We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
FTB: 100% mortgage, self cert or 6 times salary?
dboswell
Posts: 309 Forumite
I am considering how to get onto the property ladder. and your advice would be helpful. I am earning £30kpa and live in London. I have savings of £5k and no debts! I graduated about 4.5 years ago
I have looked at new build schemes where the developer pays all your fees and deposit etc. Ideally I would like to remain in north or east london, but I didnt find any suitable schemes. Does anyone know of any in London?
I have also considered 100% mortgages but on my salary I doubt I could afford more than a studio or 1 bed unless I can have 5 or 6 times my income or self cert. I cant afford to move out of London, as I would be back to square one; looking for work!
Regards
David Boswell
I have looked at new build schemes where the developer pays all your fees and deposit etc. Ideally I would like to remain in north or east london, but I didnt find any suitable schemes. Does anyone know of any in London?
I have also considered 100% mortgages but on my salary I doubt I could afford more than a studio or 1 bed unless I can have 5 or 6 times my income or self cert. I cant afford to move out of London, as I would be back to square one; looking for work!
Regards
David Boswell
0
Comments
-
What property prices are you looking at?I 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
-
I'm guessing between £180k to £250k!!!!Debt at highest (November 2005) = £35,856
Debt currently (August 2006) = £20,790
&More £1,530, Egg £6,800, HSBC £3,760, Egg Loan £8,700
Interim goal = £23,400 (Target: February 2006, Missed but acheived May 2006)
2nd Interim Goal = £15,000, Target October 2006
Debt Free Date = February 2008 BUT I'M GOING TO BE TRYING FOR SOONER!!!
0 -
about £180k to £200k0
-
nmiah786 wrote:I'm guessing between £180k to £250k!!!!
@nmiah
Sorry - it must be the adviser in me that makes me ask a question - guessing normally gives you the wrong answer.
@dboswell
You will not get a self cert mortgage with no deposit - and even with a minimum 10% deposit - you would have to have the right circumstances to be considered for a self cert mortgage.
I do not think that you will get a 100% mortgage if your starting prices are £180k and your basic income is £30k.
I would advise you to do a budget planner to see what your monthly outgoings would be, as affordability should be your main concern with this scenarioI 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 -
herbiesjp wrote:@nmiah
Sorry - it must be the adviser in me that makes me ask a question - guessing normally gives you the wrong answer.
Got the minimum right though
:beer:Debt at highest (November 2005) = £35,856
Debt currently (August 2006) = £20,790
&More £1,530, Egg £6,800, HSBC £3,760, Egg Loan £8,700
Interim goal = £23,400 (Target: February 2006, Missed but acheived May 2006)
2nd Interim Goal = £15,000, Target October 2006
Debt Free Date = February 2008 BUT I'M GOING TO BE TRYING FOR SOONER!!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards