I rent for 1600 so why can't I get a mortagage!

Tassotti

Running_Horse wrote: »

What would the repayment be if interest rates rose two percent?

Some of us are old enough to remember double digit interest rates.

Have you considered renting and then buying in a cheaper area?

Showing your age there

chucknorris

MH18 wrote: »

Hi All,

I've been renting for the past year for 1600 per month and yet my bank won't borrow me more than 120k????

A mortgage for the house I'm looking to buy wouldn't even be 1400 with repayment....?

My Natwest customer advisor was even agreeing with me but still couldn't increase the loan available to me....hence why I'm looking to buy with a friend (my other post on the forum....)

......are there any solutions or products for someone in my situation?

M

I can understand that it must be frustrating, but have you considered that interest rates are particularly low at the moment and whilst the mortgage you want might only cost you £1,400/month now, when interest rates eventually go back up it will cost you a lot more than that.

chucknorris

piccybabes wrote: »

Did you ask to "borrow" the money from the bank or for the bank to "lend" you money.

The bank won't "borrow" you the money.

He might be from Yorkshire I believe that 'borrow me' is a common phrase used up there, meaning lend.

Running_Horse

chucknorris wrote: »

He might be from Yorkshire

I wasn't aware £290,000 terraced houses were common oop north.

But yeah, correcting grammar on a message board is a bit naff.

lazer

MH18 wrote: »

Hi All,

I've been renting for the past year for 1600 per month and yet my bank won't borrow me more than 120k????

A mortgage for the house I'm looking to buy wouldn't even be 1400 with repayment....?

My Natwest customer advisor was even agreeing with me but still couldn't increase the loan available to me....hence why I'm looking to buy with a friend (my other post on the forum....)

......are there any solutions or products for someone in my situation?

M

Unfortunately thats the way it is now, although I do think that £1,400 of repayments would be a bit much for you.

You need to start saving more, preferably by reducing your rent, as this must take up most of your income?
If you downsize for a year, then you will have more saved and be in a better position to buy

With a £85k deposit, and £120k mortgage, that gives you £200k to buy the best house you can.

My advice, ignore those that tell you to buy a smaller stater house, as this is what has led to many people having problems.

I'm buying a 3 bedroom house, which will be big enough for after I get married, have children etc - however when I made the offer this was only a future possibility, now I'm actually enagaged, even though we haven't decided where we are living yet.

If you bought a small 2 bed terrace house, then had children and needed to move, if prices continue to fall you could find yourself in negative equity and not able to move to a house suitable for your needs.

Find a house that is good enough (although not the perfect family home) for the future and buy it, if in the future, you want to move and the finances allow it, then go ahead, but be prepared for the fact you may never be able to move.

A house should not be bought as an investment but as a home, which is what people on these boards tend to forget.

vuvuzela

chucknorris wrote: »

He might be from Yorkshire I believe that 'borrow me' is a common phrase used up there, meaning lend.

Not in my bit of Yorkshire I don't know anyone who says that and if they did, then they'd be corrected

somethingcorporate

chucknorris wrote: »

He might be from Yorkshire I believe that 'borrow me' is a common phrase used up there, meaning lend.

Rubbish! been here most of my life and never heard anyone in Yorkshire say this.

The first time I came across this "practice" was on this forum.

Perhaps you could roundhouse kick anyone who uses such poor language in the face to stop them murdering it?

hawk30

I'm from Yorkshire and it was a common error when I was growing up - I still hear my sister say it and it makes me cringe!