Mortgage Advice?
Mortgage Advice?
30-04-2018, 01:15 PM
Stoney I knew it was expensive down here, but the prices you guys are talking about sound crazy low, I might have to move up there!
The FLAT I rent off a mate is valued at £240k, and costs me £750 a month plus (a lot of) bills. Rent is high here, but I could not even consider a mortgage to buy a house in Exeter, they would laugh me out of the bank!
Yh houses round here are pretty cheap, but the pay kind matches, im on 7.29 per hour, and it took me 3 years to get this job at a hospital.
you either got to work as a taxi or in a factory otherwise here in Nelson....
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
Stoney I knew it was expensive down here, but the prices you guys are talking about sound crazy low, I might have to move up there!
The FLAT I rent off a mate is valued at £240k, and costs me £750 a month plus (a lot of) bills. Rent is high here, but I could not even consider a mortgage to buy a house in Exeter, they would laugh me out of the bank!
Yh houses round here are pretty cheap, but the pay kind matches, im on 7.29 per hour, and it took me 3 years to get this job at a hospital.
you either got to work as a taxi or in a factory otherwise here in Nelson....
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
30-04-2018, 02:15 PM
So long as your wife doesn't have a poor credit history, add her onto the application. I've seen that make a difference to underwriters...
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
I used to work for a bank dealing with mortgage applications - the bank will look more favourably on a joint application (even if there's only one of you contributing/paying) as it spreads their risk over two people rather than one..
So long as your wife doesn't have a poor credit history, add her onto the application. I've seen that make a difference to underwriters...
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
30-04-2018, 02:38 PM
Anees I am self-employed and before the bank would give me a mortgage I needed 20% deposit.
Good Luck in your search Saraj.
I have heard that Burney and Nelson have low property prices. What kind of areas are these cheaper properties in? Is there much of a rental market?
the areas are not bad, one house for 25k just sold, and that was round the corner from where i live at the moment
DaveEdin I used to work for a bank dealing with mortgage applications - the bank will look more favourably on a joint application (even if there's only one of you contributing/paying) as it spreads their risk over two people rather than one..
So long as your wife doesn't have a poor credit history, add her onto the application. I've seen that make a difference to underwriters...
so you saying even my wife doesnt work or earn money put her name down anyhow? hmm.....
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
Anees I am self-employed and before the bank would give me a mortgage I needed 20% deposit.
Good Luck in your search Saraj.
I have heard that Burney and Nelson have low property prices. What kind of areas are these cheaper properties in? Is there much of a rental market?
the areas are not bad, one house for 25k just sold, and that was round the corner from where i live at the moment
DaveEdin I used to work for a bank dealing with mortgage applications - the bank will look more favourably on a joint application (even if there's only one of you contributing/paying) as it spreads their risk over two people rather than one..
So long as your wife doesn't have a poor credit history, add her onto the application. I've seen that make a difference to underwriters...
so you saying even my wife doesnt work or earn money put her name down anyhow? hmm.....
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
01-05-2018, 01:30 AM
Saraj so you saying even my wife doesnt work or earn money put her name down anyhow? hmm.....
That is true. When I applied for mine, the mortgage advisor at the bank said to put my wife down. Even though she does not work at the moment due to taking care of our baby (a much harder job!) because the child benefit was in her name it counted as extra income so did help the application. :thumbup1:
Edited 12-06-2011, 11:30 AM by Anees.
![[Image: clubbanner.gif]](http://www.ranatech.co.uk/evo/clubbanner.gif)
Saraj so you saying even my wife doesnt work or earn money put her name down anyhow? hmm.....
That is true. When I applied for mine, the mortgage advisor at the bank said to put my wife down. Even though she does not work at the moment due to taking care of our baby (a much harder job!) because the child benefit was in her name it counted as extra income so did help the application. :thumbup1:
01-05-2018, 05:09 AM
Anees That is true. When I applied for mine, the mortgage advisor at the bank said to put my wife down. Even though she does not work at the moment due to taking care of our baby (a much harder job!) because the child benefit was in her name it counted as extra income so did help the application. :thumbup1:
nice one, ive managed to change my application with the post office online as its gone to the underwriter, added my wifes name and declared the child tax credits and benefit on her name as those payments go to her account anywhere.
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
Anees That is true. When I applied for mine, the mortgage advisor at the bank said to put my wife down. Even though she does not work at the moment due to taking care of our baby (a much harder job!) because the child benefit was in her name it counted as extra income so did help the application. :thumbup1:
nice one, ive managed to change my application with the post office online as its gone to the underwriter, added my wifes name and declared the child tax credits and benefit on her name as those payments go to her account anywhere.
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
01-05-2018, 05:38 AM
Our Credit raiting is very good. I have no credit cards or loans and Sarah has 1 credit card that she pays off in full each month. Our house was bought for £155k and we put a 20% deposit down (£31k). We where really lucky and only had a 20% deposit as we saved for 3 years solid and Sarah's parents gave us £10k.
We saw a few banks about mortgages but only got a idea of what they would lend us. We went to a broker as well but they don't charge for there advice. Instead they get a finders fee from the provider so we don't get charged. In the end they couldn't offer us a rate as good as Natwest so we went directly to them. As we had a good deposit our rates are 4.19% fixed for 2 years which is the best we could get at the moment.
When you looked at the other mortgagaes did you actually apply for them? Reason i ask is that we where told if you apply for over 3 mortgages and don't take them out or get declined it actually goes against your credit rating!
I think if you had a 15% deposit then you should be ok.
Good luck with getting it sorted.
Jason
We recently bought a house, all be it for alot more money but house prices here are quite high.
