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first time mortage
moet32
Posts: 9 Forumite
Hi i am looking to find out how much i can get a morttagge for,
can anyone tell me what criteria they calculate a mortgage on.
and where the best place for me to find a mortage
thabks
steve
can anyone tell me what criteria they calculate a mortgage on.
and where the best place for me to find a mortage
thabks
steve
0
Comments
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What is your gross annual income?
What amount of deposit do you have?
Do you have any other debts in the background?
What are thouse prices like in the area you are looking at?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
HI There Moet
You best option is to see a whole of market mortgage broker. this means that they have access to all the lenders products in the UK. They take details of your salary, your current credit commitments, your credit rating, the amount of deposit (if any) you have, and then will give you a rough figure of how much you can afford to borrow. They will then tell you roughly what your monthly payments could be and talk you through your product options and insurances that are necessary, You will then be in a position to look at properties. knowing how much you can afford to spend. If you let me know what area you live in I might be able to recommend someone who can help you. Some brokers charge upfront fee's and some add them to the loan. Some brokers don't charge any fee's whatsoever.
As this is your first property purcahse and you dont know much about mortgages I think this is the best thing for you to do.
I hope this helps,
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:. As this is your first property purcahse and you dont know much about mortgages I think this is the best thing for you to do.
I totally agree with MM.
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
We are very agreeable these days dont you think Dave?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
when i took mortgage from HSBC they workout in this way
(my net income - total outflow + current rent) * 60% = repaymentmoet32 wrote:Hi i am looking to find out how much i can get a morttagge for,
can anyone tell me what criteria they calculate a mortgage on.
and where the best place for me to find a mortage
thabks
steve0
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