Mortgage lenders?
- Thread starter alex_tank
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It's been a year since I've done this stuff and bought my house, but there weren't many lenders that were giving decent enough deals to FTB's in the first place, let alone at near 6x your salary. I also had 15% deposit.
I went with Santadner as it was the best for me in my situation at the time.
A lot of lenders will ask for more information other than your salary to work out the affordability though.
What is the total value of the property?
I'm sure there are people here more up to date than I am. I think some main lenders even have sites where you enter in your salary and value of the house and they will tell you how much they'll lend.
I went with Santadner as it was the best for me in my situation at the time.
A lot of lenders will ask for more information other than your salary to work out the affordability though.
What is the total value of the property?
I'm sure there are people here more up to date than I am. I think some main lenders even have sites where you enter in your salary and value of the house and they will tell you how much they'll lend.
When I took out my first mortgage 4 years ago I was offered a mortgage that was 5.5x my salary (I had a 40% deposit.) Things have gotten a lot more restrictive since then as you're probably well aware of.
Just check the mortgage comparison and bank websites to see what they'll give you.
Just check the mortgage comparison and bank websites to see what they'll give you.
I don't know of any who do what you ask - recently spoke to Barclays where the limit for me on my own was 4x salary pretty much, with a 20% deposit though this is because I'm not a perm resident, otherwise, 15%! 20% generally seemed to be where mortgage products stopped looking like a giant ripoff though.
Anyone know what mortgage companies check for in bank statements and what effect it has. I Understand they look at regular out goings like sky/virgin, mobile phones and anything else. Does this have much effect and if so how long do you need to of stopped paying this for them no longer to include it.
Generally they look for things like undeclared debts, large regular cash withdrawls etc. Things like Sky / Virgin are noted but won't have a negative effect.
They check your bank statements to validate the figures you are talking about in terms of pay and savings, etc (iirc!!)
They might look at things like contract phone direct debits, credit card payments, etc when investigating your credit rating. As long as you haven't missed payments on those kind of things then it shouldn't affect you. More important on credit cards although I was told that the same is true on mobile contracts too.
They might look at things like contract phone direct debits, credit card payments, etc when investigating your credit rating. As long as you haven't missed payments on those kind of things then it shouldn't affect you. More important on credit cards although I was told that the same is true on mobile contracts too.
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Absolutely nop way you'll get that loan in the current climate - and frankly even in the "good" times your affordability would be very marginal - so the solution will be to save mroe deposit or buys a cheaper place.
Eh?
At 10% you're looking at 5.5% +
At 20% you're looking at 4% or less depending on how long you fix for.
They take all projected costs into account. Menial items such as those which you have listed will not be included as such, rather you will work with them to provide them with a projected outgoings value in your new post move situation.
In short, dont worry about it. Items which matter are long standing commitments (credit agreements).
i had to fill out an outgoings form for Britannia putting everything on it including what i thought i spent on fuel, bills, food etc each month.
25% deposit seemed to be the sweet spot for mortgages im on a capped tracker for 5 years @ 0.5% above base rate.
Even with £50k the max they would lend was 4x salary, which was more than i wanted anyway.
25% deposit seemed to be the sweet spot for mortgages im on a capped tracker for 5 years @ 0.5% above base rate.
Even with £50k the max they would lend was 4x salary, which was more than i wanted anyway.