 What is the biggest mortgage I could get for a house in the UK on a salary of £25k? |
I am a recent graduate and would like to know the maximum mortgage I could get on a salary of £25k. Bear in mind I don't know much about mortgages!!
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P. M | Mortgage gimmicks? |
We have a lot of equity in our home, a credit rating of 661 and wanted to borrow $25k for improvements, NASB -(816)765-2200, says, "we don't like your credit score". One other loaner (Quicken)(734)805-5000, says," there are no more 2nd mortgages/equity home loans and the market is not lending against property values no more". Is this the trurth or are they forcing me into a refinance to have 100% control of my property? |
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Bob D
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It depends on the state. Your credit score is a little low for the current market. It also depend on your annual income and how much you keep in the bank (reserves). You may be better off with a refi depending on your 1st mortgage interest. I would look around in your home area for a honest mortgage broker to see if they can help....and be very careful with whom you deal with. |
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michiganted
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There are plenty of lenders who will do second mortgages. There is no doubt that there are fewer players in the market these days. Most of the remaining players do prefer a 660 or better score - so be judicious with home many credit pulls you have.
As long as you can document your income and do not have to use a "stated income" program there is a home for your loan request. |
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Cory Z
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You should have no problem getting the money. go to a bank and get a home equity line of credit (HELOC). With your credit score and hopefully decent income you should be fine.
It might be better to refinance so look into that too. go to a bank or a broker and just tell them what your goals are and they will tell you what the best solution it. |
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Hendry
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Hi,
I used "Credit Solution" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://link.toolbot.com/linksynergy.com/86008 |
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great_and_mighty_adam_levine
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Bull*##&.
They are full of crap.
The subprime market is dying, but you aren't subprime. Go to your local bank and ask for a home equity loan. Or, you can try LendingTree.com.
You can get one.
-->Adam |
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Mr. Knowitall
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1.) Your credit score is fine.
2.) Quicken is correct - many lenders have eliminated 2nd mortgages and home equity lines of credit (HELOCs) from their product lines, because, like subprime and Alt-A mortgages, Wall Street investors don't want them.
HOWEVER, you can check with your local bank. I know that most of the larger lenders who are banks (Chase, WAMU, Bank of America) are still doing home equity lines of credit and 2nd mortgages. Be prepared to pay a rate of at least 8.25%, and if you're trying to do over 90% of your value (combined with your first mortgage) be prepared for a high rate, even through a bank. |
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Jrsmama
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They are partially correct.
Unless you go to Washington Mutual 805-922-7334-ask for Rochelle Myers., most other lenders require a 680.
As long as you have equity, you should be fine with WAMU. |
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beachlover
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with home values falling most lenders are shying away form home equity loans
its understandable you want to improve your property but in some markets the equity is still going down making it hard to refinance
if you must make the improvements now look into refinancing and see if you can get a favorable rate it will im sure be less than the prime plus 2 or 3 you would have paid for the equity line |
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Jesse
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You are trying to refinance at about the worst time right now.
If you haven't been reading up on financial news lately, the credit markets are unsettled right now. A lot of it has to do with what's called sub prime debt.
Essentially credit before was so easily to obtain and banks were issuing mortgages and refinancing to pretty much anyone, even those with poor credit. When these people started defaulting, the market backlashed and now it's hard to sell this debt to anyone in the secondary market.
So, right now, banks are reluctant to lend to anyone without really good credit because these mortgages can't be packaged and sold in the secondary market very easily right now.
If I were you, I would wait for a while for this all to pass then try again. If you really need to take out a 2nd mortgage out, then stay local and see what you can do.
Good luck! |
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Fordman
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Have you been listening to the news lately? All the talk about sub-prime loans and the high default rate. I have to admit that your FICO score is not helping you. With exsisting homes inventory at something over a 15 year high, the values of property will not gain, and in fact, in certain markets will actually decrease. I'm sure that you can get a loan if you keep trying, but it is the interest rate that you will have to pay.
See what you can do to increase your FICO score to over 700. Good luck. |
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Yanswersmonitorsarenazis
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Many banks have been securitizing and selling their 2nd mortgages along with their first mortgages on Wall Street. 2nds, just like the subprime and Alt-A loans, aren't performing well, and no one will buy them at any price right now.
However, there's still plenty of money to be lent. But you gotta stay local. Your credit score isn't great, but isn't terrible either. There's no reason you shouldn't be able to get financed up to 80-90% loan to value.
I'd start by checking with some local credit unions. If you qualify to join them, they'll probably do your loan quickly and cheaply. If not, try a couple smaller local banks. |
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