First Time Buyer-Advice Would Be Great

james_Roberts

Hi

I am looking for buy a flat for around £130k and put down a deposit of 10k. I have no debts and earn 20k, does anyone know of any lenders who will lend around 5-6 times salary and basde their decision on affordability as opposed to the strict 3-4 times salary.

Any advice would be appreciated.

Many thanks


James

Phill_1981

I will be in a similar situation soon and would also like to know. I do have the luxury of putting my father as a guarantor though if I need to.

herbiesjp

You could look at graduate or professional mortgages - they could offer some help in your scenario with increased multiples.

You could look at a guarantor option if need be.

On affordability, you could be struggling but depending on your actual circumstances you may find a lender to agree it for you.


However, I would ask the question is it wise to be stretching yourself so much? Have you thought about all the costs you would incur with owning a property?

zag2me

As someone who bought a house on the limit of 3.5 x my wage I would advise against going any higher than that. Once you add bills and especially council tax on top of that it is very expensive.

Wait until you get a pay rise in your job(or look for higher paid jobs), and save a higher deposit, then think about moving.

james_Roberts

Hi

I know about the costs of buying, but was then hoping to rent out the 2nd room to then help out with the mortgage payments