Mortgage Rate Rises

[Nasher]

I love how AI goes off on "wtf" moments like this when you don't set specific parameters/boundaries for it. A bit worrying that we're expected to trust it to drive cars.

It can sort of put 2+2 together, but then just keeps putting them together.

 

[HungryHippos]

I love how AI goes off on "wtf" moments like this when you don't set specific parameters/boundaries for it. A bit worrying that we're expected to trust it to drive cars.

It can sort of put 2+2 together, but then just keeps putting them together.

I find the AI posts usually just waffle on, and on, and on!

 

[413x]

I think that you have a weird take on life. Living is what you do every day. Meeting people, working, etc., if you only live when you are on holiday somewhere exotic, I have some pity for you.
There are loads of places I have not been to, but I have no regrets at all.

8ts really easy just to save.and get carried away with saving money.

Unfortunately I get no satisfaction from working. But I'm happier with my 30s than my wasted 20s.


Moved away from home location,
Get out and enjoy the outdoors at weekends and during the week,
Do my in person DnD which can be so fun living out a fantasy rather than just watching it on TV.


I definitely do more now rather than just staying home to save money.

But holidays are my main driver. If I didnt have the opportunity to go on holiday I wouldn't really know what to spend money on.

 

[Mrwong]

I dunno it could be significant. He’s onto something here.

I asked ChatGPT for some input

Spoiler

In like flour mills, bakeries, and food manufacturers.



The sudden collapse in house prices sends shockwaves through financial markets, exacerbating the economic downturn. Individuals and families who had invested in real estate find themselves underwater, owing more on their mortgages than their homes are worth. Foreclosures become widespread, leading to a housing crisis that impacts individuals, communities, and the broader economy.

In this way, a seemingly unrelated decision by ]

Spoiler

Well as soon as you take out your mortgage you are at a loss, unless the prices increase more than the bank rate.

 

[sigma]

I find the AI posts usually just waffle on, and on, and on!

Not just AI, this whole forum is years of people waffling

 

[Bassmansam]

Question: me and my partners combined income is 62k. x that by 4.5 gives 279k. I will have a 30k deposit so does that mean we can look at houses that cost 310k (ideally we would like at 300k) or is it 279k - 30k deposit.

 

[Uther]

I find the AI posts usually just waffle on, and on, and on!

Sounds suspiciously like speakers corner.

 

[Doobedoo]

Sounds suspiciously like speakers corner.

Full of intellectual twaddle

 

[HungryHippos]

Question: me and my partners combined income is 62k. x that by 4.5 gives 279k. I will have a 30k deposit so does that mean we can look at houses that cost 310k (ideally we would like at 300k) or is it 279k - 30k deposit.

It's deposit + how much you can borrow, so £279K + £30K is a reasonable assumption.

Other debts can have an impact into that total figure you can borrow though, so stuff like personal loans or car payments etc, conversely routine overtime can boost it a bit.

Sounds suspiciously like speakers corner.

Just AI bots arguing with eachother

 

[Bassmansam]

It's deposit + how much you can borrow, so £279K + £30K is a reasonable assumption.

Other debts can have an impact into that total figure you can borrow though, so stuff like personal loans or car payments etc, conversely routine overtime can boost it a bit.



Just AI bots arguing with eachother

Thanks
I don't have a car and no other debts so all good there.
Unless a student loan repayment counts

 

[HungryHippos]

Thanks
I don't have a car and no other debts so all good there.
Unless a student loan repayment counts

Not to my knowledge really no, though I don't have one so not had to find out.

I think student loan debt isn't considered the same as most other debts.

 

[matt100]

It'll be taken into account on affordability but given the flex to income and potential to never be called in at all I doubt it hits like a loan or credit card.

More like your spotify or weekly avocado budget.

 

[matt100]

Question: me and my partners combined income is 62k. x that by 4.5 gives 279k. I will have a 30k deposit so does that mean we can look at houses that cost 310k (ideally we would like at 300k) or is it 279k - 30k deposit.

Is it definitely 4.5x the joint?

Ever since getting myself into significant credit card debt in the noughties and then it taking a decade to get back out of it I have viewed all credit with.. well fear tbh.. and having gone through the late noughties and getting turned down for balance transfer cards (as that was my way of managing the credit card debt.. stupid but it worked at the time/young/stupid etc) I'm always totally convinced I'll be turned down for everything lol.

So our combined income is... err. Substantial.. and I still worried we'd struggle to get the mortgage we have and it's closer to 2.5x joint.

 

[Bassmansam]

Is it definitely 4.5x the joint?

Ever since getting myself into significant credit card debt in the noughties and then it taking a decade to get back out of it I have viewed all credit with.. well fear tbh.. and having gone through the late noughties and getting turned down for balance transfer cards (as that was my way of managing the credit card debt.. stupid but it worked at the time/young/stupid etc) I'm always totally convinced I'll be turned down for everything lol.

So our combined income is... err. Substantial.. and I still worried we'd struggle to get the mortgage we have and it's closer to 2.5x joint.

what do you mean? Most lenders do 4.5x joint salary, some do 5x but i think thats for key workers.

 

[matt100]

what do you mean? Most lenders do 4.5x joint salary, some do 5x but i think thats for key workers.

I mean I assume that is the max? Like it's not a given.

And incidentally that also seems mental.

4.5x the joint for us would be a terrifying number that I'm not convinced we could afford at all... Which may speak more to the general credit paranoia that I mentioned.

Double out mortgage would be mad money, literally one whole take home as the repayment.. nuts

 

[413x]

Question: me and my partners combined income is 62k. x that by 4.5 gives 279k. I will have a 30k deposit so does that mean we can look at houses that cost 310k (ideally we would like at 300k) or is it 279k - 30k deposit.

Yeah that's how it works. 279+deposit = max house value

But remember
-stamp duty (if applicable)
-costs like searches, conveyancing
-you might not (probably won't) get 4.5x (for example having kids means they'll often lend you less)
-other debts
-bank might undervalue your house

 

[413x]

Is it definitely 4.5x the joint?

Ever since getting myself into significant credit card debt in the noughties and then it taking a decade to get back out of it I have viewed all credit with.. well fear tbh.. and having gone through the late noughties and getting turned down for balance transfer cards (as that was my way of managing the credit card debt.. stupid but it worked at the time/young/stupid etc) I'm always totally convinced I'll be turned down for everything lol.

So our combined income is... err. Substantial.. and I still worried we'd struggle to get the mortgage we have and it's closer to 2.5x joint.

Definitely up to 4.5x

Most get 4 to 4.5x with good credit

 

[dlockers]

Question: me and my partners combined income is 62k. x that by 4.5 gives 279k. I will have a 30k deposit so does that mean we can look at houses that cost 310k (ideally we would like at 300k) or is it 279k - 30k deposit.

How many partners and pics?

 

[SixTwoSix]

-you might not (probably won't) get 4.5x (for example having kids means they'll often lend you less)

What's the hit on the multiplier typically for having kids? By time we apply we'll have a 4 and 11 year old if all goes according to plan

 

[413x]

What's the hit on the multiplier typically for having kids? By time we apply we'll have a 4 and 11 year old if all goes according to plan

I dunno what it is.
But when I was talking to the lloyds mortgage advisor (and filling in forms) she asked all about costs, dependants etc.

We had so little costs they called back and questioned how our affordability could be so high!
-no kids, no loans, no pcp car, no TV licence. Our fixed "by choice" obligations are zero except for council tax, mortgage etc.