Mortgages

BLACKBURN RAVER · 08-02-2006, 18:38

can anybody please help me...i would like to know what the current lending policy is ...

is it 3 times your gross wage or is it 4 -5- 6 x

thanks

entwisi · 08-02-2006, 21:35

Depends on the lender. Some offer a lot higher than others but will probably offset their risk with higher interest rates on teh loan itself. General guidlines are

3.5 times single wage
2.5 times joint salary
or
3 times one plus teh second income

You can get a lot higher TBH do you really want to be spending your whole salary on a mortgage? You need some 'you' money or you will resent your mortgage as a weight round your neck as opposed to something that if part of your long term financial plan

BLACKBURN RAVER · 09-02-2006, 07:24

Quote:

Originally Posted by entwisi

Depends on the lender. Some offer a lot higher than others but will probably offset their risk with higher interest rates on teh loan itself. General guidlines are

3.5 times single wage
2.5 times joint salary
or
3 times one plus teh second income

You can get a lot higher TBH do you really want to be spending your whole salary on a mortgage? You need some 'you' money or you will resent your mortgage as a weight round your neck as opposed to something that if part of your long term financial plan

..

thanks for the info enti....and you can rest assured i wont go in above my head .....

entwisi · 09-02-2006, 08:27

If you want the number of a VERY good Independant Financial Advisor I can recommend Stephen Milligan of Wigan Financial Services. I've been using him for approx 15 years now. PM me if you(or anyone else) wants his number.

I can't recommend enough getting a IFA as opposed to just walking into say the Halifax. In my experience when we were buying our first house Halifax wanted £325 a month in repayments, Stephen arranged to borrow the money from the Halifax still but our repayments were only £240 a month due to a better investment plan away from the Halifax.

BLACKBURN RAVER · 09-02-2006, 08:31

cheers enti ..we already have a meeting on monday night with an ifa but if we dont feel we are happy with what he has to say or offer then i might just send you a pm .......

thanks for the offer much appreciated