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Halifax Mortgage Promise - 3x My Earnings Shocker!

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You can do the same if you have a online current account - apply for a mortgage promise; you will get it in 2 days.

I put in a income of £25,000

+ no dependents etc, only a car loan of £100 per month

Just got back the mortgage promise this morning....

They will only lend me a shade over £75,000

Not the £122,000 on their mortgage calculator!!!

GUTTED!

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I still get x5 on the "how much can I borrow?" thing.

I've been watching this and it used to be x4.4 so I think it's actually gone up !! :angry:

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I haven't bothered.

So I don't know how much personal information you have to provide them / how far through the application process you get on there website.

But my understanding is that whenever you _apply_ for a mortgage, the lender does a background check, and that gets added to your credit record.

So if you keep on applying loads of times, it just looks like you are being turned down repeatedly,

which of course has an effect on how much you can borrow.

So are you actually applying for a mortgage in principle?

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I still get x5 on the "how much can I borrow?" thing.

I've been watching this and it used to be x4.4 so I think it's actually gone up !! :angry:

The mortgage promise involves a creit check and so is the real offer amount, as opposed to the online tool which is a guide.

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Don't they do it on affordability, rather than a fixed multiple of earnings?

If you earn half a million a year, spending 50% of your income on a mortgage is a drop in the ocean.

If you earn 25k, spending 50% will send you to the Repo man (or woman)

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Listening to R4 this morning. The speaker said we are entrering a new era and that the vast sums that have been lent have put the entire world's banking system at risk. The fact that no one will touch mortgage backed securities has forced the government (Fed and CBs) to "swap" guaranteed bonds for mortgage securities that are A rated. The belief is, however, that even the A and above rated mortgages will go down which is why the government must step in.

This means one thing. Regulation. The CBs are going to have to reign in the private banking system and restrict loans to people's proven ability to pay. 3 X income.

What does this mean for house prices? They are going to be allowed to fall by 50-70% to the point that 3 times income is a reality. The air is about to be let out of house prices WORLDWIDE and the CBs are getting ready to catch the market somewhere near the bottom.

We are entering an old paradigm. The WW2 generations ethos that says you borrow, if you must, but no more than you can SAFELY repay based on your income. The Brown era of economic miracles is OVER. It is so over. Finito. Morte.

In the immmortal style of our dear ericpebble:

HOUSE PRICES ARE GOING TO DROP BY 50-70% WORLDWIDE

And in the immortal phraseology of our other dear friend CGNAO:

Its 100% certain, guaranteed.

Edited by Realistbear

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Guest KingCharles1st

I just had a go- and they asked if I could send a fiver in the post to cover their computing costs and they would forward my details to Shelter :P

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HOUSE PRICES ARE GOING TO DROP BY 50-70% WORLDWIDE

And in the immortal phraseology of our other dear friend CGNAO:

Its 100% certain, guaranteed.

I really hope you're right Realist.

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The mortgage promise involves a creit check and so is the real offer amount, as opposed to the online tool which is a guide.

They don't ask for any details that can be used for a credit check so don't worry about that.

For my situation:

- They are still willing to lend 4.5x joint income for me and my wife.

- Or 5x my single income.

- Changing dependents to "1" from "0" made no difference in either case.

- Nor did saying I was a 1st time buyer.

However, we are both fairly near the top of the income scale, so looks like they are concerned more about affordability again rather than the absolute numbers (this is a good thinng).

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I just had a go- and they asked if I could send a fiver in the post to cover their computing costs and they would forward my details to Shelter :P

:lol::P:lol::P

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Spacious! :blink:

Thamesmead is really nice, I personally think it will be the next big thing in London.

When you go and view, just close your eyes when you go past the Prison on the way in and again when you go past the massive council estate with burnt out-cars.

When I was learing to drive we used to go to Thamesmead as it had wide roads with nobody on them, the driving instructor used to say "Never lock a car door when you are in the car, however when we are in Thamesmead I prefer to keep them locked" and he was serious.

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Listening to R4 this morning. The speaker said we are entrering a new era and that the vast sums that have been lent have put the entire world's banking system at risk. The fact that no one will touch mortgage backed securities has forced the government (Fed and CBs) to "swap" guaranteed bonds for mortgage securities that are A rated. The belief is, however, that even the A and above rated mortgages will go down which is why the government must step in.

