Can punting have an effect on getting a mortgage

[GreyDave]

I am glad when I was young I had free sex and saving up for a mortgage was pretty easy,its likely house prices have peaked anyway, though best to wait and see if Brexit happens as this will reduce prices significantly.I have read there is little activity in the housing market as sellers wont reduce prices and buyers wont pay the amounts asked until there is more certainty.

Its funny that the saying you cant buy time apllys here in both senses 1 buying a tarts time to shag her in
2 buying a house/home if you wasnt just live in a place then stick with the parents buy a small flat rent it out so it pays for itself until you can stand on own.

The Brexit Bollocks might cause a short hicup but most people if told the home is worth less will say so what!  those that are in postion to sell wont sell for less ..Yeah yeah there will all ways be a few panic sellers spliters estate sales were the family want to spunk the cash on hols and new kitchen etc but long term nowt will change for us mortals ..Not even EE girls shagging at 40 quid a go cause thats about 2 days (supermarket work) pay according to last girl I shagged she did nt think any thing would change as no way could Hungarian guys at home in Hungrary pay that sort of cash for 15mins of fun

[JamesKW]

Possibly,but even you must remember the early 90s when the housing market dropped after the 1988 recession,reached the bottom in 1995 and took another 5 years to recover back to late 80s prices.No one can predict when it will suddenly drop.Though I am a house owner I would be glad to see property prices drop so I will be able to kick my children out rather than them sticking around until their 30s.

[JamesKW]

Can't even take this guy seriously
Was or is a sugar daddy yet can't set himself up first
How sad and pathetic

I am inclined to agree,if you are young get a girlfriend rather than a sugar baby.If you just want the sex get a prossie.

[workinallweek]

Possibly,but even you must remember the early 90s when the housing market dropped after the 1988 recession,reached the bottom in 1995 and took another 5 years to recover back to late 80s prices.No one can predict when it will suddenly drop.Though I am a house owner I would be glad to see property prices drop so I will be able to kick my children out rather than them sticking around until their 30s.

current interest rate on mortgages are very low including some 5 year fixed rates at very attractive prices with minimal deposits , i cant see the banks being in a position to re posses all those mortgages , looked what happened to Northern rock last time .

I think the brexit thing is rubbish the banks are confident so get on the ladder quickly .....

[GreyDave]

  Fact is its rent substution    you have to live some where you may as well own it or be buying it ..Unless you intend to move in a shorter time than what the repayments and purchase are equal to rent... Thats why I used term  Rent subs... However if you purchase and continue to live with parents then its an investment (No Shit Sherlock) soooo if you are going to pay more  Rent in time than and Monthly interest plus Frees for the period you have in mind Buy if not rent  ... You cant include the expense of living there but like with a car you may well be able to have a FANTASTIC place/car on rent for 12 months and at the end get FUCKALL and be liabled for repairs and some maintainace...
 
Scary eh? I sugest getting a tart in flat and then punting and landording whislt living at home  you know you can give her the low down on Punting in UK

[AllenTheMan]

Interesting answers here, my advice would be get on the ladder ASAP because it’s sure as shit not easy!

On a side note, do they check CC statements does anyone know? Up for re-mortgage in a few months and got AW credits on my statements. Not worried particularly as wife knows what I’m up to but mortgage adviser is a family friend!

[theoldmaggot]

No, just bank statements really..usually they cross check it against your credit record but no need to be worried unless you got thousands on it and struggling to pay it off 

[Cunning Punt]

The big problem is your massive spend on SBs and prossies, rather than the mechanics. You will need to build up a bigger war chest to get a property,

I'm afraid you need to work out what is more important: Having lots of expensive paid sex or getting a house? And then have you got the discipline to be more restrained?

If you reduce that £1k a month to about £250, you can still have 2-3 punts a month, depending on whether you have 1 or 2 x 30mins meeting.

If you transfer that £1k a month that you would have spent on prossies into an ISA for 6 months, then you will have enough money for 2 years' punting and don't have to touch money in your current account.

That way, after a few months your account looks better to the mortgage adviser, you're in a better financial position and you can still maintain a decent level of punting.

