Mortgage Required

Louise80

Hi there,

Can anyone help!!!!

im looking to purchase a property at £196000 and i have a 5% deposit ( £10000). I have been offered one in principal but the rate is 6.? % which is far to high as the interest only payments on it would be £1050. I earn £30000 which i know is below what i need for a mortgage of that size but surely someone can do it at a reasonable rate say £600-£700 per month on interest only. Any advice or contacts would be of great use.

many thanks

herbiesjp

You are looking to purchase a property and need a mortgage of £186k with an income of £30,000 - and that is without taking into account any other financial commitments you may have.

You are looking at over 6 times your income - what mortgage have you been offered? Which lender is it?

Louise80

i have a car comittment but would rather leave that out...the mortgage was fixed for 3 years but not sure of lender it was just in principal so i could put in offer on house.

herbiesjp

You cannot leave out the car commitment for a couple of reasons:

1) It will affect your monthly affordability to pay your mortgage
2) Lenders will decrease the loan they will agree to make sure you can continue to meet the existing commitment
3) The lenders will find the commitment on your credit file when they do a credit search


Is there any more information you can post about the deal?

Louise80

i have been honest about the car loan which is £240 to most but then they say we will disregard it!!!. i know im good for the payments everymonth

herbiesjp

Louise80 wrote:

i have a car comittment but would rather leave that out....

Apologies if i mis-understood that part of the quote, and you have been upfront with the lender.

Without knowing about what you have been offered it is difficult to give any more indication