new mortgage

andrewmp

VIGILANT22 wrote: »

Maybe do-able if the lender was you!! however no lender is going to lend 6.9x salary, then trying to fit this with lender's affordability taking kid/s into the equation....this would never be considered.

What are you talking about? Did I say, at any point, that any new lender would arrange a mortgage for him/her? I said the payments might be "do-able", as he/she's currently keeping up repayments, that's a fair assumption to make.

Please check which post I was replying to (and quoting)....

andrewmp

VIGILANT22 wrote: »

Andy is quite right that they may have to sell, due to the fact as the years go by the OP is nearing retirement therefore reducing the term they will be allowed to take the mortgage over so it does not extend into retirement. A reduced term means higher monthly mortgage payments....income would have to fit with these repayments so maybe then 26k wouldn't even be suffice to satisfy lenders......

The OP might be 19 for all I know, the term might reach nowhere near retirement.

I don't think anyone is suggesting she'll be able to go to another lender with her current multiple/affordability requirement.

Long term her salary may increase, at this point she may be able to consider a new deal elsewhere and might have no need to sell her house in the future.

Please get back under your bridge, the sun will do you damage.

VIGILANT22

[QUOTE=andrewmp I said the payments might be "do-able", as he/she's currently keeping up repayments, that's a fair assumption to make.

At 5% that's "only" £437 per month, do-able on £15k probably,
QUOTE]


It is not a fair assumption as lenders do not assess affordability on people keeping to a contract ie paying back on time what they owe....affortability is based on income/outgoings/dependants etc. In FSA speak..."Past performance is not a guide to future performance"

andrewmp

VIGILANT22 wrote: »

It is not a fair assumption as lenders do not assess affordability on people keeping to a contract ie paying back on time what they owe....affortability is based on income/outgoings/dependants etc. In FSA speak..."Past performance is not a guide to future performance"

Learn to quote will you, it's annoying...

What on earth are you talking about? I'm not talking about the OP's ability to get another mortgage, I'm talking about the OP's ability to continure paying the mortgage he/she already has. You should start posting again with your old username, unless of course you're banned or embarrassed....

shortiegal

wow!! didnt expect an argument, i think i have enough worries, thanks anyway guys/gals

andrewmp

shortiegal wrote: »

wow!! didnt expect an argument, i think i have enough worries, thanks anyway guys/gals

It's always going to happen when VIGILANT22 is about, until he's banned again anyway.

Good luck!!

Wutang_2

andrewmp wrote: »

It's always going to happen when VIGILANT22 is about, until he's banned again anyway.

Good luck!!

To be fair, you are a lot more annoying.

VIGILANT22

andrewmp you need to get over challenging me on BOE rates ..when it was clear you'd posted incorrectly....

Dan_1976

Oh dear children.

OP I think you have to tough it out. Having a mortgage means you wont get housing benefit. You would get good tax credits though I would imaging and child allowance. If you can keep it going!

Good luck though.

andrewmp

VIGILANT22 wrote: »

andrewmp you need to get over challenging me on BOE rates ..when it was clear you'd posted incorrectly....

Get back under your bridge. You might miss some goats.