laddey you can still get up to 5x joint income (so 200k in your case) but to hitbest rates u need 70% ltv (loan to value) IE u need a 30% deposite and im talking the difference between 3.99% and 6.5% lol
Under £100 more like
It's really hard to actually get anyone to lend you up to 5x joint income though, in reality he may get between 3 and 4.5x.
The mortgages I have looked at recently, there was no difference in interest rates between a 25% deposit and a 30% one, does your bank actually give better rates at 30% than 25%?
Also approach the local housing associations as well as the Council to see if there are any Shared Ownership or Shared Equity programmes running.get on a list for council houses man
Renting often costs the same as a Mortgage does but you are left with nothing at the end.
Hate to do this but.... toht is right. Renting can cost the same as a mortgage, but in most cases it costs less. You have no real risk when renting, you simply need to pay your rent and your contents insurance + bills. In this climate getting a mortgage is not the best practise, there is no real job security and banks are not lending at great rates. If Laddey rented they could concentrate on saving up a bigger deposit for when times are better, and still live in their own place.
banks are not lending at great rates
What? In sweden we prolly have the best rates since sliced bread atm. And i would expect it to be much the same worldwide since most general banks have almost 0% rate ?
Renting often costs the same as a Mortgage does but you are left with nothing at the end.
they are not passing on the savings in the UK. To be honest it's a good idea, the last thing we need is lots of people buying at low rates, and then being screwed when the rates go up in a year or two.
Can't you have it at a fixed rate in UK?
Yes for a set period of time, usually two years. But you are still looking at 5% to 9% rates, and you are only getting better than that with a fat deposit (as gohan mentioned). My point is that we are in this mess because of irresponsible lending in the first place, what we need is for people to realise they really cannot afford what they think they can.
We are already back to a culture of short term borrowing in the UK, as the government tries to improve spending for Christmas and tries hard to convince us we are in recovery.
I would avoid getting a credit card and using it to increase your score, which it will, but if you do that your score is temporarily lowered whether your card application was successful or not for a minimum of 6 months.
Hope this helps.
Long time no speak!
I've got a default on my credit history. £611 to O2, stupid mistakes when i was younger and all that bla bla.
Anyway, am i gonna get a mortgage? Dunno how it works or anything. P
Thanks
Renting often costs the same as a Mortgage does but you are left with nothing at the end.