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Mortgage for someone who is stuck :D, help plz

linuxuk44
linuxuk44 Posts: 86 Forumite
edited 2 March 2012 at 7:25AM in Mortgages & endowments
deleted thread
«13

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A rent to buy contract unfortunately carries the downside that you are encountering.

    Why was the deposit so high at the outset?
  • linuxuk44
    linuxuk44 Posts: 86 Forumite
    edited 2 March 2012 at 7:25AM
    deleted thread
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    No mortgage lender is going to help you based on that salary multiple.
  • linuxuk44
    linuxuk44 Posts: 86 Forumite
    edited 2 March 2012 at 7:25AM
    deleted thread
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You need a mortgage of £88,000 which is nearly 6X your income
    Can you get funds off family/friends or a better paid job?
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    linuxuk44 wrote: »
    How does that work, could u elaborate please
    Apart from those do u know of any good source of information for mortgage

    it doesn't work. As I've said before no lender will offer you the amount you're after based on your income. Therefore you will not get the mortgage you want with any lender.
  • linuxuk44
    linuxuk44 Posts: 86 Forumite
    edited 2 March 2012 at 7:25AM
    deleted thread
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Because you're way over what any lender will offer.
    Couple of lenders MIGHT do 5 x but that doesn't help you
  • nw_man
    nw_man Posts: 739 Forumite
    linuxuk44 wrote: »
    I think i perfectly understood ur previous comment , what i am not clear on is how do u know they won't lend me, there must be a rule such as minimum of 20k salary for 100k loan which is multiple of 5 or the maximum u get is 5 times ur salary. That sort of thing

    Lenders will lend what they feel a client can afford to borrow and on your income no lender is going to lend you the amount you need.

    I agree with Andy.

    Unfortunate but thats the way it is right now.
  • linuxuk44
    linuxuk44 Posts: 86 Forumite
    edited 2 March 2012 at 7:25AM
    deleted thread
This discussion has been closed.
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