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Can someone explain Mortgages to me as if I am stupid?!
TheWaltons_3
Posts: 1,203 Forumite
Right. This is what I think WE can do.
Sell our house, make about £30 - £50k - pay off our debts, then get another Mortgage on another property for 25 years. Perhaps a larger property, more suited to our needs.. yet we will be looking around £200k I think.
Hubby earns 34k.. I earn almost 9k. What would the lending limit be?
Sell our house, make about £30 - £50k - pay off our debts, then get another Mortgage on another property for 25 years. Perhaps a larger property, more suited to our needs.. yet we will be looking around £200k I think.
Hubby earns 34k.. I earn almost 9k. What would the lending limit be?
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Hmmm,bit scary what with interest rates on the up!0
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Try :
http://google.charcol.co.uk/knowledge-resources/calculators/borrow-amount/
Although the variables can just about accomodate any amount, like a 30-40 year mortgage or self assessment.............anger, denial, acceptance
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Try :
http://google.charcol.co.uk/knowledge-resources/calculators/borrow-amount/
Although the variables can just about accomodate any amount, like a 30-40 year mortgage or self assessment.............
Very interesting... will check that out. Hubby reckons we should do a Self Assessment in 2 years when the business has been established for 3 years.0 -
is he newly self employed? Does he hqave accounts?
I dont know a great deal about this, but I do know that if the business is new and doesnt have accounts then its much less likely youll be able to get a full spread of mortgages, ie only specialist lenders or lenders will charge you more for it.
Anyone else know more about this?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Yes they come under the umbrella term of 'sub-prime'.
You can/could basically get a mortgage for considerable amounts, but the sting is in the less favourable repayment terms.anger, denial, acceptance0 -
is he newly self employed? Does he hqave accounts?
I dont know a great deal about this, but I do know that if the business is new and doesnt have accounts then its much less likely youll be able to get a full spread of mortgages, ie only specialist lenders or lenders will charge you more for it.
Anyone else know more about this?
Not Self-employed at all - he has full contracted in employment and a business run by others. I think he pays Class 2 contributions or something though
You can't self assess and add your PAYE too though can you :rotfl:
A full 12 months accounts are being done right now.. but as he said, we couldn't do that for a few years.0 -
TheWaltons wrote: »Right. This is what I think WE can do.
Sell our house, make about £30 - £50k - pay off our debts, then get another Mortgage on another property for 25 years. Perhaps a larger property, more suited to our needs.. yet we will be looking around £200k I think.
Hubby earns 34k.. I earn almost 9k. What would the lending limit be?
ALthough you can borrow more more than this, it's not recommended that you borrow more than 3.5 times your joint salary, so in your case you could expect to borrow about £150k, although you could probably find lenders that will let you borrow up to £200k
£150k over 25 years would have monthly payments of about £1000 at the moment.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
ALthough you can borrow more more than this, it's not recommended that you borrow more than 3.5 times your joint salary, so in your case you could expect to borrow about £150k, although you could probably find lenders that will let you borrow up to £200k
£150k over 25 years would have monthly payments of about £1000 at the moment.
:eek:
Not worth moving then... oh how I love my rose tinted glasses... then I come on here and they get removed! :rotfl:
Thanks Pinkshoes... you've saved my hubby from me harping on about 1 thing at least.... ! Now i'm trying to work out whether it's worth going BR 0
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