Loan for £50000

copland_71

Hi I'm looking to buy a property but struggling to get a mortgage because the building is of tee beam construction. the building cost is £99000 fixed price. I have around £49000 so wondered if I could get a loan for the rest? I'm only 19 so if I could would I need a guarantor? I.E parent that owns home outright.

Any help would be greatly appreciated.

thriftymomma

Have you seen an IFA?

Rafter

Better to find a specialist mortgage company or broker who can find you a mortgage on the property.

You would never be able to borrow £50k unsecured personally, particularly as a 19 year old and probably unless you were earning £100k plus in salary.

R.

copland_71

My income is currently £19500 but goes up to £39300 in a years time. Yes I get paid with a monthly slip. Thanks

jimpix12

A £50k loan on a salary of £19k a year is a mathematical impossibility unless you want to pay 30%+ interest. My advice is wait and build up your credit rating.

Why do you want to be saddled with a mortgage at 19, out of interest? I would delay it if you are even slightly unsure, it is a big commitment and not one to take lightly.

anotherpaul_2

copland_71 wrote: »

My income is currently £19500 but goes up to £39300 in a years time. Yes I get paid with a monthly slip. Thanks

Evidentally, I'm in the wrong job. I should be doing whatever you do!