1
100%LTV
Guest
I am one of the unfortunate first time buyers who applied for a mortgage in mid 2006. Like most first time buyers, I took the amount on offer to me from my bank to get my 1st foot on the property ladder.
This was over 7 times my base salary and a 100% loan to value mortgage.
I was not aware at the time I took my mortgage, but banks historically lent around 3.5 times base salary, at a maximum of 80% loan to value (LTV).
Around 3 years later, I now find myself also with hugh negative equity.
Did you read the recent article in the Sunday Times Business section by Damian Kiberd, 10-07-10?..
I am interested to hear from those out there who;
- Were give a 100% loan to value owner occupier mortgage during the boom.
- If your mortgage represented over 6 times you base salary at the time when drawn down.
If you meet the LTV & mortgage salary multiples above please email me as I would like to make contact with people in a similar position.
Regards
Stuart
[email protected]
This was over 7 times my base salary and a 100% loan to value mortgage.
I was not aware at the time I took my mortgage, but banks historically lent around 3.5 times base salary, at a maximum of 80% loan to value (LTV).
Around 3 years later, I now find myself also with hugh negative equity.
Did you read the recent article in the Sunday Times Business section by Damian Kiberd, 10-07-10?..
I am interested to hear from those out there who;
- Were give a 100% loan to value owner occupier mortgage during the boom.
- If your mortgage represented over 6 times you base salary at the time when drawn down.
If you meet the LTV & mortgage salary multiples above please email me as I would like to make contact with people in a similar position.
Regards
Stuart
[email protected]
