FTB, Am I asking for a miracle with getting a mortgage?

lafink_2

Hi everyone

I just received new this morning that our landlord is selling the property we are in. We have the option to buy it and I reckon he will take £185,000 for it. He is going to put it on the market in a few weeks time.

Personally I am in a good position, I have no loans, bills, dependants, or bad credit history. My folks have offered to help us out with 20k too. I would have 26k deposit to put down. I will also be a first time buyer

Now, here is the bit that troubles me. I have a 21k job, is there any way at all I can get a mortgage on my own? I have this horrid feeling I am asking for a miracle. Can anyone give me any ideas on what I could do? Apart from moving and renting somewhere else, even that might be a trouble on my wage now.

Thanks for any help anyone has on this. I obviously do not have long to think and research about this at all, any help would be truly appreciated!

ado

A £46,000 deposit still leaves you needing a mortgage of £139,000 which is 6 x salary which is not affordable for you even if you could find a bank willing to offer you the multiple, so I think unfortunately you are right, it would be a miracle for you to buy that house.

Do you have any other funds other than the £46,000? Even when looking for another house you need to budget for a few costs and fees such as solicitors and moving costs.

iamana1ias

lafink wrote: »

Hi everyone

I just received new this morning that our landlord is selling the property we are in. We have the option to buy it and I reckon he will take £185,000 for it. He is going to put it on the market in a few weeks time.

Personally I am in a good position, I have no loans, bills, dependants, or bad credit history. My folks have offered to help us out with 20k too. I would have 26k deposit to put down. I will also be a first time buyer

Now, here is the bit that troubles me. I have a 21k job, is there any way at all I can get a mortgage on my own? I have this horrid feeling I am asking for a miracle. Can anyone give me any ideas on what I could do? Apart from moving and renting somewhere else, even that might be a trouble on my wage now.

Thanks for any help anyone has on this. I obviously do not have long to think and research about this at all, any help would be truly appreciated!

Your post is confusing. Is it 'I' or 'we'?

Is the sum 185k - 26k - 20k = 139k needed?

Or is it 185k - 26k = 159k needed?

Either way you're not going to get anywhere near that on £21k.

Jon1

I rang london and country when i wanted to find out what i could get

www(dot)lcplc.co.uk/

I think you may be asking for a miracle to be honest as im on 15K and have 20K and the most i could borrow was 71K, you may find yourself short of around 30K?

lafink_2

Thanks everyone for your thoughts. After looking further into it I agree that I really have no chance. Moving into another rented house somewhere is the realistic plan.

I do live with my partner but he is currently training so he does not have enough money. I really wanted to buy on my own.

Lotto tickets here I come.