Mortgage Criteria

[natalie_1982]

In Layman's terms, if I wanted to buy a house for say �150,000 what would I need?  Any info would be helpful i.e. deposit, standard val fee, how long in employment, how much paid each month, etc anything!.  I'm not asking for a quote just a rough rough guide!

[MargeB]

Total salary of those named on mortgage =�38K-50K (assuming for argument a 150K mortgage.
Deposit: can be nothing, should be 5pc. The interest rate you can get on the mortgage, and how much they will lend will depend on how much deposit you can make. Val fee, �200. Surveyors and solicitors? �1500? 6 months in employment min. Paid each month (work it out from total salary). My bank took into account the fact that I get a bonus and have shares, etc.

[natalie_1982]

Thanks Marge, that's really helpful.  I've been trying to look on websites but it seems as soon as you type 'Mortgage info' they want to sign you up for one!