Author Topic: Getting A Joint Mortgage without ILR - Which banks?  (Read 1182 times)

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Offline MPI

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Re: Getting A Joint Mortgage without ILR - Which banks?
« Reply #15 on: January 17, 2018, 05:28:32 PM »
No idea about their rate.  I only know how much their house cost from zoopla lol.

We also "spent" way less than we were approved for.  I can't imagine how horrific our payment would be if we had taken out as much as they were willing to lend. 

I'm a big fan of living well within your means.   [smiley=2thumbsup.gif]
This is how I look at it too.  I'd rather start with a small house and can move later within our means if we need more space.
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Offline KFdancer

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Re: Getting A Joint Mortgage without ILR - Which banks?
« Reply #16 on: January 17, 2018, 05:37:44 PM »
No idea about their rate.  I only know how much their house cost from zoopla lol.
This is how I look at it too.  I'd rather start with a small house and can move later within our means if we need more space.

I like to only budget based on one income.  So if one of us ends up out of work, it's not a big deal.  Just my 2p.  A lot of financial advisers will advise to max out as your income should only go up.  We all think differently.   :D

Offline Groover

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Re: Getting A Joint Mortgage without ILR - Which banks?
« Reply #17 on: January 18, 2018, 09:24:56 AM »
What we did in the US was to buy a house that was less than we could afford then make an extra payment on to the principle each month. E.g. an extra $100 per month would chop off seven years and save a large amount of interest. If our income ever dropped it would be the first thing to stop doing as it was optional.

However, when we got a mortgage here we found that during the fixed period (five years for us) extra payments were not allowed. I don't know if this is standard across all lenders in the UK but it is pretty crummy. When shopping around it might be worth asking if there are any "pre-payment penalties".

Offline MPI

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Re: Getting A Joint Mortgage without ILR - Which banks?
« Reply #18 on: January 18, 2018, 10:19:08 AM »
I like to only budget based on one income.  So if one of us ends up out of work, it's not a big deal.  Just my 2p.  A lot of financial advisers will advise to max out as your income should only go up.  We all think differently.   :D

This is what we did when we were looking for our flat!  Only my husband was working at the time although I had a few interviews (and actually the day I interviewed for my current job was the day we signed the contract on this flat).  Now that I'm working it's a big relief, but we know we could live here on just one income. 
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