95% mortgages

midget_1907

Hey all so just after a bit of advice on where we stand. So we went to a mortgage broker and she has got us an AIP with Santander. She has told us this has involved a credit check so we are good to go for the mortgage but wanted to know how much we can rely on the AIP? Thanks

Shoppadolley

Thrugelmir wrote: »

Personally I think you stretching yourselves. Would you be happy repaying a £200k mortgage if interest rates were 6% or 7% even 8%. Do be lulled into a false sense of security.

A mortgage is a long term commitment. So saving a larger deposit is a sensible thing to do. Particularly if you put your minds to it for say 6 months by cutting back to the bare minimum.

Why is it ok for someone to spend this much on rent but not a mortgage? Saving more is ideal in a fairy tale but ATM house prices are increasing much quicker than anyone I know can keep up with savings. At least with your ltv getting lower on a mortgage you have a chance of balancing out rate increases. Even if they saved 1k a month I know where I am the increases would mean I was worse off than now!

Shoppadolley

Thrugelmir wrote: »

You still owe a debt from 2009?

I understand from the original post it was cleared up within 2 mths. Extremely well going considering they had a redundancy to deal with, don't you think Thrug?

Thrugelmir

Shoppadolley wrote: »

I understand from the original post it was cleared up within 2 mths. Extremely well going considering they had a redundancy to deal with, don't you think Thrug?

Sometimes things get misread.

Particularly as the evening draws later.........:beer: