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Advice please - can I find a lender...
nicjmiller
Posts: 10 Forumite
For Mortgageman & Payless.
Your advice please. I'm actively house hunting, currently renting.
With a £18K deposit, on an income of *£**K gross, would I be able to find someone to lend me upto a max of £90K ?
Looking ideally for a 2 year fix or cap with no extended tie in. I am aware of the going rates but uncertain who would lend over the 3.5x earnings.
Thanks in anticipation.
Your advice please. I'm actively house hunting, currently renting.
With a £18K deposit, on an income of *£**K gross, would I be able to find someone to lend me upto a max of £90K ?
Looking ideally for a 2 year fix or cap with no extended tie in. I am aware of the going rates but uncertain who would lend over the 3.5x earnings.
Thanks in anticipation.
0
Comments
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yes
I work for a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.( I have ammeded this signature slightly, as I do not actively provide mortgage advice. However, I support and adhere to the moneysavingexpert mortgage broker code of conduct)0 -
We are looking at buying our second home and have found something we like. An old, added onto, thatched cottage, that needs some 'love', mostly minor work, at £235000. On a combined salary of £58000 with a deposit of £30000 what are the chances of getting a mortgage for the amount.Cheers0
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nicj -
confirm subject to no hidden problems ( age, credit history, large loans etc..) a number of lenders would be willing to consider
Tra300
- again some lenders( especially those using "affordability" rather than fixed multiplers) would look at those figures- agin subject to the things mentioned above and the property and its state of repair being acceptableAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Cheers
It appears that the only major repair that needs doing is the replacement of the thatch and that is not an imediate issue. The rest is cosmetic.
Does the area of the property effect your mortgage chances?Cheers0 -
Does the area of the property effect your mortgage chances
No.
Well, a tiny bit - some regional lenders will look more favourably at properties that are within their "area" - they will probably know of the property, or similar, and will have more flexibility.
MMI work for a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.( I have ammeded this signature slightly, as I do not actively provide mortgage advice. However, I support and adhere to the moneysavingexpert mortgage broker code of conduct)0 -
nicj -
confirm subject to no hidden problems ( age, credit history, large loans etc..) a number of lenders would be willing to consider
I'm 34, no dependants, no debts (apart from £1K on a credit card which I have funds to cover). No bad debt history.
What sort of rate / deal would be open to me ?0 -
Whilst not lenders will go that far, and some restrict best deals for those with a larger % deposit, the range of products available would likely be fairly close to market leadersAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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