mortgages

[Riley's Mommy]

hi there.

was just woundering. how difficult it is to get a mortage?

i fear we wont be able to get one now with me having LO soon.

what are typical repayments like?

is it possible to get a mortgage when only one person is working full time?

 

[sparky]

its fine to get a mortgage on one salary, basically each lender lends on a multiple of your household income, some 2.5 up to 5 times salary

So if youre earning £20k 2.5 would lend you £45k, 5 times would be £100k, they'll take into account your outgoings and if you'll be able to afford it.

Rates vary from lender to lender most lenders have a mortgage calculator on their websites so you can work out how much it will cost per month, dont forget that you'll need buildings and contents insurance and probably life assurance too.

Getting a mortgage is quite easy now, you can do it over the phone or online, the part that takes the time is finding your property, having the survey, exchanging etc.

Some lenders offer a mortgage holiday at the start, which might help you out a bit financially at the start.

Best thing you can do is speak to a financial advisor, make sure they're independant i.e. not linked to a bank, most will offer this service for free as they eventually get paid commission from the banks. they should be able to take your income, outgoings and how much you want to borrow into account and will let you know what your chances are.

Good luck!

 

[sparky]

http://www.unbiased.co.uk/

will help you find someone independant in your area!

 

[Riley's Mommy]

thanks sparky

 

[Nicky_Jones]

BTW don't be put off if one lender won't lend to you. When I took my first mortgage out several wouldn't lend to me until I had been working full-time for 6months (despite having a decent deposit) - I was in my final year at uni while I was arranging the purchase. I wasn't prepared to do that as to rent a 1bed bed-sit (in the area where I had my first job) would mean I was spending more than my income at the time whereas I could (just) afford the mortgage repayments if I bought a flat. Halifax where prepared to lend to me and had reasonable rates so I went with them.

 

[tracyM]

I would recommend going to see an independant financial advisor. They'll ask you about your circumstances and find something that's suitable. So far ours has been brilliant. He's dealing with solicitors, mortgage and estate agents for me, and gone through all our finances to make sure we're getting the best deals on life assurance, savings accounts etc.