How old do i have to be for a mortgage?

rictus123

Or does it just go by salary affordability and credit rating? Any other factors?

Also who is the youngest mortgage free member on here?

Im looking to buy in 2011 which is a while off but looking to get all the info together that i need. Also dont know how to estimate the cost of bills and food etc aswel as the cost of the mortgage? Help please, i dont know where to start.

herbiesjp

Have a look here for a rough guide to costs

Your figures will be different but it gives an idea what to look out for

This site will also help

meg72

I am presuming looking at your your signature you are 18. Looking at the rest of your post i would like to suggest that you get to grips with knowing how to cope with your bills and grocery spending before you consider taking on something like a mortgage. Fair play to you looking ahead but its a very true
thought, dont try to run before you can walk. Best wishes and all power to you

dimbo61

My brother bought his first property at 18 and owned 5 buy to lets by 21
But he knew what he was doing and had all the contacts

rictus123

This is fantastic.

sparky23

9 years ago I bought my first flat at the age of 19.

I have had a mortgage ever since (house number 3 now)

Best of luck to you.

rictus123

Hows it gone since then? Would you reccomend it?

dmg24

I bought my first house when I was 21, ten years ago now. I had no problems at all with budgeting etc. However, you have to remember that the market is very different now, both in terms of house prices and mortgage availability.

dimbo61

£10k deposit on a £100k property is only a 10% deposit so you might struggle to get a mortgage in the current market!
15 or even 20% would be a whole lot better and no you cant do a 75/25 or 70/30% deal its 50/50 because you are joint owners and jointly resposibile for the mortgage payment each month.
My brother bought his Buy to lets a long time ago and sold them a few years later ( A lot of hard work being a landlord !)

nervousftb_3

rictus123 wrote: »

Nationwide say i should be able to get £94k mortgage on my own, or £137k combined so im sure less than £100k joint will be accepted? Is there anyone out there who allow over paying mortgage with no early repayment costs?

if i were you, i would concentrate solely on saving as much money as possible, and then when you are ready to buy you can start looking in more detail at mortgages etc. the reason i say this is that the market will probably have changed so much by the time you come to buy, it may be a waste of time doing too much research now into deposit amounts, types of mortgages, house prices and so on. mortgages with overpaying/no erc's may exist now, but that's not to say that those same mortgages will exist next week/in 6 months/in 2011.

have to say i am very impressed that you are thinking so far ahead, so just keep saving as best you can and then look again at the market in a year or two.