12-07-12, 05:23 PM
I was looking into it a while back and the headlines were:
Max mortgage is 3-4x your salary providing it meets their criteria as earnings
Get a long term deal to minimise repayments in case you star struggling, make sure the penalties aren't too big and pay off sooner
Don't bother offsetting your savings unless you have a fair wedge
Generally a 10% minimum deposit but the bigger the better
Some banks offer preferential rates if you have an account with them
Nationwide have a save to buy account that has a cash bonus upon completion of a mortgage with them
One of my mates mentioned a buy to let mortgage has good rates but you can't live in the house mortgaged. You could get a mate or family member to take on the mortgage, you pay it off and transfer the deed over to you when you're finished paying.
I'm trying to scrape a deposit together over the next few years but if I don't end up getting a house I'll see you in India
Max mortgage is 3-4x your salary providing it meets their criteria as earnings
Get a long term deal to minimise repayments in case you star struggling, make sure the penalties aren't too big and pay off sooner
Don't bother offsetting your savings unless you have a fair wedge
Generally a 10% minimum deposit but the bigger the better
Some banks offer preferential rates if you have an account with them
Nationwide have a save to buy account that has a cash bonus upon completion of a mortgage with them
One of my mates mentioned a buy to let mortgage has good rates but you can't live in the house mortgaged. You could get a mate or family member to take on the mortgage, you pay it off and transfer the deed over to you when you're finished paying.
I'm trying to scrape a deposit together over the next few years but if I don't end up getting a house I'll see you in India
thou shalt not kick