Please :help:

Is it possible these days to get a mortgage alone?

I am being told that there is no way i would get a mortgage alone on my wage... I need to know if this happens to be true or if i'm just being given the run around...

All replies will be greatly appreciated... If any confidential info is to be given out or asked of me then please feel free to PM me...

Many thanx

A xx

completely depends on your salary.

You can easily get a mortgage at 3* salary, probably 4* if you look around.

Marital status has nothing to do with it, except a dual income means you can borrow more.

A lot of people - myself included - have mortgages on their own. What matters is can you get a home for the amount of mortgage they will let you have? It's possible to get around 3.5 times your annual salary.

Good luck A!

K x

In some cases you can get a mortgage of greater than the 3 or 4 times multiplier that you'll hear about, but they're no longer as common as they were a few years back.

There are such things as 'Self Certification' mortgages which were originally designed for the self employed (like me). Effectively, you certify that you can make the payments. Self Certs are not all that widely available, though, and you tend to have to go through a mortgage broker.

The most important thing is to remember that even if you CAN get a mortage at 4x your salary, can you afford the repayments? Also, can you afford the deposit?

Taking a 100% mortgage may seem OK but if you DO borrow all teh money you need to buy teh house and the house value falls you will owe more money than you have equity to cover - so called 'negative equity'. Borrowing 90% of what you want and finding a 10% deposit will give you some slack in the event of a price fall.

Joe

It seems to me that you sould get a mortgage as early as possible if you can afford it and you want to be a homeowner.
I bought my house on my own 10 years ago. And I've nearly finished paying for it. But at the time it seemed like a massive problem and debt. I waited a couple of years until my salary was high enough to to qualify for the 3x formula, and if I had my time again would have got in earlier as the prices of the houses went up faster than the difference in my salary x3. I would be in a more valuable house now if I had have done.
However I am not complaining, I have done very well out of it in the long run, but you have to keep thinking 15 years on.

You have to make sure that you don't bite off more than you can chew, and do without luxuries like going away on holiday and carpets and dishwashers for the first few years and you will probably be ok.

Does anyone know where the areas of Shared ownership are? My last property was through shared ownership... maybe able to get a nice little property through them?

A friend of mine found one in Woodseats that was being sold through Blundells, although that's about a year ago.

Have you tried the estate agents websites? They might have some on!

K x

HSBC will lend you more than 4 times your salary (I think it works on how much you can afford in repayments), but obviously you have to be VERY careful and know what you're doing if you go down this particular road.

Originally posted by Angel05
Does anyone know where the areas of Shared ownership are? My last property was through shared ownership... maybe able to get a nice little property through them?


If you look through the New Homes pages of the Sheffield Telegraph property section there are usually some shared ownership details there. A few weeks ago they were offering 75% ownership at 88K on new flats.

Also the estate agents may have details.

Thank you all for your help on this... please dont feel you have to stop there tho... its always good to get feedback/advice :)

Have you got a decent sized deposit (15%)? I'm only asking this as going 'self cert' will be your best option as this doesn't have to relate to your 'actual' salary. This is known as equity lending and lenders will be happy to advance almost anything as long as you can come up with the 10-15%. I suppose on the basis that you are less likley to default with a decent chunk of equity+ the deposit gives a cusion against neg eq. I got a mortgage for 200k 3 years ago and earn't less than 10k that year cause i put down a decent deposit! spent my entire salary on the flippin' mortgage though LOL . But got the last laugh as the house has now doubled.

If you cannot do this the shared ownership route is probably best as at least you can get on the property ladder.

The trouble with self cert is that you pay higher interest. Also, banks etc have tightened up on self cert now so they are harder to get. They are really for people who don't earn a regular wage, get bonuses that don't show up on wage slips, earn irregular amounts thru' the year, self employed etc.

Angel 05 - have you thought about schemes where you can buy part of the property - say, 75% - and the builders fund the rest? You can buy them out when you can afford it or give them 25% of the profit (?) when you sell.

Originally posted by vision


Angel 05 - have you thought about schemes where you can buy part of the property - say, 75% - and the builders fund the rest? You can buy them out when you can afford it or give them 25% of the profit (?) when you sell.

Thats shared ownership.... my last property was shared its a good way of getting onto the prperty ladder would recommend it to anyone... :)

I am thinking about doing that again too...