Another mortgage question...

[Vange Shrimper]

Is it now 3 times the combined earnings for a mortgage nowadays?

 

[RobM]

I think it depends on the stability of your employer and whether you have a significant deposit.

 

[chadded]

I think it depends on the stability of your employer and whether you have a significant deposit.

I've been offered five times my own salary recently.

 

[blues_r_best]

I've been offered five times my own salary recently.

Lucky git.

 

[Pubey]

I've been offered five times my own salary recently.

how big a deposit?

 

[chadded]

Rather large. To be fair, I was offered it late 2007, but a couple of my work collegues have had no problems getting mortgages of similar amounts, despite the current climate.

 

[chadded]

Lucky git.

Not really, my repayments would obviously be rather huge.

 

[londonblue]

Rather large. To be fair, I was offered it late 2007, but a couple of my work collegues have had no problems getting mortgages of similar amounts, despite the current climate.

Why should the wind, rain and snow make any difference? Or is it because the you were expecting the mortgage offer to get delayed in the post?

:D

(Don't worry, my wife is currently knitting me a scarf to go with the coat i've just put on!)

 

[Vange Shrimper]

So what has the deposit amount gone up to then? Didnt it used to be 10% of the property?

 

[Einstein]

I've been offered five times my own salary recently.

To be fair, I was offered it late 2007.

So, it wasn't really that recently then...

Quite a bit has happened in the mortgage world in the past 14 months mate ;)

However, I think your employer could be deemed to be 'stable' though so that is one huge bonus for the banks lending to you guys right now.

 

[SupaBlues]

So what has the deposit amount gone up to then? Didnt it used to be 10% of the property?

That was the case many years ago but now I think you are looking at a deposit of around 30-40% to even be considered.

 

[Vange Shrimper]

That was the case many years ago but now I think you are looking at a deposit of around 30-40% to even be considered.

Jeeze, well we've got a couple of years to wait then!

 

[MrB]

You can get in with less than that but don't expect a very good deal!

 

[WickfordShrimper]

Jeeze, well we've got a couple of years to wait then!

The Good old days were banks chuck money at anyone whos asks for it well gone for now

when I bought my house many moons ago started working at 17 and wanted my own place and save for about 10 years. back then it was 2.5 % your salary. so I needed about 25% deposit ... lol

 

[Einstein]

That was the case many years ago but now I think you are looking at a deposit of around 30-40% to even be considered.

Very extreme IMO. By the end of the year, my personal opinion is that 10% will be more than enough as a deposit for a house up to the value of say £200,000. And you'll be able to pick up some decent places for that kind of price too. Judging by Vange only just going into teaching, I'd be surprised if she's looking for anything more* expensive!

*Otherwise we'll have another thread how teachers are overpaid ;)

 

[blues_r_best]

I'm looking at places at around £140,000 and under. There are some nice places for £150k but it's just out of our price range. I hope £12,000 will be a large enough deposit, but it's being added to each month.

 

[pickledseal]

I'm hoping from long lost relative to leave me a lump sum for my deposit! ;)

That or key worker scheme...