Hi

Abbey is just one of dozens of lenders in the market, and by no means always the most competitive. When you've built up a big enough deposit, contact an IFA or independent mortgage adviser to discuss your options. Try and make sure you have no other debt, that you have indefinite leave to stay in the UK, yjat any mortgage payment does not exceed 40% of your net income, and that you keep up payments to all creditors as even a late mobile phone bill can cause issues!.

Good luck

Brian

Eeek. My advice....

1. Don't do it. The whole reason the market is in this mess is because 36K is not enough of a salary to support a 135K mortgage, particulalry with rates as high as they are (and they may get higher). Your salary should support a mortgage of 100K, plus your deposit which makes your price bracket around 115K.

2. I presume you considered the 5K in fees that you pay up front for the purchase transaction fees (lawyer, search, arrangement fee)

3. House prices have another 10-20% to drop again over 12-18 months. Target for the bottom is in line with prices as at summer 2004. Don't be swayed by the fact that prices have been going up in Scotland in the last quarter. 120K to 150K suggests you are looking at a flat and that's an area where prices are very much in danger of a big big fall. Just six months ago people in the South east of england were saying that prices might fall, but not in the South East. Look at them now! The estate agents windows are plastered left, right and centre with little stickers knocking 25K off the asking price.

4. Its your decision, but if it was me, I'd WORK, WORK, and SAVE, SAVE, SAVE. In one year, the market will be at the beginning of the bottom and the 150K flat you had your eye on will be up for sale at about 120K. You'll have increased you deposit from 14k to 20-25K (depnds on how hard you save!!), and suddenly you'll be able to buy that flat at good old fashioned traditional prudent lending multiples! You'll also be on the right side of the recession (i.e. maybe, maybe it will be coming to an end) and you'll know that your job is safe.

For what its worth I've bought and sold properties for 20 years, never made a loss, financed a 4 year sabatical on the back of it and for the moment am taking my own advice. I have my eye on a very nice commuter village where I reckon I can get a 550K house in about 18 months for about 425K.

Hi V,

In this current climate I would use the time to build up a bigger deposit. The good rates seem to be for people who have a 75% LTV anything over this you seem to get stung! Prices are falling constantly and you don't want to find that in less than a year your deposit is eaten up as your LTV shrinks.

Whats 150,000 now could be 10,000 less within a year!

Not a property expert, so do what is best for you but at least give yourself a decent fighting chance with a good deposit.

Good luck

http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1127562796527&idParent=1127562995248&pagename=Abbey/GSDetalleProducto/GS_DetProducto

This link will take you to the abbey interest rates 5 year rates, you can also put in your earnings and itll calculate a mortgage for you. The interest rates have gone up a bit, but they are still offering packages.

Hi all,

I am an indian national working in the uk (glasgow) for past 2 years. I have good credit rating and my salary is £ 36000/-(inc overtime)

I have been banking with barclays for more than 8 years( since my student days)

I am typically looking at a deposit of £14000/-

and intending to buy something around £150000/-

Can anyone please advice which bank should i approach for best rates and maximum mortgage at this disastorous times.