Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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I want between 70 - 80k and 3x my salary is 42k ... and 5x my salary is 70k however im hoping whoever i go with goes on affordability as my only outgoing is car insurance which i pay from April
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Ally
I want between 70 - 80k and 3x my salary is 42k ... and 5x my salary is 70k however im hoping whoever i go with goes on affordability as my only outgoing is car insurance which i pay from April
that wont be your only out going when you have a house though, water, elec, gas, council tax, tv license, phone, internet, house insurance. They will take all this into account aswell and it soon adds up!
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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^^^ yes 
I will be spending £1100 in bills and rent alone (not inlcuding food and money for going out).
If amanda and me split up I'm fcuked 
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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I have a mortgage but want to re mortgage and need a lot more I was speaking to my mortgage broker and he reckons he can get me a self certified mortgage. Basically they don't multiply your salary by x amount they go on how much they think you can afford.
I think you will need at least 5% deposit for one of these though as its more of a risk to them.
Worth asking about though 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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My bills are roughly-
Internet - £30 a month
Sky - £42.50 a month
BT - £16.50 a month
Mobile - £50 a month
Apartment Rates - £81 a month
Water - £50 quarterly
Elec - £50 quarterly
TV Licence - £121 a year
House insurance - £400+ a year
Council tax - Top band, so whatever that is a year
And probably more Ive forgotten about!
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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yes we had a look at self-certified. Definitely one to look into if you can't get a standard one
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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thinking about going with telewest, get 2mb broadband, telly package and phone for £30 a month. free upgrades too to your broadband 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by --Dave--
thinking about going with telewest, get 2mb broadband, telly package and phone for £30 a month. free upgrades too to your broadband
would go on something like that, but on 8mb broadband and getting 24mb before xmas so decided to stay seperate!
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by Ally
I want between 70 - 80k and 3x my salary is 42k ... and 5x my salary is 70k however im hoping whoever i go with goes on affordability as my only outgoing is car insurance which i pay from April
that wont be your only out going when you have a house though, water, elec, gas, council tax, tv license, phone, internet, house insurance. They will take all this into account aswell and it soon adds up!
yes, i have worked out what i can afford, and i can afford to pay upto £450 a month on my mortgage, which leaves me money for everything else
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Rent
Gas
Electric
Water rates
Council tax
Food shopping
TV License
Sky+
Home phone
Home insurance
Internet
plus
Petrol
Gym
Mobile phone
Car insurance
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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thats what ive based mine on anyway
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Laura_1.416v
Member
Registered: 26th Nov 04
Location: North Yorkshire
User status: Offline
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quote:
Originally posted by Mark Petty
I have a mortgage but want to re mortgage and need a lot more I was speaking to my mortgage broker and he reckons he can get me a self certified mortgage. Basically they don't multiply your salary by x amount they go on how much they think you can afford.
I think you will need at least 5% deposit for one of these though as its more of a risk to them.
Worth asking about though
when someone I know looked into this the deposit had to be at least 15%.
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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quote:
Originally posted by Ally
Rent
Gas
Electric
Water rates
Council tax
Food shopping
TV License
Sky+
Home phone
Home insurance
Internet
plus
Petrol
Gym
Mobile phone
Car insurance
Based on the amount of mortgage you mentioned you can get. I think you may struggle to do all the above on your own. Personally I would think about cutting down on things such as Sky+, Gym and even internet (until you are settled)
Isn't there anyone else who can go half with you as it would help alot? I know for sure I couldn't cope without my gf's wage.
The total outgoings for my 2 bed flat is £1200 a month, I earn about £1350 take home a month so I would be very short of £'s if I didn't have the birds cash
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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quote:
Originally posted by Laura_1.416v
quote:
Originally posted by Mark Petty
I have a mortgage but want to re mortgage and need a lot more I was speaking to my mortgage broker and he reckons he can get me a self certified mortgage. Basically they don't multiply your salary by x amount they go on how much they think you can afford.
I think you will need at least 5% deposit for one of these though as its more of a risk to them.
