I received a mortgage in 2008, just before my 53rd birthday and at a time when I was earning well with a number of allowances applied to my salary over the 12 month period preceding the application.
I had a reasonable savings record and in any event the mortgage was approved (and accepted for my part) at 92% of the sale price and terminating on my 70th birthday. The repayment at the inception of the mortgage was roughly 25% of take-home pay. My circumstances have changed a little since then - I am now retired - and at the moment, the mortgage takes up roughly 42% of my take-home (retired) pay - manageable but with zero wriggle room.
I know standards have changed and a 92% mortgage would be unattainable now, but can anyone give me a pointer to whatever guidelines, rules, agreements or accepted practice in relation to the percentage which a mortgage repayment should have been of take-home pay, which were in vogue in mid-2008, please?
Thanks!
I had a reasonable savings record and in any event the mortgage was approved (and accepted for my part) at 92% of the sale price and terminating on my 70th birthday. The repayment at the inception of the mortgage was roughly 25% of take-home pay. My circumstances have changed a little since then - I am now retired - and at the moment, the mortgage takes up roughly 42% of my take-home (retired) pay - manageable but with zero wriggle room.
I know standards have changed and a 92% mortgage would be unattainable now, but can anyone give me a pointer to whatever guidelines, rules, agreements or accepted practice in relation to the percentage which a mortgage repayment should have been of take-home pay, which were in vogue in mid-2008, please?
Thanks!