This means one thing. Regulation. The CBs are going to have to reign in the private banking system and restrict loans to people's proven ability to pay. 3 X income.

What does this mean for house prices? They are going to be allowed to fall by 50-70% to the point that 3 times income is a reality. The air is about to be let out of house prices WORLDWIDE and the CBs are getting ready to catch the market somewhere near the bottom.

In the immmortal style of our dear ericpebble:

HOUSE PRICES ARE GOING TO DROP BY 50-70% WORLDWIDE

And in the immortal phraseology of our other dear friend CGNAO:

Its 100% certain, guaranteed.

As bearish as I am I do feel 50-70% is a little optimistic.

Edited by headmelter

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Listening to R4 this morning. The speaker said we are entrering a new era and that the vast sums that have been lent have put the entire world's banking system at risk. The fact that no one will touch mortgage backed securities has forced the government (Fed and CBs) to "swap" guaranteed bonds for mortgage securities that are A rated. The belief is, however, that even the A and above rated mortgages will go down which is why the government must step in.

This means one thing. Regulation. The CBs are going to have to reign in the private banking system and restrict loans to people's proven ability to pay. 3 X income.

What does this mean for house prices? They are going to be allowed to fall by 50-70% to the point that 3 times income is a reality. The air is about to be let out of house prices WORLDWIDE and the CBs are getting ready to catch the market somewhere near the bottom.

We are entering an old paradigm. The WW2 generations ethos that says you borrow, if you must, but no more than you can SAFELY repay based on your income. The Brown era of economic miracles is OVER. It is so over. Finito. Morte.

In the immmortal style of our dear ericpebble:

HOUSE PRICES ARE GOING TO DROP BY 50-70% WORLDWIDE

And in the immortal phraseology of our other dear friend CGNAO:

Its 100% certain, guaranteed.

I HOPE AND PRAY that you are right RB --- Let's get back to NORMALITY and PRUDENCE and HONESTY.......

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Thamesmead is really nice, I personally think it will be the next big thing in London.

When you go and view, just close your eyes when you go past the Prison on the way in and again when you go past the massive council estate with burnt out-cars.

When I was learing to drive we used to go to Thamesmead as it had wide roads with nobody on them, the driving instructor used to say "Never lock a car door when you are in the car, however when we are in Thamesmead I prefer to keep them locked" and he was serious.

Thamesmead is up and coming I'll have you, know the Ballymore development of the Royal Arsenal! :lol:

I agree with RB, houses will come down with a bump to reflect strictly 3 x single earnings now and not dodgy CML 3 x "Household Income" <_<

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Thamesmead is up and coming I'll have you, know the Ballymore development of the Royal Arsenal! :lol:

I agree with RB, houses will come down with a bump to reflect strictly 3 x single earnings now and not dodgy CML 3 x "Household Income" <_<

Jeez how I LOATHE the CML -- They are the scummiest pieces of dog SH1T that ever walked this planet....

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I get 5x my earnings. Theres no way I could live off the remainder of my salary if I borrowed the full amount .

same here. I couldn't have any life with such a mortgage

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Thamesmead is up and coming I'll have you, know the Ballymore development of the Royal Arsenal! :lol:

I agree with RB, houses will come down with a bump to reflect strictly 3 x single earnings now and not dodgy CML 3 x "Household Income" <_<

Thameamead. Horrible. I remember once listening to a Thamesmead resident and one from nearby Abbey Wood discussing which was the best place to live. In the end they agreed that although you were more likely to get your car stolen in Thamesmead getting beaten up was more likely in Abbey Wood.

Watch this area for prices in free fall in the coming months. Dont buy there no matter how cheap. Do not accept a flat there as a gift come the depths of the coming recession.

Edited by Freeholder

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Thameamead. Horrible. I remember once listening to a Thamesmead resident and one from nearby Abbey Wood discussing which was the best place to live. In the end they agreed that although you were more likely to get your car stolen in Thamesmead getting beaten up was more likely in Abbey Wood.

Watch this area for prices in free fall in the coming months. Dont buy there no matter how cheap. Do not accept a flat there as a gift come the depths of the coming recession.

This is one reason why we are not going to buy an "investment property" in the next few years. No matter how cheap they become at auction, you really don't know where the new slums are going to be and you could end up like something in Detroit. :ph34r:

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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