I hope I get this right (DH is out ATM)... There are lots of tricks to the trade if you know them but especially since the GFC the climate has changed somewhat and lots of these loop holes have been closed eg the "Low Doc" and even "No Doc" loans. 60% of gross income is too high unless you are have a private banker which means you are a high net worth customer. DH mentioned that 30% - %40 is the figure most banks work with. DH is a fairly "aggressive" lender ie he will really go in to bat for his clients... most lenders take a very conservative approach especially since the GFC like I mentioned. Of course DH works as a private banker now and things may be different in branch-land. Please don't hesitate to give us a call or even drop over for a cuppa, and DH will give you the low down from the perspective of lending through the "Big Four".
No worries Bath. I've put in an offer (it's sale by negotiation) subject to building inspection and finance and will give the bank a call tomorrow to discuss.
If it's looking like a problem, I'll definitely take up your offer of your DH's advice over a cuppa.
I'm at home all day tomorrow (with Wade still being so ill and all) and DH gets home from work at about 6.30... so maybe after dinner? It might take a few days to get an appointment with the bank though... offer's open for the rest of the week though
Thanks Bath - this week's a bit tricky cos DP is working lates which means I would have to bring DD on the train at bedtime. Am not trusting DSD to babysit DD at the moment after recent incident!!!
Next week would be better because DP will be around in the evenings so we could either drive over with DD OR DP could stay home and do the bedtime thing.
So I'll see how I go with the bank this week and let you know.
And thanks so much for the offer again.
AND I didn't know Wade had been ill. How did I miss that ? Hope he's doing OK.
I haven't really mentioned it here in BB but I spent all of last week in hospital with Wade who had pnuemonia. I really only put updates on FaceBook... BB was a bit too tricky to navigate using my mobile phone... FaceBook is much more phone friendly (to post in etc)... you should join up
Think we're fine. Bank has approved top up loan to our existing mortgage so we can pay the deposit next week. No jumping through any hoops required.
They haven't reviewed app for bridging finance yet but it's only for a month. They did Indicate that it would be at 12% - I said I'd do some shopping around as we don't need to come up with that lump sum for a few months. May not be worth the hassle of shopping around but I'll have to see what the sums work out as.
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