Just did an 'affordability' check with Nationwide (apparently used to find out if you're wasting their time before getting a mortgage appointment). They suggested that they would lend me and the wife 4.5 times my income plus 4.5 times her income. Insane. What happened to 2.5 times joint income!
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Credit Crunch – Apparently no one told Nationwide
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Posted 6 months ago #
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In the good, bad and ugly old days (before Peal Harbour) I thought rule of thumb was 3.5?
Posted 6 months ago # -
apparently used to find out if you're wasting their time before getting a mortgage appointment
doesnt mean they care about not wasting yours...
Posted 6 months ago # -
apparently used to find out if you're wasting their time before getting a mortgage appointment
doesnt mean they care about not wasting yours...
or that you will actually get that amountPosted 6 months ago # -
doesnt mean they care about not wasting yours...
Yes. I did point that out to them. They'd actually not entered the appointment in their diary which I also gave my unimpressed face for.
or that you will actually get that amount
Well they actually suggested they'd lend us a staggering figure, whereas we actually want to borrow half that amount, so we should be good.
Posted 6 months ago # -
I'm no expert (not even close!) but I would have thought, that with a decent deposit required, and the housing Market (prices) being pretty low, then it would be a pretty safe bet for them either way.
They have a large chunk of equity in whatever house you buy, which is unlikely to end up in negative equity due to the larger deposits that are required now.
The issue before was tiny deposits or no deposits, or even 110% mortgages, followed by dropping house prices. Meaning that even if they repossessed the house, it was worth far less than they were owed for it.
(as I said, I'm no expert, an would be happy to be educated if I'm talking cack :D)
Posted 6 months ago #
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