Who will lend me £245,000

nearlyrich

If you are willing to spend a very high proportion of your income on putting a roof over your head that is your perogative and I do understand the principle of speculate to accumalate, but what about holidays, having some fun etc...if you plan to ever have children you will have extra costs, you might think your wife can still work but childcare costs a fortune. I would be unable to sleep at night with that kind of financial committment but we are all different, those of us who advise caution just don't want you turning up on Debt Free Wannabe if it all goes horribly wrong.

Before you decide please look at all the factors, is your income secure etc?

CONCHO_2

herbiesjp wrote:

Despite the pros and cons of whether OP should do it - there are lenders that would agree the loan - not self certifying mortgages I must add.

Cheers for that! So who are these lenders?

meanmachine_2

Concho you haven't answered any of the other guys' legit questions.

If you don't have kids why on earth od you need a bigger place?

Is it just because you wish to keep up with the Joneses? Believe me, the Joneses will ALWAYS have more money than you. That's why you envy them.

Lower your expectations and be content with what you've got.

If there's just two of you and you won't/can't have kids, then why the need for more than a one bed flat or maybe a two bed terrace?

It also means that, should one of you lose your job (you might have noticed that the economy is in trouble), you won't be in danger of repo.

As others have said, sounds to me like you're already struggling.

When will this property madness ever end?!!!!!

as400

"If you don't have kids why on earth od you need a bigger place?"

Eh?...is there any logic in that statement?

This guy wants mortgage advice not a lesson in life based on your standards.

meanmachine_2

Fine. Let him commit financial suicide and then see him pop up on the debt free wannabe section 12 months later.

If he wants impartial financial advice, then he should pay for it by going to see an IFA, not come on to a public forum on a MONEY SAVING website.

You see the difference?

margaretclare

[QUOTE=meanmachine[/QUOTE] As others have said, sounds to me like you're already struggling.

When will this property madness ever end?!!!!![/QUOTE]

It's a completely different mindset which is so prevalent now, and I can't see it ever ending. For my generation, buying a house was because we needed somewhere to live. That was it, basically. We didn't talk about having 'equity', we didn't talk about the 'housing ladder' as if there really was a ladder that you had to climb, and we didn't think over over-extending ourselves (well, if we did, some of us came to grief even then).

From what the OP said, he/she could sell up, pay off, and move to somewhere smaller - not bigger! What on earth is the point of paying all those interest charges? £1400 a month planned to be on a mortgage - a lot of it will be interest. Then there's the existing loan, and all the charges involved.

Not a good idea.

Aunty Margaret

meanmachine_2

Well done Aunty.

Thought I was going mad for a moment there.

I can think of no greater ambition than being free of debt - including a mortgage.

The burden that would be lifted from one's shoulders. Bliss.

Instead, it seems people are only "happy" if they're indebted up to their eyeballs.

Anyway, we all have free will and if the OP wishes to take on even more debt, good luck to 'em. But I fear the rest of us will have to bail them out when they go bankrupt and we pick up the bill (thanks to higher bank charges).

I'll shut up now.

CONCHO_2

For a moment there I thought I had gone onto a website where my Mum & Dad answer all your questions! I just wanted to find out who are the lenders who will lend me what I need, not whether or not a need a bigger house or whether I should be allowed a bigger house. I mean because you say that I shouldnt have a bigger property does not mean that I shouldnt be allowed one does it, did someone even say I should downsize! My god Keep those comments to yourselves guys, they are useless to me! You don't know my personnal circumstances and I am not about to reveal them on here. Anyway after a bit of re doing the figures I would only need to borrow £220000! I am sure there is a multitude of people out there who earn what we do and have that sort of mortgage.

So do any of you know who could lend me this sort of figure? or not? (sorry to the couple of people who did give me a couple of pointers )

meanmachine_2

OK, so you have joint income of £51K and are looking to borrow £220K.

Of course that's on the basis that your house really is worth £260K.

I think Northern Rock have daft multiples. If you have a high credit score and take out a five year fixed rate you can get 4.6 times your joint income.

And with a loony policy like that I'd be surprised if NR are still around in 5 years time.

Anyway, hope that helps!

Ember999

meanmachine wrote:

OK, so you have joint income of £51K and are looking to borrow £220K.

Of course that's on the basis that your house really is worth £260K.

I think Northern Rock have daft multiples. If you have a high credit score and take out a five year fixed rate you can get 4.6 times your joint income.

And with a loony policy like that I'd be surprised if NR are still around in 5 years time.

Anyway, hope that helps!

Meanmachine,

If they get into problems (which they will with a mortgage that size!) how do Northern Rock lose? Northern Rock reposess, sell at auction and get most of their money back. It's the original poster who gets black-listed to hell and back with a bill the size of a house to pay if his reposessed house doesn't sell for enough at auction etc. Credit ruined, unable to ever get a mortgage again, homeless etc. Northern Rock chasing him forever for monies owed. Building Societies/Banks never lose out, you don't pay, you lose your home...