Our Credit raiting is very good. I have no credit cards or loans and Sarah has 1 credit card that she pays off in full each month. Our house was bought for £155k and we put a 20% deposit down (£31k). We where really lucky and only had a 20% deposit as we saved for 3 years solid and Sarah's parents gave us £10k.
We saw a few banks about mortgages but only got a idea of what they would lend us. We went to a broker as well but they don't charge for there advice. Instead they get a finders fee from the provider so we don't get charged. In the end they couldn't offer us a rate as good as Natwest so we went directly to them. As we had a good deposit our rates are 4.19% fixed for 2 years which is the best we could get at the moment.
When you looked at the other mortgagaes did you actually apply for them? Reason i ask is that we where told if you apply for over 3 mortgages and don't take them out or get declined it actually goes against your credit rating!
I think if you had a 15% deposit then you should be ok.
Good luck with getting it sorted.
Jason
01-05-2018, 07:51 AM
Demon We recently bought a house, all be it for alot more money but house prices here are quite high.
Our Credit raiting is very good. I have no credit cards or loans and Sarah has 1 credit card that she pays off in full each month. Our house was bought for £155k and we put a 20% deposit down (£31k). We where really lucky and only had a 20% deposit as we saved for 3 years solid and Sarah's parents gave us £10k.
We saw a few banks about mortgages but only got a idea of what they would lend us. We went to a broker as well but they don't charge for there advice. Instead they get a finders fee from the provider so we don't get charged. In the end they couldn't offer us a rate as good as Natwest so we went directly to them. As we had a good deposit our rates are 4.19% fixed for 2 years which is the best we could get at the moment.
When you looked at the other mortgagaes did you actually apply for them? Reason i ask is that we where told if you apply for over 3 mortgages and don't take them out or get declined it actually goes against your credit rating!
I think if you had a 15% deposit then you should be ok.
Good luck with getting it sorted.
Jason
I currently only have a 10% but if i wait a few more months then i will have a 20% deposit.
the post office is my third application and my last one, if i dont get this with the underwriters reviewing it, then im going to hold off till end of this year, where some searches on my credit file will go plus ill have a better deposit.
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
Demon We recently bought a house, all be it for alot more money but house prices here are quite high.
Our Credit raiting is very good. I have no credit cards or loans and Sarah has 1 credit card that she pays off in full each month. Our house was bought for £155k and we put a 20% deposit down (£31k). We where really lucky and only had a 20% deposit as we saved for 3 years solid and Sarah's parents gave us £10k.
We saw a few banks about mortgages but only got a idea of what they would lend us. We went to a broker as well but they don't charge for there advice. Instead they get a finders fee from the provider so we don't get charged. In the end they couldn't offer us a rate as good as Natwest so we went directly to them. As we had a good deposit our rates are 4.19% fixed for 2 years which is the best we could get at the moment.
When you looked at the other mortgagaes did you actually apply for them? Reason i ask is that we where told if you apply for over 3 mortgages and don't take them out or get declined it actually goes against your credit rating!
I think if you had a 15% deposit then you should be ok.
Good luck with getting it sorted.
Jason
I currently only have a 10% but if i wait a few more months then i will have a 20% deposit.
the post office is my third application and my last one, if i dont get this with the underwriters reviewing it, then im going to hold off till end of this year, where some searches on my credit file will go plus ill have a better deposit.
[COLOR="Gray"]December 2008: Crashed Lexus IS200 - Cat B Write Off
August 2009: Crashed Vauxhall Astra - Minor Damage DIY Repair
November 2009: Crashed Vauxhall Astra - Scratches To Bumper No Repair Required
February 2010: Other Party Crashed Into Astra - Extensive Damage To Rear -Settled With Third Party's Insurance
Anyone dare To Predict The Future?[/COLOR]
01-05-2018, 08:29 AM
So its important to make sure these are cleared first.
Do not apply to too many companies as other have said or this will work against you.
Also the banks will look at the time your been working with your present employees.
Good luck with the post office.
What Banks will also do is look at any other loans that you may have.
So its important to make sure these are cleared first.
Do not apply to too many companies as other have said or this will work against you.
Also the banks will look at the time your been working with your present employees.
Good luck with the post office.
01-05-2018, 11:06 AM
I hope my current buyer don't mess me about as much as the previous one.
"Life's goal is not to arrive safely at the grave in a well preserved body. But, rather to skid in sideways........
totally worn out and broken, shouting 'Holy ****, WHAT A RIDE!'"
FirebirdPhil
01-05-2018, 11:06 AM #19As others have said and I said earlier get at least 15%. I am selling my house and turned 5 buyers away because they had less then 15% at the advice of the estate agent.
I hope my current buyer don't mess me about as much as the previous one.
"Life's goal is not to arrive safely at the grave in a well preserved body. But, rather to skid in sideways........
totally worn out and broken, shouting 'Holy ****, WHAT A RIDE!'"
01-05-2018, 12:31 PM
Marsdendean ^^ I only had 10% and had the solicitor change the paperwork so it worked out as a 10% + 5% vendor paid . . .
similar to what im doing, but its my parents old house so its a "family gift"
![[Image: LexuS-Copy.jpg]](http://i65.photobucket.com/albums/h204/Sparkystav/LexuS-Copy.jpg)
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Sparkystav
01-05-2018, 12:31 PM #20Marsdendean ^^ I only had 10% and had the solicitor change the paperwork so it worked out as a 10% + 5% vendor paid . . .
similar to what im doing, but its my parents old house so its a "family gift"
Read my thread here: The Evolution of my Turbo Lexus from NA-Supercharged-Twin Turbo-Massive Single
Please leave your comments.
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