8089 replies to this topic

[Andrew aka Stuwy]

fcuking w4nk lending bull sh*t means no one can barrow a penny over what the worst common denominator person in the country has. Me and Lizy both work and have no debts and a perfect credit rating (999) yet the lenders won’t lend us a penny over our salary times 4. I know we can afford a mortgage more expensive than that, but no one will listen. It’s so frustrating! EVERY house that has 3 bedrooms is outside of our price range just about anywhere in Essex or within an hour of London, we are going to have to try and save near on a third of the property’s value to use as a deposit just to get the bare minimum of what we are after. THIS IS BULLSHIT Sorry I just wanted to for a bit, and I would rather no one tells me about their 77 bedroom house with 200 landthings that cost 75 pence some place it’ll just make me feel worse. Why is everything so damned expensive?

[G-Bob]

4times your salary? Don't blame them. That's a sh*t load of credit exposure. What does a 3bedroom place down there go for?

[Claws]

I have never heard of over 4x your salary mortgages. That sounds pretty ridiculous to me. *Bank in sensible lending shocker*

[ghand]

4x your salary is fine if you can live off grass and water for the first few years

[G-Bob]

I have never heard of over 4x your salary mortgages. That sounds pretty ridiculous to me. *Bank in sensible lending shocker*

 

Especially if it's 4x the combined salary.   They used to say x3.5 for the first salary and then x2.5 for the second salary.   They will be looking at statistics and the fact that young married couples in general (not in all cases) will be looking to have a family and if 1 person is left in a couple of years time to pick up the full mortgage amount then you won't be able to live.

 

I'd personally never take a mortgage more than x4 of my salary (only) even though we have another salary coming into the household.  It means that 1. if something would happen or one of has had to give up work we'd manage and 2.  we have money to spend on holidays and nice things.

[slindborg]

4times your salary? Don't blame them. That's a sh*t load of credit exposure. What does a 3bedroom place down there go for?

 

in context, a 1 bed house sold next door for £210K (they purchased 13 months ago at £160K), and that's in a NICE non Essex ghetto... For some unholy reason stuff south of the A414 is expensive and nasty

[furtive]

 

 

in context, a 1 bed house sold next door for £210K (they purchased 13 months ago at £160K), and that's in a NICE non Essex ghetto... For some unholy reason stuff south of the A414 is expensive and nasty

 

 

£210k for a 1-bed? That is bonkers!

[Andrew aka Stuwy]

its mostly boils down to the fact I'm mostly complaining about the p*ss poor amount that I am paid

[Andrew aka Stuwy]

 

I have never heard of over 4x your salary mortgages. That sounds pretty ridiculous to me. *Bank in sensible lending shocker*

 

 

I'd personally never take a mortgage more than x4 of my salary (only) even though we have another salary coming into the household.  It means that 1. if something would happen or one of has had to give up work we'd manage and 2.  we have money to spend on holidays and nice things.

 

 

It might well be amazing if you say would never take a mortgage at that price but we don't have a choice. If you want a roof around London it's going to cost you and you WILL take whatever they offer you because you don't have a choice. Ultimately having a place to live is a tad more important than holidays and nice things  

[Andrew aka Stuwy]

 

 

 

in context, a 1 bed house sold next door for £210K (they purchased 13 months ago at £160K), and that's in a NICE non Essex ghetto... For some unholy reason stuff south of the A414 is expensive and nasty

 

 

£210k for a 1-bed? That is bonkers!

 

 

Even in ghetto deepest darkest Essex, a one bed will cost you North of £140k

[quimbles]

you looked at any houses in need of repair probate etc?

 

it got the costs way down for us... was a ball ache during the building works but well worth it in the end.

[Captain Vimes]

Damn bankers. There's loads of new regulation around affordability assessment for mortgage lending that was introduced last year which means that banks have to assume you will want to have a decent standard of living: http://www.fca.org.u...e-market-review

[PaulCP]

They use a "one size fits all" scenario which doesn't take account of people's different approaches to life. I'm afraid these days it really is a case of computer says yes or no and that's it.

[Harry Hornet]

..feel for you stewy. .The local housing associations built sone 50 50 houses in our village 6 months later 2 out of the 6 are still empty ..The rental part is £700 per month alone. ..wtf

[G-Bob]

 

 

I have never heard of over 4x your salary mortgages. That sounds pretty ridiculous to me. *Bank in sensible lending shocker*

 

 

I'd personally never take a mortgage more than x4 of my salary (only) even though we have another salary coming into the household.  It means that 1. if something would happen or one of has had to give up work we'd manage and 2.  we have money to spend on holidays and nice things.

 

 

It might well be amazing if you say would never take a mortgage at that price but we don't have a choice. If you want a roof around London it's going to cost you and you WILL take whatever they offer you because you don't have a choice. Ultimately having a place to live is a tad more important than holidays and nice things  

 

 

There is the option to relocate.   people complain up here that the wages aren't as good as down south, but when you have to pay over double the price for a 1 bedroom house it's understandable.

 

Houses bang in the centre of Edinburgh are really expensive, but the drop-off within a couple of miles is huge.   I live about 11miles outside the centre of Edinburgh and my 3 bedroomed detached house (about 14years old) with decent garden and 3 car drive is about to go on the market for £150k.   Slight difference.

[slindborg]

..feel for you stewy. .The local housing associations built sone 50 50 houses in our village

 

time to move then....

 

 

 

 

 

Bob a job, I know what you mean about the wages etc, some mates in Narnia (north wales) aren't paid massively but then their new build 3 and 4 bed detached houses cost less than our 2 bed terrace, and ultimately they and I have the same amount of spare cash at the end of each month so its a swings and roundabouts effort

[ghand]

I have never heard of over 4x your salary mortgages. That sounds pretty ridiculous to me. *Bank in sensible lending shocker*

  Especially if it's 4x the combined salary.   They used to say x3.5 for the first salary and then x2.5 for the second salary.   They will be looking at statistics and the fact that young married couples in general (not in all cases) will be looking to have a family and if 1 person is left in a couple of years time to pick up the full mortgage amount then you won't be able to live.   I'd personally never take a mortgage more than x4 of my salary (only) even though we have another salary coming into the household.  It means that 1. if something would happen or one of has had to give up work we'd manage and 2.  we have money to spend on holidays and nice things.

4x combined salary may work till the interest rates go up, oh how I wish it would go back up to the 15 % I once remember, that would be superb for me

[Andrew aka Stuwy]

The really stupid thing is,

 

a 3 bed where we would like to live is £330k. Mortgage = £1,400.00 + London travel £100 x2 (month) = £1,600.00 and we "can't" afford that. 

 

a 3 bed way outside London is £200k Mortgage = £860 + London travel £480 x2 (month) = £1,820.00 and we "can" afford that...

 

 

As per the banks we can afford one and not the other... REALLY?

I know we can afford either, but obviously I would like to have my commute at 40min and pay over 200 less a month but the banks computer says no..

 

So because the banks pc says no, we will have higher bills spending more money and taking time out of our morning and evening adding an hour to our commute!

 

Where is the fcuking logic in that!

[Harry Hornet]

Stuwy pm 'd

[Claws]

The bank doesn't care how much you spend getting to work. A mortgage is a long term game, do you really see yourself working in the same place in 20years time?