Mortgages - Quick Question

KaHn

KaHn

KaHn

Soldato
Joined
13 Oct 2004
Posts
13,177
Location
South Shields
Hey Guys,

Looking at getting a mortgage this year (end of hopefully) and was wondering what as a rough estimate should I be using for the amount I could borrow?

Salary x 3 etc?

KaHn
 
depends on your credit rating and who you are borrowing from. your first port of call should be the bank you have been with the longest (if you feel you have a good credit rating with them) if you do then i don't think 3x salary is a tall order. if you've got a big deposit, you may get 4x
 
KaHn said:
Thats just coming back with 4x Salary, which is a bit of a worry as means for a 10% deposit I'll be looking at a 22k deposit. Was hoping to get out of the rental market sooner rather than later.

Might look into shared equity deals aswell then.

KaHn
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Could always drop your expectations, I'm now seriously thinking about the very bottom end of the market in not so nice places. But because they are ex council houses most are 3 bed with large gardens. Couple of years do it up nicely and hopefully by the end of it make a profit and have slightly more saved up and wage will almost certainly be higher.
 
AcidHell2 said:
Could always drop your expectations, I'm now seriously thinking about the very bottom end of the market in not so nice places. But because they are ex council houses most are 3 bed with large gardens. Couple of years do it up nicely and hopefully by the end of it make a profit and have slightly more saved up and wage will almost certainly be higher.
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Problem is mate that flats in the Aberdeen city are all around 150-200k and thats not looking for nice ones.

KaHn
 
KaHn said:
Problem is mate that flats in the Aberdeen city are all around 150-200k and thats not looking for nice ones.

KaHn
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not willing to commute. I'm considering houses on the outskirts of Bristol 3 bed for around 90-100k as I said not particularly nice areas. Bet more realistic than the 160-200+ than the houses more centralised. I started off think one day I would be able to afford a ok place from the outset, as years has gone on my expectations have dwindled to the bottom of the pile for a first home.

Edit -- ouch just looked on rightmove, those prices are insane.
 
The not willing to commute isn't the issue really, I'd prefer to live in the city as I don't know how long I want to stay in Aberdeen and if I move again to some where abroad the rental market up here is brilliant so it would mean I could rent the property while away.

Yeah the prices are high but then I'm paying 750/month rent for a 2bed flat in the centre but the salaries are higher up here aswell.

KaHn
 
KaHn said:
The not willing to commute isn't the issue really, I'd prefer to live in the city as I don't know how long I want to stay in Aberdeen and if I move again to some where abroad the rental market up here is brilliant so it would mean I could rent the property while away.

Yeah the prices are high but then I'm paying 750/month rent for a 2bed flat in the centre but the salaries are higher up here aswell.

KaHn
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Ah the price of oil keeping the housing market at a premium. I would think that looking at places like Portlethen, Stonehaven and places with a good rail link could be of benefit. It will reduce the property price slightly and will be easier on your wallet and if you get a decent area then you certainly wont lose money on your investment.;)
 
AcidHell2 said:
not willing to commute. I'm considering houses on the outskirts of Bristol 3 bed for around 90-100k as I said not particularly nice areas. Bet more realistic than the 160-200+ than the houses more centralised. I started off think one day I would be able to afford a ok place from the outset, as years has gone on my expectations have dwindled to the bottom of the pile for a first home.

Edit -- ouch just looked on rightmove, those prices are insane.
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Whereabouts in Bristol are you looking? could offer advice on areas in you need it.
 
I can't believe people outside of London are winging about house prices - you've got it easy tbh....

Anyway I got an agreement in principle couple of weeks ago.

Santander are good for lending higher multiples - could go to 4.8 times with them. Bank of China are also good - have a decent tracker rate at the moment - and offer up to 4 times salary.

Prob worth speaking to an IFA/mortgage adviser first rather than simply popping down to your current bank - you don't want to have multiple credit searches on your record for the same product rather you want to know in advance who's likely to cater for your needs and just have the one search done.
 
dowie said:
I can't believe people outside of London are winging about house prices - you've got it easy tbh.....
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Still paying 200k for a 2 bed flat kinda sucks if you ask me, regardless if London is more expensive.

KaHn
 
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