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Single applicant with a big deposit but very low salary-advise needed
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Senata76
Posts: 57 Forumite
Hi everybody,
I'm a single applicant first time buyer and really confused about what to do. Over the years I have managed to save a big deposit, £55000 but now I'm on a very low salary, earning £10500 a year gross. I have found a property I'd like to buy, it's worth £90000. I think I can take out a mortgage upto £60000 but should I take the maximum out and pay £30000 as deposit or should I use most of my savings as deposit and take out a mortgage as small as possible. I'm confused with all these options and mortgage products. Any advise would be appreciated. Thanks a lot.
I'm a single applicant first time buyer and really confused about what to do. Over the years I have managed to save a big deposit, £55000 but now I'm on a very low salary, earning £10500 a year gross. I have found a property I'd like to buy, it's worth £90000. I think I can take out a mortgage upto £60000 but should I take the maximum out and pay £30000 as deposit or should I use most of my savings as deposit and take out a mortgage as small as possible. I'm confused with all these options and mortgage products. Any advise would be appreciated. Thanks a lot.
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Comments
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Well you need a BTL
And you need a regulated BTL seeing as your brother will be living there
The mortgage will not be based on your income as such (although a minimum income will be needed) but instead on the going market rate for rental on that property.
So I think that will dictate how much of a deposit you will have to put down
Not many lenders will do this for you, as you are a FTB looking at buying a regulated BTL.
Better to go via a whole of market mortgage adviser for helpI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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