We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
help me please
Options
blinko
Posts: 2,519 Forumite
hi all i wanna buy a property but im really
1.poor
2.earn peanuts !!
i earn 16000 a year and i need to borrow 118000
does anyone have any tips etc on what i can do or the best deals etc.
i understand there is a penality if you have to borrow 98% of the mortgage would it help etc if borrow say an extra couple of thousand.
if anyone could give me some advice or point me in the right direction of a mortgage that would be great thank you
1.poor
2.earn peanuts !!
i earn 16000 a year and i need to borrow 118000
does anyone have any tips etc on what i can do or the best deals etc.
i understand there is a penality if you have to borrow 98% of the mortgage would it help etc if borrow say an extra couple of thousand.
if anyone could give me some advice or point me in the right direction of a mortgage that would be great thank you
0
Comments
-
You are earning £16K and want to borrow £118K, thats a 7+ multiple.
You already say you're poor, what would £700 per month mortgage do for you whan your take home must be in the region of £1K per month.
If I were you I would go back to the drawing board on that plan, really sorry if that sounds harsh but the only way would be self cert and to LIE. Unfortunately thats the way the land lies at the moment, come back in a couple of years (with a saved deposit) and house prices may not be quite so unattainable.0 -
Make a plan to get a better paid job. I don't pretend that it's easy (or even possible) but it is your best option.
Failing that, find a rich partner to share your life with or, at least, someone who is working and earning at least as much as you.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
ok update i put an offer forward and im pretty sure it will be accepted errmm as for the mortgage im gonna have to work something out but the place does have good value and it will be resellable !!
so im gonna do it and hope i can get a 2nd job or something maybe in the evenings just to get a little extra cash until i can get a better paid job or a pay rise or something 0 -
You can have an offer accepted, but you have no way of getting a mortgage in the condition that you say you are in. It doesn't matter whether the house is good value or has resale potential.
I don't think your future potential 2nd job will not be taken into account by a mortgage company.
Tell the vendors of your situation before they make financial decisions based on your honest but misguided plans.Well life is harsh, hug me don't reject me.0 -
I would think a bit harder about this if I was you. Realistically the mortgage will take up far too much of your current income!!
Assuming you take out a 30 year mortgage at 5% (which is a pretty low rate at the moment) the mortgage will cost you around £630 a month. On the salary multiples you are looking at you will almost certainly have to pay a higher rate of interest. Council tax is probably going to be around another £100, house and contents insurance £20, gas/electricty/water will cost you around £60 (and I may be quite conservative with those estimates!). From your take-home pay of approx. £1,054 a month that means you will only have £244 a month left to live on. If you can pay all your food / transport / entertainment / clothes / house maintenance etc out of that...then go for it....but I would suspect you probably can't.0 -
I saw a really nice mansion the other day in 35 acres of land, it is a snip at £10 million. I'm thinking of putting in an offer of £9.5 million and i'm sure they will accept, does anyone have any idea which is the best bank to rob?
Or I suppose I could get a few shifts at a local pub to help cover the mortgage.0 -
Blinko, have the EA really accepted your offer? Have they not asked what your salary is or if you have a mortgage offer?
To be honest I can't see an responsible lender doing more than half what you need.I am a Mortgage Adviser
You 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 -
thanks all fortunately im quite a determind person when pushed hence 240 a month to live on is quite do able only just !!. i spoke to a mortgage advisor person they had and he recommended interest only for a couple of years and then when i get more qualified or get a better job etc then i can start paying of capital and interest !!
i know it looks bad but im determind to make it work regardless of what challenges i will face !!
anyway i will keep you all udpated and yes thats almost my pay its actually 1052 !! but very close0 -
yeah they knew how much i could afford and i have a couple of mortgaes in place but i wanna go with paying of capital and interest at the same time anyway monday i will speak to my people and see what i can do thank you all your replies and concertns0
-
I'm really not sure that this is the best time to take on a mortgage that you can only just afford now. If interest rates continue to rise you could be in real trouble with that kind of multiplier.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards