Buy now or wait?

abaxas

wolvoman wrote: »

Surely 5x joint incomes is much more secure than 5x single income.

Assume a couple earning £50K each, they take home a combined £5,800 per month. A £1/2m mortgage will cost around £3K a month, leaving a huge disposable income left over.

And as a couple all the household costs are pretty much split, so much more affordable.

I know this the hard way as I'm about to take up a mortgage offer on 6.5x my single income!!

The only issue is that if one person looses their job, financial armageddon is only 3 months away. 6 months without a job and there would be noway back.

meanmachine_2

wolvoman wrote: »

I know this the hard way as I'm about to take up a mortgage offer on 6.5x my single income!!

Presumably interest only.

You wouldn't be able to live, feed, clothe yourself if it was a repayment.

Horrible. I couldn't sleep at night.

Also, if a couple borrows 5x joint, that becomes 10 times if one of them falls pregnant. Financial suicide.

If the single borrower falls ill, they're either single (no kids left homeless), or they have a partner who can step into the breach.

Basically, with this insane level of lending, banks are betting the entire economy on interest rates not rising above 6 % for the next 25 years.

That really is unsustainable.

brownbake

Zammo wrote: »

That means precisely FA.

I've seen the gusset sniffing clique section of the forum where you all post bollox and thank each other just to get your tally up.

What like you you gnat sized appendage toting singleton with a popeye sized arm due to yr repeated beatings of.. other people and your.. tiny little maggot!! Funny how yr thanks r so much higher than the average .. are you just making up for yr little thing being so much smaller than the average - micro sized?

LOL