what is the criteria now for mortgages..

March2012

1- how many times salary in general?
2- how long do you need to have been in the job?
3- if we are nearly 50 how many years on a mortgage
4- fell into some debt issues with my other half falling ill etc will this affect in the future?
5- do any interest only still exist?
6- and how does part interest only and part repayment work? thanks

Thrugelmir

1. At an affordable level.
2. Ideally a permanent secure position.
3. If you propose taking a mortgage into your retirement years. How would you fund it.
4. Time does heal a credit record.
5. Interest only mortgages do exist. What's your repayment plan though?
6. Repayment mortgage will be paid off over the mortgage term. Interest only part same as 5. above.

kingstreet

1 - 5 - Varies from lender to lender.

6 - You have part of your mortgage interest-only, so you need a repayment vehicle in place to produce the money to repay the mortgage capital in the future and you have another part of your mortgage on a capital & interest basis, so each month you repay interest on that part of the mortgage and some of the capital, so what you owe on this bit reduces each year.

March2012

thanks for any input so far

Thrugelmir wrote: »

1. At an affordable level.
2. Ideally a permanent secure position.
3. If you propose taking a mortgage into your retirement years. How would you fund it.
4. Time does heal a credit record.
5. Interest only mortgages do exist. What's your repayment plan though?
6. Repayment mortgage will be paid off over the mortgage term. Interest only part same as 5. above.