[king tarzan]

The big problem is your massive spend on SBs and prossies, rather than the mechanics. You will need to build up a bigger war chest to get a property,

I'm afraid you need to work out what is more important: Having lots of expensive paid sex or getting a house? And then have you got the discipline to be more restrained?

If you reduce that £1k a month to about £250, you can still have 2-3 punts a month, depending on whether you have 1 or 2 x 30mins meeting.

If you transfer that £1k a month that you would have spent on prossies into an ISA for 6 months, then you will have enough money for 2 years' punting and don't have to touch money in your current account.

That way, after a few months your account looks better to the mortgage adviser, you're in a better financial position and you can still maintain a decent level of punting.

extremely sound advice...

[Ilikemuff]

says the guy who licks mangos 

 

[king tarzan]

I always respect sound good intentioned advice..

[GreyDave]

   Bottom line lads as Ive just this week seen an adviser is " What you earn " and the proof is 3 years of your TAX statment of payment .   So if you earn a lot and dont pay tax on it cause you cleverly put it off as expensises on car ect your are FUCKED as is just what you are Taxed on now with big lenders . So that clever self employment dedutions my account got me to put though has now put kwbosh on big mortgauge even though it would be 30% of value and payments would be same as my current over payment (I did this to shortern term )

What you have spent it on is of no interest it is Can you afford the repayment TRUTHFULLY ie TAX paid no bullshit as my guy put it...

[django0700]

Yes. if you are spending a lot on punting you may deplete your savings for a house deposit. Other than that No, because if you are on a high income and have sufficient savings and disposable income (ability to repay mortgage amount) it would not be an issue.

It depends on a case by case basis and if you are in doubt it may be better to go to a mortgage broker as they can access different lenders and 'advise' on application and document submissions.

[django0700]

current interest rate on mortgages are very low including some 5 year fixed rates at very attractive prices with minimal deposits , i cant see the banks being in a position to re posses all those mortgages , looked what happened to Northern rock last time .

I think the brexit thing is rubbish the banks are confident so get on the ladder quickly .....

Interest rates will follow base rate and the confidence in the economy. I agree 5 year products are very attractive and will give the necessary peace of mind with current political turmoil and resultant chaos.
Re possessions on a huge scale would not happen due to the electoral backlash and there would be legislation passed to prevent it from happening.

[peter_bungee]

Unless you have a really high salary or a partner with a decent salary your going to need to save much more before you can get a mortgage. In the south of England anyway. Save £100,000 then start looking at property.

+1

If you are in the south you will need a big deposit to meet the shortfall as you can only borrow x4 your salary.  Also donr forget things like legal fees, furniture and stamp duty

Tbh i wouldnt be spending a penny on this until you have money behind you eg property, pension and investments and are financially secure, it takes forever to save 10k and you blew it in months. 

[londonguy85]

Just to add, on credit cards and debt etc, when I got a mortgage about 2 years ago with no debts (I had paid student loans, credit card etc) and I was happy to tell my adviser this. I was told it's actually a bad thing! Your suppose to use a credit card for small purchases each month like £50/60 and pay it back straight away. It shows the bank you're good at handling debts and it builds your credit score which at the end of the day is what the bank wants to know, if your good at handling your money with debt which is what a mortgage is. Hope that helps, and all the best mate!

[JamesKW]

Just to add, on credit cards and debt etc, when I got a mortgage about 2 years ago with no debts (I had paid student loans, credit card etc) and I was happy to tell my adviser this. I was told it's actually a bad thing! Your suppose to use a credit card for small purchases each month like £50/60 and pay it back straight away. It shows the bank you're good at handling debts and it builds your credit score which at the end of the day is what the bank wants to know, if your good at handling your money with debt which is what a mortgage is. Hope that helps, and all the best mate!

I don't have a credit card at all,if your someone that needs this type of loan it only works for one month until you have built up your full credit limit then your just paying charges and extortionate interest.

[Lamnguin]

In the Northeast, £20,000 could buy you a house outright without a mortgage.

It might not be in the best of areas though...