mortages

[cathys]

how do i know if i can get a mortage?

[andy hughes]

Ask. You will need to provide some proof of your income single or combined, and your outgoings, and be in a position to repay the agreed amount monthly for the length of the mortgage. Any bank or building society will be happy to talk you through the process.

[Buenchico]

Just to add to Andy's excellent answer:

All building societies set their own rules but, in general, you'll probably need to have saved 10% of the purchase price of the house. (You might find some societies who require only 5% but 'zero deposit' schemes seem to be a thing of the past). The maximum amount that most banks/societies will lend is 2.5 times your annual income.

Chris

[chazza]

I would have to disagree with the above answer of 2.5x your income.  I recently bought a house, put down a 13% deposit and got a mortgage approx 4.5 times my annual income, and would have got more if I had wanted it!

This was from one of the top high st banks, and I have never had a problem paying it!  Make an appointment with your bank or building society and see what they say, it all depends on your job, prospects and eduction level.

[cathys]

I have never bought a house and have no idea how much its going to cost me, i know i dont have the best credit rating, like i cant get credit cards. but i will be getting a house with my partner, but he is very good with hsi money, will my credit ratign stop us from getting a house?

[Hammer]

It shouldn't. My wife had a 'colourful' credit history while mine was spotless, so we just got the mortgage in my name. No problems at all.

[Uzoma]

I've lost count of the people that thought that they're credit was too bad for a mortgage but they got it all the same. It just depends on the lender. Same answer goes for the amount that they will lend - anything from 2.5 - 4.5 times your annual income is possible, particularly if you do have none or a few financial commitments (ie. hire purchase, outstanding credit card balances, loans etc.)