Homes & Gardens

How the Debt-to-income Ratio for a Mortgage Works

You might be wondering, "Can you get a mortgage with debt?" Banks use something called the Debt-to-Income Ratio to decide if you can borrow for a house. This blog will show you how to calculate debt to income ratios and what numbers lenders want to see.

Stick around, because getting your dream home may depend on it!

Key Takeaways

  • Banks use the Debt-to-Income (DTI) Ratio to decide if you can get a mortgage. It compares your debts to your income.
  • There are two types of DTI: Front-End focuses on housing costs, Back-End includes all debts. Lenders
  • ...

Liv Butler

Liv Butler

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Caravan owners saved by carbon monoxide detector

Rick and Jeanette Wills narrowly escaped being poisoned by the fumes from the gas fridge in their caravan. Rick Wills explains: “It was a chilly night so my wife and I shut all the windows before going to bed.

"We were awoken by the Carbon Monoxide (CO) detector at 2am. I couldn’t smell anything, so I took the alarm off the wall and put it under a pillow to stop the noise. As an afterthought I opened all the windows, including the skylight. When we woke in the morning we both felt awful.”

Carbon Monoxide is a highly poisonous gas that has no colour, taste or smell and can...

Do you have a Fire escape plan?

As summer approaches, Devon & Somerset & Fire & Rescue Service as part of the Fire Kills campaign, are asking people to make sure their family, guests and loved ones know how to get out, stay out, and call 999 in the event of a fire.

A smoke alarm can give you the warning you need to get out of your home in a fire, but a blocked exit, locked door or unfamiliar surroundings can often shave vital seconds from the escape time, exposing you to the fatal dangers of toxic smoke.

Some simple steps and a clear escape plan in the event of a fire will help ensure that...

Limited supply of rental homes in city

New research carried out by Exeter Citizens Advice Bureau has revealed that there is a limited supply of suitable housing for students and other private renters in Exeter.

The findings are published today in a new report from Citizens Advice called Dispatches from the front lines of the housing crisis. Exeter Citizens Advice Bureau features in the report highlighting the issues faced in the city in relation to its growing student population.

The report also examines the impact of the development of large student blocks on the rental market in Exeter.

Nationally...

BBQs burning a hole in SW pockets

A study by TopCashback.co.uk, released today, reveals barbecues are burning a hole in resident’s pockets. Between hosting and attending barbecues during the summer months, residents in the South West will spend an average of £520 on everything from burger buns to corn on the cob.

On average, the majority of residents in the South West will host four barbecues throughout the summer, spending £100 on each. They will also attend four, spending £30 on food, drink and gifts to take with them each time. A surprising 18 per cent of residents will spend up to £300 on hosting a barbecue for...

Charity's appeal to landlords and agents

Landlords and letting agencies are being encouraged to contact Exeter’s recently established Private Renting Support Service which is working to improve access to affordable accommodation in the city.

Path - an independent homelessness charity now working in partnership with Exeter City Council - is looking for landlords and letting agencies that are happy to accept tenants in receipt of Local Housing Allowance and have properties which meet all the legal requirements and are free from hazards.

Path offer reference-checked tenants, tenancy related support, property...

Landlords urged to act on new laws

Landlords in Devon and Somerset are being urged to act now to ensure they are ready for new safety laws aimed at saving dozens of lives a year.

The regulations make it compulsory for all landlords to fit smoke alarms in rented homes and are expected to come into effect from October 2015, subject to Parliamentary approval.

Under the new laws smoke alarms must be fitted on every floor of the property as well as carbon monoxide alarms in properties which burn solid fuels. Landlords must check the alarms are working at the start of every new tenancy with potential penalties of...

House prices rise but supply falls

House prices in the South West jumped sharply in May, despite the number of homes per UK surveyor falling to a record low since the data series began in January 1978, according to the latest RICS UK Residential Market Survey.

While 46% more surveyors saw prices rise in May (the same month in which the Nationwide Building Society estimated that the average price of a home in the UK has now climbed to £195,000), supply to the market declined for the fourth consecutive month with 22% more surveyors reporting a drop in new instructions.

Despite the sharp incline in new buyer...

Shelter analysis reveals SW threat hotspots

Alarming new figures from housing charity Shelter have revealed almost 500 people in the South West were put at risk of losing their home every week in the last year. In an analysis of statistics from the Ministry of Justice, the charity identified how many people are at risk of eviction and repossession as well as the ‘home threat hotspots’ across the South West where people are most likely to face the risk of losing their home. Gloucester topped the list in the South West, with as many as 1 in every 115 homes under threat of eviction or repossession, followed by Bournemouth (1 in 119),...

Property price rise on the cards in Exeter

With the general election now over, haart estate agents in Exeter is predicting demand for property in the area to increase, creating a potential sharp rise in prices. Latest figures from haart’s monthly Property Index show that there’s already demand for homes in the city, with an average of nine buyers for each property on the books of its Paris Street branch. In turn the average price of property sold by the branch has increased by 5.80% to £179,140 over the last quarter to the end of April. Exeter haart Branch Manager Kyra Daniel, said: “Demand is already high in the area and now the...

Symene Community Land Trust & Hastoe opens new housing development

Symene Community Land Trust and Hastoe officially opened a new affordable housing development for the local people of Symondsbury at an event on Friday 22nd May.

The Symene Community Land Trust was formed in 2008 with the specific aim of providing affordable housing for local people. A survey of the parish indicated that there was a significant level of housing need and overwhelming support for a housing scheme for the benefit of the community. Support was provided by Wessex CLT Project and a partnership was formed with Hastoe.

Ten, high quality affordable homes have been...

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