Wanted- Lender who will lend 4.75 x salary with a 5% deposit. Any ideas?!

Sistergold

Mortgage/rent, food, energy etc are really grinding us all at the moment and are bound to go up. BUT if I were you I would still buy the house at the higher than expected FIXED RATE FOR 3-5yrs. Once you can fix it at least it’s not going to be changing and you have secured a roof over your heard. Let the mortgage be the first thing you pay each month and after sometime you will get used to it. I am just saying if you can not secure a lowered rate for now it’s better to do what you can to secure the property and with time the interest rates will be better as your LTV improves. 

This is not the best advice I know as it’s too risky for some. For me I believe I can do more than I think I can do. I also believe that it will never be as bad as I think it will. Also staying in rental is more risky in my books than buying at a higher interest rate. 

MFWannabe

Whywontthiswork said:

Sorry I should have said we have approached Nationwide HH and they can indeed lend us the amount we need and we have the AIP. HOWEVER- the interest rate is 3.69% and also as we are a bit older, they won’t let us take out a mortgage for more then 28 years which means the monthly payments are just over £1500 fixed for 5 years, and that’s £200-300 more a month than we were hoping for and therefore has me worried it’s unaffordable for us. 

It boils down to how much you want to buy your own property
do you definitely want this house? Or could you find another one to buy? 

When we got our first mortgage it was fixed for 5 Years at 3.89% it was high but totally worth it to get on the property ladder. Also after 5 years it came down and we paid off our mortgage instead of another 5 years in rent