Help Needed

Mediumhorse

I post the Theard about me the Bus Driver in West London. I earn 22k a year.I am wanting to buy a studio in the local area to the bus garage due the hours I work.My garage is is near bayswater the area I am looking at and I have see ones l like for 165000. I am asking if any lender would lend me so much? on a 100% mortgage? And what the Apr % might be and the cost for the repayment each month.


Many Thanks if you able to help me.


Medium horse.

homer_j_3

im just waiting for the 2nd one to come along now......

If the only income you have is 22k then I think you will find it very difficult to find a lender that will lend you that kind of money as it is 7.5 x salary. The most people can expect to get are about 4-5 x salary and that said, you only do that if the affordability is there.

Have you thought about the cost of running a house and the mortgage compared to your monthly salary?

You need a deposit to bring down the income multiples and you need to go through your finances to ensure you can afford things like stamp duty, legal fees etc.

maryjane01

I am sure Bayswater is not the only place in London there is a bus garage. Why don't you look for a job that is based at a bus garage in a place that is cheaper to buy property if what you what you really want is to own your own place. People change jobs so often these days, there is a good chance you may not work based out of this bus garage in Bayswater in 2 years time. It seems like you are still not being realistic. I understand you work strange hours, but most people working in London do not have privledge of living close to their work and have to commute. Perhaps if you are not flexible on living anywhere but Bayswater you should consider a career change and consider getting a job in finance.