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Mortgage Help

sten_2
sten_2 Posts: 5 Forumite
in Mortgages & endowments
I am looking for a mortgage with the following criteria, can you help.

- company that will lend 95% of purchase price based on affordability not a multiple of earnings

- doesnt not implement crazy higher lending charges because of a 5% deposit

- has good fixed rate deals

Any help appreciated.

Thanks

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Sorry, but YOU have to meet the criteria of the lender I'm afraid and not the other way round.

    Now there may be some lenders that can do what you are asking, but without any figures it will be impossible to say of it is feasible to do what you are asking for

    HTH
    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.
  • sten_2
    sten_2 Posts: 5 Forumite
    hi

    thanks for the reply, okay I am looking for a £180,000 mortgage and have a 5% deposit.

    Can you make any suggestions of companies to look at?

    Thanks
  • UK007BullDog
    UK007BullDog Posts: 2,607 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What is your income? And what is your age?
    Any outstanding debts?
  • sten_2
    sten_2 Posts: 5 Forumite
    Age = 30
    Income is good but I will need affordability not multiple of earnings
    Debt - yes, but less than £3000

    Thanks
  • UK007BullDog
    UK007BullDog Posts: 2,607 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Well, we can only go by income multiple here as affordability calculations are complex and only the lenders will know how they do that as it is a guarded secret.

    Working backwards you would need a wage of around £45K to £48K as the £3K debt has to be taken off the affordability. I divided the amount by 4 being conservative.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Without an income figure no one can help really
    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.
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