could we get a 210k mortgage?

[bluearya]

Before i start dreaming could u tell me my chances of getting a 210k mortgage?

we have 55k for a deposit and DP gets 25K a year. I'm on maternity at the moment and don't plan on going back for a while but can always work some hours if we are pressed for cash.

At the moment we rent and pay 650 plus cc and bills without any problems.

So... any chance? Thanks

We took out similar loan - bought house for 210k a few years ago but had 70k deposit. At the time dh earned 30k so not much more. Getting mortgage wasn't a big problem and lending was even tighter then.

We now live on a lot less as both made redundant and dh only found pt job but repayments are manageable and still less than renting.

I would definitely check it out and go through a broker OP. Nothing worse than having to find more and more money to pay rent each year..

I bought in the 80's Mosman - and my mortgage interest rate jumped from 9% to 15% in the space of 6 months and stayed that way for 11 months - it was hard.... finding HUNDREDS of pounds more (on a 50K mortgage) was really hard... BUT we had pay rises that were well above inflation (which was also high) which eased the burden eventually.

During a recession where pay rises are non existent or derisory, you can never make up the difference... and amounts being borrowed have to be so astronomically high in terms of wage multiples that extremely small changes in interest rate can cause severe problems in ability to pay.

In the late 80s repossessions were commonplace - if you missed ONE mortgage payment you were called in to see the bank manager and provide proof you could pay - if you could not pay or provide proof, proceedings were started immediately. My brother lost his house and was still paying for it AND paying rent for a place to live in 10 years later.

This is quite commonplace I think it should be fine.In 2006 we were given over 100k and dh earned 14k and I was only earning 56 a week and we had nowhere near as bigger deposit as you.

Lots of my friends have big mortgages and all earn under 30k.

In 2006 the banks were lending silly money.... they will not do that now...

My friend os on joint income of 32k she has just bought a second property for 160k with only 20k deposit.Shes in negative equity with other property she did it with a broker.It is still happening she has over 200k of mortgages.

I will add her mortgage is 40 years though.

Is the property on the market at £210 or is that your max offer? You could ask about getting a mortgage for £135k and £145k if you offered £190k and £200k for the house? At least then you might get a picture of your maximum.

Again, I agree with Bytheway1.

The lesson I learned from that period of time was that I would never have debt unless it was a student loan or a house, and with regards to a house, I would always look at what happens if interest rates rise by 5%. When we bought, rates were 5% so I did our calculations on what happened if rates were 10%. We also looked at the 10% rate scenario over a 2 year period where one of us loses our job. What were our plans then? Etc etc.

You might do - my sister is on 28k, had a 25k deposit and it a 130k mortgage agreed on self cert .

Your DH isn't a teacher by any chance?

Oh, she did put our parents down as guarantors though

You can't get self cert any more though.