is there a mortgage 4 me?

moomin_3

Hello, I am a first time buyer with a problem. I have been offered a family house at a knock down price but am on a low income. The house is worth over 150 thousand and I have been offered to buy at only 110! My income is only 12k per year..is there any company out there who would give me a mortgage based on the actual value of the house? Help please as this is a bargain offer!

Wickedkitten

Have you had a look at what your payments are going to be even at a normal interest rate?

moomin_3

I havent yet got that far, My hubbys wages support us so my wage is completely usable, I was thinking of selling within a year so was wanting an interest only mortgage but did not know if there would be any available.?Thanks.

tomstickland

You need to speak to an all of market broker.
Do you have a deposit?
You can borrow on afforadbility scale with some lenders, this would take into account the income of both you and hubby.

However, borrowing a large amount on IO could be risky. Are you intending to do the house up to sell it on?
Do your research as to the value of the house. There's loads of internet house price sites, such as yourpropertyfinder etc.

moomin_3

Hi, looks like its a mortgage advisor then! Wanted to do this alone as hubby has other mortgage. Long story. Thanks all!

tomstickland

You're going to struggle to borrow what is 10 times salary for a mortgage, whatever way you go.

Ian_W

Hi moomin,
Reading your post - "My hubbys wages support us so my wage is completely usable" suggests to me that the £12K you mention in your OP is your wage, not your combined income?

The mortgage lenders usually work out what they'll lend you based on your combined income less any monthly outgoings for debts [loans, cc's etc] rather than on one income being "spare" - as it were. Some lenders work things out on affordability where they decide on the basis of your outgoings what you can afford to repay, others uses income multiples, typically 3-4x your gross combined income.

If you can post your combined income, any debt, any savings for a deposit and purchase costs it will be easier to give you an idea of what chance you have. It does sound like a good bargain, so lets hope I'm reading your post correctly because if your combined income is £12K I would think the chances are zilch.