UK's Biggest Lender To Allow First Time Buyers To Borrow 5.5 Times Salary

[@propertyaccelerator]

Read MORE about it on our blog: property-accelerator.co.uk/uk-lender-to-boost-first-time-buyer-loans-5-5-times-salary/

[@stephenjones3415]

I hate the idea of a 40 year mortgage the total amount paid is ridiculous, but you can normally over pay 10% per annum without a penalty. Take the 40 year mortgage to get the finance, set up a Direct Debit to overpay the mortgage and if it gets too much cancel the over payment for a bit and then start it again when you can. Its amazing how many years just a small over payment will knock off the term.

[@propertyaccelerator]

Exactly good point

[@ramjam2301]

You won't own the house, the house will own you.

[@propertyaccelerator]

👍

[@Janet-v7v]

Oh what a surprise its Lloyds the new biggest landlords !

[@propertyaccelerator]

👍

[@deanroy9420]

When do you read this non-sense?

[@mattanderson6672]

Thank you Sir!

[@propertyaccelerator]

You are welcome!

[@jasonsweb1]

what about April? 6 times

[@propertyaccelerator]

Not seen them will check them out thanks. 🙏

[@millwallfan06]

100 year mortgages!!

[@propertyaccelerator]

I am sure they will come at some point.

[@mrmeldrew693]

Awful news. 35 year mortgages are common now.....the longer the term and bigger the loan, the more the bank wins and he less life you will be living as you will just be on the hamster wheel to pay them all that lovely interest.

[@propertyaccelerator]

True

[@jasonsweb1]

hahaah how many first time buyers earn 50k a year even as a couple its difficult for younger people

[@propertyaccelerator]

Plenty first time buyers are older these days.

[@domever7899]

Starting salaries for graduates is around 30k at the moment. It was 27k around 8 years ago. This might be related more to the south though

[@Ozman676]

Deception will trap you.

[@propertyaccelerator]

👍

[@Kelly-qy4yr]

I’m a very late bloomer (49) to first time buying, whats the likelihood of getting a 40 year mortgage at my age?

[@T11CVV]

Unlikely.

[@Marksavillmortgageadviser]

There are lenders that go to 75 and some to 80. One claims to have no upper age but unsure how far they will go without a pension projection. Lots of buyers are older these days, you are by no means the exception. The sooner you start the sooner you pay it off.

[@propertyaccelerator]

Normally they want you to be able to complete the mortgage before you retire.

[@millwallfan06]

But then your skint every month 👍

[@propertyaccelerator]

They would still check you can afford it.

[@JS-ie1xo]

I think this is terrible news. It seems like the only solution to the housing crisis is to find ways to lend more and more, and it surely can’t be sustainable.

[@JS-ie1xo]

Although, I have thought that if someone shows they can pay rent for a period of time, lenders should allow them to borrow based on that payment amount, which might end up being 5 or 6 times salary I suppose.

[@propertyaccelerator]

👍

[@jasonsweb1]

April do 6x and longer term mortages,but you never mention them and ive suggested it before

[@propertyaccelerator]

🙏

[@Janet-v7v]

40 year mortgages an idea from the Banksters

[@propertyaccelerator]

True they will become popular I guarantee it.

[@vitaliistep]

Even 25 years sounds very scary. 40 years would be basically impossible to pay out for most. Really nice for banks though.

[@millwallfan06]

Anyone do 10x?

[@propertyaccelerator]

No sadly not

[@leemarsden1846]

You just made a new bank 🤣🤣🤣 Llyods

[@propertyaccelerator]

😳