Bit Of An Odd One

maka_2

Myself And My Partner Have Had Enough Of Paying Dead Money Or Lets Call In Rent.
I Am On A Wage Of Basic £13500 And Around £1500 To £2000 In Overtime A Year.
My Partner Now Brings Home Around £2000 A Year.
The Main Question Is
How Many Times Tour Wage Can You Get A Mortagaes For?

virgin_moneysaver

maka wrote:

Myself And My Partner Have Had Enough Of Paying Dead Money Or Lets Call In Rent.
I Am On A Wage Of Basic £13500 And Around £1500 To £2000 In Overtime A Year.
My Partner Now Brings Home Around £2000 A Year.
The Main Question Is
How Many Times Tour Wage Can You Get A Mortagaes For?

are you sure your partner is £2k a year or did you mean £20k

maka_2

no £2000 she is at home with the little one during the day and works the odd night

cedge

Depending on your credit score Northern Rock can offer around 5x your salary.

They were the only one's for us who could get near to what we needed to borrow. You are best going through a financial advisor and doing the necessary credit checks.

michaels

On that salary with a baby I suspect your net tax payments inc credits are strongly negative, it may be worth making sure the mortgage lender considers this.

carter2901

There's always the option of self-certification mortgages; many only offer these to self-employed people, but our IFA found us an interest-only base rate tracker through GMAC (neither of us is self-employed) and have had no real problems with them, although they were quite meticulous with details on set-up, in addition to which we can pay off up to 25% of the total balance in any one year so it's really flexible.
But PLEASE PLEASE PLEASE make sure you can afford the repayments if you take this route!

meanmachine_2

I really do wish self certs for employed people were BANNED.

Most legit brokers shouldn't even be recommending them.

I despair at this recklessness, I really do.

And for other forum members to encourage such stupid borrowing is rather shocking.

This country is going to implode should int rates have to double for any reason.

If you are going to self cert, for god sake fix your rate for as long as you can.

Davidboy

Can I just add that a wage of £13,500 per annum, is a disgrace. Of course I do not know what hours you do, or what type of work you do, but assuming you do a full weeks work, I would class that as slave labour. My personal opinion would be to find a job that pays your worth, and I am sure you are worth much more than that. Look around you never know. I really do not know how you live on that sort of money I really don't. Please don't take this as a personal slur. I wish you all the luck to find that mortgage, yes renting is dead money.

D

GDB2222

carter2901 wrote:

There's always the option of self-certification mortgages; many only offer these to self-employed people, but our IFA found us an interest-only base rate tracker through GMAC (neither of us is self-employed) and have had no real problems with them, although they were quite meticulous with details on set-up, in addition to which we can pay off up to 25% of the total balance in any one year so it's really flexible.
But PLEASE PLEASE PLEASE make sure you can afford the repayments if you take this route!

Are you actually recommending fraud, ie self-certifying a much higher wage than you actually earn?

That seemed to be the rage about 15 - 20 years ago. It's fine until something goes wrong and you can't pay the mortgage. THEN they investigate, and .... People got put in prison for that in the early 1990's, when the s*** hit the fan. I know someone in that position.

carter2901

Meanmachine, GDB2222, perhaps I should explain. I had a (small!) house of my own. I then married Mr carter2901, we found a larger house we liked. We had the income, but also a small mortgage on the other place so found the only option was to rent the old one out, and self-cert on our joint incomes, acknowledging the other (single) mortgage and the rental income. Is that dishonest / illegal? I didn't think it was. Perhaps you could recommend a better option?
As for poor maka, maybe it's not the best idea; we just used it to get us out of a tight spot. I only thought that if they found something that was a tiny fraction over what they could borrow through the 3.5-times-salary, it might be an option. I take it all back though! Don't do it!! It's a stupid idea!!! :silenced:

GDB2222

carter2901 wrote:

Meanmachine, GDB2222, perhaps I should explain. I had a (small!) house of my own. I then married Mr carter2901, we found a larger house we liked. We had the income, but also a small mortgage on the other place so found the only option was to rent the old one out, and self-cert on our joint incomes, acknowledging the other (single) mortgage and the rental income. Is that dishonest / illegal? I didn't think it was. Perhaps you could recommend a better option?
As for poor maka, maybe it's not the best idea; we just used it to get us out of a tight spot. I only thought that if they found something that was a tiny fraction over what they could borrow through the 3.5-times-salary, it might be an option. I take it all back though! Don't do it!! It's a stupid idea!!! :silenced:

Situation 1: Joint income is actually £50k, but quite difficult to document, or maybe self-employed and less than 3 years accounts. You self-certify at £50k, and that is not a problem.

Situation 2: Joint income is £30k but you self-certify it as £50k in order to obtain a bigger mortgage. That is fraud. You can end up in jail even if you pay the mortgage every month, on time!

Unless I misunderstood you, you just admitted in public to fraud 'to get us out of a tight spot'. I hope that there are no zealous off-duty policemen amongst the 300,000 subscribers to this web-site.