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Mortgage Hope

Jimmyc
Jimmyc Posts: 171 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Im not sure if anybody can help me on this or think i have a chance,

Im looking to buy a 3 bedroom flat and rent 2 rooms out, i seen a flat 240,000 i got a 20k deposit but im only on a 18k salary, do you think i stand a chance of getting a mortgage that large.

Comments

  • silvercar
    silvercar Posts: 49,799 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    No. Not a chance.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Is this a windup? 12 times your income?
    No there is no chance whatsoever.
    In any case you haven't thought this through - your net income is, what, c£1200?
    The mortgage payments on a 25 year mortgage at lets say 4% would be £1173.
    What would be your plan if your lodgers moved out?
    Actually that's by the by as no lender at all is going to lend to you.
  • Jimmyc
    Jimmyc Posts: 171 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Mortgage would be £1200, can rent rooms out easily for £350 minimum per month.
  • beecher
    beecher Posts: 2,497 Forumite
    No you don't have a chance - thankfully you won't be allowed to take on such a huge risk on such a low wage. Have a look at 70k flats instead, or keep saving.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    A £220k mortgage

    Over 90% LTV

    Only guaranteed income is £18k

    Back to the drawing board I'm afraid
    I am a Mortgage Adviser
    You 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.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Jimmy - as already stated, this isn't going to be possible. At all.
  • Jimmyc
    Jimmyc Posts: 171 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Was a wild shot from the start

    70k flats where i live don't exist

    The place i saw for 240 is probably worth 100k more
This discussion has been closed.
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