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Mortgage Advise
Bunnie1982
Posts: 1,671 Forumite
Me and my husband are tentatively looking at mortgages and from using online calculators it seems the maximum we could borrow is £84,000 which would not be able to buy us anything close to where we currently live (living in rented)
Was just wondering if these online calculators are accurate?
Also what other options could we consider?
Was just wondering if these online calculators are accurate?
Also what other options could we consider?
0
Comments
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look at shared ownership or the open market homebuy scheme
http://www.housingcorp.gov.uk/server/show/nav.2129I 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 -
how much do you and your husband earn and do you have any commitments like cards or loans, and do you have a deposit
the calculators may only state the lenders basic income multiples such as 3.5 but stretches can be done depending on deposit, credit history etc.0 -
Are there any shared ownership schemes in your area? Where you take out a mortgage for half of the value of a property and pay rent on the other half? The advantage of these is they tend to be the lower end of the market.Indecision is the key to flexibility
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One point about shared ownership is that lenders will class the monthly rent you pay to the housing association as a deduction. Therefore the maximum you say you can borrow is likely to be lower.0
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