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large deposit not enough income
kaylem_3
Posts: 5 Forumite
i want to put down 50% deposit and borrow $125k but i only earn £24k so banks will only offer me a £96k morgage is there any way do borrow the full amount? the payment will only rise by £160 per month so we can easily afford it.Any help much appreciated
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Comments
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If you have 125k to put down you can buy a house in most parts of the country and live mortgage free.0
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sorry to say i live in west london and i have 5 children so need at least a 3 bedroom house0
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Well earn more money.
That's the only way they'll lend you more at the moment.0 -
i want to put down 50% deposit and borrow $125k but i only earn £24k so banks will only offer me a £96k morgage is there any way do borrow the full amount? the payment will only rise by £160 per month so we can easily afford it.Any help much appreciated
No.
If interest rates rise (which they will do) then you would face your home being repossessed.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Lloyds TSB are still doing high multiples, but other posters are right - if interest rates go back up to 7% after the recession, can you afford £750 a month I/O, or £900 repayments? Also how is it "I only earn" but "We can afford"? Something missing in the story here!Hurrah, now I have more thankings than postings, cheers everyone!0
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Have you found a specific property you wish to buy? Negotiate the price to the amount you can pay for with your deposit and mortgage amount......many other people are going to find themselves in that position. Depends how much the seller needs to sell.0
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reason why what i earn and can afford is different is because of working family tax credits and maintenance i receive but you cant use them against your morgage0
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Is it not possible to look for places in a less affluent area? As has been said, if youve got £125k (did you mean £'s or $'s?) you could buy some very nice houses (3 bed) and be mortgage free in other areas!0
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dannymccann wrote: »... be mortgage free in other areas!
This is such a good idea and although it would mean moving possibly a long way away, it'd give you such a different way of life. Imagine no mortgage or rent to pay. The money you earnt would be yours - a more relaxed and happy life style could ensue.
It's be like early retirement!0 -
You obviously don't know London very well do you?dannymccann wrote: »Is it not possible to look for places in a less affluent area? As has been said, if youve got £125k (did you mean £'s or $'s?) you could buy some very nice houses (3 bed) and be mortgage free in other areas!"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
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