Guest Bart of Darkness Posted February 18, 2008 Share Posted February 18, 2008 yep, looks like 3.7x single or 2.9 joint Yep, I get 3.7 as well (single with no loan outgoings) Are we returning to sanity? Possibly the beginnings of one. Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 18, 2008 Author Share Posted February 18, 2008 (edited) Looks like some lenders are pricing in houseprice falls ? Worrying Edited February 18, 2008 by notanewmember Quote Link to comment Share on other sites More sharing options...
damianlsmith Posted February 18, 2008 Share Posted February 18, 2008 Alliance and Leicester will offer £83k on a £5k deposit and a £25k salary.Less than 3.5 x salary. Are we returning to sanity? Do you not think low incomes would be offered less, say 25k salary will give you 3.5% whereas a 50k might give you 5 times? Quote Link to comment Share on other sites More sharing options...
TalkingSense Posted February 18, 2008 Share Posted February 18, 2008 i guess you dont know many home ownersthe ones i know, withdrew equity ike pigs eating shit reinvested it in all kinds of ********, spent it, did up their homes, what ever. the point is, homeowners will loose becuase there will not be a cheap near infinite cash machine for them anymore Oh those homeowners... F*** 'em all I own a house but only borrowed 3x my salary in 1999. Spent 7 years paying off the mortgage with hard earned, PAYE cash and now have house + savings and want to trade up. Some of us homeowners are sensible and we still get screwed by this stupid Forest Gump "Stupid as Stupid gets bl**dy BTL bl**dy rich" economy. Quote Link to comment Share on other sites More sharing options...
IP Newcomer Posted February 18, 2008 Share Posted February 18, 2008 is lie to buy dead yet?if not, then the ration is infinity Lie to buy is not really around for anyone without a top notch credit rating. It's all happening at the margin. For months the income multiples have been staying up and now they are coming down quite fast. Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 18, 2008 Author Share Posted February 18, 2008 (edited) It is a sliding scale. Northern rock will lend 3.8x on a 50K income [£190k mortgage] - a sliding scale but not a huge difference in northern rocks case. That could be bad news if high flyers get in trouble, as they could have extended themselves the most? Edited February 18, 2008 by notanewmember Quote Link to comment Share on other sites More sharing options...
cells Posted February 18, 2008 Share Posted February 18, 2008 Oh those homeowners... F*** 'em all I own a house but only borrowed 3x my salary in 1999. Spent 7 years paying off the mortgage with hard earned, PAYE cash and now have house + savings and want to trade up. Some of us homeowners are sensible and we still get screwed by this stupid Forest Gump "Stupid as Stupid gets bl**dy BTL bl**dy rich" economy. i agree, but just becuase i want house prices to crash im not gona lie to myself and say most home owners will not be pissed off at falling values Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted February 18, 2008 Share Posted February 18, 2008 It is a sliding scale.Northern rock will lend 3.8x on a 50K income [£190k mortgage] - a sliding scale but not a huge difference in northern rocks case. Yep. I put in 75k as an income and still got 3.8x. Do you not think low incomes would be offered less, say 25k salary will give you 3.5% whereas a 50k might give you 5 times? Not with NR it don't. Quote Link to comment Share on other sites More sharing options...
piece of paper Posted February 18, 2008 Share Posted February 18, 2008 The imminent surge of resets is going to be interesting if all the lenders cut back on mutiples. There will be a huge swathe of forced sales. p-o-p Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 18, 2008 Author Share Posted February 18, 2008 (edited) Be interesting to watch this change. I ll be back in a month or two.... I m watching you banks! not all the lenders are here because not all have a "how much can you borrow" calculator. Not all have sliding scales - Bradford and Bingley lend 5x all the way through!!! Edited February 19, 2008 by notanewmember Quote Link to comment Share on other sites More sharing options...
Guest_Bosworth_* Posted February 19, 2008 Share Posted February 19, 2008 The calculator is just a dumb front-end - it doesn't take into account affordability. Offers the same ratios of income irrespective of the size of the income Nor does it reference the size of deposit. Pretty meaningless, IMHO. HSBC will still lend me 5x joint. Yet moneyextra.co.uk will only offer up 3x joint salary by default. But when you dive into the comparison tools there are plenty of company's offering 5x salary. A little odd - almost like there is a gentle resetting of expectations going on? Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted February 19, 2008 Share Posted February 19, 2008 Ooh, I've come over all nostalgic. It's just like it was when I was young.Anyone know where I can buy a set of Sturmey Archer gears for my bike and some Curly Wurlys to snack on? yes, you can get a set of sturmey archer gears, curley wurleys AND some space dust from Abbots of Chester. Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 19, 2008 Author Share Posted February 19, 2008 We ll see if these dumb front ends are changed - its a rough indicator - but could show something is happening to perhaps lower customer expectations before they obtain a mortgage in principle. Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted February 19, 2008 Share Posted February 19, 2008 The imminent surge of resets is going to be interesting if all the lenders cut back on mutiples. There will be a huge swathe of forced sales.p-o-p I think they will just end up staying on the lenders variable rate ..Ouch Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted February 19, 2008 Share Posted February 19, 2008 yes, you can get a set of sturmey archer gears, curley wurleys AND some space dust from Abbots of Chester. Totally off topic but related ever so slightly to the above. Does anyone else in the Western world (bar me) remember a toy from the early 70s. It was a piece of corrugated plastic pipe, a bit like a Hoover piper only made of lighter and thinner plastic. Basically you err.... whirled it around and it... erm made a noise. That was it basically.* I call it the "whirring pipe" for the sake of having some sort of moniker for it but does anyone know its real name? *I think we were a bit easier to please in the early 70s, or more gullible, I forget which. Quote Link to comment Share on other sites More sharing options...
