Mortgage advice

[Brighton Breezy]

Anyone here work in mortgages or bank type jobs?

I am on a RUBBISH wage as a trainee journalist and FED up of SPUNKING my wages on rent.

What types of mortgages are there and is there an easy way to get on the property ladder if you are paid SHIT?

 

[Basil Fawlty]

Anyone here work in mortgages or bank type jobs?

I am on a RUBBISH wage as a trainee journalist and FED up of SPUNKING my wages on rent.

What types of mortgages are there and is there an easy way to get on the property ladder if you are paid SHIT?

I don't work any kind of that shit, but happy birthday anyway.

 

[dwayne]

have you tried housing associations? get in contact with your local council

 

[SK1NT]

im on crap wages and in the process of buying a flat!

ive done self cert (must have a 10% deposit) and ive done that interest only. Its the best way for a first time buyer

 

[Uncle Spielberg]

The most you can generally get is 4-4.5 x your income. You will need a 5% deposit.

If you can put down a 10 or 15% deposit you may be able to borrow more.

If your on £ 10k you could buy at £ 45000 and get a mortgage of
£ 40 - £ 42000.

I've heard Hull is quite nice.

 

[Goring Gull]

Even if your on good wage sin Brighton - you're still fcuked in reckon and if you do self cert make sure you can afford everythiung and i mean everything - i bought a house two years ago on 3 times salary but all the extra costs mount up. nearly done out my whole house and garden now so should soon have some decent cash again to spend.

 

[Hiney]

As long as you haven't got any real SHIT on your Credit rating, you should be able to get up to 90% of the purchase price without needing to provide any specific proof of income.

What you have got to do, is make sure that you not only have the deposit, but also the Stamp Duty and all the other legal fees

Interest only is fine, as long as you know what you are getting into, i.e. the capital balance of the mortgage will not go down.

If you go self cert, you usually need to use a broker, so make sure you know what they are going to charge you - there are some pretty unscrupulous people out there

 

[Brighton Breezy]

I live in Hastings and its tempting to try and buy somewhere before all the outside investment and redevelopment takes place.

 

[Uncle Spielberg]

Self Cert is not quite as simple as putting down a 10% deposit only. You still have to declare an income on the form. If you want to buy at £ 150k, the deposit ill be £ 15k and the mortgage is £ 135k. This means you will have to declare a signle income of around £ 38K or a joint income of around £ 45k.

If you are employed and earn £ 15k and declare on the form you earn £ 38k, this is called mortgage fraud and carries a prison sentence of up to 7 years.

If you are self employed it is a bit more flexible but if employed and declaring a false figure beware the FSA are watching.

 

[Stinky Kat]

move to Farley Bank, Malvern Way or Marline Drive, very cheap and handy scoops on murders and drug dealing

 

[dwayne]

im on crap wages and in the process of buying a flat!

ive done self cert (must have a 10% deposit) and ive done that interest only. Its the best way for a first time buyer

I would disagree with that last statement, it might be best for a low income first time buyerRichie, this site is good, take a look.

http://msn.whatmortgageonline.co.uk/sure-start-10steps.htm

 

[Brighton Breezy]

move to Farley Bank, Malvern Way or Marline Drive, very cheap and handy scoops on murders and drug dealing

I live in the town centre at the moment and every time I go to court I seem to be reporting on people from my street or the next one.

 

[Hiney]

Self Cert is not quite as simple as putting down a 10% deposit only. You still have to declare an income on the form. If you want to buy at £ 150k, the deposit ill be £ 15k and the mortgage is £ 135k. This means you will have to declare a signle income of around £ 38K or a joint income of around £ 45k.

If you are employed and earn £ 15k and declare on the form you earn £ 38k, this is called mortgage fraud and carries a prison sentence of up to 7 years.

If you are self employed it is a bit more flexible but if employed and declaring a false figure beware the FSA are watching.

What he said, but it is more about a 'Declaration of Affordability' rather than lying about your income. A lot of mortgage companies are now amending their documentation to reflect this and to make sure that their lack of specific checks meets the requirements of the FSA.

The FSA are still watching though!!!

 

[Stinky Kat]

then you live in the Cambridge Gardens vicinity - up and coming town Hastings

 

[REDLAND]

Anyone here work in mortgages or bank type jobs?

I am on a RUBBISH wage as a trainee journalist and FED up of SPUNKING my wages on rent.

What types of mortgages are there and is there an easy way to get on the property ladder if you are paid SHIT?

you need Gareth Glover, he sorted my first mortage and did me proud !!

 

[Uncle Spielberg]

5% deposit try Nationwide or Intelligent Finance who lend on affordability not income multiples

5% deposit, most generous income multiples Abbey or Northern Rock Plc

10% deposit best self cert - Bristol & West Plc ( with warning above in mind ?.

GG
Mortgage Broker

 

[eastlondonseagull]

Self Cert is not quite as simple as putting down a 10% deposit only. You still have to declare an income on the form. If you want to buy at £ 150k, the deposit ill be £ 15k and the mortgage is £ 135k. This means you will have to declare a signle income of around £ 38K or a joint income of around £ 45k.

If you are employed and earn £ 15k and declare on the form you earn £ 38k, this is called mortgage fraud and carries a prison sentence of up to 7 years.

If you are self employed it is a bit more flexible but if employed and declaring a false figure beware the FSA are watching.

I got turned down by EVERY lender I approached, specifically because I was a self-employed freelance journalist.

Ended up getting a mortgage care of a broker who fibbed on the application forms

 

[Uncle Spielberg]

Also at 95% use a lender who will not charge MIP, Nationwide and Intelligent Finance are 2.

 

[Uncle Spielberg]

Declaration of affordability ( non status ) were outlawed by the FSA on 31/10/04. The Mortgage Works used to lend on this basis but can't anymore.

 

[Brighton Breezy]

then you live in the Cambridge Gardens vicinity - up and coming town Hastings

Round there yeah, just near the old Observer building.

Supposedly Hastings is in the top ten towns in England to buy property in when looking at projected growth and stuff like that.

Must be to do with all the SeaSpace development and stuff. The best thing they could do is improve the rail links to London.

I would quite like to live in Marina Court purely because it is shaped like a boat.