8089 replies to this topic

[Andrew aka Stuwy]

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?

 

yes they do, its all apart of the affordability stuff, monthly outings, they want detailed expenses in list form itemised.

 

To answer your question I can see myself working in the same place, I can also see myself working elsewhere, but chances are it will still be in London. I can also see having changed mortgage provider by then too.

 

I know a mortgage is a long term affair I am not stupid.

 

I originally ranted because I assumed you lot would be more supportive

[Captain Vimes]

Banks have to take account of your commuting costs. They make the same calculation as above (plus a load of other stuff).... I disagree with one size fits all. It's a one size fits all in terms of income minus outgoings because that's how to figure out if it's affordable. All the inputs are relative to every customer otherwise it wouldn't work.. Plus you need to see what happens to the calculation above when interest rates are at their long run average (closer to 5%) rather than the current emergency rate of 0.5%. The issue is that houses are just too expensive because of under supply and over demand.

[Captain Vimes]

Stuwy, come back to sunny Grays. No one wants to live here so houses are still cheap(er than London).

[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?

  yes they do, its all apart of the affordability stuff, monthly outings, they want detailed expenses in list form itemised.

Is that new? I can't remember doing anything like that, just: Earnings. House value. Deposit. Is the house built over mine works or on an area liable to flooding? Does the Home Report have anything scary on it? That was just 3 years ago.

[Captain Vimes]

It's all part of the mortgage market review introduced last year. See my earlier link to the fca website.

[ghand]

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?

I did 40 years at the same place

[Andrew aka Stuwy]

My calks above was done on 4%

[Zuber]

Just watched benefits Britain the other day. Solution is to have 14 kids and live on the dole. Cushy huge house, 70k net income... Guy kept saying how they have to careful, budget etc. 2 teens staying in 1 room, had 2 PS4s and 2 big flat screen TV's. Too rich to share ?

Edited by Zuber, 03 June 2015 - 05:14 PM.

[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?

I did 40 years at the same place

And you never got found out

[Zuber]

Just pretended to be one of the patients.

[ghand]

You three are a pair of bastards ( waits for comments off Nelly )

[Mangham54]

Have you spoken to a building society rather than a bank. As places like YBS tend to be more human in their analyses. If you are talking to HBoS / RBS / HSBC it is is simply computer, no human influence. My brother has just been through a breakup and had to make some considerable adjustments with his lender (a building society) and they were both helpful and flexible.

[Andrew aka Stuwy]

will investigate more

[Acidpopstar]

Hardly ever look at this thread. But now I'm even happier I live in the north. I live next to a beach, popular with surfers, with the best driving roads in the country 10 mins away on the North Yorkshire moors. I bought a 5 bed Victorian terrace house 9yrs ago for £145k. If this sounds too smug I'll drop in that I now rent a 1 bed apartment (split with her) . .. but still in the same lovely town. There is another way people. Quality of life is all important to me. Sorry if I sound like a twat but I count my blessings every day

[Acidpopstar]

And the housing market has barely moved on.

[Zuber]

I don't get it. Why does everyone have to live in the same square inch ? And why are governments incapable of engineering a setup where people live and work all over the country... We should move parliament to the middle of the country. That might make them actually make an effort.

Edited by Zuber, 04 June 2015 - 03:51 AM.

[G-Bob]

Hardly ever look at this thread. But now I'm even happier I live in the north. I live next to a beach, popular with surfers, with the best driving roads in the country 10 mins away on the North Yorkshire moors. I bought a 5 bed Victorian terrace house 9yrs ago for £145k. If this sounds too smug I'll drop in that I now rent a 1 bed apartment (split with her) . .. but still in the same lovely town. There is another way people. Quality of life is all important to me. Sorry if I sound like a twat but I count my blessings every day

 

It's all about priorities as you say.  For a lot of people if they specialise in the IT or financial market, then a lot of the available work is in London.   I'm constantly getting calls and emails for jobs down there and they are desperate for people but I'm just not interested in that.   One of my collegues took a job down there and is getting paid a lot more but couldn't understand when we told her that she'd be a lot worse off. 

She now has a place half the size of what she had here and works a lot harder for less money at the end of it all.   

 

 

I'm happy up here with my flexibility to slope off early when I need to and my 15-20min commute.  

[slindborg]

I don't get it. Why does everyone have to live in the same square inch ? And why are governments incapable of engineering a setup where people live and work all over the country... We should move parliament to the middle of the country. That might make them actually make an effort.

 

What has the government got to do with where business and industry setup?!?

 

I want to live in Cornwall, but there are no engineering roles in the area I play in down there.... I shall call the govt doodahs for that shall I?

[Zuber]

So the government has no influence on where and how the country does business then. Might explain it...

[Nev]

I originally ranted because I assumed you lot would be more supportive

Stuwy for Prime Minister!