If you’ve had a mortgage offer recently..

[Paddingtonthebear]

Would you mind sharing your income and your saved deposit? And your offer figure?

Joint income: £150k
Deposit: £220k
Maximum lending: £435k (if lenders were currently looking at annualised salaries we would be able to borrow up to £700k, but as it’s the last 3 months payslips only due to covid, our borrowing is much more limited.

[quote fimimifi]@Skyppy do you mean £90k not £9k mortgage? [/quote]
Oops. Yes £90k!

@GreenClock if its a single application I believe they lend up to 5.5x

@Youngatheart00 although mine was a remortgage the original deposit came from inheritance, and why ex is not getting a penny out the house, I kept the equity + orignal deposit

We have joint income £85k and hoping to have £40k deposit, maybe a bit more.

Joint income - 61k
We were offered AIP up to 278k but that was way more than we were comfortable with. We're buying a house at 205k, deposit 41k, mortgage 164k, should be completing in the next fortnight.

Thanks Dazed. x5.5 is pretty good!

@AppleStars

Joint income - 61k We were offered AIP up to 278k but that was way more than we were comfortable with. We're buying a house at 205k, deposit 41k, mortgage 164k, should be completing in the next fortnight.

Apple stars if you don’t mind me asking what is your monthly repayments roughly and over how long. Just curious as your numbers are similar to ours.

@AIMD no worries, our repayments are going to be roughly 705/month 2 year fixed rate. We're FTB so didn't get a great interest rate (3.11% with Halifax)!

[quote AppleStars]@AIMD no worries, our repayments are going to be roughly 705/month 2 year fixed rate. We're FTB so didn't get a great interest rate (3.11% with Halifax)![/quote]
I forgot to say as well it's over 30 years, then we hope to remortgage it to a shorter term after the 2 years fixed if possible!

Wow. You all had massive deposits

and incomes

Joint income 31k
Deposit 26k
Mortgage 140K

Joint income £60k
Deposit £35k
House value £175k
Mortgage £140k

I thought we'd done well to save our deposit but it seems tiny compared to some on here!

To those commenting on massive deposits, it may well be that its growth of equity in existing property. Prices since 20 years ago moved massively (well at least in greater London which I'm familiar with) even if pretty stagnant in more recent few years. My OH owned the home we first lived in together before we dated and from 2006 to 2016 when we sold it went from in the 300s to close to 800, which gave us almost an extra 450 in equity to what he put in when bought the house initially as a deposit for the next home. Hopefully the market will move more again in time.

Joint income £86k
Deposit £120k from sale of previous house
Mortgage £270k
4 bed semi (1970s) in a smallish village.
We are early 30s and were very lucky with how much money we made on our first house.

Our deposit btw... it’s a mix of savings and inheritance after selling parents’ house and we’d finished paying off the mortgage from the house we were in.

FTB (at the age of 40!)

DH income - £64k
Deposit -£38k (inheritance)
Mortgage - £210k

Buying a 4 bed semi detached

Sole income 45k
Deposit 20k
Mortgage 185k

I’m a FTB from a poor family so no equity or financial help. I didn’t buy the flat in the end as it had several structural issues but I had the offer ready to go. I’m looking now either at a flat in London or a 2 bed house in my hometown - they cost the same. I’ll have to take out a 30 year mortgage

Sole income 50k
Deposit 41k (Savings)
Mortgage 209k (Which is maxxed out on a 250k property)

Joint income: 55K
Deposit: 16K
Mortgage: 229300
We are doing help to buy on the previous scheme though so they've given us £61K

Income 54
Mortgage 253
Equity 48
Top up deposit 13
LTV approx 80%
I thought it would be helpful to say how much is in our current property, we didn't have to top it up by much we have saved 8k and the rest is inheritance. Obviously we have more for conveyancing fees and stamp duty etc.

We haven't done the whole process yet but got a quote of 210k from an advisor with joint incomes of 43k and deposit of 40k

Joint income: £36K
House Price: £193.5K
Deposit: £32K (all equity from previous house)

@Paddingtonthebear the LTV is something to look out for. Broker advised that very few lenders doing 90%. And of they do the rate is often over 5%. Ours is 1.8% on the bulk, we are transferring our original mortgage of 192, and 2.3% on the top up.

90% mortgages are around 3.5% interest. £1200 montly payments for DD’s £240k.
Our first mortgage was 6% and £500 a month 20 years ago on a £70k house!

@Paddingtonthebear I agree with other posters the LTV makes a huge difference on the interest rate. We have kept some cash back in order to extend. We were thinking of keeping more but lower interest rates open up at 20-25% deposit so we decided to do that instead. Our interest is 1.8% but would have been almost 3% at 15% deposit and 5% at 10%.