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Original poster

where can i get a mortgage that.......

13 replies

tiredemma · 09/10/2003 20:39

will allow us to borrow 4 x our salary ?
we are desperate to get out of rented accom, especially now we have two little boys.
my eldest, harry is now 3 and next year i have to put him down for a school, all of the schools i want to send him to are in areas where the houses are priced out of our grasp unless we get 4 x our salary.
any of you lot know of any companies who offer this? thanking you all kindly!

OP posts:

lilibet · 09/10/2003 20:54

If you go to Batt and Brown they have something called The Market Place, they search thru hundreds of different companies, some that are only available to them and help you get the best one. At the momment I am looking for a mortgage and need to find a company that will take tax credits into account and I want my fees paid. They gave me a choice of a few and will also do the paperwork for you, only problem of course is that they charge, but for me it was well worth it. Its either £200 or a %age.

lilibet · 09/10/2003 20:57

except I mean Bradford and Bingley!
Not been drinking - honest!!

fio2 · 09/10/2003 20:59

you've had them 21 units havent you??? Mortgage matters are brokers too I think they ok.

Gem13 · 09/10/2003 21:06

It's usually 4x one salary so that's not much help.

We have a self-certifying mortgage. You have to come up with 15% of the value of the house as a deposit though.

Our financial advisor found it for us. Apparently quite a few companies offer them, they just don't advertise the fact. She also filled in the paperwork and assured us it wouldn't be a problem (that we don't earn as much as it says on the paperwork). We are confident we can meet the payments too so hopefully no awkward questions will be asked. Her services were 'free' as she gets commission from the building society. It's such a drudge going through the internet, I'd ask around for a recommendation for an independent financial advisor.

Good luck!

waterbaby · 09/10/2003 21:10

Tiredmamma - are you or DP graduates? There are quite a few high street banks that offer 4x salary for graduates - but you need to ask for the graduate package . Good luck, I'm sure the right bank is out there for you - you seem to be able to do pretty much anything with mortgages now, but most banks won't tell you that, so do try a brokers first.

waterbaby · 09/10/2003 21:13

We used a financial advisor too - it does make it a lot simpler, as long as you find one you can trust - ask around.

kaz33 · 09/10/2003 21:40

Try Intelligent Finance.

Or I used a mortagage website called "Just Mortgage" - I spoke to one of their advisors who was really helpful even when I kept changing my mind. They charge no fee as they work on commission.

robinw · 10/10/2003 06:47

message withdrawn

prufrock · 10/10/2003 08:51

Halifax, Intelligent Finance and Northern Rock all work on affordability rather than strict income multiples.
But do be careful - rates are forecast to rise so make sure you will still be able to afford the mortgage if payments go up a lot - maybe try a fix for 5 years?

CountessDracula · 10/10/2003 09:38

www.moneynet.co.uk allows you to put in how much you earn and how much you want to borrow and it will then display all suitable mortgages. Very useful site

quackers · 10/10/2003 10:39

Halifax have one of the strictest policies on lending and amounts etcc... Abbey National will go to x4, infact we got a mortgage for £210,000 on oncome of £52,000 and deposit of £20,000ish.
They are the most flexible in my exp. I am now with HSBC and they were just as flexible, they definatley do it on individual circumstances as we maanged to get further borrowing from them to total £226,000. They don't have tie ins either and the rate is always guranteed, with no extra to pay,

Jemma7 · 10/10/2003 11:31

My Mortgage is with Cheltenham & Gloucester - We used an independant financial advisor and he was worth his weight in gold!

We we're unfortunate when we bought our house as we were first time buyers and had no form of credit to our name - you would think this was a good thing but as we had not built up a credit history there was no proof that we would be good payers!

I would defo recommend a Financial Advisor - if your anywhere in Bedfordshire i can make a good recommendation

Original poster

tiredemma · 10/10/2003 12:34

thanks everyone, i have lots to go on now.
we decided last night to up our savings account every month so that we have at least 15% deposit to put down. its a bloody nightmare, i wish we had bought before the house prices went ridiculous a few years ago. have to put harry down for a school at around january 2005 so we have just over a year to sort it all out.
thanks again all of your information and links has really helped me go in the right direction!!
ill throw a house party when it all eventually happens and your all invited!!! (bring a bottle of course!)

OP posts:

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