If I earn £32k per year

Ember999

I thought you'd thank him MeanMachine, you must be brothers in arms lol

Joe_Bloggs

It is a pity that the original poster has not replied and phonix jumped in with the 18x earnings point on this thread. Northern Rock or similar lenders are not stupid. They probably have many good mortgagees who have significant equity to earnings ratios and could remortgage anywhere. The problem for someone who takes on a high mortgage to earnings ratio is paying for it in the short term and the choice of remortgage. If the discounted interest term is short and significant overpayments not made, then mortgage to earnings ratio will still be less but close to what it was at the start .This may restrict the choice of lender to be only Northern Rock @SVR (6.59%) or another Northern Rock mortgage at an uncompetetive rate.
The more savings/equity you can get the bigger the market and the more competitive the mortgage rates.

J_B.

whiteflag_3

I thought you'd thank him MeanMachine, you must be brothers in arms lol

Ember you make lots of assumptions - like posters are male , brothers etc

When can we expect a reply to the questions that were asked of you? No point in posting facts and statistics if you cant back them up!

Ember999

whiteflag wrote:

Ember you make lots of assumptions - like posters are male , brothers etc

When can we expect a reply to the questions that were asked of you? No point in posting facts and statistics if you cant back them up!

I have no interest in answering the banal questions posted to my personal opinions and facts I quote. I see no necessecity in answering either yours or Meanmachines questions. The term 'brothers in arms' is a term, not referring to either male or female. I assumed you would have known that. Sorry if my use of a standard term offended your gender. Meanmachine spends his time on here attacking Northern Rock and anyone who buys a house with a mortgage even though he is not a home-owner himself. It gets on my nerves as it does many. But I shall leave him to his moaning, seems to make his day.

Pal

Given that Whiteflag asked some perfectly reasonable questions about Northern Rock, directed at a poster who is obviously keen on that Company, I cannot see why his questions are "banal".

It would, after all, have been just as quick to answer his questions than post the response above.

I am missing something?

whiteflag_3

I am missing something?

Pal maybe we are.

I thought the site was to help people by giving them facts and opinions to help them make their own mind up.

Why people should then think they are helping other members by posting inaccurate info/stats they that cant back up leaves me puzzled.

bunking_off

Well, I wouldn't wish to get sucked into this particular "handbags at dawn" that's going on, but some facts...so far as I can see...are as follows.

From Northern Rock's prospectus, http://www.northernrock.co.uk/securitisation/prospectus%20&%20us%20supplement%2005-2.pdf

The average repo rate for the industry was 0.07% in 2003, 0.05% in 2004 (see Table, top of page A11). Northern Rock's were 0.09% in 2003 (509 against 531K mortgages), 0.1% in 2004 (630 against 580k mortgages) - Table on A13/14.

While these figures are higher than the industry norm, they hardly reflect a picture of an institution which is trigger-happy at repossessing its customers and probably do reflect their emphasis on first time buyers. Obviously, these figures are out of date, but the overall arrears had been gradually dropping.

Carry on though, folks. Never let the facts get in the way of a good argument...

mrak

Hmmm.

I love this forum for countless reasons.. Umpteen bargains, usually some witty posts, meanmachine's relentless rants against ridiculous prices...

It's quite simple to understand isn't it? Recent buyers have taken the plunge and they don't want anyone spoiling their picnic. Meanwhile, atop a hill in the same park, Meanmachine is merrily doing his raindance.

Maybe it's me, but I swear people are quicker to anger at one another these days.. before you post, please chill out and realise that people's opinions are always just that: opinions. I don't want this wonderful forum spoilt by flaming.

my tuppenceworth,

mrak

Matthew2005

If I earn 75k a year can I get a mortgage for 200k? I am not showboating about my earnings though, you must understand.

herbiesjp

@ Matthew2005

Yes you can get a mortgage of 200k