If you’ve had a mortgage offer recently..

[Paddingtonthebear]

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

If you can get a deposit of at least 15% (so sub 85% LTV) as a FTB this is when the rates start to become more reasonable.

We are about to move home and have an AIP from Halifax for £980k but borrowing that much or having super high monthly payments scares me (also we don’t have enough equity / deposit for a >£1m home) so we are likely to go for a much more modest property and will be putting down a 20% deposit and using our savings to cover fees and stamp duty (assuming the holiday isn’t extended)

Joint earnings £120k
Equity £85k
Mortgage amount £430k

It’s loads. But both of us have stable public sector jobs, we need to move for schools and it’s cheaper than paying for private school and we get a house at the end of it

Joint income £90k
Deposit £175k
Mortgage £210k
Monthly payments £710

We have to borrow 20k depositi from in laws and that is the absolute max we can get.

Joint income of around £35k
Mortgage offer of £160k
Bought at £147k
£16k down from equity
Used the rest of the equity for renovations. We live in a cheaper area. Good size 3 bed here is about £120k

Property value £440,000
Total income £85,000
Deposit £70,000. (We kept £20,000 back for renovations to the house)
Loan £360,000 - mortgage repayments are £1360 per month.

FTB

Income £35k
Mortgage £120k
Deposit £380k
House price £500k

Repayments 500 a month

It probably helps to clarify whether you are FTB or been on the ladder a while. I’m buying my third house and luckily have built up £200k+ equity in the 10 yrs since buying my first property. My deposit as an FTB was £25k, mortgage £165k, income £50k - quite different to my current figures posted further up thread.

We only used dh income as I'm self employed and it was easier.
Income £60k
Deposit from equity £30k
We have £20k left over to do up the house
House price £187k

We are in our 40’s but this will be our first mortgage so no equity available. We have both owned property a long time ago (at a loss) so not eligible for any FTB deals either. Would need £60-£70k for 20% deposit which would take much longer to save but conscious of timescales of delaying due to our ages. Also live in very expensive area. 😏. Just hoping it will all be possible

It’s also useful when people say what their monthly payments are.
Some people are borrowing huge multiples, and it’s really helpful to see what the repayments are like...and if that’s over 25 years or different term.

Joint income 55k deposit 10 mortgage offer 190k at 95% ltv

We live in an area that's very cheap to buy though so we're very happy with that. I appreciate in some areas it wouldn't get us a bedsit!

I should've added this was during the first lockdown.

I just got ours in the post today

FTB
Income: ~28k (including tax credits)
Deposit: 32k (savings + inheritance)
Mortgage: 95,500 (we put down just over 25% of the 127,500 offer that was accepted).
After the first payment which is higher, the payments for the first 5 years are ~350 a month. Just squeaked into being able to do a 30-year term (our stated expected retirement ages were the highest our broker said would likely be accepted, but I think 70-never is pretty reasonable expectation with how things are going).

Ours took a bit over a month from valuation to offer, but our valuation was just before Christmas and the company my spouse works for had a very public announcement of job losses so they wanted additional paperwork. Our broker has been excellent in handling our financial awkwardness and then wanting to offer on a house with "non-standard construction" once listed as defective concrete build that needs repair scheme paperwork to mortgage on, but the broker was brilliant as we're getting there in the end.

Joint income £98k
Deposit £85k
Mortgage amount £350k over 25 years

We made £60k in 4 years from our first home as we bought just at the right time.

£140k deposit
£145k mortgage
£65k income
700 20 year mortgage

Joint income £70k
Equity £300k
Mortgage £325k

I think the large deposits you mention op are mainly (ours included) down to luck.

I could say how hard we have worked for it, and that is partially true, but in reality we have been very lucky with buying at the right time and house prices going up! My first flat doubled in value In the time I owned it and I did nothing to it to add value. Just got lucky!!

It's worth pointing out that the higher income multiples ie 5 x income upwards are very restricted generally, and certainly at the higher Loan to Value (LTV) levels. It's all about the lender's appetite to risk.

Regarding 90% products, there are more coming onto the market but we can expect this to change fairly frequently as indeed it has done the whole way through this COVID situation.

Joint Income - £134,000 (plus £18k bonuses)
Deposit - £385,000
Mortgage - £715,000
House Price - £1,100,000

30 yr product
7 yr fix at 1.62%
Monthly repayments - £2.5k

Just had our mortgage offer this week
Joint income - £59k
Deposit - £33k
Mortgage amount - £187k
£704 per month, 35(!) year term. Hoping once interest rates come down again that we can reduce that term.
We are lucky that we live in an area where it's relatively cheap to buy.

Wholly depends on your deposit, track record and your income.

Personally, utilise as much as you can for your deposit as the difference in rates between 90% mortgage and 85% mortgage is huge over 30 year cycle.

People focus on the monthly, ignore that nonsense and look at the KFI which they are legally bound to give you and let you digest.

Then use a simple overpayment calculator online and put the monthly, term and rate in. If you pay off £x extra each month, this will then show you how much you’ll save on your mortgage and term which is fundamental to do from day 1 so that when you do remortgage, your next lender looks even more favourably on you.

Just to add, some people who borrow hundreds of thousands have no idea how they will pay it off and don’t intend to, instead downsizing in 15 years and having just paid the incremental mortgage costs for that time.

Personally, I think more personal guarantees should be introduced for high value lending as lending on job income alone is a disaster which current times has clearly proven.

In next 12-18 months, a whole load of people will be selling their houses or having them repossessed as they lost their main income and have no other.