How can I get a mortgage as a single woman...

Amazing

no children and earning £20000 a year.

bbl_2

Going to need some more info then that im afraid lol

Savings?

Outgoing?

bbl

PasturesNew

Being a single woman makes no difference to getting a mortgage. You'll need as much deposit as possible and live in an area where homes are cheap enough to be purchased with the mortgage you might be offered (which would usually be £60k minimum, £100k pushing it).

You need to be debt free too and have a good credit record.

I am single and it took me until I was 40 and moved to a cheaper area before I managed it.

LeeSouthEast

Woolwich offered me a touch over a 5x multiplier. They're the only people I've spoken to about a mortgage (I bank with Barclays, so it seemed a logical starting point), but I cannot therefore say this is the normal practice. Depending how sub-20k we're talking, you're looking at somewhere between 70-100k assuming no other debts?

You'd need to make up the difference with savings. The minimum deposit these days for the best rates is 20-30%

jelena09

hello everyone!

im currently looking for a 95% LTV mortgage.

im looking at flats in south east london valued at 150000.

i have 10000 in savings.

i earn 31000 per year.

any ideas....?

i would so much appreciate any mortgage advice!

thank you!

mclaren32

jelena09 wrote: »

hello everyone!

im currently looking for a 95% LTV mortgage.

im looking at flats in south east london valued at 150000.

i have 10000 in savings.

i earn 31000 per year.

any ideas....?

i would so much appreciate any mortgage advice!

thank you!

Unfortunately you are going to really struggle to find a 95% mortgage.

marlasinger

LeeSouthEast, is it recently that Woolich offered you 5x your salary, or was it a few years ago, when banks didn't hesitate to lend high multiples? The reason I ask is that I will need about 4x my salary, and pretty much assumed that it would be hard to find.

marlasinger

_Andy_

Amazing wrote: »

no children and earning £20000 a year.

In answer to your question 'how do I get a mortgage' - standard practice would be to apply for one with a mortgage lender.

opinions4u

_Andy_ wrote: »

In answer to your question 'how do I get a mortgage' - standard practice would be to apply for one with a mortgage lender.

:rotfl:

I've been sat here pondering an appropriate reply to the OP, but keep slipping down the "innuendo" line.

I think your "straight bat" approach is so much funnier though!

LeeSouthEast

marlasinger wrote: »

LeeSouthEast, is it recently that Woolich offered you 5x your salary, or was it a few years ago, when banks didn't hesitate to lend high multiples? The reason I ask is that I will need about 4x my salary, and pretty much assumed that it would be hard to find.

marlasinger

That was about 6 months ago, so the 'height' of round 1 of the credit crunch, really.

tiggerjj

Im a single young woman in the process of buying a house, best advice i can give is that no one seems to care about my age or that im female, all they care about is how much money i have and how much i earn.

London and county have been extremely helpful, they are free and will call you is you ask,

Also I bank with barclays and it turned out i was already risk assessed for a mortgage from woolwich, so maybe talk to your bank???

Good Luck