Apologies if this is in the wrong section, but it is a query rather than a debate, and is not a “what’s it worth” either.
Jammie Mc Jammington here sold in 2006 because I did not know if I was staying or going, so I began to rent. Put the money into a few banks, where it has grown nicely (until recently) and been adding to it.
So, like other people here, waiting to get close to the bottom (either this side or t’other) before I get on the ladder again. I am thinking when we are at that point, the ratio of 2.5 times annual salary will apply again, but how do the banks calculate how much you can borrow if you have no property but a deposit when you are not a FTB? Should I just assume that they will want 10% or more as a deposit of the “value” of the property, and 2.5 times annual salary as a max?
Any insight is greatly appreciated. All the mortgage calc’s have either FTB, or trading up options.
Edit: Removing typos. I kan’t sweam ti tpye twiday.