craig12 10 #1 Posted November 26, 2018 (edited) just wondered how long the young couples get to have a mortgage these days I heard it was 30 -40 years cos of the horrendous prices ,also whats the deposit now , when I was buying it was a strict 10 % down , wage slips checked etc etc 2.5 joint income was all we could have as a loan Edited November 26, 2018 by craig12 Share this post Link to post Share on other sites Share this content via...
choogling 14 #2 Posted November 26, 2018 The joint income of a couple was also considered in the seventies, we put 20% down to reduce the costs but to do so worked my butt off for twelve months to raise the cash.The interest rate was about 15% at the time. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw 90 #3 Posted November 28, 2018 On 11/26/2018 at 5:28 PM, craig12 said: just wondered how long the young couples get to have a mortgage these days I heard it was 30 -40 years cos of the horrendous prices ,also whats the deposit now , when I was buying it was a strict 10 % down , wage slips checked etc etc 2.5 joint income was all we could have as a loan It entirely depends on the criteria used by the mortgage (lender). Darlington Building society is now offering advances of up to SIX times earnings but says that it screens applicants rigorously to ensure affordability. Very risky for both parties! Share this post Link to post Share on other sites Share this content via...
craig12 10 #4 Posted November 29, 2018 6 x earnings , glad im a silver stacker Share this post Link to post Share on other sites Share this content via...
Cyclone 10 #5 Posted November 29, 2018 Duration is upto the person taking out the mortgage and what they can afford, but longer mortgages have become available when in the past I get the impression they simply didn't exist. Share this post Link to post Share on other sites Share this content via...
topflat29 10 #6 Posted December 1, 2018 Before the introduction of AST letting agreements in mid 1990s and before BTL mortgages came onto the market , the traditional building societies followed the rule to allow only one mortgage loan which had to be fully paid off on reaching retirement age at 65 years. I believe that Halifax Bank will now let your mortgage loan run up to 80 years age but many other mortgage lenders still want the mortgage loan paid off on reaching 65 years age, when the job ends and many have to live off their meager state pension . Share this post Link to post Share on other sites Share this content via...
Cyclone 10 #7 Posted December 1, 2018 If you started at 20 though that would still allow for a 45 year mortgage! Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw 90 #8 Posted December 11, 2018 On 12/1/2018 at 12:11 AM, topflat29 said: Before the introduction of AST letting agreements in mid 1990s and before BTL mortgages came onto the market , the traditional building societies followed the rule to allow only one mortgage loan which had to be fully paid off on reaching retirement age at 65 years. I believe that Halifax Bank will now let your mortgage loan run up to 80 years age but many other mortgage lenders still want the mortgage loan paid off on reaching 65 years age, when the job ends and many have to live off their meager state pension . True; but there are 'retirement' mortgage advances available, in which the accruing interest can be 'rolled-up' rather than being paid. Share this post Link to post Share on other sites Share this content via...