Soldato
Are 4/5 times your salary realistic nowadays or is 3x more likely?
Realistic mortgage?
- Thread starter craptakular
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Soldato
I'm not sure if it's the norm, but my current mortage is 10% deposit, 4x my salary, over 25 years. It's a good time to get a mortgage at the moment as interest rates are damn low.
Soldato
I put down 15% deposit (well putting down) and am able to borrow 5x salary 
Soldato
I got a 5x mortgage, 18% deposit, London, Santander, 2.19% fixed for two years interest only
I don't know if it helped, but I purposely went into a city centre branch to make sure that our mortgage guy's signature was worth more and that such a big mortgage for someone my age wouldn't cause immediate indigestion.
I don't know if it helped, but I purposely went into a city centre branch to make sure that our mortgage guy's signature was worth more and that such a big mortgage for someone my age wouldn't cause immediate indigestion.
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I went for 4* was just over 25% deposit
I think Santander did up to 4.8 times salary not sure on the exact details but IIRC it was at least 20% deposit
certainly possible though if you've not got a good deposit then you're potentially going to get raped
I think Santander did up to 4.8 times salary not sure on the exact details but IIRC it was at least 20% deposit
certainly possible though if you've not got a good deposit then you're potentially going to get raped
Soldato
I had a 27% deposit, and borrowed 3x my salary. I could have gone up to 4x I believe.
ok, I'll work on 3.5*, 10% deposit... Just needed a figure to filter house prices on rightmove 
Lots of things affect your credit score, your age is certainly one of them. Some institutions have a hard limit they won't exceed. Most of those have it tiered dependent on what size of deposit you have. They're all different of course. Your credit score affects how much they will lend to you as well, however usually for mortgages if your credit score is good enough then being any better won't help.
Soldato
Age becomes more of a factor if you're very old and without, say, life insurance. It is largely down the credit history and the last 1-2 years salary (or if you are self employed, average earnings over the last 2 years). I was only 24 when applying for my mortgage, they didn't bat an eye-lid because I had the financials.
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I got 4x with 15% deposit. I wouldn't want more. Took the option to keep away from the struggling end.
Soldato
20% deposit and 2.5x salary. Hatter The Mad, how the heck did you get 2.19%?
Soldato
December 2011 - just before a couple of the big banks started offering 1.9% momentarily (albeit for 30/70).
Soldato
Wife and I got offered 3.5x with 15% deposit for 2.5%+BOE base rate tracker fixed for 2 years. (March 2011)
Only needed 3.0x in the end as we looked a little further away from our initial area and got a 10 year old 3 bed semi instead of a 1 bed Victoria flat
Only needed 3.0x in the end as we looked a little further away from our initial area and got a 10 year old 3 bed semi instead of a 1 bed Victoria flat
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Man of Honour
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5.5x, 70% deposit, temporarily over 40 years. Wage goes up quickly though, so will be bringing that down to 25 years in a couple of years time.
yes. if you're under 30, you can get a 35 yr mortgage.
There's no legal limit on mortgages under any circumstances. However we'll use normal retirement age as a point we're careful not to go past unless there's proof someone has a solid income past normal retirement age. If they're close to it and it's reasonable to believe they can continue working then we'll use that too. We wouldn't, for example, do a 30 year mortgage for a 50 year old, unless they could prove a solid income into retirement, no matter how much they protested about working until they were 80.
I'm 29, so a mortgage in 12 months time would mean I can still get a 35 yr?