We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Single Salary Interest Only- a safe option?
postit_2
Posts: 3 Newbie
Hello, I would be really grateful for some advice.
I have recently split up from my partner.
We own a house together which we bought for 130K and is now valued at 145-150K. We have an outstanding mortgage of 123K.
I am now faced with the option of trying to get a mortgage on my single salary of £22K. I know some lenders will go up to 4 times a salargy??
I reckon I could afford around 5k deposit (based on split equity from the joint-owned flat) and Im thinking of going for an interest only option to keep the payments down. I do have the potential to increase my salary to the high 30k in the next 5 years.
I have seen a flat which i want to offer on- i reckon 105k so would therefore need a mortgage of around 100k. Does this seem feasible on my salary and are interest only mortgages a safe option. I could remortgage to capital and interest in a few years once my salary has increased.
Would be really grateful for advice on options or advice from anyone who has been/is in a similar situation.
thanks in advance for any advice.
I have recently split up from my partner.
We own a house together which we bought for 130K and is now valued at 145-150K. We have an outstanding mortgage of 123K.I am now faced with the option of trying to get a mortgage on my single salary of £22K. I know some lenders will go up to 4 times a salargy??
I reckon I could afford around 5k deposit (based on split equity from the joint-owned flat) and Im thinking of going for an interest only option to keep the payments down. I do have the potential to increase my salary to the high 30k in the next 5 years.
I have seen a flat which i want to offer on- i reckon 105k so would therefore need a mortgage of around 100k. Does this seem feasible on my salary and are interest only mortgages a safe option. I could remortgage to capital and interest in a few years once my salary has increased.
Would be really grateful for advice on options or advice from anyone who has been/is in a similar situation.
thanks in advance for any advice.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards