Mate, Estate Agents are absolute scum. Total and utter scum. They are the paedos and rapists of the business world.
Originally Posted by scotty_82
I know what your saying Scott but how much they will lend you and the % of deposit you need are two different things. I assume they looked at all your permitted income (some income is not accepted by some lenders, eg overtime that isnt guarunteed) then deducted whatever you pay out each month in commitments (utility bills, council tax, loans, credit cards etc) then multiplied it by whatever.
That only works out the max they will lend to you. Regardless of this amount they will ask for a set % as your contribuiton. In other words, they demand that you take a % of the risk. Its called the loan to value or LTV. So if you want £90k for a house valued at £100k (you put down a 10% deposit of £10k), it doesnt matter if they will lend you £200k, the LTV will remain the same. They will want you to put down 10%
Otherwise they'd be lending you all the money for your house (100% LTV) and all the risk would be on them. Thats precisely why 100%, 110% and 125% mortgages have been scrapped. Does that make sense pal? Good work qualifying for £200k by the way!!! :cool:
To be honest in comparison to my annual income the houses I am looking at cost literally nothing (not even double my income, if I include our lass's it would be no where near double) it's just while renting we can't save the deposit up, fucking annoying cos if I was paying the mortgage I want it would be about £250 a month cheaper :/
I have found this thread increbibly informative