Who will lend me £245,000

Freddie_Snowbits

CONCHO wrote:

I earn around £29,000 & my wife earns around £22,000.

A responsible lender would allow you to have 3 time a main earner plus 1 of the second earner. This would be about £109,000 in your case.

Obviously, you would like to take more and feel that a lenders should agree to lend you an excessive amount, which is probably fine in your case, but what happens if:

1, any party lost their income?

2, It appears in you post, that your debt is, possibly, increasing and you see a way out of this by going for the largest mortgage possible. I would tackle the root cause of wanting the bigger mortgage first.

If you are lucky to find a lender who wishes to act so irresponsibly, good luck.

meanmachine_2

CONCHO wrote:

Oh yes and if you need to know I had 2 wisdom teeth out 2 weeks ago under general anesthetic & I have an infection in my leg at the moment, hope this helps.

That does affect your affordability.

I think Birmingham Midshires lend 8 times salary to someone with a gammy leg.

The point about kids is a wider one in that your circumstances can and will change in the future.

You might not have your own kids, but you might adopt, or fall sick etc etc.

Hope your leg gets better soon.

And no I didn't report you to the teacher. I'd be surprised if I'm not reported every other day on this site, so you're in good company.

But please do be careful with your borrowings, otherwise you start living to service them rather than the other way round.

thriftychick

I have been looking into self cert mortgages and other options. It all depends on the lending criteria of the company involved, they all seem to use different multipliers i.e. Nationwide use 3.5 x joint income, Alliance & Leicester use 4 x largest income plus 1 x second income. Standard life do a self cert mortgage which has a slightly higher rate but still seems a good deal. Why dont you use a broker, some charge you nothing for this service, and let them do all the work for you. Bear in mind that there are wildly different arrangement fees for these mortgages ranging from £75-£3,500! Decide what you are willing and able to pay and let the broker find a deal that suits you.

meanmachine_2

The point is, you can find a bank or lender willing to give you a million quid, if you ask for it.

The problem is whether it's sensible.

Any one of us could self cert tomorrow and become "millionaires" on paper. But we'd a) be committing fraud and b) be brain dead.

Woby_Tide

meanmachine wrote:

The point is, you can find a bank or lender willing to give you a million quid, if you ask for it.

The problem is whether it's sensible.

Any one of us could self cert tomorrow and become "millionaires" on paper. But we'd a) be committing fraud and b) be brain dead.

Brain dead? OOooh you're eligible for a 10X income mortgage at BirMid, why didn't you say......

Former_MSE_Abuse_Controller

I can see both sides here and i have to say that MSE always looks for members to post in facts, not opinions (outside of the discussion boards). Whilst the warnings offered to the OP are certainly warranted, i feel that they could have been done without using terms like "sheer lunacy" and questioning the need for a bigger house. Everyone has the right to make their own decisions and if the OP wants to move to a bigger house, despite the lending implications, then that is their decision.

I feel that the excellent advice and, indeed, the warnings about the potentially crippling debt have become diluted amongst the personal views on both sides. Likewise, we would encourage posters not to use blasphemy as the demographic of these boards is so wide that it may (and has) caused offence.

Let's return this thread to it's original points by giving our advice in fact based points, for example warning of the debt implications could be done without personal opinions on the OP's need for it.

The expertise and advice in this forum is second to none and i hope that all parties involved can calm down and we can help each other.

CONCHO_2

MSE_Abuse_Controller wrote:

I can see both sides here and i have to say that MSE always looks for members to post in facts, not opinions (outside of the discussion boards). Whilst the warnings offered to the OP are certainly warranted, i feel that they could have been done without using terms like "sheer lunacy" and questioning the need for a bigger house. Everyone has the right to make their own decisions and if the OP wants to move to a bigger house, despite the lending implications, then that is their decision.

I feel that the excellent advice and, indeed, the warnings about the potentially crippling debt have become diluted amongst the personal views on both sides. Likewise, we would encourage posters not to use blasphemy as the demographic of these boards is so wide that it may (and has) caused offence.

Let's return this thread to it's original points by giving our advice in fact based points, for example warning of the debt implications could be done without personal opinions on the OP's need for it.

The expertise and advice in this forum is second to none and i hope that all parties involved can calm down and we can help each other.

Apologies if I caused any offence, this was not my intension, and thanks for getting this post back to my original Question. :T

meanmachine_2

MSE_Abuse_Controller wrote:

I can see both sides here and i have to say that MSE always looks for members to post in facts, not opinions

Really?

Well then you'd better wipe half the threads then.

How boring this will become if we're not allowed to give advice, only cold hard facts.

To the OP, yes you can borrow X amount.
All lenders will let you do so if you self-cert.
No. I have no opinion on the matter.
Good luck with your X amount of borrowing based on X times your salary.
Switches self off.
End of program.
Zzzzzz.

CONCHO_2

meanmachine wrote:

Really?

Well then you'd better wipe half the threads then.

How boring this will become if we're not allowed to give advice, only cold hard facts.

To the OP, yes you can borrow X amount.
All lenders will let you do so if you self-cert.
No. I have no opinion on the matter.
Good luck with your X amount of borrowing based on X times your salary.
Switches self off.
End of program.
Zzzzzz.

Thank god (oops blasphemy) :T