earn at least £75k - basically they usually work out that they will lend based on yours and any partners income.....

Mine is issued through GMAC RFC - they are great and basically you need to be referred to them, by an intermediary - they are not like a mainstream bank mortgage.

have a play on this little tool, to test things out: http://www.fool.co.uk/mortgages/mortgage-calculator/borrow-calculator.aspx