If I earn £32k per year

PUREHOMES

Can I get a mortgage for £150k??

Nelski

do you have any deposit or any other income to help with the payments. Thats nearly 5 times multiple and imho and you would be pushing it.

Phonix

Did you know that in some areas of the country, house prices are 18x the average salary. Obviously the banks don't know this......

bunking_off

Phonix : where?

meanmachine_2

If you've got a deposit (5%) and a good credit rating then you should be fine.

If not, then you'll end up at somewhere like Northern Rock who'll lend to pretty much anyone with a pulse.

Alliance and Leicester will lend you £140-odd, so you just need to find the extra.

Robert_Sterling_3

Can you afford such a mortgage?

meanmachine_2

Take home is £1900 - mortgage of around £800.

That sounds affordable, provided the OP has no other debts, and fixes their rate.

Ember999

meanmachine wrote:

If you've got a deposit (5%) and a good credit rating then you should be fine.

If not, then you'll end up at somewhere like Northern Rock who'll lend to pretty much anyone with a pulse.

Alliance and Leicester will lend you £140-odd, so you just need to find the extra.

Why do you and others continue to say these nasty things about Northern Rock? Seems to me as a mortgage lender if they lent only to bad risks as you imply, then they would go out of business! We have a mortgage with Northern Rock and we have an A+++ credit rating, had huge deposit and very large salary. Yet, we chose to go with Northern Rock.

Toon

In my experience Northern Rock are quite tough! My girlfriend used to work for them and they wouldn't give us a loan or a mortgage!

meanmachine_2

Because NR have crazy lending multiples.

And because NR lent a mate of mine 7 times their wage.

And because NR are growing at a huge rate - because they offer loans that more prudent companies wouldn't touch.

Need I go on?

Phonix

Where?

I read it in an article published in a paper called the London Metro that I picked up on the train whilst on my way down to Devon.

It was the 10th of Septermber and it had been left on a seat by another traveller obviously travelling from London.

As that paper is part of the daily mail group, then I expect it was also published in the mail. Funnily enough I didn't file it away for moments such as these.....