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+--- Thread: Mortgage Advice? (/showthread.php?tid=7735)
Mortgage Advice? - Carpediem - 04-05-2019
if you have a decent deposit, and excellent credit score this is not what is getting you declined, they will be declining you because of your pay, and free cash
they will be look at how much the mortgage will costs, council tax, leccy, gas, water, sky, tv licenses, car insurance, general cost of living such as fuel/food/clothes and have probably worked out that you wont have enough left over to cover any short comings, thus making you a risk of defaulting
my partner current has a flat that she bought for £64k, with a £20k deposit so mortgaged £44k, with a rate i think of 4.19%, but that still costs her £218 per month, add in all the other bills jsut for a flat and from her £16.5k a year salary she has £80 to herself, (She only got the mortgage because the broker fobbed the bank off and said she had more disposable cash than that)
I highly suspect that is what has happened
Mortgage Advice? - parthiban - 04-05-2019
2tongues I will do a "blog" thread once we have got further down the route.
Sounds good, definitely interested to know more about the process
Mortgage Advice? - Saraj - 04-05-2019
parthiban Bit late on this one, but as everyone has said the whole thing has tightened up severely. Many reasons in play, but 10% deposits are really hard to get, because banks are expecting property prices to fall at some point and they don't want to end up with tons of loans worth more than the properties they are secured to.
Interesting how cheap those properties are though, been looking at the US at present for investment property as it's so cheap, didn't realise it could be that low here too. What sort of rent would a property like that get?
the rent on these types of house between 20k - 35k are like 350-400 per month, so an investment is well worth it in this area.
Probally why alot of let homes are coming up, alot of polish are renting as well.
Mortgage Advice? - parthiban - 04-05-2019
Saraj the rent on these types of house between 20k - 35k are like 350-400 per month, so an investment is well worth it in this area.
Probally why alot of let homes are coming up, alot of polish are renting as well.
That is a very decent return, going to have to look into this in more detail when I have time
Mortgage Advice? - Saraj - 04-05-2019
parthiban That is a very decent return, going to have to look into this in more detail when I have time
must say some of these houses do need work on them, and some very extensive work.
but still you can pick up ready to move in houses for 50k-60k
Mortgage Advice? - parthiban - 04-05-2019
Saraj must say some of these houses do need work on them, and some very extensive work.
but still you can pick up ready to move in houses for 50k-60k
Ahh ok, still not a bad return but perhaps not as attractive as the stuff in the US - will definitely have to start looking at the UK as well though now