mortgages

[mummydove]

No sure if anyone will be able to help with this but i am trying to find out a bit about mortgages.

I currently have a mortgage with my partner but we really need to get a larger house nearer my family due to expecting baby number 2(higher house prices) we would like to know how much we can borrow, can anyone suggest where to go and find out, everytime w have been somewhere before they have made us fill in loads of forms even though we didnt want to start anything just wanted a rough idea of what we could borrow.

I think that if we sold our house (even at the same price we brought it for) we would have a big enough deposit but we will be looking to add about 30 thousand to the mortgage spread over 40 years, i wonder how much difference this might be

Mortgage are a mind field!

 

[MrsRH]

it is used about 2.5 x your total salary/income that you could borrow ..... thing may have changed in the financial climate.

there are some websites which may help
try googling mortgage borrowing
xxx

 

[Kitten-B]

moneysupermarket is great for stuff like that - takes about 2 mins worth of details and then searches most of the mortgage market and tell you what's available.

We found out last mortgage through it. Even went to a broker and the product I found on there was better for us than any of the ones he found/suggested.

Unfortunately we need to remortgage at the moment and due to the fall in house prices has lost our equity - search engine is bringing us up no options with no deposit

www.moneysupermarket.com/

 

[notjustyet]

You can go direct to some companies and just get a quick idea, but every bank will have different borrowing rules and you'll have to fill in the details over and over again. I got mine a few years ago through HSBC and their website was really helpful, we went direct to HSBC after finding out the best rates through something like moneysupermarket.com.

Think we borrowed around 2x our joint salary, but we were offered around 3.5x.

Hope that helps!

 

[toffee87]

Try looking into new builds with part exchange schemes, or shared equity (not the same as shared ownership). No bank will accept less than a 5% deposit even with shared equity, there are 90% mortgages available.

I went to a home buyers fayre, and the mortgage advisor says they can lend you upto 3.5-4 times your joint income, but basically it's best to work out your outgoings and what's left for a monthly mortgage payment.

Find out what your local council are doing for affordable home ownership, they may do the shared equity too.

 

[LuckyStarr]

HSBC has a great website i have been looking on there. We have just reached the point where we can change our mortgage without a charge. I am wondering if it would be worth taking our mortgage as interest only for two years while i am on mat leave and then change it again. Its sooooo confusing