nik
Member
Registered: 19th Jun 00
User status: Offline
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quote:
Originally posted by James
According to that you will need to be earning 25k each to get 175k
Thats rubbish, I have 80k equity in my house, mortgage on my own and to borrow 170k you'd need to earn £40k+. Edit to say I borrowed circa 170k on top of my 80k deposit on a 20 yr mortgage and I'm paying around £1150 a month.
[Edited on 17-08-2006 by nik]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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£50k to borrow £175k sounds right to me with no or little equity, considering you're talking about a 30% deposit.
I struggled to get a 4x multiplier, only my own bank would go to that. Everything else via the broker was only going to £100k perhaps a few grand more. I had to go direct to get enough to buy my place on my own.
Its probably also work making the point that you can have what you want with self certification, then you have to try paying it back! I'm sure I could have blagged a £50k salary by including the CS books or something, then I would have to try and find a over grand every single month - not a chance 
[Edited on 17-08-2006 by Ian]
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