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Halifax Just Offered Me 5 Times Mortgage!

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So am thinking of buying a property as I have a large deposit

I called Halifax and went through the application process.

I specifically told them I had 10% of asking price and they came back and said they could lend me 250K on a 50K salary

I thought this madness had stopped???

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Guest Daddy Bear
So am thinking of buying a property as I have a large deposit

I called Halifax and went through the application process.

I specifically told them I had 10% of asking price and they came back and said they could lend me 250K on a 50K salary

I thought this madness had stopped???

This bubble has one more inflation left.

More evidence for a "Crack up Boom"

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So am thinking of buying a property as I have a large deposit

I called Halifax and went through the application process.

I specifically told them I had 10% of asking price and they came back and said they could lend me 250K on a 50K salary

I thought this madness had stopped???

Fine if you plan living there for a fair few years, and are confident of your employment prospects. ;)

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Fine if you plan living there for a fair few years, and are confident of your employment prospects. ;)

Winkie,

Don't worry....she works in the city. If it all goes wrong again you and I can bail her company out and pay her mortgage interest too if necessary! Welcome to Brown's Britain.

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I reckon in about 6 months time they will be falling over themselves to lend again.

So they are not falling over themselves to lend now?

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Whoah! Don't buy into this thinking of turning a quick profit from a reinflation bubble. #1: The evidence for the market turning up is suspect, at least here in the U.S. In fact all that is talked about here is that the steep decline is lessening. #2: The downside risk for the next few years very much outweigh any upside potential. Be very careful. All I read is that the name of the game for the foreseeable future is capital preservation.

This bubble has one more inflation left.

More evidence for a "Crack up Boom"

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I posted about 6 months ago that a young fella at work got 2 offers of a 6 x earnings mortgage from 2 well known High Street lenders.

Everyone on here was so pig headed saying it was impossible etc.

People with decent credit ratings are in a totally different boat than people with bad ones.

Whatever is said on here if you want a mortgage you can find one. A good FA always knows what bank or buliding society is doing the best deals.

I reckon in about 6 months time they will be falling over themselves to lend again.

Sibley, I have come to the conclusion you have no net worth....like your posts. ;):P

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Whoah! Don't buy into this thinking of turning a quick profit from a reinflation bubble. #1: The evidence for the market turning up is suspect, at least here in the U.S. In fact all that is talked about here is that the steep decline is lessening. #2: The downside risk for the next few years very much outweigh any upside potential. Be very careful. All I read is that the name of the game for the foreseeable future is capital preservation.

The is a possibility that the US has a chance of rebalancing their system, however it will need the positive involvement of US corporations - doubtful, still I think.

However, you have to see to believe what a cramped, overpriced, overtaxed shithole some of this country has become. The intent is to keep it that way. Only a matter of time before capital, creativity and company flight resume at full speed.

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So am thinking of buying a property as I have a large deposit

I called Halifax and went through the application process.

I specifically told them I had 10% of asking price and they came back and said they could lend me 250K on a 50K salary

I thought this madness had stopped???

If your job is secure and you're under about 40 (so you have plenty of working life left) paying that off only becomes a problem when interest rates are well into double figures. That leaves you vulnerable, but less so than bubble-subprime.

Are you calling 10% a large deposit? It was an absolute minimum until about 5 years ago: people had to save for years (or tap the parents)!

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They are if you're a good risk.

It's only the people with bad credit ratings who are having aggro.

Same as credit cards. I know it's difficult to get one if you have black spots on your history but if you're a good customer they are trying to bolt you up big time. I've had limit raised and cheques in post last month.

Congratulations Sibley, you are getting wealthier and wealthier.

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It's only the people with bad credit ratings who are having aggro.

That`s OK then, there can`t be many in that situation.

Here`s an idea. Pay for stuff without a credit card, it`s cheaper.

Actaully, for me it`s cheaper to pay with a credit card, 1% cashback soon adds up.

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That`s OK then, there can`t be many in that situation.

Here`s an idea. Pay for stuff without a credit card, it`s cheaper.

Actaully, for me it`s cheaper to pay with a credit card, 1% cashback soon adds up.

