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does anyone have a morgage/renting?

do any of youy guys have morgage? if so how if you dont mind me asking. im stay at home mum of a 1 year old.

[Modified by: mrskc on 17 February 2010 12:11:56 ]


  • we got our mortgage through the adviser at the estate agents who we bought the house with. They looked at our income and expenditure, then I think from memory (although we've had it a fair few years now!) multiplied our earnings by2.5 and that was the max they would lend us. Then they looked at loads of different companies for us and found the deal that seemed the best at the time for us to fill in an application for. Otherwise you could go into your bank most have a mortgage adviser and I am sure they would talk it through with you, give you an idea of how much you might be able to lend as a starting point before you go looking for properties

    Nowadays I think you need quite a high % deposit to put down on a house, i.e. if you see a house for ??100,000 you need cash up front of say ??20k and the bank will lend you the ??80k - when we were looking they were throwing loans at you 110% mortgage wasnt unheard of, which meant borrowing more than the house was worth. Absolute madness, and now obviously its all blown up in ppls faces with the credit crunch and house prices going down alot of people couldnt even pay off their mortgage if they sold their house which means they cant easily move

    Not to worry you lol! Go over your income/expenditure figures and you will be fine

  • Hi mrskc

    I'm a mortgage adviser and it will depend on your income and your deposit available. You need at least a 10% deposit now to buy a property, and most lenders will lend around 4 times your income.

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