When can I get a mortgage?

ViolaLass

Zyx wrote: »

If you have a civil partner who pays the mortgage with you, is it easier to get one/a higher one?

Doesn't that somewhat half the earning requirements?

There's still the issue of monthly repayments. Can you afford £1500 a month each on the mortgage?

Malmo

Income multiples are not how lenders calculate how much to lend. How much a borrower can be advanced isn't simply a function of a crude income multiple. It may have been a significant factor in the past, but we are in a completely different regulatory climate now. Yes there are upper ceilings imposed by the regulatory bodies that are based on a multiple of income, but that has little to do with how much a lender will lend. You will not find a lender that will state how much they lend simply based on a multiple of income.

Try the online affordability calculators provided by lenders to get an idea of how much you may be able to borrow based on your current combined incomes and commitments and tweak the numbers if you want to see roughly how much they expect you to have in income for larger loans.

The average number of home moves a person undertakes in their lifetime in the UK is 8 by the way (source: Bosch report).

Unless you are able to achieve significantly more income, you will not be getting a property anywhere close to 600K.

hcb42

I thought I bought my forever home about 8 addresses ago! Moved countries three times too

OP try the mortgage calculator on here to see what payments might be, and work hard on that career

Zyx

I assumed that people paid 1 mortgage until the end but people keep talking about moving and renewing a mortgage.

How does this work?
If you do this, do you not make a loss compared to finishing payments for 1 property?
What I mean is, you start with one property, pay 50% of the mortgage payments which is let's say £100k and decide on a new property. If you renew your mortgage and move into another property, do they deduct the £100k you already paid or do they give you an idiotic explanation of how you have to pay hilarious amounts of charges and only around £80k are moved.

Can someone explain?

Malmo

Zyx wrote: »

I assumed that people paid 1 mortgage until the end but people keep talking about moving and renewing a mortgage.

How does this work?
If you do this, do you not make a loss compared to finishing payments for 1 property?
What I mean is, you start with one property, pay 50% of the mortgage payments which is let's say £100k and decide on a new property. If you renew your mortgage and move into another property, do they deduct the £100k you already paid or do they give you an idiotic explanation of how you have to pay hilarious amounts of charges and only around £80k are moved.

Can someone explain?

This is called remortgaging, when a homeowner redeems (pays off) their existing mortgage and secures another mortgage either on the same property or a different property.

It might be best if you read the MSE guide to remortgaging.

For your circumstances, it might be useful for you to have a read of this MSE article which describes a simplified timeline and milestones of the buying process. It doesn't really factor in the complexities of a chain and the impact of that on the end to end process, but it is still useful as a guide.

Here is also a MSE guide that refers to the likely buying fees & costs to factor in and when they may be due.

Opinion

This has got to be a joke?

csgohan4

He's a new comer, give him a chance, but really OP should lurk more and read up more on the sticky's and articles