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4x Income Mortgage 90% LTV - possible?
experience
Posts: 37 Forumite
Im a FTB with no loans/credit cards and have a good credit score with both Equifax & Experian. I've seen a house for £150k, i have 10% deposit and earn £35k so how likely would i be able to get a mortgage for £135k?
Am i dreaming? :think:
I could borrow a further 5% off my parents but that would really stretch my budget and i'd have to pay them back whilst also doing the house up so money would be tight - but would this be a better option to get a mortgage of this amount?
Am i dreaming? :think:
I could borrow a further 5% off my parents but that would really stretch my budget and i'd have to pay them back whilst also doing the house up so money would be tight - but would this be a better option to get a mortgage of this amount?
0
Comments
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Should not be a problem. with your income there are a number of lenders able to provide 4 x income.0
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You should be able to get the mortgage without the extra help.
The extra 5% may open up some better deals for you though.
However if the money is repayable and not a gift the lenders would need to take that into account and could be counter productive in terms of getting the mortgage amount agreed.I am a Mortgage AdviserYou 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.0 -
Thanks - was just worried that i wouldnt stand a chance with a 10% deposit0
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