Wonder if anyone can help me out here...
1) There seem to be some good attractive rates with a 25% deposit (which I have) but one of the properties I am considering would involve a mortgage 3.9 times my salary after putting down a 25% deposit - are many of the best mortgages lending at this level or is mostly restricted to 3.5 times salary now?
2) If applying for a mortgage, I have a credit card which is paid off in full each month, but would the mortgage credit search show that I "owed" the unbilled balance and thus potentially reduce amount of mortgage credit available? Am I better just paying off the card before applying rather than waiting a couple of weeks until statement date?
3) If I get a 3 yr fixed rate, and then revert to a higher SVR after the 3 yrs, would the new monthly payment in 3yrs be based on the original amount of mortgage borrowed now or the amount outstanding after the 3 yrs paid (i do appreciate not too much capital would have been paid off after 3 yrs). I'd hope the latter but can never be too sure with banks etc...
thanks :)
1) There seem to be some good attractive rates with a 25% deposit (which I have) but one of the properties I am considering would involve a mortgage 3.9 times my salary after putting down a 25% deposit - are many of the best mortgages lending at this level or is mostly restricted to 3.5 times salary now?
2) If applying for a mortgage, I have a credit card which is paid off in full each month, but would the mortgage credit search show that I "owed" the unbilled balance and thus potentially reduce amount of mortgage credit available? Am I better just paying off the card before applying rather than waiting a couple of weeks until statement date?
3) If I get a 3 yr fixed rate, and then revert to a higher SVR after the 3 yrs, would the new monthly payment in 3yrs be based on the original amount of mortgage borrowed now or the amount outstanding after the 3 yrs paid (i do appreciate not too much capital would have been paid off after 3 yrs). I'd hope the latter but can never be too sure with banks etc...
thanks :)