Mortgages

cormie

Just a quicky, what's the average loan given by banks? Is it 95 or 90% of house cost? What kind of deposit would you need?

Also, what are the chances of saving up for 2 deposits and getting approved for both if you get 2 mortgages and live in one and rent the other? Would it be hard to get a constant renter?

I'm going to have to get detached, I like my music, loud. Not to mention parties :rolleyes:

Victor

Typically 92%, but doctors, dentists, accountants - sure earners - can do better at up to 100%. This may shift with the changes in stampt duty.

However, ability to repay is probably a more important factor. The banks don't like you going over about 40% of disposable (i.e. after-tax) income.

I imagine the bansk would be slow to give someone two mortgages at the same tiem without a well thought-out plan.

cormie

92% isn't bad. Thanks for the info. What about this First Active deal about it being easier to pay off mortgages?

Oh, and how did this become a new thread?

Victor

I split it off, because it was off topic.

0utshined

Cormie,

Can I ask why you want to buy two properties at the same time? IMHO it would be leaving you overexposed to the property market. Have you considered other options for investing the second deposit?