In the huge unexpected paid time off, I decided to while away the time on properties.
To cut a long story short…
I adored a 3 storey 3-bed house by a beach, but it was a bit exepensive, and the builders could offer it to me on a 80% ownership scheme and I pay back the remaining 20% interest free within 10 years – but it’s only available through their “independent” mortgage advisors who, after a week, decided I can’t get such a mortgage. I figured the guy was clueless.
I then saw a 3 storey 4-bed house with amazing views of the northern Pennines, and yet its in a town centre location, with Matalan, Aldi, Morrisions, Focus, McDonalds and KFC a stone throw’s away, but out of view from the house. I went back a week later with me dad, left for an hour, came back again to reserve it only for someone to beat me to it. It was a lovely big house at a knockdown price.
I then checked with my own bank to see if I can get a good sized mortgage, and it seems I cant.
The problem?
My gross pay is relatively average.
However, my net pay is the same as my gross. So my net pay is the same as a UK taxpayer whose gross income is much higher, giving me a good sized mortgage if I tell them my gross “equivalent” (yes, I can more than afford even the higher mortgages even if interest rates go to 18%).
But no, they only care what your gross is, leaving me with a small mortgage which I can pay in as little as a decade rather than going for a more substantial investment.
It puzzles me as your net income dictates what you can afford.
I hate banks.
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