ckn Posted May 4, 2016 Share Posted May 4, 2016 Barclays are now offering a 100% mortgage and terms up to 5.5 times single or joint income and no-one seems to really care because it helps keep the housing market flowing. Hmmm, where and when have I heard that before? "When in deadly danger, when beset by doubt; run in little circles, wave your arms and shout" Link to comment Share on other sites More sharing options...
JohnM Posted May 5, 2016 Share Posted May 5, 2016 Some details and conditions here. http://www.thisismoney.co.uk/money/mortgageshome/article-3571545/Barclays-launches-mortgage-time-buyers-NO-DEPOSIT-long-bank-mum-dad-lends-hand.html Link to comment Share on other sites More sharing options...
getdownmonkeyman Posted May 5, 2016 Share Posted May 5, 2016 What could possibly go wrong...... Link to comment Share on other sites More sharing options...
JohnM Posted May 5, 2016 Share Posted May 5, 2016 Has anyone on here applied for a mortgage recently? It's a much much more exhaustive and exhausting process than previously. My son and daughter in law have just moved house and although needing a 40% mortgage, had to go through a quite searching face to face interview lasting over an hour. This is the RBS process, for example, with a great emphasis on the ability to pay. http://personal.rbs.co.uk/personal/mortgages/mortgage-guides/your-mortgage-application.html Link to comment Share on other sites More sharing options...
Tiny Tim Posted May 5, 2016 Share Posted May 5, 2016 Barclays are now offering a 100% mortgage and terms up to 5.5 times single or joint income and no-one seems to really care because it helps keep the housing market flowing. Hmmm, where and when have I heard that before? Only 100%...... Link to comment Share on other sites More sharing options...
Bob8 Posted May 5, 2016 Share Posted May 5, 2016 Has anyone on here applied for a mortgage recently? It's a much much more exhaustive and exhausting process than previously. My son and daughter in law have just moved house and although needing a 40% mortgage, had to go through a quite searching face to face interview lasting over an hour. This is the RBS process, for example, with a great emphasis on the ability to pay. http://personal.rbs.co.uk/personal/mortgages/mortgage-guides/your-mortgage-application.html Blimey. Even buying to 2008 (post-crash), I only had a 20% deposit and a friendly chat required. "You clearly have never met Bob8 then, he's like a veritable Bryan Ferry of RL." - Johnoco 19 Jul 2014 Link to comment Share on other sites More sharing options...
JohnM Posted May 5, 2016 Share Posted May 5, 2016 That's why I think CKN has no need to worry. The conditions attached to the Barclays mortgage offer, coupled with the much tighter process that banks and building societies have been forced to follow should vastly reduce the risk. Link to comment Share on other sites More sharing options...
TheDuke Posted May 5, 2016 Share Posted May 5, 2016 I am due for my new deal this September, so hopefully it will be a little cheaper as I go onto 25% equity Link to comment Share on other sites More sharing options...
High Peak Rhino Posted May 9, 2016 Share Posted May 9, 2016 Don't worry whatever you get, you've could have till your 85 to pay it off. http://www.bbc.co.uk/news/business-36243871 Link to comment Share on other sites More sharing options...
JohnM Posted May 9, 2016 Share Posted May 9, 2016 What's wrong with this? It means a 60-year-old could take out a 25-year mortgage as long as they prove they can afford the repayments. Link to comment Share on other sites More sharing options...
Griff9of13 Posted May 9, 2016 Share Posted May 9, 2016 With life expectancy getting longer and longer and people choosing to keep working, why not have a mortgage to 85? My grandmother in law finally retired in March at the age of 87! "it is a well known fact that those people who most want to rule people are, ipso facto, those least suited to do it." Link to comment Share on other sites More sharing options...
getdownmonkeyman Posted May 10, 2016 Share Posted May 10, 2016 I am due for my new deal this September, so hopefully it will be a little cheaper as I go onto 25% equity Historically, the best deals were 70% LTV. Link to comment Share on other sites More sharing options...
JonM Posted May 12, 2016 Share Posted May 12, 2016 What's wrong with this? It means a 60-year-old could take out a 25-year mortgage as long as they prove they can afford the repayments. Nothing is wrong with it. My father-in-law is 82, running a half marathon next week and flying to Utah for some well-paid consultancy work the week after. I don't think anyone aged 60 can make the assumption that they'll be in good health and still able to earn 25 years later, but then neither can someone aged 30 or 40? Equally, I suppose there may be people that age who can fund mortgage payments from pension, or they could be buy-to-let landlords? Link to comment Share on other sites More sharing options...
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