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i want it.....i need it... i CAN pay for it.....

(32 Posts)
Evesmama Sun 15-May-05 21:17:53

orinoco told me breifly about this last night.

long and short of it is, we dont actually earn enough for them to give us the amount we want to borrow..however without being utterly skint, we can still afford the huge mortgage that would bestow us! if only we could be given the opportunity

have searched the net, but no 'real' info..can ANYONE either point me in the right direction or give me you experience??
pleeeeeeeeeease

Evesmama Sun 15-May-05 21:18:43

sorry, the initial header was affordability mortgages..who offer them/how can i get one...just thought it sounded too boring to get anyones attention

babaworshipper Sun 15-May-05 21:19:18

Try standard life bank - they lend on affordability.

Might be worth a go.

Evesmama Sun 15-May-05 21:20:02

ooh thankyou!

Evesmama Sun 15-May-05 21:29:29

no, according to calculater online, they wouldnt lend us enough for a shoebox

puddle Sun 15-May-05 21:32:23

Try a mortgage broker like charcol. They charge commission but will get you a deal.

Or try abbey National - they are known for lending on affordability rather than multiples of income. You won't get the best rates on the marketr tho

Evesmama Sun 15-May-05 21:48:28

thankyou puddle, have looked online and they wouldnt be enough, however i think for this type of question, i would need to actually 'speak' to someone there, so have took numbers nad emailed them..fingers crossed

Prufrock Sun 15-May-05 22:06:14

Intelligent finance (if.com) also lend on affordability - and their online calculator significantly undercalculates what you can get.

Gobbledigook Sun 15-May-05 22:26:44

Try Nationwide - using the online calculator they would lend us a lot more than others.

I think you are right though - if you want to borrow on affordability rather than strict income multipliers, you need to actually see someone and sit down with them, show them your finances and prove you can afford it.

Would someone be a guarantor for you? That might mean you can borrow more. It means someone guarantees payments on the amount you borrow above what you could ordinarily borrow. So for example, if you could normally borrow £150K but want £200K, someone guarantees the extra £50K for you which means that if you defaulted on payment and the bank could not contact you to arrange payment plan, they would look to the guarantor to pay. Obviously if you can afford the payments it wouldn't come to this and someone you know well and who is in a good financial position might be willing to do this for you.

Evesmama Sun 15-May-05 22:29:18

thankyou prufrock and GDG

BIL 'could' (have not asked) possibly go guarantaur, however they are in middle of buyin £430000 house, so dont know how that would work?

will have a look on those you mentioned though

Evesmama Sun 15-May-05 22:29:22

thankyou prufrock and GDG

BIL 'could' (have not asked) possibly go guarantaur, however they are in middle of buyin £430000 house, so dont know how that would work?

will have a look on those you mentioned though

Gwenick Sun 15-May-05 22:33:35

Try going direct to your bank - that's what we did (DH banks with HSBC). The amount they told us over the phone still wasn't 'enough' but when he went in and actually talked to them we got about £15k more that the amount they could give us over the phone!

Evesmama Sun 15-May-05 22:34:29

oh thanks..everyone

i know we will probably lose the house weve fallen in love with, but we just need out of here..so will do what we can..thankyou

AngelCakeUmm Sun 15-May-05 22:39:20

Evesmama do you live in council at the mo?

Evesmama Mon 16-May-05 08:19:22

sorry AngleCakeUmm, i didnt get your post last night, must have just gone to bed.

no we have our own house at the moment(mortgaged), but we actually own almost half of it and if we sell we would make over a third of the amount we want to lend...plus we dont have a busy social life and were good with money usually so we could definatly afford the higher mortgage, just cant get them to give us benefit of doubt

Fran1 Mon 16-May-05 08:30:00

I think you need to go and see them in person, the online calculators will be no good for you as they can only give bog standard replies, no room for flexibility.

If you go into a band and flutter your eyelashes you may have more luck

anorak Mon 16-May-05 08:30:26

You can get mortgages where they don't ask for proof of income if you have over 20% of the purchase price - when I got one in 1997 you could borrow up to about 200K so it must have gone up loads since then.

I got mine with the Bank of Scotland back then.

Evesmama Mon 16-May-05 08:47:43

thanks fran1 and anorak

im gunna ring round a few that have been mentioned today, ill probably have to go in and speak to them face to face, but at least i will be able to determine who can offer then..thankyou
its really getting to both of us now and we're torn over giving dd material things that she wants and holiday(maybe?) etc, or giving her a nice area and a nice house to start her off in, plus not having to swap and change her schools!

Hulababy Mon 16-May-05 08:49:48

Have you spoken to an IFA? A good IFA will be able to search everything for you and see what is available. Also a good IFA will have contacts and a reputable name - and can often get better offers out of the companies they deal with.

Evesmama Mon 16-May-05 09:04:27

how can i find a 'good' IFA???

Puppy Mon 16-May-05 09:44:40

We had to remortgage, I had only just registered as childminder and so had no proof of income, www.homebankplc.com was really helpful, they sent a lady out to our house and came up with a company which would do this for us, It was fast and easy did not have to leave the house once which is good when you have young children, all she asked was for copies of our bank statements to see if we could afford the payments which we could. and horray we got it and have had no problems atall with it, the lady was that nice we even got a christmas card off her.

I should be on one of them loan adverts hehe

Evesmama Mon 16-May-05 09:46:30

ooh..oooh..ooh..gunna go look for them now.thankyou thankyou

Evesmama Mon 16-May-05 09:49:51

just emailed them puppy

Puppy Mon 16-May-05 09:51:21

I hope things work out for you, i'll keep my finers crossed.

Puppy Mon 16-May-05 09:52:09

fingers that should say, my g button is sticking

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