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£10K deposit and £1.1K per month - Can I get a 190K mortgage?
siliconbits
Posts: 389 Forumite
The question is in the title. Additionally, I would like to know how much more I would have spend on ancillaries like surveyor, sollicitor etc. Thanks for looking and thanks for helping
:rolleyes: Links are a man's best friends.com
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siliconbits wrote:The question is in the title. Additionally, I would like to know how much more I would have spend on ancillaries like surveyor, sollicitor etc. Thanks for looking and thanks for helping
Nope. You don't earn enough to cover a £190k mortgage. Even on 5x your wages, you'd only be able to borrow 66k, and that's without taking into consideration other outgoings, such as council tax, etc. With your deposit, I take it you're looking at 200K properties. £10k is only a 5% deposit, if that is the case. Chances of you getting a mortgage that large = 0. Sorry.In a rut? Can't get out? Don't know why?
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What about SAMs???:rolleyes: Links are a man's best friends.com0
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In a rut? Can't get out? Don't know why?
It's time to make that change.
Cover up all the pain in your life
With our new product range.
So please don't feel blue - let us show you how
To talk yourself into a good mood right now.
Feeling sad is no longer allowed,
No matter how worthless you are.0 -
Not this kind of SAM. Check the new one from Morgan and Stanley where the SAM is capped.:rolleyes: Links are a man's best friends.com0
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From what I make of it, I don't think you'd qualify, as you'd still need to be able to cover 60% of the property value on your earnings.siliconbits wrote:Not this kind of SAM. Check the new one from Morgan and Stanley where the SAM is capped.Flexishare offers a standard mortgage of up to 80% of the property price and a "residential ownership loan" of up to 35% of the home's value, at a lower interest rate.
Borrowers need to put down a deposit of at least 5%, but the scheme means they can buy a property even if they can only raise 60% of the purchase price on their income.
http://money.guardian.co.uk/property/firsttimebuyers/story/0,,1834242,00.html
At 3.5x your wages, you'd only cover 25% of the purchase price (with your deposit).
I'd wait for one of the forum's mortgage advisors to come along and answer this for you, as it appears to be a very complicated mortgage.In a rut? Can't get out? Don't know why?
It's time to make that change.
Cover up all the pain in your life
With our new product range.
So please don't feel blue - let us show you how
To talk yourself into a good mood right now.
Feeling sad is no longer allowed,
No matter how worthless you are.0 -
£190k over 25 years would cover around £1,171 pm on repayment mortgage.
A property would add another £300pm in costs (gas, elec, tel, water, council tax). Food and living expenses for an individual have got to be at least £250pm. You need to allow around 2% at least for mortgage rate increases which is about £200pm on that amount.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Me and my wife earn 36K annually altogether, so I reckon this should be enough then, leaving thus enough to save some dough. I would also be very interested in combining Morgan and Stanley's SAM with the IHT.:rolleyes: Links are a man's best friends.com0
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