 Mortgages for 5 times your annual salary. A good idea or not? |
Yesterday either Abbey or HSBC (I think it was Abbey) decided to let first time buyers borrow 5 times their annual salary to get the bottom end of the market going again.
Are they mental ... |
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If so I'd like to hear it please, good experiences only!
Additional Details
Mmm not looking good this, come on someone must have something genuinely nice to say!... |
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 My husband and I have been living rent-free in a house owned by my parents for the last 10 years.? |
Will having no rental history affect our ability to get a loan to purchase a home?
Additional Details
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Just found out that my husband took a line of credit against our home to buy land in the country without disclosing our marriage to the lender.
Even though my name is not on the title to ... |
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does anybody know how long it will be after my house has been repossessed i will receive my money for it
Additional Details
no my house is getting repossessed and it is selling or more ... |
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 Agree or Disagree? |
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Now we find that they gave us false socials, birthdates, etc.
Our dispossessary case will be heard on the 14th. Can we ask the judge for a copy of their socials, and drivers license so we can ... |
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 How long does a house sale take from offer to completion? |
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xxamylvzbellxx | What are the first steps you take to getting a mortgage? |
it sounds stupid i know! but me and my partner are looking to get a mortgage, we are first time buyers obviously first time buyers, and we haven't got the first clue on how to go about it, do we look for houses then make an appointment to see a mortgage advisor or bank???
thans in advance |
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MK Financial Solutions
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You should talk to a broker who provides free advice. That way, even if you do not use them, it does not cost you anything and you get professional advice. |
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Eddy T
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Both of you must be working and have incomes Go to a bank to get informations on a mortgage to buy a house. After you get all the facts and particulars especially on the amount of monthly repayments you need to pay on the mortgage you require. Do some calculation on your affordability and your personal up keeps on your life styles. If they are positive start looking for a house to buy for your home. |
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chatsplas
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Go see a loan officer, preferably more than one.
You need your tax return, sometimes also your W-2s, your income, your debts and assets
You can get prequalified, find out what price home you can afford
DON'T overextend yourselves--most common mistake of first time buyers
Homes are expensive, they require upkeep, maintenance, repairs, new roof, new appliances, paint and then there are taxes and insurance in addition to your mortgage payments
BUY less house than you can afford, not More house than you can afford
Once you're prequalified, start looking. . . .it's a good time to buy as the housing market is depressed and prices have declined. . .however they may continue declining another year or so and your house could end up being worth less than you paid for it--problem of many recent purchasers (last 5 years) |
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WelshLad
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First of al I went to Halifax, just to get an idea (quote only) to see how much I can get, so I can get an idea on what price range I can get. |
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ironik
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go to the bank first to see if you can get a mortgage then look for a house |
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J P
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If you go to www.hud.gov, you can search for a HUD-approved housing counseling agency in your area. They will give you a free counseling session on all of the aspects of buying and owning a home. They will also be able to tell you of any local programs that are made for first time buyers. For instance, in Maryland, I can do a special loan for a first time buyer that is 100% financing and has a lower rate than a standard loan. The housing counseling agency may provide you with a list of lenders, but don't feel like you are limited to that list. If you do shop around, remember that rates change every day, so if you are comparing rates you should compare them at the same time on the same day. Rates are pretty good right now, and housing prices are low, but all indicators point to higher rates later on this year or early next year. Also, recent data seems to indicate the supply of houses is going down, which will cause prices to go up. This fall is probably going to be the best time to buy since 1999.
Josh Parker
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felix
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Keep looking for houses you like but make an appointment to see a mortgage advisor , you can see one at your bank. Also if you go into Barclays they have booklets about morgages read up on them they give alot of info Good luck |
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dinner nanny
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Go to a few banks, starting with your own, take a few months' pay slips with you and see what they will offer. It's no use looking for a house until you know how much you are likely to be able to afford. You also need to take into consideration any legal fees, removal costs, decorating costs, etc. Only go to reputable loan companies (banks/ building societies) or you may pay too much interest. Don't let the estate agent badger you into using a financial advisor they recommend (they get commission and it's not always independent advice), but ask your friends with mortgages who they would recommend locally. |
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Jade B
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I work for a mortgage broker,
my advice is to look in your yellow pages or ask family / friends for recommendations and make an appointment to see a broker who will be able to help you with everything from making an offer to finding a good solicitor
jade |
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broxysbabe
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When my hubby and I first got a mortgage we went to see a mortgage advisor first to find out what price range we could afford, he also managed to secure us a mortgage once we had put in an offer on a house, hope that helps and good luck |
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tone
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First decide what area you wish to live then figure out your bills and income and decide how much you can spend on housing, taxes, etc.
Talk about the type and size house you wish to purchase; then drive around and check out the areas. Pick up some house for sale ad books and look at them to get price idea. Then go talk to your bank and ask them to pre-qual you for mortgage, them hit the streets |
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SandpaperTongue
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When the market was hot a few years ago, you would need to have a pre-qualification letter from a bank that said "Yes, you probably would qualify for a loan for X amount." That way, sellers would know that you would have the ability to buy this house. Of course, it turns out a lot of those letters didn't mean a whole lot, but that's a different story.
Now, since the market has slowed down and has become much more buyer friendly, you don't need that letter anymore.
So, feel free to look at houses first and get a sense of how much you can afford. Your realtor can probably recommend a mortgage broker that can talk you through how much you can qualify for.
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T C
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Go and see your bank / mortgage adviser first, take a long a few wage slips with you as well so they can see how much you earn, they will then be able to tell you how much you can borrow.
Start saving as well, not only will you need 5% deposit to put down but you will also need monet to pay for legal fees & stuff. |
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