bazzer Posted February 19, 2008 Share Posted February 19, 2008 could nrk just be lending less so that when poeple do reset they have to pay off their mortgage, and go somwhere else. An attempt to wind the business down? Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted February 19, 2008 Share Posted February 19, 2008 ...Something is afoot CREDIT CRUNCH Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted February 19, 2008 Share Posted February 19, 2008 I also get the 3.8x for single-income but the interesting bit was that declaring kids reduced the max borrowing by £27K. I've never seen that used in a mortgage calculator so far. Maybe they should include a "you must not have kids in the mortgage contract" or "we reserve the right to increase the SVR unless you are granted breeding rights in advance". VMR. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted February 19, 2008 Share Posted February 19, 2008 £22.5k yields £81k as the result (3.6x). Don't worry, lack of supply will cause prices to rise anyway Quote Link to comment Share on other sites More sharing options...
urban_hymn Posted February 19, 2008 Share Posted February 19, 2008 does anyone else in the Western world (bar me) remember a toy from the early 70s. It was a piece of corrugated plastic pipe, a bit like a Hoover piper only made of lighter and thinner plastic. Basically you err.... whirled it around and it... erm made a noise. That was it basically.*I call it the "whirring pipe" for the sake of having some sort of moniker for it but does anyone know its real name? Yeah, remember it well. I had a pale orange one. Don't remember the name. Quote Link to comment Share on other sites More sharing options...
General Melchett Posted February 19, 2008 Share Posted February 19, 2008 Totally off topic but related ever so slightly to the above.Does anyone else in the Western world (bar me) remember a toy from the early 70s. It was a piece of corrugated plastic pipe, a bit like a Hoover piper only made of lighter and thinner plastic. Basically you err.... whirled it around and it... erm made a noise. That was it basically.* I call it the "whirring pipe" for the sake of having some sort of moniker for it but does anyone know its real name? *I think we were a bit easier to please in the early 70s, or more gullible, I forget which. I was around then, and I do remember this, but, as you say, we were easier to please then, so maybe it really was just various bits of old hoover pipe, rather than a marketeer's wet dream? I shall blame you if it comes back into fashion. Ditto for Clackers Quote Link to comment Share on other sites More sharing options...
Son of Taeper Posted February 19, 2008 Share Posted February 19, 2008 Has anyone used the mortgage calculator E.g. on http://www.northernrock.co.uk/mortgages/calculator/index.asp I ve also done the same on Halifax. On a single £25K income i can only borrow 90K Has anyone noticed that you cannot borrow as much? Interesting. So all the sheeple coming to the end of their fixed terms? Will they be priced out of changing lenders and have to stick to their existing lender? Not really a problem for those that stuck to the 3.5 borrowing but I'm sure it will catch out a few "hidden" sub prime borrowers I can't see it doing the bottom end of the market any good and then it's just a matter of time. Quote Link to comment Share on other sites More sharing options...
Guest barebear Posted February 19, 2008 Share Posted February 19, 2008 Totally off topic but related ever so slightly to the above.Does anyone else in the Western world (bar me) remember a toy from the early 70s. It was a piece of corrugated plastic pipe, a bit like a Hoover piper only made of lighter and thinner plastic. Basically you err.... whirled it around and it... erm made a noise. That was it basically.* I call it the "whirring pipe" for the sake of having some sort of moniker for it but does anyone know its real name? *I think we were a bit easier to please in the early 70s, or more gullible, I forget which. I remember it, it came out around the same tiime as space hoppers and choppers. You could get it in all different dayglo colours,T Rex were number 1 with Jeepster,Alvin Stardust was there too and Slade and Sweet, familys used to have friends over and play Twister while the younger kids whirred in the background,mum would shout at Dad while her crotch was in uncles face and say what did you buy those bloody tubes for? But I dont think it had a name,may have been a magic tube or something. Mott the hoople and the game of life yeh yeh yeh yeh. Quote Link to comment Share on other sites More sharing options...
sealaw2000 Posted February 19, 2008 Share Posted February 19, 2008 Do you not think low incomes would be offered less, say 25k salary will give you 3.5% whereas a 50k might give you 5 times? I thought that, but looking at NR, its "offering" a mortgage of only 3 times joint where the joint income is 100k + 55k. Great news if the other lenders follow suit. That said, Scottish Widows have a similar mortgage calculator, and that's offering 4 x joint (on the same figures as above) so there is still some fairly "generous" lending out there.... Quote Link to comment Share on other sites More sharing options...
Kinky John Posted February 19, 2008 Share Posted February 19, 2008 I thought that, but looking at NR, its "offering" a mortgage of only 3 times joint where the joint income is 100k + 55k. Great news if the other lenders follow suit. That said, Scottish Widows have a similar mortgage calculator, and that's offering 4 x joint (on the same figures as above) so there is still some fairly "generous" lending out there.... Comrades! the people's bank offered me a loan of only just over 3x salary. It appears bonuses don't count as a full component anymore.... Quote Link to comment Share on other sites More sharing options...
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