| |
Major Site Upgrade in Progress |
 |
|
 |
|
Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
|
|
|
 |
|
 |
|
 Posted: Wed Nov 01, 2006 6:52 pm Post subject: Abbey relaxes lending rules to five times income ! |
 |
|
|
 |
|
 |
|
|
|
|
The Abbey is to offer home buyers mortgages of up to five times their salary to help them cope with the booming housing market. The traditional limit has been 3.5 times salaries which has gradually been relaxed over recent years by many of the prime mortgage lenders and in some cases will lend as much as 7.5 times income depending on an individual's circumstances.
'With house prices rising and the market going that way, people are having to borrow more to be able to afford a home,' an Abbey spokesman said last night.
'What we are doing is offering people the opportunity to borrow up to five times their salary. This is all dependent on affordability, salary, credit rating and deposit. We do not want to bankrupt anybody by doing this, but the high earners out there, with healthy deposits behind them who want to buy these houses that are just slightly out of reach will now be able to do that.'
Earlier this week, figures revealed that house prices across the UK had almost trebled in the last decade. Figures from Halifax showed that the average house price had risen 187 per cent from pounds 62,453 in the first quarter of 1996 to pounds 179,425 in 2006's third quarter - an average increase of 10.6 a year.
Though in reality five times salary is a good headline grabber, but five times will only available to people who pass the credit scoring with flying colours. Those that don't have an A1 credit score can expect to get somewhere around 3.6 times salary. Abbey also puts its applicants through an affordability check, assessing outgoings and income. Additionally the provision that borrowers must have a 25% deposit will effectively shut the door on many first-time buyers and thus aimed at second or third time buyers, i.e. those who have already made money on the property ladder.
http://www.marketoracle.co.uk/Article98.html |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
|
|
