more mortgage stuff
Discussion
Incorrigible said:
Can I quickly ask a related question here -
If Nationwide say I they'll loan me £80,000 and I can afford a £20,000 deposit does that mean I can get a £100,000 house?
Yes
Your powers of basic addition are adequate
Actually no. It means you can afford to buy a house for just under £100,000 allowing for solicitors fees, searches, surveys, mortgage arrangement fees, removals etc.
Probably best to assume you can buy somewhere for about £98,000ish.
FunkyNige said:
Can I quickly ask a related question here -
If Nationwide say I they'll loan me £80,000 and I can afford a £20,000 deposit does that mean I can get a £100,000 house?
can anyone lend me their hands, I'm 999,990 fingers short. >> Edited by Chim_Knee on Monday 15th August 12:47
FunkyNige said:
Can I quickly ask a related question here -
If Nationwide say I they'll loan me £80,000 and I can afford a £20,000 deposit does that mean I can get a £100,000 house?
Incorrigible said:
Yes
Your powers of basic addition are adequate
chimney said:
can anyone lend me their hands, I'm 999,990 fingers short.
I didn't know if there was some strange mortgage thing where the deposit just lessened the loan repayments but not the total value of the mortgage, hence I asked.
Chim_Knee said:
Can I quickly ask a related question here -
If Nationwide say I they'll loan me £80,000 and I can afford a £20,000 deposit does that mean I can get a £100,000 house?
Phil, take your socks off. 999,980
Sleep Envy said:Actually, 999,979 - my parents are related.
FunkyNige said:
Can I quickly ask a related question here -
If Nationwide say I they'll loan me £80,000 and I can afford a £20,000 deposit does that mean I can get a £100,000 house?
Phil, take your socks off. 999,980
mybrainhurts said:
Nationwide have a tool here that tells you how much they'll lend you:
https://olb2.nationet.com/applications/mpiui/start.aspx?dest=aff
Dat link don't work, mister......
Works for me... Try going here: www.nationwide.co.uk/mortgage/tools-and-calculators/borrow.htm
then clicking on the affordability calculator link.
Hi
Just been through all this with my financial advisor
Remeber the more deposit you have the better interest rate you will get.
First time buyer example, 10% deposit
get £1 more than 10% deposit for example and you are classed lower risk than say somebody with 8% deposit. Therefore more companies are interested in loaning you money hence more competition hence lower rates.
Its all based on %loan to valus and scales in multiples of 10
Lower your monthly outgoings - This is a BIGGIE
Loan example
say you earn 20K but have an outstanding loan of 10K paying off £200pm over a year, thats £2,400 therefore you earn after expenditures £17,600. Ther mortguage companies use this figure for there multipliers
e.g
17,600 X3.5 = £61.600
20,000 X 3.5 = £70,000
Big difference
Also helps if you dont have a life e.g. mobile, car, holidays, gym membership, girlfriend etc etc
Hope it helps
Just been through all this with my financial advisor
Remeber the more deposit you have the better interest rate you will get.
First time buyer example, 10% deposit
get £1 more than 10% deposit for example and you are classed lower risk than say somebody with 8% deposit. Therefore more companies are interested in loaning you money hence more competition hence lower rates.
Its all based on %loan to valus and scales in multiples of 10
Lower your monthly outgoings - This is a BIGGIE
Loan example
say you earn 20K but have an outstanding loan of 10K paying off £200pm over a year, thats £2,400 therefore you earn after expenditures £17,600. Ther mortguage companies use this figure for there multipliers
e.g
17,600 X3.5 = £61.600
20,000 X 3.5 = £70,000
Big difference
Also helps if you dont have a life e.g. mobile, car, holidays, gym membership, girlfriend etc etc
Hope it helps
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