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Or whats the percentage that you get off of the amount you sold the house for like 2% or 5% etc.
Additional Details
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Additional Details
Acer, I am not trying to manipulate the system. Perhaps you should try leaving out your insulting assumptions or simply do not answering.
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slimline | What is the maximum annual wage i must earn, so as i can apply for a first time buyer mortgage? |
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Paul Rules
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there isnt a maximum, your mortgage will just depend on what you earn. |
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bluecow
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there is no MAX, to qualify as a FTB, u must hav NOT bought in the past 2 - 5 years, (depending on the lender)..
thats all. |
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lanctoreador
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There isn't one ! |
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Mike
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"first time buyer" with regards buying just means you don't have one to sell and you don't already have a mortgage.
Wage you need just depends on what you buy. I found it best to work backwards. I got a experienced mortgage adviser to look at my wage and out goings and then he advised of a range in value of what i could get. Once I had found house in the middle range. ( Don't overstretch although I have friends who said get a house to almost your maximum because over time payments will get easier. I prefer to have some cash spare . Have a house and have a life too ) I left it to mortgage adviser to find best deal. Nothing better in owning your own house and having spare money to go on holidays. |
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Squiz
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there isn't one. I've been having this problem and my advice would be to ask around. You should be able to get free advise from most places. They times your income by 3.5 (some will do up to 5 or 6 times now) and that is the maximum figure u can borrow from them. Is that enough? My tip would to not go to mortgage advisers in estate agents though. I may have just been unlucky but the ones I met were pushy wheeler dealers and there mortgages weren't that good.
Good Luck |
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rafena 1979
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For a first time buyer mortgage it will be 3 times your normal annual wage (excluding bonuses, etc).
If you are applying for a mortgage as a pair (i.e. two people earning) then it will normally be 1 and a half times your combined wage.
It all depends on which bank / building society you go and see. Shop around and see who can give you the best deal, its well worth it. |
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beach_babe971
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there is no requirement.
the more higher the loan you want, the more income you have to have.
it depends on the price of the house. every house is different
all you have to do is ask a lender, what is the most you qualify for, then look for a house with that price. |
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lordmoldishorts
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I presume you mean minimum, rather then maximum.
As the others said, it will depend on how much you want to borrow.
Try somewhere like www.standardlifebank.com, where they have affordability calculators, and will tell you what the maximum they would lend you would be, based on your salary, and any available deposit. |
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Foo
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There is no maximum wage for first time buyer status. |
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Arthur T
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There actually IS a maximum for some first time homebuyer programs. Most states have programs for first time home buyers that will have a cap on your income that will be determined by the mediun income of your area. You do not, however, have to use these programs if you make too much money. Most lenders will allow first time buyers just like anyone else. One thing to note, is that state sponsored first time buyers programs are often more buyer friendly than are traditional lenders. They allow you to buy with lower credit scores. The give lower rates and often give no prepay penalty and have fixed loans. They are also administered through financial institiutions. Give me a call if you have any more questions (888) 292-8001. Art Talley- The Home Loan Group...a Chase affiliate. |
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