Interesting times ahead. I applied to LloydsTSB for a mortgage last year. I needed to know how much I could borrow with my present income, then with my new 'pilot job' lower income, and also adding in the wifes income to the equation. We would be able to borrow, jointly, £325,000 on a 100% type repayment mortgage. Needless to say we didn't take that much as our joint income at that time was approx £65k, and we thought we might just be pushing it a bit.
Why would a lender be so stupid? Greed? We had A1 credit scores from paying back loans etc over the years. I guess that helped, but many people are going to be in a whole world of sh*t soon.
Luckily we borrowed just what we needed (less than half) but even now I still feel it is a lot of money, regardless of the fact I spent £110k getting my present job if I add in everything on the way.
I can only advise anyone even thinking of borrowing any money right now to have a serious think about things and wait a year or two at least! I know it all sounds so harsh to come onto a pilot forum to be told don't bother, but I think that for once, the best bet is to maybe take the advice being offered on this thread very seriously. Sorry we can't be more positive.
