Realistic mortgage?

CaptainRAVE · 5 Aug 2012 at 21:57

The Deuce said:
That doesn't make sense, you've put a 70% deposit down but you take the other 30% over 40years.

It was a big deposit

Deleted member 77746 · 5 Aug 2012 at 22:01

CaptainRAVE said:
It was a big deposit

How much was the house before your deposit?

30% over 40 years seems very silly. Unless it is a million pound mansion.

CaptainRAVE · 5 Aug 2012 at 22:03

mrbell1984 said:
How much was the house before your deposit?

200k.

First house

- hopefully moving in a couple of weeks.

Can't afford anymore for a couple of years, but the monthly payment will quickly be dwarfed once my wage increases (just started a new career).

Edit: Maybe I have the percentage wrong. 110k mortgage

Deleted member 77746 · 5 Aug 2012 at 22:04

CaptainRAVE said:
200k.

First house - hopefully moving in a couple of weeks.

So you put 140K deposit down and 60K mortgage. 60K for 40 years? Your monthly payments must be tiny.

oh come on underboss. lol get it right!

110K mortgage, 200K house, 90K deposit.

45% deposit...

CaptainRAVE · 5 Aug 2012 at 22:06

mrbell1984 said:
So you put 140K deposit down and 60K mortgage. 60K for 40 years? Your payments must be tiny.

Lol, got my Maths wrong. Hehe

The Halk · 5 Aug 2012 at 22:07

Oxy said:
I have no outoings

no phone contract, no car loan, no debt at all

I'd expect you to be approved, assuming everything else is as expected. Of course that's just a guess - please don't come to me if you are declined!

Deleted member 77746 · 5 Aug 2012 at 22:09

CaptainRAVE said:
Lol, got my Maths wrong. Hehe

not bad for a 27 year old... oh wait..

\

The Halk said:
I'd expect you to be approved, assuming everything else is as expected. Of course that's just a guess - please don't come to me if you are declined!

No current debt is good, no previous debt is bad.

CaptainRAVE · 5 Aug 2012 at 22:10

mrbell1984 said:
not bad for a 27 year old... oh wait..

Luckily my job doesn't require maths, well much of it anyway

Deleted member 77746 · 5 Aug 2012 at 22:11

CaptainRAVE said:
Luckily my job doesn't require maths, well much of it anyway

Tell you why.. I only just come hot off the plate 7 months ago. Still doing calculations to be better off.

The Halk · 5 Aug 2012 at 22:12

mrbell1984 said:
not bad for a 27 year old... oh wait.. \

No current debt is good, no previous debt is bad.

Not so much these days and not so much for secured lending. Yeah, previous debt would have been better, but it's nothing like as bad as people think it is.

Deleted member 77746 · 5 Aug 2012 at 22:12

The Halk said:
Not so much these days and not so much for secured lending. Yeah, previous debt would have been better, but it's nothing like as bad as people think it is.

Yeh, agreed.

craptakular · 5 Aug 2012 at 22:17

Well i have had phone contracts before and just got a credit card, only have £300 on it, and paying it off over a couple of months.

I have not needed a loan before, how can this be bad?

The Halk · 5 Aug 2012 at 22:20

Bad is probably not the best way to describe it...

What we're looking to see is that you've had credit in the past and used it responsibly - kept up the payments, etc. If you've previously had a loan we can see that.

Your credit card use will show that, as will your current account usage so I wouldn't be too concerned.

dean_ham · 5 Aug 2012 at 22:22

Oxy said:
so can someone give me a rough idea...

If I am on 35k and have 10k deposit. What rough house prices should I be looking at?

With 10k deposit you cannot borrow more than 90% ltv which means borrow 90k

The Halk · 5 Aug 2012 at 22:25

I had it in my head you'd said a 10% deposit Oxy rather than 10K - Dean's spotted that correctly you'll need a 10% deposit at minimum, plus you've got fees on top of that to cover.