[Ian101]

lol I was saying it tounge in cheek 

but as you get older u do need to think about these things .... ffs im only 46 !!!!

46 really?you look a lot older in the pic on your website!are you sure your not 56?

Cheers Daz ...... btw that picture about 6 years old

[mike1986]

Me and my wife took out a mortgage a few years back...I had to get proof of my last 2 years tax return figures from HMRC and the mortgage company went off the average net profit for those 2 years to decide how much we could borrow. From what I was told by our mortgage adviser, you need at least 2 years proof if self employed. Also my credit rating is very good, but my wife's was very poor, but didn't stop us getting a joint mortgage

[gary999]

Plus its something to leave the kids so when your older you can sleep better at night knowing they will be secure! No i line someone elses pocket by renting
Rent in my area fir a 3 bed is over a grand a month! Stuff that!!.

Good chance in the future with people living longer the value of your
property will go to looking after you Michael when the rest of your mind fails
and you need your nappy changing

[gary999]

If you are taking out a mortgage with the idea of making money
on a property forget it but if its about having a roof over your head
ina secure manner well as secure as anything is these days good luck

Obviously the best way to buy is with cash on the hip, I personally
was able to do this no interest payments etc when prices rose I made
a profit.I personally wouldn't of bought if I had to have a mortgage.

I imagine mortgage repayments are relatively low at mo with interest
rates being so low be aware though that interest rates will rise at some
point so f you can avoid stretching yourself to limit.

[deeege]

I imagine mortgage repayments are relatively low at mo with interest
rates being so low be aware though that interest rates will rise at some
point so f you can avoid stretching yourself to limit.

The bolded part is what the new mortgage rules are all about. Lenders now are being mega strict and are looking at long term affordability for when interest rates inevitably rise.

[groundhog]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

[gary999]

I imagine mortgage repayments are relatively low at mo with interest
rates being so low be aware though that interest rates will rise at some
point so f you can avoid stretching yourself to limit.

The bolded part is what the new mortgage rules are all about. Lenders now are being mega strict and are looking at long term affordability for when interest rates inevitably rise.

Deegee if we are talking about longt term affordability then majority should
not be getting mortgages especially with all the uncertainity about...long
term I cant see the lenders sticking to this and the wheel will just turn
full circle again.

Glad im not  stuck in the hamsters wheel now

[gary999]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

[groundhog]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

[deeege]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Agree.

[PoleKing]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Sorry-perhaps I wasn't clear in what I meant.
What I meant was:
Mortgage company says you can have £100k house.
You need to put down 10% of that, so £10k.
Put down £10,100 or £11k.
It looks better on the application that you're not borrowing right up to your theoretical maximum.

[gary999]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Yep a property can be a good investment but lets not forget a mortgage
is a debt you have to repay and throwing down more than you can handle long term especially
as we are literally at 0% interest rates and wont stay that way it can only go up
is foolish.
I think the last 7 years have proved biting off more than you can chew is not
particulary clever.

[gary999]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Sorry-perhaps I wasn't clear in what I meant.
What I meant was:
Mortgage company says you can have £100k house.
You need to put down 10% of that, so £10k.
Put down £10,100 or £11k.
It looks better on the application that you're not borrowing right up to your theoretical maximum.

Are 100% mortgages still available??

[cgh window cleaning]

I have just got a mortgage this year and the process was not as scary as you think but the banks are very strict and thorough.
You will need 3 years good accounts(I was asked for an sa30 form from the inland revenue)to show what profit you make.(not turnover)
They will go through you bank statements to see what you spend your money on.
They will ask you questions about you personal and business life(do you plan to expand.,or start a family)
You will need a good deposit minimum around 10%(and they will ask how you got the deposit)
You will need a good credit score you can check for free at experian.
That's all I can think of at the minute the best thing is to speak to your bank it won't cost you to talk to them and they will give you the facts and answers.
Good luck.

[PoleKing]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Sorry-perhaps I wasn't clear in what I meant.
What I meant was:
Mortgage company says you can have £100k house.
You need to put down 10% of that, so £10k.
Put down £10,100 or £11k.
It looks better on the application that you're not borrowing right up to your theoretical maximum.

Are 100% mortgages still available??

Don't think so mate.
The example I've put up is a 10% deal...

[Dave Willis]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

I think that is the worst advice you could possibly give ....... unless the original poster is confident he can still afford the payments should the interest rate rise. Some of us have had mortgages above 15%!!!!
If you have a mortgage at 1/2% and the interest went to 1% then it's likely your payments will double.

[deeege]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Sorry-perhaps I wasn't clear in what I meant.
What I meant was:
Mortgage company says you can have £100k house.
You need to put down 10% of that, so £10k.
Put down £10,100 or £11k.
It looks better on the application that you're not borrowing right up to your theoretical maximum.

Are 100% mortgages still available??

No.

In the early 2000's i know people who were able to get 110% mortgages 

Those days are thankfully long gone.

[groundhog]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Yep a property can be a good investment but lets not forget a mortgage
is a debt you have to repay and throwing down more than you can handle long term especially
as we are literally at 0% interest rates and wont stay that way it can only go up
is foolish.
I think the last 7 years have proved biting off more than you can chew is not
particulary clever.

Yes a mortgage is a debt, but it is a good debt that will provide you with a valuable asset! Never borrow money for cars or holidays etc, only borrow money for assets which will grow and make you money, and property is one of the safest bets that there is!!

[Dave Willis]

I was lucky when the mortgage rate was fifteen and a quarter percent - I could still afford to pay it, then as the interest rates dropped I paid the same amount as if it was fifteen percent thus my mortgage was finished in no time at all.

Others who borrowed to the hilt were stuffed when the interest rates climbed - several just had to hand the keys over and walk out whilst others stuck it out living in negative equity (house worth less than the amount borrowed).

[groundhog]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.

I disagree, do borrow your absolute maximum!! In 20 years time you will be glad you did!! 

Sorry hoggy disagree with the above

A house is the probably the very best investment you will make in your life, a mortgage gives you leverage to be able to invest in the best property you can possibly afford, make full use of that leverage, sometimes in life you have to take risks if you want to reap the rewards!

Sorry-perhaps I wasn't clear in what I meant.
What I meant was:
Mortgage company says you can have £100k house.
You need to put down 10% of that, so £10k.
Put down £10,100 or £11k.
It looks better on the application that you're not borrowing right up to your theoretical maximum.

Are 100% mortgages still available??

No.

In the early 2000's i know people who were able to get 110% mortgages 

Those days are thankfully long gone.

My first mortgage back in the 90's was a 110% .. and it was the best thing I ever did!!