Worth asking about though
when someone I know looked into this the deposit had to be at least 15%.
wow thats alot
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Mark Petty
quote:
Originally posted by Ally
Rent
Gas
Electric
Water rates
Council tax
Food shopping
TV License
Sky+
Home phone
Home insurance
Internet
plus
Petrol
Gym
Mobile phone
Car insurance
Based on the amount of mortgage you mentioned you can get. I think you may struggle to do all the above on your own. Personally I would think about cutting down on things such as Sky+, Gym and even internet (until you are settled)
Isn't there anyone else who can go half with you as it would help alot? I know for sure I couldn't cope without my gf's wage.
The total outgoings for my 2 bed flat is £1200 a month, I earn about £1350 take home a month so I would be very short of £'s if I didn't have the birds cash
I can live without ...
Gym
Mobile phone
Sky+
Home phone
internet
Which takes my outgoings down a bit, i earn enough to pay mortgage, bills and have some left for clothes etc, and money to put back into my ISA in case my car explodes
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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yeah, you also have to take into account that even if youknow you can afford it a bank would possibly say different, as they cant take too much of a risk.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Yeh they might, this is why i am seeing a mortgage advisor
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Ally
Yeh they might, this is why i am seeing a mortgage advisor
make sure they are an independant mortagae advisor, as if they are tied then you'll just get offered shite deals!
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by Ally
Yeh they might, this is why i am seeing a mortgage advisor
make sure they are an independant mortagae advisor, as if they are tied then you'll just get offered shite deals!
Yes ... i know i was training to be one
Plan on going to a few different ones to see what i am told and who reccomends what
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
|
quote:
Originally posted by Ally
Yes ... i know i was training to be one
Plan on going to a few different ones to see what i am told and who reccomends what
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Mark Petty
Isn't there anyone else who can go half with you as it would help alot? I know for sure I couldn't cope without my gf's wage.
If Richie wants to come with me he can pay, however i want to plan so i can afford to do this on my own regardless
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by Ally
Yeh they might, this is why i am seeing a mortgage advisor
make sure they are an independant mortagae advisor, as if they are tied then you'll just get offered shite deals!
you need a directly authorised advisor
appointed reps are usually with a mortgage network who have a panel of preffered lenders
however no matter which advisor you go to they will do a fact find about you and your circumstances and advise you on the most ideal mortgage package to suit your needs and then use mortgage sourcing systems to source the best deal for you
they will then produce what is called a key facts illustration which tells you the key facts about the mortgage i.e monthly payments, interest paid, what will happen if the interest rate goes up, any fees you have to pay
then you can make your own educated choice to which lender you go with.
something else to remember, advisors are given special deals by lenders to put business through them this means that some deals available to you through the advisor are not available if you go directly to the lender.
the good thing about using an advisor however is they will put the case to the lender and track the application through to completion.
most advisors do not charge for this service because they get paid by the lender instead 
Happy to answer any questions anyone has 
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nickyboy01
Member
Registered: 10th Sep 03
Location: Oxford-ish
User status: Offline
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quote:
Originally posted by Ally
I want between 70 - 80k and 3x my salary is 42k ... and 5x my salary is 70k however im hoping whoever i go with goes on affordability as my only outgoing is car insurance which i pay from April
That will mean feck all, they go by what you earn and the risk of the lending. If you only earn £13k or whatever then you aint gonna be able to afford an £80k mortgage, i earn £25k and in my first 3 years struggled with an £80k one.
£80k mortgage is gonna be in the region of £500 a month and add another £300 odd for usual outgoings then add your other spending, phone/car/shopping/food and you'll soon realise you wont be able to afford it unless you have no life for a couple of years
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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The good news is now is a good time to get a mortgage if you can find a cheap house.
Just make sure you can manage if the rates go up, or fix for a while.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by nickyboy01
quote:
Originally posted by Ally
I want between 70 - 80k and 3x my salary is 42k ... and 5x my salary is 70k however im hoping whoever i go with goes on affordability as my only outgoing is car insurance which i pay from April
That will mean feck all, they go by what you earn and the risk of the lending.
Actually you are wrong
some underwriters do assess on affordability when looking at income stretch
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