Like most Labour supporters Sibley doesn't actually have money of his own but is dependent upon the increasing debt mountain for his feeling of 'wealth'.

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Like most Labour supporters Sibley doesn't actually have money of his own but is dependent upon the increasing debt mountain for his feeling of 'wealth'.

That`s weird, I have a feeling of "wealth", because I have no debt, and savings. I knew I must have been going wrong somewhere. Drat.

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If your job is secure and you're under about 40 (so you have plenty of working life left) paying that off only becomes a problem when interest rates are well into double figures. That leaves you vulnerable, but less so than bubble-subprime.

Are you calling 10% a large deposit? It was an absolute minimum until about 5 years ago: people had to save for years (or tap the parents)!

Not so. I had a 99% mortgage in 1988. The Woolwich.

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Not so. I had a 99% mortgage in 1988. The Woolwich.

Which coincidentally was 1 year before the last peak in house prices and preceeded a 5 year slump.

We are not very bright are we....It is very human to repeat the same mistakes time and again.

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Well, Darling did want lending back to 2007 pre-crash mania levels so what did people expect?

We used to half-jokingly predict that this is what the banksters and NuLabour would be dumb enough to do - print money and continue the bubble at the taxpayers expense - but that's the reality.

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I posted about 6 months ago that a young fella at work got 2 offers of a 6 x earnings mortgage from 2 well known High Street lenders.

Everyone on here was so pig headed saying it was impossible etc.

People with decent credit ratings are in a totally different boat than people with bad ones.

Whatever is said on here if you want a mortgage you can find one. A good FA always knows what bank or buliding society is doing the best deals.

I reckon in about 6 months time they will be falling over themselves to lend again.

You are a complete prat sibley.

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They are if you're a good risk.

It's only the people with bad credit ratings who are having aggro.

Same as credit cards. I know it's difficult to get one if you have black spots on your history but if you're a good customer they are trying to bolt you up big time. I've had limit raised and cheques in post last month.

so if you took a row of homeowners in a typical street, how many are good risks?

individuals can get good deals. a million people cannot. it is the amount that the average man on the high street can borrow which determines prices.

Edited by mfp123

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They are if you're a good risk.

Bingo. If you are a good risk. In other words, if they know they can get the money out of you - no matter what - they'll lend you the money. Question is, why would you give your money away to them on such a poor investment as UK housing? :)

Nomadd

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Sibley, I have come to the conclusion you have no net worth....like your posts. ;):P

While I usualy find Sibley's posts on here nieve and sometimes offensive in this case I have to agree - there is credit available for low risk clients. There always has been and there always will be. I have just been offered a mortgage at 5 x my salary and loan no problem.

Edited by Neil B

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So am thinking of buying a property as I have a large deposit

I called Halifax and went through the application process.

I specifically told them I had 10% of asking price and they came back and said they could lend me 250K on a 50K salary

I thought this madness had stopped???

It could be argued that the sensible multiple of salary to lend should increase with the borrower's salary. If you are on a low salary then a large proprtion of your income will go on necessities (food, fuel, etc). If you are on a higher salary this proprtion is less leaving more for repayments, if that is what you choose to spend your money on. Obviously not quite a simple as this because other existing commitments (e.g. family) need to be taken into account.

Edited by The Realist

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Sibley, I have come to the conclusion you have no net worth....like your posts. ;):P

To his credit these posts are better than the mindless bile he's ben spewing out lately.

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I posted about 6 months ago that a young fella at work got 2 offers of a 6 x earnings mortgage from 2 well known High Street lenders.

Everyone on here was so pig headed saying it was impossible etc.

People with decent credit ratings are in a totally different boat than people with bad ones.

Whatever is said on here if you want a mortgage you can find one. A good FA always knows what bank or buliding society is doing the best deals.

I reckon in about 6 months time they will be falling over themselves to lend again.

You're an EA, right? You seriously think the market is going to recover?

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I have a guaranteed mortgage offer from Abbey for 5 months, it is up to 3.8 x joint income. That was the absoloute highest they were willing to lend and we have a +£100k deposit to put down and immaculate credit score.

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